Member Info for RNSTranslator

Thanks Watts,
Despite what some folks would suggest I'm simply anti bulls*it and pro facts, and don't care which side is BS'ing I'll call it out.

The cost of Rathlins work done on behalf of the JV will be charged to the JV under the terms of the JOA. All JOA have a standard clause that the operator shall not gain financially from being operator, no profit margin . Ie they charge at cost. Connaught is a shareholder and plays no part in chargeable activity. The management of Rathlin are mainly from Canadian oil and gas backgrounds, hence I suggested Netherland who are Canadian reserves Auditors/CPR.

Grewber: You need to examine what they have actually said, rather than conflate it with the promotional banter on this and the UJO Board.
The first time a date was mentioned for the EWT to start was on 28th of Jan where in the technical update presentation they mentioned "February EWT subject to Covid". The Gantt chart confusingly suggested a March start if you look at it. Bottom line is that its going to be May (according to the latest release). Obviously the Feb/March start wasn't going to happen and so on the 31st of March they updated the market. You're simply not going to get a week by week update. They cant publish exact timelines as they simply don't have certainty, and perhaps they should highlight the timing uncertainty more, so that folks understand. Unfortunately its in the nature of all small cap oilers to project greater certainty than exists because they want to manage the shareprice. Unfortunately when that expectation of timing proves to be perhaps less certain than was implied then folks get ****ed off and it undermines their trust in what is being said.. which is ultimately counterproductive in their attempt to manage (hold up) the share price. Simple mantra I've heard many times in these situations: Manage the assets well, be straight with investors and the share price will take care of itself...

Schlumberger not really No1 for their CPR's. There is a obvious conflict as they are also often a contractor/partner in many of the assets they may be asked to evaluate, so are hardly independent, and from a bidding for work context they would have an inside track which might put off a fully competitive bidding process. Given Rathlin are Canadians I suspect it'll more likely be Netherland Sewell, perhaps Degolyer and McNaughton or if they want a UK house then ERCE all of which have decent reputations to protect. The logging is needed to ensure that the liner/casing is properly cemented, the VSP to ensure the seismic events they've mapped and can be linked to the logging responses. They pull all this together to choose where to perforate for testing, they will start at the with the lowest target (Oil/Condensate) and I would imagine work up from there into the gas in due course. Signal is that EWT should start about 2 weeks or so after logging complete, Logging is April so take pick, it could be logged next week or 3 weeks from now... So Early mid May is the probably earliest for any meaningful results from the initial testing if they start logging in the next week/10 days or so.

“lefty remainer snowflake” ... funny
“ hating the country you live in”... even funnier
“ stocks you’ll never buy ” ... hilarious
“ make you look like a complete moron.”.. yes if any of it were true, but it isn’t... you simply don’t understand the risks in oil and gas, even when presented with the evidence.. you’re only defence is to try and undermine the folks pointing out the risks, and your “allegations” become ever more bizarre... a Little Englander and an intolerant one at that.

If for once you actually addressed the point rather than your wild and inaccurate ramblings some folks might actually listen to you...

Ah Mr I with his Little Englander syndrome...
Lotus- that well known Chinese owned reliable car builder.
Aston, reliability issues being solved by bringing Mercedes in to provide the engineering and engines.
“Doesn’t like Oilers because UKOG was garbage. But loves Germany...”
Maybe you mean is wary of Small cap Oilers because of UKOG and ” Egdon, UKOG, Angus, Europa, Midmar, Magellan, Celtique, PENTEX, Viking, Warwick, Alkane, Star, Corallian, Reach, Dart, Clyde, Cuadrilla, Courage, Sterling.................” come on Mr I name one successful UK small cap oiler , that hasn’t promised the Earth and delivered the equivalent of Uranus.

" I’m shocked RNST" didn't realise you were such a sensitive type...

And what did Daaave tell you on Sunday??
Let me guess ..nothing that wasn’t already published or known. Or was it a nudge nudge wink wink, know what I mean Heid, nod’s as good as a wink.
So what did he talk about? the weather? Go on Heid tell us, you know you want to...or are you simply talking s*ite.

“ wrong again, why would you crystalise a loss and then put the money into an ISA ?”
Firstly That wasn’t something I suggested, I simply commented on the 30 day rule.
But since you raised the question : You might want to crystallise a loss to offset other gains that might reduce your gains perhaps to a level that kept you under the annual CGT allowance, or just to reduce it for that year, - as an example. Additionally If someone believed that the current share price is likely to rebound from a current loss making position to a higher price, by putting it into a newly available Isa Then you’d protect that potential gain from tax entirely whilst having reduced you current year CGT by selling.

