Member Info for steve58

I was just Tring to make a joke of his stupid post.

This will come out of suspension for the better and in a healthier state of finances.

On 100 barrels a day we should actually be cashflow positive.

I have millions of shares here so want it to succeed in turning things around.

It will come our of suspension.

As we know all dogs need feeding.

The oil is presumably in place.

Recovery rates do vary but probably about 50% minimum so at least 3.5 million barrels over the life of the well. So potentially over £200 million income.

So I think drilling until successful is probably worthwhile.

Assuming creditors situation is sorted and production in excess of 100 barrels a day we should have at least a five bagger on return to the market maybe more.

All imo of course.

Far from it.

.80 to buy.

Just offered .77 to sell but as average five times that am hanging on.

Annual income from even 100 barrels a day still more than current mc.

Thought we would have just been told results delayed and shares suspended but got much more.

Seems creditors will be paid albeit over a period.

We could actually be cash flow positive once they have been paid.

The main problem is that they have creditors payable now which they had said would be paid from the income coming in from the recently drilled well.

They were probably expecting at least a few hundred barrels a day but have delivered a vastly lower figure.

Hopefully even at 100 to 150 barrels a day the income should cover general running costs with some left over to pay off creditors over a period of time.

I would think the creditors would accept that.

I think they are working hard to keep the company going albeit at a much lower level.

Can still sell tomorrow.

Only when suspended you can't trade so probably from 7 am next Monday.

They may of course surprise us before this date.

I would think so.

They are about £7 million down on their shareholding.

Should read well and will.

I am fairly certain that will not do a further side track on this will and will do their utmost to improve what they have albeit a very much lower flow rate than was first envisaged.

The shares will probably be suspended for a week or two but will hopefully come back under much better terms.

I'm sure they own their own rig as saved them millions in leasing costs.

If they are not using it no reason not to lend it out.

Don't ujo have a rig they could lend them.

Ujo must have lost a few hundred thousand pounds so maybe a chance to get it back and more.

A 1000 to one consolidation and a raise at 5p.

That should do the trick.

Could be worth it.

Maybe a partner to fund the drill for a percent of the take.

Even if half can be extracted that’s still about £250 million income.

Should read day to day.

I think our extraction costs were about $18 a barrel. Of course there are our normal gas to day costs as well to be covered.

Maybe they could squeeze an extra 50 barrels a day from somewhere.