Member Info for Retireby40

If the testing is a success reserves can be booked which opens up RBL. If Niko is drilled and is a success there’s no reason that funding option can not be replicated again and again. After a few wells they’ll be self funding to the revenues could be reinvested to drill more wells, creating more revenue etc. I hope this isn’t the case and B12 is bought completely.

I imagine he was saying that to the majors too. If you don’t make a sensible offer we can go it alone as a revised CPR and booking 1P reserves will enable more options re finance.

Gazprom and SOCAR decided to get involved. The EU and US would not want them in the mix as want less reliance on their energy. Any bid from them would have to be out to holders and I’m sure the EU and yanks would be desperate for one of their own to secure any deal. One can dream!

Fair point, Arsenal!

You keep saying the H1 results will be good. I agree they’ll be better from a revenue point of view but it’ll still show a substantial loss. At least there should be progression and I’d hope oil and gas revenue is as much as double as H1 last year. It should be assuming any oil produced in H1 is included even if Payment is recorded in August say. H1 2017 - -- Revenues from crude oil and gas sales totaled $1.5 million. -- Net loss of $11.4 million, or $0.001 per share on a fully diluted basis.

I’d love an offer for the lot as having been here for 7 years or so it’s felt like a life sentence at times! Given we’ve spent say £300m I’d take just a few multiples of that as an offer. Yes the assets are worth a lot more but I’d like to take a decent offer and move on.

200+tcf is an internal estimate but even sticking to the CPRs are impressive enough for now. Based on the Netherland, Sewell & Associates resource estimate, the Gareji and the Maykop reservoirs of the Mtsare-Khevi Gas Complex are estimated to contain 5.8 Trillion Cubic Feet of recoverable gas, whereas the Gareji reservoir of Taribani complex contains 3.2 Trillion Cubic Feet of recoverable gas.

Apologies old chap and great post Redgik!

Posted this last night on ADVFN. I didn’t look in here last night so apologies if already posted. Just to let you all know what happens to the data that has been supplied to the Majors.  The data is fed into a mini super computer and this produces a 3d image of the area around the well showing rock composition, pressure and minerals. The better (detailed) the data the better the images produced. Each well will be superimposed on the next and all of the EWT will add to the picture. This will produce a field picture (a projected image in 3d and is marvellous to see as you can walk around it) - BP call it the halo). This takes a lot of guesswork out of where to drill and how deep and therefore reduces risk and cost. This data collection is what FRR have been doing and I suspect the majors have been assisting and getting them to add further data to complete the picture as FRR will not have the equipment/expertise that the majors have - hence the delay and extra time required.  The majors that have gone into this (NDA) would only do this if there was a high (P70+) that they would get something out of this. Don't forget NSA have had the basic data (a few years ago) and come out with positive news on the gas and oil in the ground and now we have oodles more data and even Georgia are now convinced block12 is a game changer.  How long will it take only the majors know as they will have a total feel of what is there and how to develop the field. It may take Billions to fully develop the field so they will carefully study the 3 well drill/flow rates and then extrapolate that over a field - then you need to factor in politics of the region (at least that seems more stable). The market is there, the access to market is built and the cost of extraction is low.  Just a matter of sitting and waiting and not looking at the daily SP as if this comes off then we will be kicking ourselves that we should have bought more a lot more. 

Seller doesn’t seem to scupper the rise?

A more recent one- https://baycityobserver.com/-resources-corporation-aimfrr-quant-signals-under-scrutiny-as-ev-hits-118806/

Due end of Sept should include decent revenue from T-45 which could provide similar income than the same period last year (even if oil that is produced in June is sold in July and monies received early Sept due to 45 days payment it should still be included in the H1 Accounts as the oil was produced in the period). -- Revenues from crude oil and gas sales totaled $1.5 million. -- Net loss of $11.4 million, or $0.001 per share on a fully diluted basis. Obviously they’ll still be a big loss for the period but it should hopefully be over 100%+ in terms of revenue against the $1.5m last year. This period (H2) should be better still, assuming the bopd hasn’t dropped off too much. I hope we get an update before the interim report, Shirley we Will.

Sod that, the last thing I want is more exploration! Ideally I’d like a major or a consortium to buy the block in its entirety. I see little point in speculating on a buy out price or encouraging it as it’s futile but an example would be a complete buy out for 6p (nearly £1bn), a special dividend of 5p paid, 0.2p or so to pay off debts and £125m or so left to p1ss up the wall in Moldova and or Ukraine.

Okay you can see other fields have gone for a lot more but I’d take that happily!

Most of the debt is with creditors who are friendly and all rolled over the debt it was only Outrider who were awkward. I’m sure they’ll want their money but I can imagine the others being comfortable with another roll over. That’s assuming a major or two doesn’t buy some or all of the assets which would provide capital. Point is a lot can happen this year let alone in just over 2 years.

Looks like a sell to me.

Hope there’s no RNS today, would be bad news! Next week before or on Thursday is my guess.

Do you think it will take 2 weeks to evaluate results?! If they’ve kept the choke at 3mm I don’t see it taking that long but I’m far from an expert!

I am a pedant....today is the 59th day of testing :)

price

I make it 62 days for T-39 on Monday and expect an RNS at some stage next week and an update on all 4 wells. All being well they’ll announce some 19 for Niko too. The fact they confirm they’re receiving the money should have a positive affect on the share or