Member Info for Simon_Said

Indeed lucky. I hope we'll have some news on new assets and/or Monroe Swell spudding by then.

Might not be though - sometimes the events have been just before, not after, announcements. I guess it has to be one or the other, purely because there is so much newsflow due on so many fronts.

Forgive the ramper barb then - you are complaining that people 'don't want to hear the other side of the coin' which amounts to the same thing. It's not the other side when it's not accurate. And you end your post once again whining about "opinions" like a 17 year old in school debate club.

The announcement being 10 months ago does not indicate the time taken to obtain planning permission. I find that assertion an astonishing leap. Planning permission has never been an issue for the Parta project - on the contrary, the favourable regulatory system in Romania is actually one of the reasons that the Danube Petroleum vehicle was formed to target these particular gas targets (see various interviews at the time of the deal and since).

The time between announcement and spud is for all sorts of reasons, which is why they were able to predict it early on. There is the process of funding it and arranging terms and the various contractors. There are also some key regulatory approvals which can only be applied for once those practical matters are settled. It's not something you get a blanket approval for at the start.

A second well to follow is a vastly easier process as by then the funding mechanism is normally known (and easier to get finance upon a positive result) and the drill plans are merely amended versions of the first. It's completely different starting a new project to continuing to a second drill on the same license.

"But that's, just like, your opinion man..."

'It's taken over a year to obtain government approval for one well'

Nope. Not sure where you got that from. The area of Romania where these are being drilled is already a productive hydrocarbon region, and permissions are completely non-controversial. You are just making stuff up now. But that isn't surprising as you have demonstrated a complete lack of knowledge not just about Reabold and its projects, but about how placings work and how O&G companies work. Beginning to wonder just how new you are to this sector (let me guess... "I've been trading stocks since 1972 and blah blah blah" lol.

You can always tell when somebody has run out of arguments when they abandon their errors and don't admit them, instead changing tack and pretending they never happened, and crying about 'rampers'. Please. Grow up you little wimps. Debate properly or kindly stop infesting this board with your whining.

West Brentwood VG-3 is about to be connected up just as the oil price lifts, and at Brent prices (>10% over WTI).

And since it got buried earlier, I reiterate my comments about Monroe Swell which I am extremely excited about.

It is due to spud any week/day now, and is a very similar play to the 200 BOPD West Brentwood discovery just made - however it is around 4 times the size.

The 2 planned wells are targeting >4m barrels of oil with an operator estimate NPV of $100m to Reabold - an estimate made with $55 oil, which is up 45% since then at $80. It's a well-defined, shallow updip prospect just like West Brentwood was. Similar geology, but a bigger prize.

The first drill is imminent, with the second to follow in the first half of next year. Both wells are already permitted, and as always with California, infrastructure is already nearby, crews are easy to come by, and oil is sold at higher Brent prices (nearly 11% higher at time of writing which is a massive difference to the bottom line).

The drills were substantially de-risked last month by the success of the success of the workover programme. even the old-fashioned nodding donkeys that the operator worked over are now producing 70 BOPD, and those are old fashioned pump wells, positioned without the benefit of modern 3D seismic, and badly drilled (Stephen called them 'cowboy wells').

If even those rubbish old things can get 70 BOPD, think of the derisking implications that has for 2 fresh drills there. These 2 are being positioned using 3D seismic, and are obviously modern wells being drilled with modern drilling tech. This is a very, very significant drill for Reabold, and by far the largest target so far in the 2018 Californian campaign.

Thanks Spenfold, didn't know about that connection.

Genuinely amazes me how little understanding some folk have of how city fundraising works, and what shares in issue and share prices really mean. Let alone the misunderstandings around resource investing.

I will repost my Monroe Swell post from earlier in a bit, as I feel a conversation around that is a more productive use of this forum.

Now you are being deliberately misleading.

They diluted to raise cash to spend on assets, the vast majority of which have not drilled yet.

You cannot properly judge their performance until the assets they acquired have actually been drilled. And till the raised cash has all been dispersed, which is due imminently as they have dropped heavy hints about a new asset/s coming soon.

The idea that you take a company that has just completed several rounds of fundraising and judge its share price before that raised cash has been realised with acquisitions and drilling is just ridiculously juvenile.

You are either incredibly clueless about resource investing or you're deliberately trying to mislead people.

Which is it?

Year on year is not a relevant measure. Reabold just underwent a transformational year of building capital. I should blooming hope they increased shares in issue - where else did you expect them to get money from? This is the plan: Raise money and deploy, sell at appropriate time.

This year is all about action - the deploy phase.

Your approach betrays a complete lack of understanding of this company or really any pre-drill resources company.

You keep trying these heavily editorialised and carefully chosen 'facts' lists. Anybody who falls for it deserves what they get.

I am not interested in a 1 year comparison here - the drilling campaign only just started, historic performance is utterly irrelevant. You are a mischievous little runt.

I expect substantially better than 10% YoY from the start of drilling. I won't put a specific number prediction down, I believe that is asinine.

Leftos I would be greatly obliged if you could share the videos you are referring to (Steve Jobs/Bill Gates related). Many thanks.

