Member Info for SillyButtons

B_F,
all speculation until gas startes flowing and pressure known but, Their 5m therms prediction/ estimation statement for q3 is based on 92 days.
Assume production start 25th July, that give 68 days production which, pro rata the 5m in q3 would give 3.695m therms by end of Q3. hedge is for 3.375m therms by end of q3..

Tony Currie,
while not many gas plant may be built, its not really that complicated of a set up when compared to industry.. end of the day the majority is metal pipes, pumps, actuated valves and safety alarms, the complicated specialist equipment came preassembled on skids from specialist manufacturers and, while not quite plug & play, should involve minor work to connect and calibrate.. I understand troubleshooting is almost impossible to estimate but GL was promising Q1 until mid January..

His commissioning team are not responsible for the over promising..
he should feel nothing but shame because he is either entirely incompetent or leading shareholders along..
GL needs to provide a report with an explanation as to the cost and time over runs.. we as shareholders should be entitles to know how it has deviated so far form initial estimates..

Caravanboy your statement is audacious..
we have no idea if they are rushing to finish this or not..
But what we do know, is that they don't know either..
Do you think they are delaying the start for some sort of voluntary additional safety checks & inspections that they decided to do??

Carpking,

Of course he would.. you think he wouldnt sign up for a monthly pay check & Quarterly expenses and have nothing to do and no responsibility?
A its money for jam and he will hang on till the end..
His appointment was part of the deal to sell to angus, he offloaded 91m shares to raise cash, he get another 546m if we ever get complete..
saying taking the appointment is proof the ship isn't sinking is ludicrous ..its sign of more greed, integrity doesnt mean anything to this BOD

Its bad sign when Adrian (Scarlet Vixen + many other ID's) starts losing faith in the gospel of GL!

Its beyond ridiculous at this stage

thank you sageman

DoneK,
6 million is not for new projects..

Of the Initial Subscription Shares:

o £0.25m in respect of payment of the initial cash consideration in respect of the Acquisition;

o £0.75m to meet the budget overspend in respect of the Saltfleetby Project;

o Transaction costs - legal and advisory of £0.5m; and

o Working capital and future acquisition finance of £1.50m.



Of the Secondary Subscription Shares:

o £2.5m as reserves to satisfy lenders and regulators; and

o Working capital and future acquisition finance of £0.5m

Sorry Howey, my last post was for you..

Also while we are conversing, "What will it take for you to agree the job has been done well?"
I dont think it can be argued it has been well done..
No doubt it should be a great success for the company and generate significant free cashflow once debt is cleared and overall be a great acquisition and project..
but it has been terribly managed, even taking Covid, War and Global logistics issues into account..
As Phil 360 stated, no explanations provided for cost over run or delays.. the project is 5 times over its initial cost prediction.. inflation alone can not explain away all that over run..
ignoring the delay from initial completion date as obviously covid & supply chain had major impact in pushing that out, but there is no excuse for thinking you are 6 weeks from completion (RNS Mid April) and still be incomplete 12 weeks later when nothing major has gone wrong (that we know of)..
no excuse to undermine credibility of the company by continually producing completion dates and missing them..
The acquisition of SFB has turned out to be a great purchase, but its business case was not assessed & approved on the basis of current gas prices..as i said the result should be great, but in my opinion based on management of the project to date, this would have been a disaster if gas prices still at 2019/ 2020 levels

I took no umbrage from their initial post really, just another of the many pointless nonsense posts on here..
However, the timing amused me.. At 11:47 they made the bloody nose comment about the next RNS (assuming good new and gas flow) and RNS lands at 11:48 stating no gas and another delay! They made a brash statement that was undermined a minute later.

the "Silly d I ck head" was just unnecessary.

Now Now Asher,
Just because you GL let you down and made you look like a numpty, is no reason for name calling
Have some integrity, take it on the chin and move on! :-D

HOW IS YOUR NOSE ASHER?

Apologies Silverlight, I inferred your statement "you lot spend so long on the maths...." was directed at me & hits discussing the flow rate.. my mistake..

Silverlight,

"We don't know until we know, wait for the the RNS in my opinion" I agree

"I pop in now and again. someone has to counteract the mis information" That is what i was doing, i corrected Gothams incorrect implication of 7mmscf/d without a sidetrack

why you having a go at me for doing what your doing and correcting misinformation?

Thanks HITS,
I just assumed the plant would be 24 hr 365 days a year operation?

Yes Gotham, not a ramper implying up to 7mmfsc/d from existing wells, but we are "trolls" discussing the companies stated production estimates..

Silverlight, to be fair, i was correcting gothams incorrect implication that non sidetracked flow rates could be 7mmsfc/d which has never been mentioned by the company.. I don't think it is any harm in knowing the expected production rates of a production company your are invested in..
I didn't talk down the potential that I am aware of?
I thought you had given up on the board?

HITS,
"For info, 5 million therms is 486 mmscf".
so dividing that by 92 days in q3 would give mmscfd of just under 5.3.
is that correct?

BF,
"the issue here is that he is making a case that pushing a single well beyond 1.5m therms is only 'possible'. But to reach 5.4m therms with just two wells or even 7m therms with sidetrack etc would require reaching over 2m therms each."

The figures I used were for mmsfcd, not therms . 5.4mmfscd equates to approx. 1.6m therms a month.. my understandings is the plants max capacity is 10mmfscd which is approx. 3m therms a month

Gotham,
I apologies for the accusation of being a ramper. There are many on here that are just cheerleaders and as I said before, if GL swapped the assets for a handful of magic beans, they would tell you it was a great idea.

my post was because you you seem to have misinterpreted the answers to that question.. The expected non sidetracked production is around 5.4mmfscd.
Expected worst case scenario for sidetracked production is 7mmsfcd, assuming it is not complete failure.
It is not correct to assume expected flow rate could be near 7mmsfcd without the sidetrack... it may be a few % above or below the 5.4mmfscd but a significant % change to that figure is not expected..

Gotham,
in case your are genuine and not just trying to ramp this, your posts re flow rate are not entirely accurate.

"B. Finger in the air: Worst 7mmscfd, Probable 10mmscfd, Best 10mmscfd (but extended for a longer period of time) Note, the combined deliverability of the three wells will exceed the production rate during the plateau period which is limited to 10mmscfd by virtue of the process equipment."
That statement is in relation to the sidetracked production only.. not from the existing wells without sidetrack..

"Bottom its in the investor question and answers. The investors and board believe a flow rate of 5mmscfd to 7 mmscfd without the side track. This is incase it fails. Even if they are 2 days late they will confortably beat the hedge"

There is no expectation for flow rate anywhere near 7mmfscd without the side track.. based on the 5m therms for this quarter the expectation is approx. 5.4mmsfcd. This could be a small bit higher or lower but it will not be anywhere near 7..

Tygra,
Good posts, Thank you