Member Info for Rod23

HtTps://sb1m.brightcovegallery.com/ec2024/detail/videos/oil-oil-service/video/6345179248112

23 minutes onwards Paul Mcdade speaking about how the Azule deal will conclude next month.

Oml65 now completed and revenues being accrued.

https://www.sonangol.co.ao/English/News/Pages/NewsHome.aspx?NewsID=555

It's on sonangol website now.

https://www.sonangol.co.ao/English/News/Pages/NewsHome.aspx?NewsID=555

https://mercado.co.ao/negocios/sonangol-alienou-parcialmente-participacoes-em-oito-concessoes-petroliferas-II1138758

https://mercado.co.ao/negocios/sonangol-alienou-parcialmente-participacoes-em-oito-concessoes-petroliferas-II1138758https://mercado.co.ao/negocios/sonangol-alienou-parcialmente-participacoes-em-oito-concessoes-petroliferas-II1138758

Afentra selected for 03/05 20%
Block 23 afentra 40%

hTTps://youtu.be/S4irybdBoAw

Thanks verbs.

Thanks for the update verbs, how was the reyl rns to be soon brought up ?

Sorry chickensoup but if you think that this company is good at updating investors you haven't been here long. The rig is still in UAE without doubt. Another deadline missed. Don't get me wrong I'm still a believer in the end result but I would bet a sizeable sum that the rig hasn't moved. I'm hoping that they are trying to tie in some major positives with the rig delayed news.

Yeah all good mate, interesting you mention using more rigs than the Power, but the board have said they will develop assets in tandem so makes sense.

This share has turned you cynical K... Hope you're well mate. I think that this time we are all systems go. Rig mobilisation rns next week, 30 day transit, few days setting up, spud late March or very early April. Outside chance there is a closer rig to Nigeria that we could use but I think it's still the power.

we�re very diligent on the work we do on potential farm-in partners - Ororo is a relatively small asset.... �but it�s the opportunity to take this model, to take this platform, to take these partnerships...forward to effectively acquire more assets and build a bigger portfolio� - in the 2003 marginal bid round each of the oil producing states were awarded an asset. Highly likely to be repeated in next bid round. �Via our strategic partnership with Owena we will effectively have an opportunity to farm into that asset on similar terms to Ororo� - �bigger players divest assets that are perhaps marginal for them but would be significant for us� - We have a close relationship with Chevron....�We�re pretty confident there will be plenty more assets to come via those relationships� - �I would say that we are in discussions on a couple of new assets...hope to get to a decision on those pretty soon. These are likely to be pretty significant in the context of the portfolio that we�ve got� - �spud probably March and be in production by April. Liftings within 3 months of that� - Generating significant cash flows by H1 - �vendor financing from service providers is a validation of our asset and strategy� - �we�re attractively valued from an equity perspective�. In 2018, given production rates as per CPR and current oil prices (4 Dec 17) we could be 4-5k oil/day on average, implies revenues in excess of $100m in 2018 and we have 88% entitlement - �having got this funding done we can finally get on with operations, get into production and start building an interesting portfolio�

Sherl0ck[​IMG] 30 Jan '18 - 20:03 - 74314 of 7 Some notes on things I learnt and liked from Mark�s presentation (direct quotes as indicated): - appeared to allude that BP were engaged very early in our strategic partnership discussions in last 2 years, �we have some very, very good contacts in BP� and �from a very early stage BP has been incredibly constructive and incredibly helpful�. - BP have lost out to some major traders in the last 10-15 yrs and they now have �a strategic intent internally to secure more off-take, particularly in West Africa�. Even though Ororo is relatively small it�s the �opportunity and the platform that gives them to build more off-take in the future� - Add Energy drilled some of the Tanzania wells for Ophir & BG (so would be well known to Stein & Taylor) - �Each of the companies is effectively taking some financial risk in this first well. They�ve accepted that because we�re replicating the original discovered O-1 well, it�s quite a low risk proposition...we�re simply seeking to target the reservoir that flowed to surface in the first place� - financial partnership with REYL is �one of the most interesting aspects of the partnerships that we�ve put together.� They�re offering a new product around the concept of securitisation. Due to their high degree of confidence in our oil production and visibility of our cash flows over the next 12 months they can use securitisation to bring forward a lot of those cash flows so we can pay for the work we want to do - via REYL we can fully fund the entire Ororo development �without having to come back and raise more equity� (highlighted this point twice) - �we�ve got all of the permits and we�re pretty much ready to go� - after spudding the well it�ll take about 6 weeks to get the well into production..... we want to replicate that well (O-1) as much as possible so it�s a very very low risk proposition. We will complete in the G sands and test D sands to confirm hydrocarbons are there - 800k barrels of estimated recoverable resource in G. 5.5m in D - �we insist that when we farm into an asset we operate.....we deliver the entire project plan. Also we require full offtake rights for the hydrocarbons...so no problems with liftings/payments...we sell to BP and BP pay us. There�s no delay between lifting and payment� - �partnerships with world leading service providers and we�re quite comfortable that execution will be good� - we�re very diligent on the work we do on potential farm-in partners - Ororo is a relatively small asset.... �but it�s the opportunity to take this model, to take this platform, to take these partnerships...forward to effectively acquire more assets and

Spot on Rugbybloke, funding sorted, world class partners signed up, partnering with Ondo state, and the pipeline of assets yet to be revealed. What's not to like all for under a penny when the directors all have higher averages.

Majors in the process of divesting onshore and shallow offshore assets exclusively to indigenous companies - scale of opportunity likely to be unprecedented

It seems that finally we are going to become the company we've all been expecting. What's not to like now, we are fully funded for Ororo and I'd be amazed after all the mentions of the pipeline of assets that we aren't very close to announcing something on that front as well.

� Petroleum Industry Bill - likely to infer onshore and shallow offshore licensing preference for indigenous companies � Expected government organized marginal field licensing round � exclusive to indigenous companies with attractive fiscal terms � Majors in the process of divesting onshore and shallow offshore assets exclusively to indigenous companies - scale of opportunity likely to be unprecedented � Indigenous companies enjoy fiscal advantages for marginal fields vs. JV terms, e.g. under sole risk arrangements, government take is only royalty and PPT; it therefore does not share profit oil � Pioneer Tax Status - Indigenous companies may be structured to have five year initial tax reduction as a result of being a �new company�

 We focus on shallow water offshore fields to avoid utilising onshore infrastructure  We focus only on assets where we can secure full control of operations  We require full control of offtake rights and transact directly with the offtaker (BP)  We are partnered with leading global and international service providers  We will not pay large farm in fees or make big upfront payments. We thoroughly vet all local partners.