Member Info for RNSTranslator

Gwywyn
Which bit of the facts are you failing to grasp?
This formation did not flow at 700 bbls/day it flowed at 80.

“ Everything is very good in my mind.”
Heid. It always is... your lack of a perception of reality is probably the cause. 3p 3p 3p 3p ... keep repeating and you may even start to believe it yourself....

You seem to be avoiding answering the question...
So lets put it very simply: you say" I said the share price would go up a F lot at some stage."
Are you saying this will be true regardless of the test results ?
Which is the information the market is waiting for isn't it, and should be made public if their timescales are correct in late march or early april.
You say The share price is up 50% from when I made my prediction, thats true, but as you conveniently failed to point out my prediction on a successful B well was 0.7/0.8 and it reached a peak of 0.69.

"when we were trying to have a grown up conversation about value ?"
I'm happy to have that conversation, if indeed you'd engage on it, rather than your childish rhetoric.

"I knew that thread would keep persi and RNST off of the board because they can pontificate and confuse as much as they like but there ain't no way they can realistically say that the share price wont go up from here (by a F Lot)"

Firstly I have twice now told you (at your request) what I thought would happen to the share price under various scenarios...this was last year and my position remains unchanged, and at least to date not far off what has happened.
I can realistically say it may well go up from here...indeed see what my prediction was at the time when the share price was under 0.4p.
I can also say it may well tank if either test shows pressure depletion because that implies a small connected volume. Do you actually disagree with this statement?

Just so we are all clear when you say: "there ain't no way they can realistically say that the share price wont go up from here" means that there is only one way this share price will go, and it isn't down? or do you mean you just expect it to go up?

Also which bit do you think is confusing?
My description of how Joint Ventures work?
How value of oil and gas fields are determined by larger companies?
Or that you don't understand (by your own admission) about the technical and commercial reality of how oil and gas works, and that feels like someone is raining on your parade of promotional bluster.

Given the broker option for £500k raised less than £50k looks like the WF worker is off the table for now.
They are now hostages to Wressle flowing at 500/day, materially less would probably be a near death experience, given the likely reaction from the folks who ponied up £1.5mm at least in part in anticipation of the near term cashflow from Wressle.

GP
I think the fact that they haven't mentioned a flow rate is simply because its work in progress and any number mentioned right now which less than 500 will go down with investors like the proverbial bucket...
Proppant squeeze has been signalled by the partners, so it'll need that to be tried before they'll be forced to mention any flow rates, because their only option after that is a sidetrack well.

You won't hear a flow rate until the Proppant Squeeze is finished and the well has cleaned up.
You'll know when it starts because all the kit will need to arrive on site..and some Droner will no doubt have pics.
So probably a week or so after that.

Interesting use of funds in the report.
275K Evaluation and DD
130k Studies on Wressle
35k Buy seismic and Assess
105k Planning
50k Assess and reprocess seismic
350k Analysis and farm out work
395k Working Capital
165k Fees
Seems a lot of planning and analysis.
Working Capital is of course a euphemism for (potentially) repay the loan and corporate overhead
Its only the 500k broker option that is actually to do something - Workover well, West Firsby.
clearly waiting for Wressle to deliver 500/day...

"...champion a stock they own" says it all really.
Another one who thinks this is a support group exclusively for "believers" and "promoters"

Well we’ll you do seem to be a bit touchy NFC.
“Undermining this board” - I thought it was for healthy debate , not a “believers only” support group.
Unable to debate the issues because, as you have told us many times you don’t understand this sector because it’s not necessary. perhaps that’s why you need to revert to spurious made up accusations and childish name calling.

Of course I don’t need to resort to such made up accusations, despite my “delusions of higher intellect” because of course you’ve told us all we need to know about yourself, many times, just in case someone missed it the first time.
You sold your company to a FTSE 350
You manage money for a living
You have a big house somewhere where Jeff Bezos once went in holiday. (With 5 toilets)
You’re apparently “hung like a donkey” (I paraphrase)
You have or had an (unreliable) Aston Martin.
You now have a new Boat.
I think that tells us all we need to know about you.

NFC
OK, I know you’ve been (almost) successful: it’s on the internet....

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GP
Although slide 11 suggests that B1z is April and A2 is late May, the history of both RBD and UJO has always been to be overly optimistic on timing. So you may well be correct that these are the earliest expected dates, and based on past form its less than certain.

Here's the question I have.
Placing shares requires that the placees have all material information.
They of course will know nothing more than we do otherwise it'd be RNS'd.
It begs the question, why raise ahead of the flow results?
Either
1: its not flowing well, but then they'd have to tell the placees (and thus the rest of us ) - significantly less than the original test of 80/day would be material information. -Unlikely
2: its flowing at 500/day and they've not yet told the shareholders - Unlikely
3: its flowing, but they're still in the process of working on the well (proppant squeeze to come etc) so its too early to tell, but they remain confident, (what effectively they've told us) - Likely

Timing: outcome can't be imminent or they'd have waited.
My take: its going to be a little while before they can give a definitive answer on flow rate, and releasing the current flow rate isn't helpful as its a "work in progress" not the final answer. If I was betting I'd say its not materially different from the original test which was 80bbls/day - so say 80-120 bbls/day - hence not many tankers.

Heid,
Interested to hear your take on what its producing right now tanker or no tankers.

GP
I’d be surprised at 10m based on the typical reservoir quality. A metre of two at best I’d have thought. We know it’s flowing and according to some they’ve already been selling oil, which suggests it’s probably cleaned up. So my take is that it’s not flowing at 500/day or they’d have said so. It is likely that they’re waiting for the squeeze which I guess is waiting on permits.
If I were to guess, based on experience of this type of reservoir, I’d be inclined to think that the skin problem hadn’t been overcome as hoped, or more likely that it’s simply flowing at a rate not far from the original test.
Prop Squeezes have been known to increase flow rates significantly but this is certainly not always the case.
I suspect it’ll be a few weeks yet before we know what it’s going to flow at.
At the risk of being slightly argumentative, why did they all give the strong impression this thing was going to be held back to 500/day (and not setting explicit timescales for post perf activity) when the reality always was somewhere between 80 and 500. By picking 500 and pushing that hard anything less will be seen as a failure to deliver what they “promised”. What did that “promise” achieve other than setting themselves up for either content investors that they’ve delivered what they said, or pi**ed off shareholders feeling they’ve somehow been misled. This is what nearly always happens with these small cap oilers...the temptation to promote the upside and downplay the downside costs nothing, until you don’t deliver it, do it regularly and then eventually when you do have some real upside that can be delivered nobody believes you....

I think the plan of attack was:
Reperforate and see what the free flow rate is.
If it’s not sufficient to reach 500, , then undertake a proppant squeeze.
“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.”

BH
Enjoyed your constructive response.

Mirasol,
I didn't read it that this was mainly for Morocco..mainly to accelerate acquisition of an appraisal/development asset.
Complementing their existing production almost certainly means the UK...
Tried to offload UK a few years ago but got nowhere...
They clearly have an acquisition planned... probably for shares...
"We have previously said that we are seeking an appraisal/development asset that would complement our existing production and exploration assets and this fundraise will enable us to accelerate this process. It will also allow us to advance a number of growth opportunities within our current portfolio"