Member Info for Rubey

Thanks for putting some flesh on the bones Jack. Personally I'm not sure they'll return to EWT WNA-2, but what do I know.

“We’re absolutely looking at the projects in our business plan. Some we will just seek to reshape and make more competitive in a lower oil price world, a lower gas price world.

“Some we will defer until we have a clearer view of the outlook for oil prices, and some we will cancel, and there have been a few announcements on projects like our Lake Charles LNG plant.”

How important are DELT's projects to them?

Let's face it, they know they're sitting on an oil lake at WNA. If they find the same at WNB and it flows, the licence is pretty much proved up. If I remember correctly the first well at WNB would be able to test the Cadeby Reef formation too.

Actually, I'm assuming they have committed to carry out the EWT. Maybe they won't need to, and WN can be sold after WNB-1.

They won't pause the EWT. Too much involved and committed. I think there'll be little chance of any results by 12th unless gear turns up PDQ. Maybe it will!

I can't see how merging a £40m company with a £12m company can possibly be done 50:50. If RBD wanted to raise £6m to match DELT's cash position of around £11m, they could do it with ease, bearing in mind their city contacts. I think the balance is right with this offer. Bear in mind DELT will be twiddling their thumbs for well over a year - West Newton is happening now!

"let us have DELT's cash so that we can run it down to zero over the next 2 years, instead of DELT"

In 2 years there would be no DELT to have no cash. But by then the combined company are likely to have received £200m plus for West Newton.

I did note that they made it clear they might increase the offer if they can carry out DD.

What a fantastic response to DELT's RNS. Business-like and to the point. No catty remarks and willing to fully engage. What a contrast to DELT's RNS.
Also dealt with West Newton very nicely.
They clearly really want these companies merged. DELT should have run their company better - investors need progress, even when times as difficult.

99treble, in these circumstances all shareholders who have more than 1% have to disclose their shareholding. The shareholder is described as FMR and FIL, holding 272,438,977 shares in RBD being 4.03% of RBD's share issue. They are also disclosing that they have shares in DELT, but are as yet to disclose their shareholding assuming they have over 1% of DELT's share issue.
This is my understanding. I hope it helps. RBD wouldn't have brought it to this stage if they didn't already have 50% (or close to) of the DELT shareholders behind them.

I think you are mistaken about the 3% 99treble. But I suspect they have the 50% anyway.

Draft, have Shell committed to any sort of time-frame for these drills? Could they just leave these drills while they prioritise other work - say for a few years?

'Cash is king in this market and we have plenty, if we need to sit things out for a while, then so be it.'

Music to their director's ears.

DELT up 10%. Clearly some buyers think it's better for their company to get a slice of Reabold.

The 4% relates to 272m shares. It can't be a percentage of DELT held by RBD, the numbers are wrong.

So few trades. It's as though everyone is just waiting.....

Unimaginative, our shareholders over 1% are declaring their shareholding. Part of the process I assume.

ttaa, I think WN-B1 drill is essential, and some testing, but I don't think West Newton sale is that far off.

The RBD RNS that mentions both RBD and DELT states 272m shares, being 4%. Surely that relates to a stake in RBD by FIL & FMR, not a stake in DELT by RBD? The shares/percentage ratio would be different?

Things seem to be moving faster than I can digest. Are DELT II's buying into RBD at pace? Where are these shares coming from?