Member Info for steve58

The company is either stupid or the unluckiest oil explorer in the world.

Investors can make up their own minds.

They really need someone to drill on a no success no fee basis.

Or even a share of the spoils.

That way if it is another failure it hasn't cost us anything.

Maybe a third party to drill on a success only fee basis. A share of the oil produced for a period of time.

If things get sorted that price may be correct after a 100 to 1 share consolidation.

Insolvency sounds more like administration.

I do hope that beacon survive.

Oul price still falling and no news that even a flow rate has been established.

Down $10 a barrel in the last month.

That's $350,000 less income a year based on 100 barrels a day output.

In free fall today.

Not sure if any oil we produce is based on brent price.

A lower price will of course not help pay the bills.

Morning all.

NXT on main news channel.

IPO must be very soon.

This will then unlock the value of the shares held about 900,000 and shareholders will be paid out.

Go to NXT Tec website for link.

It certainly shouldn't be.

Unless no oil is flowing and the creditors won't reach agreement with us.

Should be good news with next update.

£2.50 for a drain unblocker.

Seriously I thought maybe a flow update even to reassure that money will be coming in to pay the bills.

We are in liquidation but our shareholding in nxt is still an asset if the company albeit not a liquid one at the moment.

Once nxt does an Ipo then our shares can be sold and monies returned to Leeds shareholders in due course.

Take a look at the nxt tec website.

Currently very busy and building a $200 million property.

I think the company and shareholders will accept anything north of 100 barrels a day total production.

This would bring in about £2 million a year.

Probably about cash flow neutral.

It was Google translate.

The errors were showing on many of the links.

Checked the website even managed to translate into English.

Much of it says error code 404 so not much to read.

Hope we can emerge from this albeit a smaller company.

August, hopefully as early in the month as possible.

Tulip own a good chunk so maybe they could pay for the next drill and take a share of the spoils.

They are already millions down on their stake so maybe they would consider it.

On the other hand they might just bear the losses and not risk losing even more.

I would think that the first line of cost cutting will be the reduction in staff numbers which should reduce outgoings vastly.

Referring to the flow comment.

That could be the reason although the data they had said otherwise.

The same happened on the Buffalo oil field.

I do sometimes wonder if someone has got it in for them as does seem too much of a repeat performance or just unlucky.

It could be a reservoir pressure problem although when the initial drill was done the pressure wasn't the problem it was the drilling fluids and mud.

A fairly automated oil extraction system in place so even at 100 barrels a day would be cash flow positive.

Difficult one to call.

At least £200 million of oil recoverable.

Could be worth spending a further few million to get it right or maybe stick with what they have here and drill another well from their portfolio.

We shall know the future strategy once the accounts have been finalised and the shares suspension has been lifted.