Member Info for Sir_Hector

So they have permission for a 3000m exploratory drill that has been approved. The full well application was in assessment but has been put on hold pending further information. Sounds to me that Hussar is progressing OK. Mount Winter was always going to be slightly behind and that looks to be progressing too. All this looks good news to me and there is every indication that there will be more good news in the coming weeks. I assume the exploratory drill is fully funded as we have been told. It may be necessary to raise more cash for a 3000m+ or secondary but you’d think that would be fairly straightforward on the back of positive initial data. So, all in all, good news and a great relief tbh!

Thanks for the much needed pep-talk Miker, much appreciated!

Monday it is then, one way or the other! Frustrating but it is what it is so best sit it out for now.

I assume Westmarket are doing the day to day and Hamilton and co are primarily in negotiations with third parties for drilling/testing, off-take and wellhead sales etc. They have someone else advising on all the regulatory stuff and I presume the leg work is being done by Westmarket staff.

I do wonder if their plan is to cash in at some point and sell the whole when the value is proven. The BoD are in their 60s so probably don’t want to be sweating this for very long. How much do you need to have a comfortable retirement? By the time the SP hits £1 (which may be quite soon if everything goes to plan) their share of the business will be enough to make them very wealthy indeed!

If there is a further delay, perhaps there is the opportunity to off some positive news too. In fact it will be hard not to given the information is in the public domain. That will likely encourage the SP to open at a higher price on resumption however, not good if you were looking for a sneaky top-up. Maybe when the accounting issue is resolved, an accompanying “plan to spud’ announcement would provide some encouragement for stockholders

Well it’s not helping confidence that this is going to the wire again. Filing accounts is a basic fundamental of any business, if you can’t get that right what does it say about the organisation? I’m sure there is loads of potential in GEX, a potential gold mine (figuratively), but please just get the basics right! No matter what the good news that follows, the de-rampers will always refer back to this as a sign of weakness. Now in some respects that might be seen as a good thing by some (particularly those who want to buy-in low) but it’s just poor a reflection on the BoD at the end of the day. Particularly as this is the second attempt.

Don’t forget the pot of gold at the end of the rainbow Miker

Well yes, but there’ll be no comms until the suspension is lifted. Then we should have news of the permission and the state of readiness to drill etc

Indeed, and that may be the case, but the stock is suspended currently pending satisfactory filing of accounts. Until this is completed we won’t get any comms. Hopefully you are right and everything is progressing behind the scenes. Drilling is supposedly funded so there shouldn’t be any issue unless, of course, there are financial problems/irregularities that undermine the whole show!

I think it will have to be both as the permit approval is a material benefit to the business and that’s not yet been declared in an RNS. I expect there will be a follow-up announcement when a drilling schedule has been established. It’s possible that some infrastructure works will still be needed to enable equipment to be brought safely to the site. I’m not sure of the road/airstrip repair status but a road a couple of jeeps can negotiate might not suffice for a rig.

We should see some initial recovery in the SP as a result of the suspension being lifted (that should confirm the financial security for now). The approval will also add to the market value. I’d think maybe 12p plus pending drill schedule. That could double with work commencement on site and maybe double again if the spud results confirm the numbers being bandied about. If all goes well and there is an announcement on take-off partner etc this will be at £1+ in maybe 6 month possibly?

Application SOP-WLA-0193 is and has been on hold since 30th May pending additional information from the applicant (Westmarket O&G). Is this information only likely to be available when the exploratory drilling is complete? In which case it’s going to be on hold in the system for a little while. No bad thing, being lined up ready to go. But if so I’ll stop checking for progress on a daily basis!

I was hoping to see an RNS alert in my inbox first thing today, slightly disappointing but there’s still a week yet!

I’m hoping to see some kind of announcement at the end of the week. Seems to be about the right timing. Hopefully the exploration permit approval RNS and a lifting of the suspension. We should see an immediate up-lift in SP. Not huge but enough to disappoint the naysayers on this board. A positive outcome from any subsequent drilling will greatly increase the market capital and those of us holding will be rubbing our hands with glee!

Or perhaps if we see some movement on the well application status. That could be a biggie!

Well there’s loads of news! Other stocks in my portfolio are very busy BP on the up with oil prices reacting to the ME crisis. WPS buying Ricardo. Wizz air down too. But there is deathly silence here!

Old news but good news.

Progress on the well application is in GEX hands too ATM. The DEMIRS process had reached detailed assessment when they put it on hold pending further info. If this is forthcoming then that application too, may get to approval before the end of the month. That would make for a bumper news release to coincide with the lifting of the suspension, excluding any further news on repairs to infrastructure, rig availability, take off agreements, schedule of works etc.

If this all comes good in a rush the SP will multi-bag.

Evers, SOP-WLA-0193 lodged 9th May for Hussar-2 currently on hold pending more info. The two EP153 (Exploration Permits) approved today include permission for a single 3000m deep exploratory drilling, so yeah all evidenced on the DEMIRS site.

Sorry, 3000m depth!

Running an application report for Westmarket oil and gas on DEMIRS Petroleum and Geothermal Register reveals a total of six approved applications including these latest two referenced EP153 which I believe is Hussar. The permission approval appears to be for a whole series of exploratory stuff including these latest two drilling of an exploration well to a max depth of 300m. This seems to be very good news!

The well application for Hussar-2 I can’t interrogate presumably as it is on hold and not approved so not in the public domain. I can only guess this is for take off as opposed to exploration maybe?