Member Info for Simon_Said

Agreed Weapon - there is never enough conversation about Parta here. It is consistently mentioned by Stephen Williams as his 'favourite child' of the upcoming drills. I've had good chats with him about this on several occasions when we've met.

This is a re-entry into a previously producing field, not a wildcat exploratory drill. As it says on the website, 'Each of the wells in the program will intersect at least two proven (tested) as well as prospective gas reservoirs'.

Just like California, the area that these drills are in is already popular for hydrocarbon extraction, with preexisting infrastructure in place meaning getting equipment and crews is relatively straightforward, local expertise is already there, and the transport/processing/offtake of the gas is vastly simplified. This also helps keep costs down. The regulatory environment is also known to be positive for hydrocarbon extraction in this region.

It would be plenty (and rapidly) profitable merely on the initially-targeted 33 BCF (NPV around £66.7m, nearly 2.3x our current market cap), but getting that sort of figure would almost certainly trigger serious consideration of the mooted expansion plan to target approximately 300 BCF in subsequent drilling within the license block. Thus, in a sense the initial drills are the 'appraisal' (hence acquired relatively cheaply), but in a success case the potential for the license block is greatly enhanced. Whether Danube Petroleum would be the ones to realise this expansion, or sell on the license interest on the strength of the 'proving up' provided by the initial drills, remains to be seen. I very much hope to be having that conversation in not-too-long.

Drilling to get underway before the end of the year, and the nights are already drawing in...

Please forgive me reposting across forums, but since the same conversation is going on on ADVFN, I shall re-iterate my post from there.

The major part missing from these analyses of Simon Thompson's coverage is that the main event that took the share price down was the Audiens acquisition. The dilutive nature of that transaction with insufficient PR devoted to explaining the profit motive led to market disquiet and a fair bit of selling.

Simon Thompson obviously had no idea that was coming, so his tips before that point have to be seen in context. You can't be annoyed at a fundamental analysis type like Thompson for not being psychic.

As it happens, the motive behind the Audiens deal has since been elaborated on in a bit more detail, though I've been disappointed in Ray Anderson's seeming reluctance to really spell it out. I have expressed that to him personally. But after the more recent spate of interviews it is clear that the intention is to build Audiens' revenue as a discrete service, as well as find synergies between their tech and Bango's to build up a new version of the Bango Boost analytics/data product.

This stuff isn't sexy, but it's what allows existing client EUS to grow, convincing those clients to stay with Bango and growing their EUS and therefore Bango's revenue, and it also helps to attract new business away from our principle competitor who lack this kind of offering.

The share price now appears to be back in a growth period as we head toward the results in late-mid September. Doesn't take a great deal of chart history to see why some are starting to build up their positions again.

I suspect one of the institutions is selling a bit. That's OK, what we need is churn, and new investors coming aboard with higher averages to help this press on. Over 42m traded today already! Daily average is 10-20m.

The company used equity to build up assets so it makes sense to see some scrabbling on the way up. Glad to see it happening down here after just 1 discovery. Barely even gotten started with the operational phase of the company's plan.

Hi Selfish, I did read beyond that but I assumed certain trolls would not and would start 'attacking' using that low end 1999 flow rate figure. Just thought I'd make clear that is not relevant here.

Worth noting that both VG-3 and the upcoming Monroe Swell drilling (the latter being more than twice the expected oil in place, 4m barrels) are updip of previous producers.

https://www.glossary.oilfield.slb.com/en/Terms/u/updip.aspx

Updip finds are very appealing as they are shallower (obviously) and therefore cheaper to operate than deep drill operations. The key is whether they are undrained. Gravity being what it is, you're basically hoping for friendly geology to keep the resource updip.

Any oil industry or geology nerds please feel free to correct any of the above!

For goodness sake don't give fuel the idiots here. 1999 flow rates on old wells are not very relevant. Advancements in 3D seismic data based targeting and modern production techniques make those numbers just totally irrelevant.

Given the target here is an undrained updip portion of a previous producing field and they've evidently had highly encouraging drill cuttings, I am very optimistic for the flow and decline rates. To even be considering a second well on the same play rather indicates they've possibly confirmed that the updip was sealed (i.e. undrained) which would be an absolutely amazing find.

It's funny seeing so many people targeting 1p. With current shares in issue that's just £32.5m. These first 2 operational successes alone already account for most of that at NPV level (approx $35m / £26.88m) . And that's applying no premium to book and attributing zero value to all the upcoming drills. Lol.

$25m is nearly our entire market cap, lol. I'd call that significant! Always got to set these numbers against market cap. For Shell this would be a tiddler. For Reabold it's huge. This is why we invest in juniors!

Just a note about all this talk of DFS start dates and duration.

KC has made it clear on a number of occasions that although the formal start of the DFS has been delayed, much of the work that would have been part of it has gone on anyway, with constant development and honing of the construction plan and process flowsheet, all of which will feed into better numbers when the DFS is published. Thus I expect that though the DFS will 'start late', the overall duration may well be reduced due to the work that has gone on all this time during the political shenanigans, and the overall numbers it presents will be materially better for the extra time spent improving things.

This is what Kipling meant by 'If you can fill the unforgiving minute with sixty-seconds worth of distance run'!

I am one of probably very many investors who are closely following developments here, but not willing to re-enter the shares until the funding question is answered. This will limit our gains from a recovery rally of course, but I want to see how they fundraise when the share price is so low.

