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GGITS
Totally agree with your comments , it is imperative that IOG get the funding mix right with hopefully minimal dilution , if they need a further 2-3 months then let them take their time to get the best results , we the shareholders will benefit from that effort. I think it was wise to delay FOIL and no doubt they have now put some float in the new schedule to attribute for any of the normal construction delays, I have no doubt we will all receive a substantial SP rise once the FID/Funding is announced then 2019 starts with a bang in the form of Harvey drilling , good luck to all
Its been a disappointing day , tough one to take but the majority of people have based their investment decision on a six well campaign , it was never hanging your hat on SL alone ! Edison report states SL is worth (undiluted pre-farm out) 8.3p , thats gone but the two biggest plays to come Wild Horse next is 28.5p then Fox with better COS and first drill in 2019 at 18.9p. I am 50% down and took the hit on the additional funding post my investment as I could see the business strategy but frankly there has been total incompetence in not managing to close out a tender in a 6 month period to enable Block XX drills prior to Winter, this was a major piece in my risk strategy given the COS and they have gone and cocked it up , we are now real tight on schedule for Wild Horse , I cannot understand given the RNS statement on SL deeper play having no shows why we are messing around for +70 days , I assume given we only reached 2930m that drilling was slow but MB should have cut his losses before now to make sure we had a decent float for our WoodMac Top 10 drill - Wild Horse to complete. Thats one strike against MB for the Block xx debacle so pressure now on to spud & drill Wild Horse , i will finish on a positive note and state its only a matter of time we make a decent find , there are too many good prospects here but MB + Team need to deliver and I hope they have learned the lessons from this year.
dusterinmong
Ive got to chuckle on your deramping negative posts , of all the BB's to pick and you pick IOG just prior to major de-risking in FID , yes dilution is a factor but if anyone is going to minimise dilution its IOG given their innovative funding track record to date and the fact the Management have taken a shares for salary deal , watch this space as I think its going to be a very good news story and impressive rise in SP, Im here long term as i see no downside for the forseeable future
I have just topped up 16k of shares via HL at 31.7p , two transactions with same price quoted so no issues for me
Taken from shareholder information...performance rights vest in Sept 18 and options at 30p in Dec 18 , they will be looking for a re-rate !
UNLISTED OPTIONS
The Company currently has a total of 30,600,000 unlisted options on issue as below:
➢ 600,000 unlisted options exercisable at 10p each through to 20 January 2019;
➢ 8,500,000 unlisted options exercisable at 30p each through to 22 December 2018;
➢ 17,000,000 unlisted options exercisable at 60p each expiring on various dates.
➢ 4,500,000 unlisted options exercisable at 40p each expiring on 5 September 2019.
UNLISTED PERFORMANCE RIGHTS
➢ 630,000 performance rights which vest in September 2018, entitling the recipient to the
equivalent number of shares in IronRidge.
Yes time to top up prior to the multiple RNS's coming our way and VM's main objective for this year to get a share price that better reflects our World class asset base, this is a great long term hold as potential is staggering with minimal risk given 75% of shares held with major shareholders/directors, its incredible that the market has yet to buy in but that might change very shorty and we will not see this SP level again imo , GLA
4-6 weeks to funding and FID with imo minimal dilution then we will have addressed all the major risks as I dont see the Fabrication & Construction as high risk scope, we should see a significant SP rise on FID then SP on upward trend if we maintain schedule as we get positive operational updates bringing us closer to FOIL 4th Qtr 2019. We also have potential on 3rd party fees to utilise our pipeline given the Centrica Rough storage shutdown and ConocoPhillips Theddlethorpe terminal shutdown later this year which supported three different pipelines representing 10% of uk gas output so lots of potential though I dont know the technical feasability to tie back from Theddlethorpe into our Thames pipeline , and lkets not forget Harvey drilling which could be our largest play , GLA as we are on the upward trend and this is an excellent long term hold given the potential
I would not be surprised to see a RNS tomorrow as MB will be conscious of the fact he stated End July for Block xx contract award.
I reckon the Block xx contracts are already in place as Mikey30 stated so well earlier today and MB just wants to wrap up any loose ends into an all encompassing RNS that firms up all 4 x drills for this year and includes location of 4th drill .
Be interesting when we get this Operational update how he frames any update on SL ?
Check the massive wall of blue after hours culminating with a final 675k buy , we are sure to kick off higher tomorrow as this story continues to unfold .
Mikey30 - Thanks for that , makes sense from a logistical and cost perspective , looking forward to this drilling campaign and would be great to get Block xx drilling in alignment or prior to White Horse .
Query - Why don't we do Red Deer as the 2nd Block XX drill this year ? It's the same block so why not do it this year and identify a further prospect for 2019 , that would be extremely attractive and turn the screw for any potential farm in partners
Fundraiser , the Mongolian elite does not just consist of Petrovis ! there will be other highpowered players wanting a slice , and for good reason , what do they know that we don't ......mmmmm , quite a lot I would imagine that is not currently in the public domain.
Maestro , agreed the 4 well campaign is in doubt this year , we need the RNS by next week and rig nearing or meeting European certified compliance or its a 4 well campaign next year. PM need to resource supply chain personnel not just stuff it full of Geologists. Their ops team if there is one is abysmal
Fundraiser , you clearly dont know oil &gas especially the politics. the bottom line as Mikey 30 pointed out is that we increase our COS considerably based on our 3D and lowered our expenditure by commiting now to the two additional drills next year, it also decreases the logistics for spud 2nd qtr 2019
Garmon , you hit the nail on the head , no one is happy with this placing but the Mongolian elite have been given a bigger slice of the pie , spin it another way , they are not buying in or building a refinery without having full confidence in PM finding large resources to fill that refinery, so we grit our teeth and play the patience csrd until they hit oil , not a case of if but when with a big chance given a 6 drill programme.GL to the long term holders and the PI,s who intend to hold until we strike.
Yes , well done and just rewards for the LTH who have persevered over the past 2-3 years , it was this board that cemented my commitment due to the good natured informative posts with a touch of flabby thrown in for good measure , what a week so far and this is just the start !
Good to see a steady rise heading to the 30's and beyond , IOg now finally getting some recognition which will increase through to FDP approval and beyond. K90 - Skipper very much on the backburner with all focus on SNS Hub , I'm sure they will review Skipper but its very much dependant on a decent POO and IMO technological advances dealing with heavy oil . IMO MR would love to bring Onstream Skipper as I reckon its one that wrankles with him but the economics need to be more positive over other options , which at this point will be SNS Hub Growth which will currently be more viable..
Excellent AGM Presentation , well atrticulated by all attendees. Stage all set for final push on FPSO completion and subsequent HUC and Commissioning. All on track or indeed ahead of schedule, Foil IMO set for 4th Qtr 2018 There is a real impetuous to the SP price escalating to new highs.