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SRS69 - the SP will be bigger than 10p at Xmas

Ross I don’t ever respond to you so this is an exception, don’t make the mistake of thinking we are going to converse on this matter. I find it amusing that you have corrected SRS69 as you made the same mistake straight after the results were announced by saying ‘sounds like EOY production target has now been aligned with the low case 800 bopd, would be in fact slightly lower than the low case but still a solid achievement’. You have rightly corrected this now as it is referring to Goudron and it says ‘at least 800 bopd’ which means not less than 800 bopd and I see it as a positive that there is no maximum mentioned! Also, it means at least 100 bopd outside of Goudrion, with another 6 months of the year to go does anyone doubt that LK won’t get Bonasse and Icacos contributing more than 100 bopd? The 64 million $ question is ‘how much more’? We’ll know the answer in just over 6 months!

Just checked on gov.co.uk website reference annual accounts and company results have to be received within 6 months of year end. So results must be received by last working day of the month which is Friday 30th June so I feel there is a good chance we could get them next week. Somebody correct me if this information is incorrect.

Garnheim - totally agree and the key sentence for me from our CFO is ‘ The leadership team has similar experience and, together, we have been laying the groundwork with various funding bodies to be able to access funds which may be required to support future growth opportunities’

Another very low volume day today. We know we have news coming shortly, I don’t think next week can pass by without at least 1 RNS. Thoughts anyone?

If LK can prove up the resource in the SW Peninsula then by the end of 2019 this might not be so far fetched as it seems now.

It won’t be long before flow rates are known for wells 3-8 and then we’ll know exactly how much cash is flowing into the HNR piggy bank. The market knows it’s coming but I’m hoping once it becomes fact it will add another layer of credibility to the HNR story and they will start to take notice. HNR have a lot going on and I can’t see much downside. Helium is the only high risk play and we are all aware of that.

Willowoillow - haha - there’s more chance of Solo Oul shareholders voting Ritson as CEO of the year! What do you think?

Correct

1. The current drop in SP will be very short lived. 2. Anybody wanting to buying in at less than 5p has less than 3 weeks 3. LK will reach his 500 million M’cap for this company in 3-5 years he forecast. No need to panic here, it’s frustrating to say the least but I am convinced our patience will be rewarded

Taken from today’s annual accounts ‘ Following his departure as Chief Executive Officer on 10 May 2017, Mr Ritson was retained as a Senior Adviser to the Board until 9 May 2018 but, since that date, no longer has any contractual or advisory relationship with the Company’. Hopefully this is closure on all things NR related, we can all stop looking back and focus on looking forward with optimism and excitement which hopefully will be highlighted in the Q2 update.

The 2017-2018 annual results contain a lot of information and gives the CEO and COO an opportunity to give more detail and clarification over the numbers. IMO there were no real surprises and looking back over a period that ended 6 months ago offers limited value. More importantly is the Q2 operational update which is only around 3 weeks away (3 weeks y’day IMO) when LK can update us on progress to date and inform us of his intentions going forward. That is very much an eagerly awaited ‘Look Forward To’ IMO

Chesh I don’t think your reply was aimed at my post as I was reflecting on progress made in the last 12 months and there was no intention to make a direct comparison of any particular Q. Thanks 👍

Rorker - I agree with Hellraisers1 reply to your ‘more jam tomorrow’ post. Let’s look at what we do know about June 2017 - June 2018. 1 The SP rose from 2p to this mornings 4.8p 2. Production rose from 327 bopd to today’s figure which most will accept is in excess of 600 bopd 3. A top quality institutional investor Schroder invested £3 million in a placing in October and has continued to build its stake to 13.27% 4. The Ongoing costs associated to Spain have been reduced from $60k monthly to just $15k 5. Gains have been made in improved contractual terms and operational control in relation to SWP 6. Lind loan continues to be paid monthly and debt reduced from 2016 £1.87 million to £0.69 million in March 2018. This is not jam tomorrow, thus is not talk about strategy, future production gains, future accretive M&A these are cold hard facts and this progress should be applauded

Petersalkeld - we will just have to wait and see. Nobody knows, it’s just speculation, I’m happy wait. For what’s its worth I think Annual Results will come out first in a separate RNS. It’s old news really and the last 6 months will make more positive reading than AR 2017. Just my opinion, nothing else, quarterly update to follow the following week

The quarterly updates from LK have been proper comprehensive updates so I would say he knows a good plan even before we do. Whilst we will always want to know more about everything I am happy that he is telling us as much as he can at the end of each quarter. Any additional information of a price sensitive nature has to be published immediately as an RNS as that is the rules. Petersalkeld if you reread the last quarterly RNS I think it will give you a good idea of most of the content of the next RNS but we are all probably wanting to be ‘surprised’ (well I am) but wont be disappointed if we aren't. A good robust update with solid progress on most fronts (everything can’t go to plan 100% if the time) is the minimum I am expecting and I am looking forward to hearing about activity in Bonasse

Quote from RNS dated 9th April 2017 - ‘The Company is continuing with water injection on a daily basis and is constantly reviewing the effect on production and where water injection can best be deployed to increase production’ I don’t think anybody here mistakenly believes a full waterflood is taking place now, it is the results of the current pilot water injection programmes people are referring to.

I do feel, with the obvious exceptions, that most of us now are getting more patient and adjusting to LK’s style of only publishing an RNS when he has to but when he does we know it’s going to be worthwhile and meaningful. Let’s face it we have had several RNS’s this year which has kept us informed its only the SP that is currently not performing as well as we would like but I’m sure this thought is shared by many in most other companies. For us though I think we all know LK saved us from the abyss, he has laid out his ambitious 3-5 year plan and him and his team are busy executing it. It’s only 1 year in and he has done so much in turning the company around including lifting the SO from a lowly 2p. We know there is much more to come, we know there are bumps along the road and there has been the good, the bad and the ugly but I think we all admire his transparency, respect his knowledge and experience and believe in his strategy. That’s why, in periods like now, with no news emerging from the company, most of us can remain positive and look forward to hearing the next update with excitement and not dread. Solid foundations have been later, the legacy issues dealt with and the transformational year is here but will continue into 2019 and beyond

No problem Fadec92 and thanks for the clarification. I am sure there are many investors like me who don’t normally post but are very grateful for all the research you do and openly shsre, it’s very much appreciated. The same goes for other posters too who know who they are but I don’t want to name in case I miss somebody out. Thank you all 👍

With 15 mins to go it looks like today will be another blue day. It would be nice to edge up to 21p by the close but very satisfied if today’s 3% gain holds. I agree with Cat’s earlier post about the True deal. A bird in the hand is worth 2 in the bush does not truly reflect the position here but it goes some way. IMO, for a small cap company, having no debt, potentially several various income streams including ‘a free play in ED’ plus cash in the bank is a very healthy state to be in. The future does look bright and surely once fliwcrstes and income streams from the other 6 wells are known the SP will rerate much higher - if not before. GLA