Member Info for restingpilgrim

I am happy enough with the progress that has been made with the drilling programme on Licence 61. I would expect production to begin increasing fairly quickly now pipeline is complete and oil price has climbed off its lows, Last RNS said it is likely that production will have doubled by year end. It could be a very good year in 2016 if we get more wells at Tungolskoye and also get the Sibkrayevskoye field into production. Remember the farm out included a bonus 5 million dollars if this field hit 7500 bopd average in next five years so production from here could be very good also, I am disappointed that we have heard nothing on Licence 67 as there looked to be good potential there also and it is over 6 months since the seismic data was completed .We have had 3 RNS this year and none of them mention Licence 67. We should also be due a reserves update which will hopefully come with the half year accounts.

From a small shareholder point of view I am not impressed by Almonty one little bit, If he was that genuine he could have launched a proper bid and given us a choice as shareholders, I am sure he was hoping people would vote no to the Oaktree deal and he could get the company on the cheap, We now have no choice but to go with Oaktree despite it not being a great deal for smaller shareholders especially long term holders who I am sure would have been expecting a far better outcome for their support.

Nice 10 million purchase gone through from a couple of days ago.

I believe the gross price is around 20 dollars a barrell, he says it is 42 per cent of the market price, this still leaves a reasonable profit per barrell. As you say local production costs are in roubles so are getting cheaper all the time.

I have just watched this. It is good that the company is back to drilling wells that will begin to produce very good cash flow. The company is free of debt and already has nearly all of the infrastucture it needs in place with the exception a couple of new pipelines which are being built to connect the new production fields with the processing facility. The first Arbuzovskoye well is coming into production this week and second has been spudded, Another 3-5 wells are planned for first qtr of next year. The horizontal well at Tungolskoye is being drilled now and should be finished before end of year. It is expected to produce over 400 barrels a day. With the new seismic due shortly and the one to be done the reserves are likely to grow very quickly as will.the amount of producing wells. He said that he was hopeful of hitting the 7500 barrels per day from Sibkrayevskoye and getting the 5 million bonus from OIL, Also expected that Emtorskaya was a field in excess of 70 million barrels. All in all I felt it held a lot of hope for next year in terms of advancement and increased production.

Tomorrow is 5 weeks since last RNS. Would expect it might be either tomorrow or at latest end of the week.

Hopefully it is the person buying and not the seller who has the inside track

From previous update this well should be completed now so I am hoping for an update shortly, The Tungolskoye horizontal well should be nearly ready for flow tests as well . Hoping for good news and to finally see some upside.

There is a statement included re T-5 it is currently at 2500m and looks as it is ahead of time, The pilot hole is to be cored , tested and logged before the vertical section is drilled, If all works as expected more wells both horizontal and vertical will be drilled in 2015

Looks like someone is trying to build a decent stake with all the big trades going through over the last few days. It will be interesing to see if there are any Director trades or if it is an existing holder like Natlata increasing, which I think is unlikely. My hunch is someone new ,hopefully OIL as they would have a good inside view as to whether the stock is undervalued.

From the RTE website it is showing a purchase of 5000 shares at 9 cents at 11.45

Per the Annual report Macquerie holding was 42855060 shares which matches the trade exactly

According to the Annual Report Macquarie Bank held 42m shares or 6.06% could be them selling out , as they would no longer have any long term interest in the company, only 2 other holdings were big enough to have sold a block of that size ,Natlata Partners and J & E Davy,

As this represents around 6% of the issued share capital we will know soon enough because it is above the notifiable shareholding limit and a RNS will need to be issued. Hopefully it is OIL buying in . Very few shareholders would have a block of this size to sell,

There is also a big write off of inter company debt in the accounts which is several times the foreign exchange loss. Hopefully this gives a clean sheet all round for the company to push on with increasing production and making a good return for the future. With the interest payments going after the loans have been paid off hopefully all "extraordinary" items have been dealt with and the company will move into a decent profit and have significant cash flow especially in 2015. Onwards and upwards.

It is amazing that we are approaching late June and still no RNS regarding the Oil India approval which should have been released a week ago. How will the delay, if there is one, effect the summer well drilling program and therefore expected production figures for the future. The board were backed on this deal but unlikely to happen again if they do not start to be become more shareholder friendly.

Remember so far all we have achieved is the vote to receive 35 million to pay off debts in return for 50% of the field, the big thing will be how the Board and Oil India decide to spend the 45 million developing wells. Given their past record it is understable if the market is waiting for the board to prove they are up to the job. Hopefully as good news starts to come on the production front the price will rise. Would also be nice if a 3D scan was done and also a report on possible shale production.