Member Info for Retireby40

Given the close execution looks like someone moved a chunk into a SIPP.

You said that FRR would communicate as if listed which clearly is t the case. Yes there is a lot of stuff that might be deemed sensitive due to litigation but surely news on ops can be reported? If this isn’t the case then why say they’d be communicative?

RNS on 26 Nov, is this happening?

The Company has successfully completed a technical study of Taribani wells drilled by a previous operator and has selected the following wells for workover operations: T-16, T-24 and T-31. The intention is to clean these wells and check well integrity for future sidetracking/drilling operations in order to drill and complete the wells in the Eldari B reservoir.

They delisted from the AIM due to the NOMAD resigning which I imagine was to do with the CLNs interest having to be paid in cash rather than issuing more notes. The market and NOMAD wasn’t informed of this which made the NOMAD’s position untenable. That’s how I see it. I’m not sure this is as positive as some think as if they’d reached a satisfactory settlement they wouldn’t pursue in another court. Let’s see.

This is why they got to the valuation and remember an 80% margin.

Rinocloud sites have grown into valuable reference sites that have generated EUR207,000 (GBP178,000) in revenue for the first quarter of 2019 with a momentum that points to stronger subsequent quarters. The Directors believe that existing client partnership discussions may result in the Rinocloud range of services being extended to their very large franchises, both locally and internationally, which would rapidly grow the Rinocloud footprint.

Over the last five years, Labskin has established itself as an approved supplier of products and services into a large portfolio of blue-chip skincare, pharma, personal care, wound care and health care clients across the US, EU and Asia. These existing sales, marketing and distribution channels provide the opportunity for cross selling complementary digital and physical testing services currently being rolled out as part of the Labskin AI eco-system. This incorporates the data management and analytic services already built into Rinocloud.

Sounds like the heavy liifting has taken place and the integration is there or thereabouts so it should quickly create value. Great margins as well, 80% or so which would be £142,400 on £178,000 in Q1 and with other subsidiaries breaking even the future looks bright. I’m sure they’ll be some great commentary wit the tasing update too.

https://www.proactiveinvestors.co.uk/companies/stocktube/12978/integumen-builds-out-labskin-ai-platform-with-rinocloud-acquisition-12978.html

Red Army. It's simply delegation. I was only up until 3 am this morning dealing with the legal documentation of every part of these transactions, so I still had my average 5 hours sleep.

The wonderful thing about hiring and working with people far more qualified than myself, is that they make me look good. And I have mentioned the team at #SKIN before. They are exceptional.

Expensive as they are, the team of advisors, and I never thought I would say this, but BPE lawyers are amazing. NOMAD, does my head in, but I have grown to have absolute respect for the dedicated work they do. Financial and tax advisors have stuck with us for the last 8 months to achieve this transformation.

Turner Pope was the original IPO broker of Integumen and because of that, I reached out to the IPO shareholders to let them know what I was doing, but also to show them that it is worth holding on and not sell into the growth. That was one of the first things I did earlier this year.

Some IPO shareholders in March 2017 watched their value drop by 90%. They watched the turnaround over the last 8 months and some of them have now averaged down by taking part in these transactions. They are still invested at well above where all new shareholders came in. I am deeply grateful for their faith in what we are doing and for all shareholder support.

A lot is done in a very short time, and there is a lot more to do. But with the additional revenue through the digital platform from the Rinocloud acquisition, things are looking much better with a strong balance sheet going forward.

For the record, this is my allocated PR day.

Rubbish. YJ know as much as us, sweet FA. They’re just earning some corn as they should be. We’ll know what’s going on once the judge signs all off then we’ll get news on their website. I think they need to pass the baton onto a capable team and give us our money back and more hopefully which will please the Georgians and most here. **** Moldova or the Ukraine although the Ukrainians seem to ha e a sense of humour!

