Member Info for Spudsoil

Mole if you disappear until results FRR have informed me that they will reconsider naming one of the successful oil wells after you. Surely this should be sufficient to bring you back. On a serious note, If FRR didn’t have the history it did then I think people would be far more relaxed about this ‘silence’ on Ud2. I am quietly confident and believe the longer we go without an update (within reason) the more compelling the reason will be. I also think people need to put the supposed period of silence in to perspective. The information in previous RNSs still stands - it’s clear the has has been a challenge, hence the delays and now ET period - doesn’t mean the previous comments from the company don’t still stack up, only that progress hasn’t been as swift as all would have liked.

What’s the verdict from today? Is the photo of SOCAR on site THE photo or is there another one doing the rounds?

It’s a compelling case pyro and I’m on board with the theory. We could be in for the mother of all bounces soon

Somethings up one way or another and the less the SP responds to the increasingly positive outlook for the company, the more these theories gain credence. It all adds to the excitement (and frustrations!).

Loads of strong progress announced in past few weeks but share price has drifted. What�s stopping new money coming in? Two main reasons for me, both of which we will have answers to in next few weeks. Number 1, sustained flow rates - if achieved at sustained commercial levels then massive, massive, massive box ticked, for sure. Removes any lingering doubt about what can be achieved. Number 2, ya funding. Niko funding agreement shows us there are parties interested in what we are doing so who�s to say we can�t secure an innovative (or straightforward) agreement to move ya on. Put the above two issues to bed in a positive way and that for me will attract new investors and support sp. and as the wildcard, we have the gas news which could drop at any time.

SP will turn north at some point. Sustained positive news with the likelihood of more in the not too distant. I think clarity on future funding is probably the break that’s being applied. When we get that, assuming it’s paletteable then the monetisatIon of the assets that we are now doing, should see us in a different range. I’ve learnt my lesson on other shares not to sell when frustration sets in regarding the fundamentals not matching up to the sp.

Interesting reading all the comments around correlation between our share price and oil price. Amazing how much difference the recent increase in price does make actually. Very simply put, t-45 producing 270bopd at $80 vs $60 is extra $2m revenue per annum. Not to be sniffed at. Take that up to 1000bopd you’re looking at 4x that amount. Whilst it doesn’t appear to have a bearing at present, you’d think once we get viewed more as a producer - assuming good progress continues in this area then that’s got to happen over summer months - then we will see more of an impact. Exciting times and there hasn’t been a better time to produce since 2014