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"To advise and assist us in the farm-out process, we have retained a leading independent investment bank which specialises in oil and gas asset transactions. The bank has reached out across the industry more widely than we have previously attempted and the and the response to date has been good."
Finally this is something new and IMHO a very good move on the part of the BOD !
There is loads of condensate and gas in the southern basin and i wouldnt be suprised to find our future partners are from Asia as they need both in large quantities so it would make sense, strategically ,also considering NLG .
They also have large pockets that helps
My only concern is that they drive a hard bargain but it will still be multiples of todays SP !
GLA
Know what you mean Phil164 but, vs other small oilers with a larger Mkt Cap ,BOR's jam is there !
Hopefully 462 million barrels of it.
I am also expecting the usual,data room open,optimistic, ecc but nothing to send us into orbit but i feel the launch pad is in construction as we speak
GLA
Following this amendment, the Company intends to manage the funds available to it aggressively and will need to raise capital in the near term.
Managed the second part but the first ? LOL
https://srsroccoreport.com/the-bloodbath-in-u-s-shale-stocks-continues-worst-is-yet-to-come/
Interesting read and the numbers dont lie
When the shale ponzi blows there will be carnage on the streets
After todays news i would recommend that Jack and Ken install DMS in thier offices because they are asleep at the wheel it seems !
A 30% discount vs previous SP ,to get the placing away ,is more like wonga territory not the blue sky,with mega technology and prospects ,that i was expecting
As a LTH worrying !
a month gone by and i am still shell shocked how this all panned out.
After working hand in hand with the FDA to design the trials ,positive results in phase 3 and delaying the NDA to get it RIGHT we end up with a CRL and no money !
Could i see it coming ? Obviously not considering what i invested of my hard earned
Well you live and learn i suppose
God i bet the BOD are relieved that they didn't buy shares in the company on the open market with thier hard earned !
Jezz Nigoil that would be criminal at 4-6p considering that they have pumped in > 200 millions pounds on the licence over the years to get where they are today
I would hope that they could recover at least the SHs money that they have put in !
Which ever way it goes,as you say, dilution is sure but if BOR can make a half decent FO then the SP will be multipiles of 4-6p
The question is can they do it on thier own or do they need a specialised company involved to find and negotiate a deal with multiple partners ?
True Phil true
BOR have several similar prospects to Darwin very close to the discovery but your right it should be considered
Now they have more info,especially after stebbing ,they would be able to specify what drill ship and equipment would be need to drill the high pressure targets
If i remember right FOGL had big problems with the realibity of the drill ship / BOP that cost them months
Nice one Nigoil
76 Mil $ in 2012 for 2 wells when the drilling rates were a lot higher than today
I am constantly trying to figure out why potential big partners are not knocking Horwards O. door down on a daliy basis to get a farm in
Project payback ca 2 years at 65$ barrel
ca 450 mil barrels in darwin
> 1 billion barrels potential in a radius of 30 km of darwin to start
Friendly local Government with good conditions for contractors
What am i missing ?
Scored
Checked the current day rates for drilling ship and they are ca 250/300 K $ so a 60 day drill ca 18 mil$
Then have mob and demob costs but no idea how much they are
We dont need any 2/3 D and have drill ready prospects
if this is the case then for ca 60mil $ we could drill Darwin and another prospect
Doesnt seem much to invest for the potential prize
I think BOR want a FO similar to RKH whereby the partner pays a large part of the development costs
Large director buys this week seeing as a month will be well gone by the time they have met with the FdA and agreed what to do
As a long term holder sitting on a big big paper loss i would expect at this SP the BOD should be loading up big time,with thier own hard earned cash , if they believe in the the long term sucess of MTFB
If they wait and load up big time in the upcoming placing,probably at mates rates , then i wont be happy especially if then news comes out that the problem is minor and the SP shoots back upto previous levels
The BOD have to be very careful how they handle the placing
Hi scored
Just watching and waiting but what i do know is
Bor 100% license holders
They invested ca 250mil $ of SH money in sesmics and 2 wells
ca 460 mil barrel discovery in Darwin (need to confirm with 2nd well)
> 1 BBO potential prospects within a 15 km radius from Darwin
ca 1,8bil $ need to get into production
payback < 2 years
All for a Current market cap 12mil quid (2,6p a barrel)?!?
What i dont know is what the BOD are up to with regards a FO or JV as it must be due
Maybe it would be wise, if they can't conclude themselves , to use somebody like MQ (who have many contacts in the industry) to find partners as BPC are trying to do !
Back to watching and waiting !