Your inability to understand what I said and how you couldn’t understand why someone might want to do this perhaps betrays your own lack of understanding of CGT, have you ever paid any??. I said nothing about a placing and trying to link what I said to someone else’s comments is simply a result of your inability to respond to the points I make...

“ We are confident “ says the co-ceo of a company who has also said
“ "We were delighted to make an oil discovery with the Colter well, and with the sidetrack effectively giving us two wells worth of data, ..” now relinquished and written off.
And
“ "We are pleased to announce that drilling operations at Wick have now commenced. If successful, Wick would be a significant near-shore discovery in the Inner Moray Firth.
"Wick is estimated to have mean prospective resources of 26 million barrels of oil equivalent and has the potential to add considerable value to our shareholders." -dry hole written off.
And
“ "We look forward to the drilling of additional wells in California and hope to deliver more good news for investors throughout the year and beyond." - tumbleweed...
And
"We are delighted that the discovery at IM-1 has exceeded expectations and should lead to a highly commercial development in the near future. This result bodes well for the testing of IM-1 and for the drilling of IM-2.“ - more tumbleweed.

Yes booking a loss for some one who then wants to investing an isa relates to an individuals tax situation and is thus a CGT issue...
Of course booking a loss from a corporate tax perspective, as you are trying to imply, is of course different , but that wasn't the issue being discussed..was it?
you must learn to read this stuff more slowly and respond to the actual issue under discussion, reactionary bluster and off topic rhetoric simply undermines your credibility as a commentator.
You confuse "negative" with factual statements based on the companies own information, its the stuff you don't want to others* to hear.

* mug punters to use your own words.

"Any bad news needs to be RNSd ...I only see good."
Its those rose tinted specs.
They said the EWT would start in February subject to Covid restrictions... so unless the test is cancelled, which it hasn't been, then the exiting statement holds true and so there is no bad news, so no RNS. A delay is a delay not a change plan to what they've already said. If its not started within a couple of weeks after lockdown is eased they perhaps they'll need to say something, otherwise no obligation...

NVG: If you actually took the time to look and read, you would see that the original statement was:
"re. tax year booking a loss in one tax year does not prevent buying back in that same tax year, although some might wait to next tax year to put in next years ISA allowance"
booking a loss can only relate to CGT, it wasn't in response to Spread betting close outs. if you're going to be irrationally grumpy, you could at least read the question properly rather than just "mouthing off".
But of course detail is not really your strong suit is it?
And yes I pay my annual CGT bill....

"tax year booking a loss in one tax year does not prevent buying back in that same tax year"
Thats true, but buying back within 30 days does not trigger the gain or loss you were attempting to crystallise.

AJAmesW:
Indeed you are correct that the application will almost certainly include a sidetrack authority too.
The side track is not into the Flags rather its into the same Ashover Grit Reservoir as a back up incase the PS doesn't deliver the 500/day..
Egdon said this whilst commenting on the Proppant Squeeze process:
"If the proppant squeeze does not sufficiently improve oil flow, Egdon said it would continue with its plan to drill a sidetrack of the main wellbore."

Of course the value of gas on a BOE basis is less than oil but that would be in addition to the pure oil numbers.
Although we are still unaware of the type of oil/condensate...

"if rbd will end up with 100m 2p boe net of high quality onshore oil adjucent to existing infrostructure it will be reasonable to value it at 3-4$ a barrel."
I presume you mean net to RBD including their 59% Rathlin stake? ie 100mm bbls is 55% of the total field size?
That means a recoverable reserves for the field need to be 180mm bbls.(do you include the gas in this or just the oil?)
Although the average recovery factor for the KA is low in other fields, this may be much higher given the long column they have logged. So it may be 35-40% rather than 15% from other fields with this reservoir, depending on the results of testing.
That would mean 450-520 mm bbls in place.
Pre the B1 and B1z well they were estimating 180-240 mm bbls in place.
So to achieve that number will require then to more than double the previously estimated volumes.

Fevertree: modern corporate governance whilst welcome in many respects has its downsides. NEDs are not supposed to share in the upside by being given options, to ensure they’re not complicit in promoting the shares for personal gain. They can’t hold meaningful quantities of shares because they then don’t classify as “independent”.
They get paid to do their job, and leave when asked with no payoff. Their main risk is therefore reputational. I always pay attention to NEDs departures when unrelated to term expiry - often a sign of problems unless of course it’s a personal/medical issue...
And yes, many do see it as an easy way to make a couple of hundred k a year to top up the pensions for not much effort...

Mals1960: that is correct, it’s hidden deep in the website docs...