Member Info for RatHole

What ever happened to Bigspike? Did he have a hissy ala Coopgare and sell out?
Talked a Big game that fella.
Take Care

Not sure of Bathymetry Coop? LOL
Try this
http://www.cnoocltd.com/art/2018/9/30/art_32091_15261101.html?arpegdgtdgwzfkuo
300m~600m
I dont see many drill ships in the area, but no doubt CNOOC have the contract.
The question really is - do they go it alone - or farm out?
Now they have contracted GCA for a STOIIP Audit suggests to me that there is no farminee to hand, as you know farminees run their own probalistics, always.
The market appears to agree.
There may well be a time to buy, but I think not yet.
Best you recast your numbers and study your investments more carefully son.
Any comment on Dempsey?
Take Care

Coop, care to share your numbers on 25 day dhc semi-sub poke?
My numbers do not come out at anything like $8~10m given mobe/demobe in a quiet activity area, but happy to be corrected.
Perhaps you have used jack up costs?
Timing wise I agree, the market will want to push on, if these prospects are genuinely drill ready, funding is the only hurdle.
Take Care

Fair point tq. EME would have to have demonstrated financial capacity to enter the psc imv.
The Chinese do not take 'IOUs'.
This may have been broker/fund backed or otherwise surety offered.
Hopefully that representation is tabled shortly?
The company would have been working on funding all year and are well aware of the commitments they are entering into as provided in the annual accounts.
Surprise tax rebates may have kept the lights on, but those funds should be largely expended by now imv.
All indications point to a sole risk drill, and good on them IF they can get it backed - a farmin will not excite the market as there is no equity leverage after 51% CNOOC back-in imv .
They have till mid 2021 to drill so the market will 'come back later' imv.
Take Care

Well yes fair point, however the last 3 China rns the price has gone
Down
The much anticipated Indo presentation in the City the price went
Down
The expected fracking of Dempsey and spud of Alvares came and went and still the price went
Down
Funding Issues are front of mind here for all JVPs after the massive reported cost over-runs at Dempsey imv
Those that are capable of interpreting financials will have no doubt about that imv
Get funding sorted and there should perhaps be some fizzy upside, until then
Take Care

Have to wonder why SGC and XST are on multi year lows.
Each have greater equity in Alvares, and Anzus.
Appears to be another classic EME PnD to me, but
Perhaps coopgare could comment?
Take Care

Well let's see. Gazza, we cannot both be correct.
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Coop, I can only point you to the lack of jvp rns support for this 'game changing' new play. I would point you to the gps for Anzus but, well, lets leave that to the operator shall we? Nice to engage anyways, always enjoy our debates,.

Coop, interesting comments.
Tulainyo-1 was cored - how did that help T-2?
Anzus location, whilst not released is a errrr, presents a permitting challenge imv.
The great surprise is that none of the JVPs knew anything of this bold new plan.
And funding at $10m per poke need address.
Your witness.
Take Care

Kalamari (or Kal to your friends) - in any license you ALWAYS drill the least risk prospect first.
Never the largest or most 'exciting'.
This is exploration 101.
Now Dempsey failed as we know - it is tight, as advertised.
More of a surprise was Tulainyo-2 failing, so 2 strikes in the basin deeps.
Not good.
Raising funds for Anzus will be neigh on impossible imv.
XST seemed to have been blindsided by this announcement, likewise EME as no rns in support.
Strange days indeed.
I wonder if Coop would care to comment?
Take Care

$3m cost share to EME based on Dempsey?
Once bitten?
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'Funding is very minimal 'Gazza?
Which Annual Report did you read?
It is true they could convert the extant 15m options for another 4p effective raise, as was done in Feb, but really, these companies need more than a few pips to 'pay the rent', ongoing license/testing costs, and prove to the Chinese that they can indeed pay their way, given they have now committed to a well.
Buy the placing imv.
Could be completely wrong of course and may need to keep 'greasing derricks' a bit longer.
Take Care

Gazza there will be a time to buy these without doubt.
All indications are that the company will 'make it's own arrangements'
No surprise there as fiscal terms mean any farmin would result in a feeble few crumbs for the farmor imv
So I say 'go for it'!
Now, how to play this given the above assumptions.
Buy the massive placing required to fund a sole risk drill.
Perhaps $15m? That is the time to enter/close shorts imv.
Only question left is at what level the market will support such a placing.
Any guesses?
ps. how do you get grease off a keyboard?
Take Care

All a bit of a yawn fella's since last post, the AGM fizz fizzled, taking a few scalps.
AGM presentation all but wrote off Dempsey
Annual Report told us PSC has been entered in China, locking in an expensive well commitment admittedly by late 2021. GCA audit suggests sole risk only option.
Funds are low vs commits.
Broker reports conspicuous by their absence?
All eyes on funding now, hard to see a catalyst to move the SP up in the short term.
Take Care

10 years ago the stock was not 20p
Shall I produce a chart for you?
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10 years ago the stock was circa 250p so I understand your venom Mike.
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Indeed. This suckers rally has fooled a few short termers imho.
Anyone got the feeling they are 'being played'?
Cash is very low as Statesmen offered, but he conveniently forgot testing at Dempsey costs (not cheap even though shut in for weeks), Duyung holding and expert interp costs, China holding and study costs - running on fumes imv - watch.
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Statesman what is your 'correct' cash position then?
All very well to **** off posters, but without offering a credible alt argument you look like a complete shmuck.
The company is running on fumes imv.
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Yerp.
Hence any ease in selling pressure is shorters having a laugh.
Still offers a chance for wrong longs to cut losses before the placing.
Take Care

The credit card is maxed out Orchy, read the financials
Take Care