The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Gord
They have a billion barrel find on their land.
They are in discussions with a large oil company for a JV (this has been going on a long time)
They have just put in some new infrastructure to help increase oil production on their other oil field, but we are still waiting to see the results of this in oil production.
Finances are a mess but not a disaster (fully funded to end Q1 next year).
Huge potential for carbon storage which could be worth more than the billion barrel field.
If you look at previous history of their drilling efforts then you should run a mile at the silence and what is another delay. Previous history will also tell you that they will look after their big investors first. I sincerely hope I am wrong as it's a new CEO but my gut feeling is deja view. Run!
It really annoys me when companies do this. I do not buy shares and give them money so that they can lend my money to company executives to exercise their warrants so they can make an easy profit at no doubt the expense of the SP at some time. Should be illegal.
Tony for those just invested for short term gains and with no real knowledge of what the company is up too I suspect you are right, if you haven't read the previous RNS and understood it then yes the flow rates do not good, despite the fact they are excellent. More of a concern I suspect is lack of detail for the short term, longer term is spelt out but few on AIM are interested in waiting years and therefor will have jumped to the next exciting thing.. A plan of action for this winter is key to get people interested again. If we just sit then we will drift further down. The company will know this and will hopefully give us something later today.
Was hoping for better than this but I kinda expected this reaction with the sell on news crowd. Key to moving forward now is news on activities during the winter, the market needs to see something happening on the ground. JV or cash raise I don’t really care but we need something as we wait for production in a couple of years time. As we can only get to Theta West in the winter then it’s time to get back out there and prove up the monster. Let’s not waste another winter leaving Theta sitting there.
Anyone for cricket they told us quite clearly that they were going to restrict the flow rates, surprised as a supposed holder you did not know that. Then you dont seem to know there is a new team in place which has made an enormous difference. Then you try and make out they have something to hide and will not want a partner. Suggests to me you are not a holder.
Now we have some real good news to fire out hopefully we will get JV news in the not too distant future. With the aim of drilling 3 initial wells that could be producing 7500 barrels of liquids a day that’s going to be worth over half a million dollars a day it will enable us to raise cash and to drill lots of wells each year, this really is a game changer and really just the start. The big field of 1Bn barrels is still to come.
Brilliant news. Also of note is that it is nowhere near the £350M to bring into production that was originally used as a figure. Now onto Theta West and the 1Bn barrels of producible oil waiting for us to get out.
Depending on results a farm out might be on the books, however, farm outs can take quite a long time to come to fruition as there is significant money involved. However, maybe that work has already been completed and they are just waiting on results. Whatever happens I don't think we can waste the up and coming winter and I would like to see something happening with Theta West which is where we need to prove up the 1B barrels. If that means a cash raise then so be it.
I would not think they would want to do this presentation and Q&A if the news was bad from the frac and collection of data. So hopefully a good positive RNS and presentation with details of any planned winter events, as I do not wish to have a non event this winter. If needs be raise some cash, but just get on with it.
Rabito I absolutely understand how frustrating people can be when they lie, make stuff up etc but every time you respond too him you give him air and allow him to respond with yet more cr.p. Please do us all a favour and just ignore him, there is lots to discuss and engage with, without allowing him to bung the board up. Any potential investor who comes and has a look at this board is probably going to run a mile, which is exactly what the a hole wants.
some of what they do with this well, will depend on if they intend on using the well for other purposes. is it possible to go back down and do another horizontal but in a different direction or is that more expensive than just drilling a new well. anyhow if they are not planning on using the well again then there is no reason why they shouldn’t open the taps after they have all the info they need. i fully understand wells are choked back to protect the reservoir or indeed the frack. but as this is not a production well so i am sure they will find out what the flow rate could be. no need to say that is what they intend as that will just open doors they may not wanted open at this time.
just shows what a **** up those two wells were that they failed to get flow rates from. it was quickly glossed over but i wonder where we would be now if we had that information now.