Member Info for somm

‘’The next dividend announcement therefore is expected to be made with the publication of the 2022 audited accounts in May 2023, with payment expected in June 2023. For the avoidance of doubt the dividend declared on 20 February 2023 remains due to be paid on 23 March 2023.’’

1 June,

‘’2022 audited financial statements

We expect to publish the 2022 financial statements for the year ended 31 December 2022 towards the end of June 2023.’’

The NEXT dividend announcement will be made in the 2022 audited accounts towards month end (anytime after 15 June), so is towards month end too late for a June dividend payment? May be not?

If this quarters dividend has been postponed then they're going to have to report much better production rates and an increase in the 802 Deep Wells 700-900 bopd announcement (if no problems) and at least one of the A5/A7/155/ 803 has began drilling.

However, if they are getting an extra $5-10 bucks pb and they were getting $35 pb net previously (now say it $40 pb) then since the 802 Deep Well update 4+ months ago (increasing total production to 3,000 bopd) they could have generated £11,500,000 since then, which would be enough to spud any of these wells and pay a dividend, especially if production is much higher, and they pay the £5.3m 803 Deep Well turnkey costs in installments as milestones are met.

So maybe we're on track re dividend/spuds etc..

K,

The 2 month payment is for exported oil they currently get paid monthly on domestic oil sales,

SmartyP1.

''The charter rate is expected to be in excess of $150,000 per day with all mobilisation and demobilisation costs to be borne by IOC.''

I thought IOC were paying (£250,000) for all the costs re the CE upgrade.

CC,

Might have take my samurai sword then.

Uncertain,

‘’ deeps are and always have been a long shot’’.

Uh, a long shot?

5 of the deep wells have flowed oil to surface and the oil is there in large volumes, yes 5 deep wells and the A8 Deep Well hit TD over 5,000m without incident.

The oil is there so what do you mean by a long shot?

On 3 wells they’ve had stuck pipes and blocked perf holes – that’s a technical issue they’ve overcome, and now they’ve decided to drill a 7th deep well because the 802 Deep Well is flowing 700-900 bopd and could be doing a 90 day test = new discovery announcement / deep export license.

A long shot? maybe you've had one shot too many.

I might be going, if anyone books a hotel nearby please let me know which one.

Thanks Machin.

Kever,

Thanks for the feedback, I didn't realize the 6.48p T/O payment would be spread over 2-3 years, thought it would be paid out in one go?

Machin,

BTW, other than the dividend payment what will shareholders receive when the T/O has completed is it 8p per share?

Machin,

Thank you for confirming, much appreciated.

A s I have mentioned they may have had to spend their spare dividend dosh on the 802 Deep Well (if blocked etc.) and 803 Deep Well (£5.3m).

Is there a timeline they have to announce a dividend payment date by law to qualify for a payment, especially with new money qualifying?

As I've said it's not looking good for this quarters dividend payment.

It's been over 5 months since the last Op's Update, which is loads of time to have spud the 155 Shallow Well, update on the water cut re 141/142/ 143 Shallow Wells and spud the A7 and A5 Deep Wells, especially with updating us on 'new' flow rates after perforating the 802Deep Well to boot plus plus plus.

I'm getting that damp squib feeling.....

Looks like the Op's Update will come the week of the AGM (30 June) along with the 2022 FY results - surely these will be released separately?

The dividend payment (6p in three tranches) - ''being within 14 days of the Scheme becoming Effective''.

Does anyone know when the Scheme will become Effective - rough date?

7 March,

‘’The Company has now declared four monthly dividends each of £1 million, demonstrating the Company's clear commitment to make and maintain dividend payments.

We are now moving to quarterly rather than monthly dividend payments. This change is related to the practical considerations of making dividend declarations and payments and is not intended as a signal of a change in the overall dividend pay-out rate. It will also bring us closer into line with other dividend paying companies and allow the better management of significant receipts and payments, which do not always follow a regular monthly pattern.

The next dividend announcement therefore is expected to be made with the publication of the 2022 audited accounts in May 2023, with payment expected in June 2023. For the avoidance of doubt the dividend declared on 20 February 2023 remains due to be paid on 23 March 2023.’’

1 June,

‘’2022 audited financial statements

We expect to publish the 2022 financial statements for the year ended 31 December 2022 towards the end of June 2023.’’