Oh and I forgot to add - even the old-fashioned nodding donkeys that the operator worked over last month are now producing 70 BOPD, and those are old fashioned pump wells, positioned without the benefit of modern 3D seismic, and badly drilled (Stephen called them 'cowboy wells'.

If even those rubbish old things can get 70 BOPD, think of the derisking implications that has for the fresh drill on the same site. But these 2 are being positioned using 3D seismic, are modern wells being drilled with modern drilling tech. This is a very, very significant drill for Reabold, and by far the largest target so far in the 2018 Californian campaign.

This is the drill nobody is talking about that has the most striking near-term implications.

It is due to spud any week/day now, and is a very similar play to the 200 BOPD West Brentwood discovery just made -
however it is around 4 times the size.

The 2 planned wells are targeting >4m barrels of oil with an operator estimate NPV of $100m to Reabold. It's a well-defined, shallow prospect just like West Brentwood was. Similar geology, but a bigger prize.

The first drill is imminent, with the second to follow in the first half of next year. Both wells are already permitted, and as always with California, infrastructure is already nearby, crews are easy to come by, and oil is sold at higher Brent prices (nearly 11% higher at time of writing which is a massive difference to the bottom line).

Again Nelson you haven't done enough research and you're embarrassing yourself. The possibility of Q1 2019 was mooted months ago in interviews, and a few weeks ago in the latest investor presentation document. There is no delay, they just can't predict exactly which side of the end of the year the rig will be available. This morning's RNS shows obvious regulatory progress and the drill is clearly not delayed in any meaningful way. Your desperate scraping for any way to be negative reveals your agenda. Get a better hobby.

Profits will be recycled into further projects. S&S have said many times they'll keep doing this until the deals they are exploiting are no longer available. As Stephen said at the LSE event '... that will mean the market has corrected [from the oil price dip] and we'll have made everyone lots of money and we'll sell the company' (not quite word for word, the video is available free on this site). That means they will eventually sell the company and distribute the proceeds to shareholders accordingly. That's it. No more Reabold Resources. This is a short sharp play intended to deliver value in the next few years absolute max. Won't be around long. It's a strategic play on the current part of the oil market cycle.

This is a daft little debate. The model at Reabold is appraisal then sell. Plenty of ways to rapidly generate cash. And as for calling Parta either 'unconfirmed' (it's very uncontroversial and pointless drawing that into question) or 'small numbers' merely displays a lack of research. California is bringing in cash, with many many more drills ahead, all very rapid drills and rapid payback. Wick and Colter will most likely drill and soon. Parta is significant in size and the first of the 2 wells is due this year. And the company is flush with cash for another new asset or 2. Any successful asset or project could be sold off at any time. Near term cashflow is the absolute aim of this company. They're not here for the long haul, they've even said they don't forsee the company existing in a few years time. It's a slow burn only in comparison to a spiky AIM one hit wonder share. And those have not had a good time by and large this year.

Indeed SB and that's assuming a flat level of business. But we know there is a $4bn near-term pipeline of EUS that should come in during that time. I suspect the H2 2018 final EUS will be substantially higher than the projection in your post.

Absolutely - when you look at targets for Colter it's many thousands of barrels per day from a huge development over many years. This is NOT what the Corallian drill is going after! This drill is all about proving the oil is there. That's why the rig is TEMPORARY and the environmental case against it is extremely weak. Regardless of result it will be plugged and abandoned. If successful, a major will buy the license and drill horizontally, likely from Wytch Farm, and it'll be a significant new oil resource for whoever does it (most expect Perenco). That will cost hundreds of millions to pull off. Corallian are doing a quick appraisal project on an old oil discovery to prove what modern tech can find and extract from it. The data acquired will be what makes the license valuable and makes them lots of money. It's not about producing and selling oil (though the test will likely produce some saleable oil).

I think some people don't realise Corallian is appraisal and will be plugged and abandoned regardless of success or failure. The development cost of a production well there (well, horizontally from onshore) would indeed cripple a company like Corallian but they have no plans to do that. The idea is to make an oil find to increase the value of the license and sell it on to a major.

So let's look at where we're at now. In the last few weeks we've had success on the workover programme, new institutional support from a major investment bank, and abundant success at our first drill. The lack of share price movement is disappointing but I feel it's very likely to catch up. This isn't like a jam tomorrow company expecting huge Mcap for lots of plans - this is extremely rapidly turning into real action and real money. Monroe Swell coming up is a similar play but a bigger target, and again with rapid payback. The UK drills would be transformational too. And Parta is not far off now either. And they have a silly amount of cash on hand with many mentions of new projects coming soon. I understand I speak from privilege being already in profit here, but regardless I am happy to continue holding, given the multiple near-term catalysts and bluechip II list whom all perceive the value here. They're not doing it for a laugh.

If the 2 extra wells they've decided to drill on the back of this success are as good as this one was, that's absolutely massive. And they're about to spud Monroe Swell which is even bigger!

About double the expected oil for this well. Astonishing result and now talk of not 1 but 2 additional wells at West Brentwood. What an amazing first drill for this campaign!