The good thing is that once that is sorted, they have a fully-funded project with offtake and permits and a well-developed engineering and construction plan (which all carries on being developed apace regardless of when the first spade breaks ground).

Unlike many here I actually really like Secker. He's not the most dynamic speaker but he's a real dynamo in terms of technical detail, and he has pulled off some enviable commercial deals. Talking about the placing in isolation isn't fair, they needed to do it then and got scuppered by an incredibly unlucky bit of timing with the Morgan Stanley report. I have had a few exchanges with him over the years and always found him a very thoughtful and circumspect individual. I also appreciate his confidence to have skin in the game, and his determination to hold on to the business and see it through to production.

I would dearly like to be an investor here once again. Fingers crossed for an excellent funding package and an explosive recovery rally.

Great post pensioner.

Another key difference is that Bango is gearing up to be more of a data company. They see creating data insight products (Bango Boost, the Audiens acquisition and any future data products this creates) as key to attracting business, and to growing the EUS numbers for existing customers. This is a very typical kind of model for a Cambridge tech hub company, they are all about innovative uses of data.

I believe a large proportion of Boku's revenue comes from their deal with Apple for digital content sales, hence the large revenues. Bango have a broader range of income sources, ranging from digital goods through Google Play and others to digital wallets and physical goods. It's a different model altogether.

I note that Boku shares can only be traded in the UK through a small number of platforms (possibly just AJ Bell?) and I won't be changing platforms just for that. I do see the appeal and no doubt the shares have performed well since IPO, however I don't find the business model as exciting as Bango's, and I feel quite strongly that Bango's intense planning and new contracts will see it eclipse Boku in terms of revenue and profit eventually.

It's important to remember when comparing the share prices that Bango has been on the market for a long time and historic returns for early investors have been excellent. Those of us who have traded it have also done well from the volatility.

The recent downtrend has had no fundamental basis (nothing went wrong on the business side), and I'm confident that another rally awaits, either at or before the September results. I could exit my current position at breakeven now, but I am going to keep this position a while longer. It's up to each individual investor to decide when the share reaches fair value, I won't be declaring when I see that point reached. But it sure as **** isn't £1.60!

The bits of good news we've had so far are very minor in the scheme of things. We have yet to have results from a 'proper' drill. This will be remedied any day now by the VG-3 results.

*night, even.

Just catching up on all this. I had forgotten brokerage costs, thanks for raising this.

Anyway, good to have a healthy cash inflow from the workovers. Looking forward to the main events.

Might all.

I don't post the days that I sell, I don't see how that would benefit me and I am, shockingly, in shares for my own benefit. My current average is 162p but I've been in and out enough times to be very fond of this share, and indeed its illiquid volatility. Happy for you to not take my word - instead, why not discuss my actual comments about the company itself? Or Simon Thompson's, for that matter? If you think he or I are wrong in our confidence in Bango in some way, why not actually talk about it? Instead of endlessly rabbiting on about low volume?

Why do you think the thinly traded nature of this share is a bad thing? I have been able to trade it nicely (and much, much earlier than April 2017!). If you think that makes my posts 'ramping' and untrustworthy then good - you should feel that way about all forum posts. But rather than ride that old horse, why not try to engage with my actual comments about the company? I sense you don't have anything to say about it beyond generic observations about share prices.

Ah they fixed the bug. Lol.

Um, admin... think something is broken here, lol. This page is now headed 'Henry Boot Share Chat'. Don't think investors over at BOOT are aware of any acquisition lol.

40% loss? I've been in here for a few years, not in any loss at all. If you've been around here a while you'll know I have talked openly about the fact that I've traded in and out of here a few times over the years and done very well from Bango.

But looking at your unfamiliar username I'm going to presume you are new. You also made absolutely no comment on anything to do with Bango itself other than correctly observing that the company is largely institutionally held. However Odey have been increasing their exposure lately and there is no reason not to suppose they or other II's may have been doing the same.

I find 'ramping' a hilarious 'accusation' on these boards. Indeed, what audacity I have to publicly promote the shares of a company in which I hold shares.

Wally. Address my actual arguments if you want a conversation.

https://www.investorschronicle.co.uk/comment/2018/08/28/bango-in-bargain-territory/

Buy recommendation reiterated at 160p, lots of discussion about near-term profits. Hugely bullish.

Our first oil! 70 BOPD across the 4 workover wells is a solid result given the low capex and opex on these little workovers. A nice little warmup to the main events.

Stephen emphasised to me last time we me that one of the key benefits to working in California is the well-developed infrastructure meaning that these results are turned into real cashflow very rapidly. Thus the Reabold will have real money coming in very soon (if not already). Given they already had several million pounds in the bank left over from the last placing as well as no office and only 2 CEO salaries as their costs, this is all good bolstering strength.

For me the main cheering aspect of this is that it suggests Gaelic knew their salt. This bodes well for the other drills from them, but most significantly for the fresh drilling at the same site as these workovers, Monroe Swell. The first of 2 wells there is due before the end of 2018 and is already permitted, so having positive results from these shallow workovers is a good de-risking signal. The fresh wells should be far more productive than the workovers we've just heard about today, as the workovers were 'cowboy' wells that Reabold got as a 'bonus' (quotes from Stephen Williams) from the Gaelic deal and required remediation. Very different to a fresh, modern well with well-defined 3D seismic data for targeting.

https://reabold.com/projects/reabold-california/