Member Info for SpArmada

I've spoken with a fund manager who attended to the meeting yesterday and he is now more positive. He is both a bondholder and stockholder and he was pessimistic about the returns he could expect for the equity. However, today he sees that the company has the potential to recover from all the setbacks and produce high levels of gas for the second half of the year. He liked a lot the participation and comments from Dougie Scot, he expects him to solve all the problems with Blythe and Southwark.

Have you read the article? The pictures are from the 16-2. Today a flare can be seen without cloud cover, making it even more evident.

Moram has published a comment in his/her blog ( https://moram.eu/blog/) about last RNSs and included pictures of the flare from the last 2 days. I can confirm they look the same I saw on soar.earth. We may see a RNS soon!

The interim dude is also a director in Enwell and Nostrum (just appointed yesterday). Let's see when the CEO is appointed because it is not normal that it is taking this long.

In the imagen from the 13th the flare is more evident

From Po Valley's presentation "Operating costs are estimated to be approximately €0.6MM per year" -> €600,000/y x 37% = €220,000/y. Hence, the gross profit would be 12.98m€/y

Let's calculate revenue: 37 million standard cubic metres of natural gas in 18 months -> 67.580 m3/day x 9.77 MWh/km3 = 660.2MWh/d x 150€/MWh = 99,038 €/d x 37% = 36,644€/d (1,100,000€/m, 13.2m€/y)

It will, oilrich, as well as all work done in A1 and A2

However, I think that today's announcement is meant for bondholders, some of whom have requested a meeting with the officers to evaluate the position of the company regarding the payments. The bond has suffered since the last announcement and last time O checked was quoting below 90.

They don't have to pay the principal until next year, and payments are quarterly, they shouldn't have any liquidity issues.

Looking at the Sentinel image from yesterday it can be seen the flare in the geology filter. However, there is a layer of clouds and it is not totally clear, so take it with a grain of salt.

You should have 10x times less shares now

In fact, I'm pretty disappointed by the absence of updates for the 36-2 and 16-2 wells, I'm starting to get worried

But this is old news, why are you excited about?

Does anyone know if there is a lock-up period for selling any of these shares?

And they had to invest in several fields to increase production in Q3 and Q4. I'm looking forward to the publication of the Q4 results, they shall show record profits. Guidelines for 2023 should also look great.

I am totally supportive of the buybacks, when they are managed in a accretive way, for example setting a price level below which they are triggered, for example the 90-day weighted average SP or a similar threshold. I think a combination of BBs and dividends is an optimal way of remunerating shareholders, because it also compensates for the issuance of new equity for the management.

If my memory isn't wrong, Southwark can host up to 3 wells. A2 was a failure, but A1 targets a different area of the reservoir, and a A3 and A4 could be added to solve the problems encountered in A2. Remember that MANY experts reviewed the seismic and appraisal data and decided to go ahead with the development, there is gas down there, but how the wells were designed wasn't the correct way to proceed.

Production is only 1 or 2 weeks from today, as systems have to begin the startup procedure. Everything onboard the FPSO is complex equipment that has to support intense stress and they require a transitory before being operational. Also the startup of all lines with the wells and the turbine(s) for the gas reinjection require some time as the FPSO has been off for a while.

I think we will hear about the next deal once Montara is operating and they sign the RBL for Akatara. That will allow Blakeley to leverage the balance and acceelrate any acquisition in the pipeline. Cash is under a bit of stress due to the recent acquisitions of NWS and Thailand, particularly considering the ~$60m of ARO costs to be paid by the end of 2022, with the second payment of ~$20m delayed to 2023, and the third and final payment due by the end of the year. That's the reason why the buybacks have been on hold for some weeks. Also, the reopening of Montara will increase the working capital needed, as the next lifting is still months ahead. I do expect a new deal announced by the end of Q1 and the resumption of the buybacks when the RBL for Akatara is signed.

What do they want to say? Apologise?