It’s clearly not your fault YJ and most appreciate the contact but ultimately BLoE are demonstrating how to run a co and to write RNSs that are detailed and don’t pose more questions that enable shorters. I hope we get a settlement and get bought out lock stock and a proper co monetises B12. We’ve had our time. 2p will do!

Managed a good laugh on that!

Fair points Timster. Bloe has done more in a year and spent over £200m less than FRR has managed in 20 years. RNSs always shambolic like the way it’s been managed. Embarrassing for FRR although it shows the region’s potential.

*should remain that way.

Yeah project fear is project reality. Funny how the media moguls, investment gurus (Rees-Mogg and May’s husband) don’t want the EU’s new tax transparency rules to come in. Out of the EU they can continue pretending it’s immigrants robbing the gov of funds rather than they.

Anyway, this is an FRR BB so should email that way ;)

My view too. We had no real focus, spending money left right and centre without a defined plan. It seems our most recent drilling campaign was only a real success because of the last drill and it’s been speculated BH may have advised us to go deeper with no fracking. Anyway, I hope we are still selling oil and in an ideal situation we get rid of the Hope debt and quickly get bought out and get a special dividend. We’d need a change in BOD to succeed and I’m sure the Georgian gov feel the same and want the assets in professional hands that can monetise it rapidly. Another bonus of having rid of us if a new co wouldn’t be afforded the cost recovery pool. Some £300m. I’d take that now so 2p a share although debt to pay but still well over 1p and out of this misery!

A great rns with decent detail including time frames which FRR often failed to report. Our RNSs were covered with ambiguity as we had no idea how long the flowed for. Block reflects poorly on FRR from the ops point of view given how many wells we’ve drilled in the last couple of years versus testing flow rates but it reflects well from a potential point of view.

From block -
The well is completed in a horizontal section, 522 metres long, in the Middle Eocene formation with a 4 1/2 inch slotted liner. It was opened on 26 March 2019 and, after a short period of swabbing, began flowing naturally, producing a combination of oil and returned drilling fluid at average rates of 1,500 bbl/d through a 1/4 inch choke. During the initial six hour clean-up phase stable wellhead flowing pressures of 500 to 550 psig were observed.

The formal testing programme was started on 30 March 2019, after downhole pressure recorders had been installed, with a six hour flow period on a (5) /(64) inch choke. After a 12.5 hour shut-in period the well was flowed for 11 hours on an 1/8 inch choke. The flow, limited by the capacity of the testing facilities, quickly stabilised to a rate of 1,100 bbl/d through the 27/8 inch tubing with a well head flowing pressure of 590 psig. The well is now shut in for a 72 hour period. On recovery of the downhole gauges pressure transient analysis will be performed and reported by RNS.

Following the current build-up phase the well will be placed on production using the field's existing test facilities, and the oil trucked to a nearby oil storage facility where it will be stored until sale. The initial production rate will be based on the analysis of the production and pressure build-up tests.

It was jme76 who started it. Off on holiday so I’ll steer clear. We’ve often got RNSs while I’m away so here’s hoping we get a decent one at the end of the week.

The only way we’d get the loan is if the oil flow is sustained from T39 - After a well clean out, the well started to flow light ( 41.5 API), sweet crude oil together with wet gas and, under natural flow, achieved following production rates: 529 bbls/d of oil and 600,000 scf/d of gas using an 8/64" chock size, 347 bbls/d of oil and 425,000 scf/d of gas using an 7/64" chock size and 250 bbls/d of oil and 350,000 scf/d of gas through 6/64" chock, demonstrating excellent well deliverability. The Company anticipates that production rates from future development wells may be significantly higher.

I wonder if anything has happened with T-16 as I guess they’d look to do what they did with T-39 and if that has similar results things will be looking brighter still. Assuming we get a decent settlement.

More positive news and here’s hoping 3p can be breached in short order. Onwards and upwards.

Before a leg up this afternoon me thinks.

Thanks Cicatriz.