So the NEXT dividend announcement will be made in the 2022 audited accounts nearer months end. Is this announcement too late for a June payment? Looks like it to me.

To me they’ve obviously gone from paying monthly payments to quarterly payments because they needed the cash flow to pay for operations like the 803 Deep Wells £5.3 million turnkey costs reinforced by the NEXT dividend announcement to be towards month end, meaning (to me) a late or skipped dividend payment for three months/ or part dividend £1m? Even though the unexpected 700-900 bopd test production from the 802 Deep Well would have helped to pay some of the costs it would appear they don’t have enough spare money(£3m) to pay the dividend. I thought a dividend announcement had to be well before month end to qualify for a payment the end of June?

Though nice to receive a dividend I was never in favour of money being handed out to the WCP et al when imo it should have gone to the operational costs and this is what is looking to be the case I.e. they need the dosh.

An Operational Update RNS should be out before the audited accounts so am expecting that any day, aren’t we all.

Apart from the 300k sell at 5.62p I don't think any of the sells are sells, I think they are buys and we're being hoodwinked into believing peeps are leaving when news is imminent.

K,

I have alluded to BH possibly merging with CASP as they are a major service and product provider and would fit well with CASP, plus they will have access to the seismic data/ data room through working on the deep wells, so will have a good idea what the size of the deeper reservoirs might be. WH Ireland's 300m boo RF could be very underestimated - BH will now have a better understanding from 10 years ago.

I think we'll see a merger, but not a full T/O, though not for now and I'd only give that 10%-20% chance of happening this year.

The lengthy radio silence is very odd, it's either because they've been trying to get the various well intervals under control or there's blockages they don't won't to report on yet due to CC's over exuberance re we're pumping 3,000+ bopd comment, but hey 4 months to get a well under control leads to the nagging thought Houston is having a problem.

They're stringing whatever it is out that's for sure.......ZzZzZzZz

''The next dividend announcement therefore is expected to be made with the publication of the 2022 audited accounts in May 2023, with payment expected in June 2023''

Hmm, they may be using the June dividend to pay towards the 803 Deep Well £5.3 million turnkey costs?

Their certainly leaving the next dividend announcement late re end of June included in the 2022 FY results.

Well it was nice for a while.

If you add their P1/P2 barrels together and $30 pboo you get 42p per share at full value.

42 is the answer to life.

A5/ 802 have both flowed commercial quantities of oil - bring in Baker Hughes.

801/ A6 Deep Wells have flowed oil to surface - bring in Baker Hughes (to be horizontal wells).

A7 Deep Well to be completed - bring in Baker Hughes to finish the well.

A8 Deep Well was none commercial deep well (may be a horizontal well later?).

803 Deep Well must be targeting the same interval(s) as the 802 Deep Well - bring in Baker Hughes.

Shallows water cut sorted after 5 months?

Bringing in Baker Hughes looks to be the answer - did they drill the A8 Deep Well too?

All to play for.

We now know Baker Hughes have taken the reins to get the 802 Deep Well under control and may do the same at the 803 Deep Well. We also know the A5, A6 and 801 Deep Wells have also flowed oil to the surface too (A8-not commercial but flowed).

The A5 and A7 Deep Wells are supposed to be being re-drilled next – will Baker Hughes be in charge of getting these wells to flow too this time and the A6 and 801 Deep Wells later?

Will Baker Hughes want to take a slice of the pie later by merging with CASP?

Investeg,

Yeah I said the same a few weeks back re possible negotiations on a T/O, but that would be separate to an Operational Update.

I'm hoping the delay has been due to testing various flow rates and spuds.

Is it June already..............

Over 5 calendar months and no Op's Update has to be a record for CASP and 4 calendar months since the 802 Deep Well RNS - why so long?

Over the past 5 months there's got to be some substantial news to get across to shareholders on the wider front let alone 4 months of flow testing/ completing the 802 Deep Well - how deep have they drilled to (4,300m initial TD or 5,200m original TD?), either way it shouldn't have taken them much more than a month or so to complete drilling the well to either TD (stuck pipe/ blocked perforated hole hmm?). If the well has flowed at possible higher rates as indicated by CC then why not tell us months ago, have they drilled to 5,200m and still testing? If it was blocked for whatever reason there's been plenty of time to do another sidetrack of 500m? they did a 1,500m sidetrack on the 802 Deep Well, which didn't take long so.........

Tomorrow Rodder's?