Member Info for scetchy

Agree with Coldspy - it's a simple RNS. Sidara legal/cosec are dotting i's and crossing t's and Neil Bruce (ex Amec from memory and now Sidara) and his close relative hold a tiny shareholding which is being disclosed due to the possibility of an offer.

Helpfully it confirms Sidara are in the process still and hold no other positions in WG, shorts or otherwise.

david lockwood is on the board of wood, a cheeky bid from bab**** at this share price would be interesting indeed!!

This drop today is bonkers. Wood have always been close to BP who are expected to shortly announce a massive pivot back into Oil and Gas, so that can only be good news for Wood. The Kirkuk deal in Iraq that BP are due to sign shortly will no doubt kick start this shift to high margin work for BP and contractors like Wood.

If this doesn’t bounce it will be taken over. IMHO.

Companies House still has her listed as a Director as does the UOG website. But she is the only non exec after Graham Martin resigned, which I don’t think is allowed. Surprised the NOMAD has allowed this.

Yes I agree, and she is still a NED for UOG, but she was also appointed as a Consultant to lead the farmout. As a staff member at Vaalco she would be able to continue her NED role but not consult for another E&P company, especially not as Country Manager.

I also note that Graham Martin resigned in Jan 2025, so Iman Hill is now the only independent director on the board alongside a CEO and Interim CFO - not sure that's allowed from a governance perspective, I thought you needed two non executive directors?

To make matters worse it looks like Iman Hill who was driving the farmout process has now taken up a role at Vaalco Energy as their full time country manager in Egypt, so not sure who is now leading the Jamaica farmout for UOG. Maybe nobody, which is not good news at all...

I think nubby69, you've highlighted the key point there. Can the management team deliver and do they have the track record? On the positives, entry into Angola was a great result, but not much since would be the flip side of the argument.

All eyes on the next RNS...

Mature fields decline and ageing infrastructure costs more to maintain and run over time. A Trump presidency that seeks to end the Ukraine/Russia conflict and stabilise the Middle East, coupled with no signs of economic recovery in China, and a policy of drill baby drill that will lift any ceiling on supply is all likely to translate into lower oil prices for 2025-2026.

So if 2024 is repeated is a big if. Afentra also has very peaky cashflow, revenue is collected from liftings and not wellhead, so they simply can't take a modest cash pile and use it for divi's or M&A unless they have a absolute certainty on a 3 year liquidity outlook.

Yes, it's a decent asset, and as I say they've done well, but a one asset (with some little add-ons) company isn't a growth story.

Pretty tepid RNS IMHO. Decent revenue generation but only just enough cash to fund next years programme. Hard to see where any shareholder returns (growth or dividends) can come from with that set of financials. Have done well to get to where they are, but where they go from here is unclear.

Interesting to see how the market reacts at open to this latest update.

I had missed this presentation posted on the NTOG website, not sure if others had too, so sharing link below. It's a compelling story.

https://www.ntog.co.uk/documents/2024-11-Project-NTOG-Corporate-Presentation-Posted.pdf

Https://www.bbc.co.uk/news/articles/crr05jykzkxo

When the UK government wants to “unleash” AI and clearly needs to get spend under control while also supporting UK tech companies - I would have thought RDT ticks all three of those boxes. Hope the management team are speaking to the right people about this…

Not sure that is good governance practice at all…surely one of the other BOD should step in?

Fine but there should be transparency of what those TSR and KPI targets are that trigger the future award. It would have been nice if they had published both together.

Looks like Premier Miton took just over 18% of the recent fundraise I would assume is a massive vote of confidence, which also begs the question, who are the new institutional investors who took the remaining 80% ish - expecting to see some RNS TR-1s dropping very soon.

"- Water injection capacity has been increased to c.300 bwpd..."

Surely a typo! 300 barrels of water per day would just be shareholder tears, no?

Given the state of AIM oil and gas companies and the numbers delisting, I’m surprised to not see more tie-ups and mergers also.

Just listened to the SENX call and they need debt capital. Meanwhile NTOG are sitting on a $10m facility from WFAD that they are only using 40% of, presumably because of low reserves at Pine Mills.

Companies that tie up save on overheads, G&A, listing fees etc.

I think the sector as a whole need to stop bleating about how undervalued everything is and start doing something about it.

Rant over! 🤣

Existing production, close proximity to market, upside potential, low cost operating base, manageable debt, experienced leadership. The key ingredients all there.

Haha interesting, I was playing the same game and ended up with EY-Parthenon. Either would be good to be fair!

It's a shame Rosslyn don't seem to have an Investor Presentation on their website. They are clearly building a compelling story and yet they don't seem to want to tell it.

Instant ARR impact - 185k this year, 500k+ over 3 years, with clearly a very healthy pipeline of opportunities ahead. Fully expect RDT to beef up their Customer Acquisition team in the US as a result of this.

I expect to see the broader market start to get interested in this little company pretty quickly.