Member Info for sajad

This place is like lunatics asylum

I do not wish to engage with you have a good day you have mental issues

Give it a rest mate your going to give your self an anxiety attack

Here we go again jumping to conclusions again who said I was upset maybe you are with all your brainless posts. Seems like your loosing the plot.

I have spoken to Roland and am happy with how things will progress

Ssccss what legal qualifications due you hold which suggests that this would end up court?

Instead being a key board warrior and attacking everyone that posts on this board may be think before you post as most of what you post is complete nonsense

What option did we have Selan have breached the JV agreement only drilled 1 well and should have drilled 3 by the 31.1.26.

They now wouldn't give bank guarantees for the 2nd tranche payment of the $7 million so its clear they had no intention of paying us this.

We are currently producing 40 bopd with an income of around $1 million C78 has been drilled.

Selan have a lot more to loose from here than we do as they are in breach they could loose their 50% of the income, the $2.5 million payment made in August 2024, already lost $500K. They have probably spent around $3 million drilling and doing the work overs. So stand to loose at least £6 million that they have invested so far due to breaching the JV agreement, also will loose the 50% income from the field. The RNS yesterday was sent follwing the expiry of the exclusivity on the 8.2.26

We get to keep the £500k, we have drilled C78 and get to keep the remainder 50% of Cambay. With Selan under pressure to complete the remainder of the JV and drill the other 2 wells, we are also currently debt free. Dont think its that bad tbh

With Selan confirming Oak tree weren't willing to provide bank guarantees for the second tranche its clear there would be no second tranche payment so they were expecting us to offload 50% of Cambay for $7million dont think so, try again

You mean from drilling one 1 well? this makes no sense to me

More like Selan were after a free ride and their time is up!!!

I know it India and there are some very successful companies in India look at Reliance Industries

We are reacting just as we should sometimes you have to stand up for yourself and make a stand, the consequence of today is we own 50% of Cambay with Selan still committed to drill 2 more wells otherwise they also risk loosing the other 50% of Cambay . This is the only way some people take notice and listen unfortunately

Why would it be a protracted legal battle. There was an agreement in place which has been clearly beached by Selan. 3 wells should have been drilled by the 31.1.26 and only one has been drilled it is black and white Selan have breached the agreement and have defaulted.

I am not sure you have the relevant experience as to legal battles and there will be cost consequences for Selan if they proceed to a legal battle. I dont think they would want this as it would affect their share price and resources you cant just make false promises like Selan have been doing and try to obtain a 161KM squared gas field by making false representations this is fraudulent behaviour

Right deciosn made Selan playing their usual games and not wanting to commit, they have lost out now and were wanting Camabay for peanuts misleading the board at least we have taken back control.

"The parties remain bound by their obligations under the previously executed Farm-In/Farm-Out Agreement including the agreed work program and in particular the drilling of three new wells in the Eocene."

The time period for this expired on the 31.1.26 lets take back the 50% that was dependant on them drilling 3 wells. Lets take back 100% ownership no more messing around

Why would it delist before the shareholders get their money this makes no sense

They confirmed at the GM they will not be taking the company private they are actively looking for other producing fields and we have the CCS also both in India and the UK

The question about a further raise was raised directly at the GM, the company confirmed that there would be no further raises and we expect the first tranche of sales proceeds within 2-3 months

Yes the JV agreement with Selan didn't go as planned

However RW wants to make money like the rest of us he does have exceptional field development skills lets not forget that obviously Selan were the lead operators here

For those just constantly whinging and whining why don't you just sell up and stop hogging this board if you aren't happy you there is an option to get out

£1 Market CAP (typo)

I really dont know the intentions of those continually posting negativity without any substance they what they are doing dont trust all you read everyone here is in it for themselves £1m market payout of $14 million before taxes to be paid out, looking for new producing fields and funding for Indian CCS announcement due maybe end of the month. I was also informed a major oil company was wanting to buy our UK CCS license but they then decided it was below the size and scale they required

There's way too much worrying going on here and I totally get it due to past performance....

However I personally spoke to some institutional buyers and they really like the look of this where is it as and where this is going...

My recommendation to anyone with anxiety would be attend the next GM

Things are beginning to turn slowly as expected and I hope there is a lot more to come