Member Info for stevemocal

Ian - Sunda Energy used to be called Baron Oil (BOIL) and there are a number of director buys under that ticker. Also worth noted that AB got shares when BOIL took over SundaGas and that AB only became a Director of BOIL/Sunda Energy in July 2023, which means any purchases he made before that date are not reported.

AB is a significant shareholder.

One post on TG and it isn't a pump. Should tell everyone all they need to know about Player.

Art - Has it been so long that you have forgotten that every time CB does an interview the SP goes down?

Well Heeled Eddie buys again!

Shouston - I think most of us sit somewhere between those that see each passing day as a failure and those excited about the prospect. Personally, it feels like the time my missus had been in labour for 24 hours... you're excited about the prospect but, truth be told, you're also a bit bored, your feet are hurting and you just want it over with so you can go to the pub and celebrate.

Eddie - You have not seen the LOI and therefore cannot say there is nothing binding in it.

It is possible that it says either party can walk away at any point but I would have thought that unlikely. More likely is that it commits the parties to each doing X, Y, Z within a certain timeframe, upon which both agree to enter into a formal contract on terms which will have been agreed.

For instance, SUNDA obviously can't commit to paying millions for the drill if the ANP don't approve the rig/rig company. A LOI could therefore be used to commit SUNDA to entering a contract (on already agreed terms) upon ANP approval. In return the rigger commits to going through the approval process which I would guess involves providing information and credentials to the ANP and assign resource to oversee the process. There could be other requirements too.

I'm as frustrated as you at the slow progress against their own milestones but think you are being too negative now. I think the LOI is a genuine step forward and hopefully ANP approvals, rig hire and financing news are very close now.

We are on the cusp of being on the cusp, which should allow us to move onto the finalising of the finalising.

This time next year Rodney...

Whoknowswhy - Let's play hide and seek instead. You go hide first. 10, 9, 8....

Eddie - In the last operational update AB notified the market the the Q4 milestone, spudding the well, may slip into Q1 2025... why the hell didn't he reset expectations for the Q2 milestones at the same time? Something along the lines of 'the financing and rig booking milestones are now estimated to be Q2/3 but it is not anticipated that this will delay plans for the drill in Q1 2025. Doesn't require details on any negotiations and doesn't need to be constantly repeated. A simple and honest update would have reset expectations, maintained confidence and the SP wouldn't be sitting in the bloody 0.06's stressing people out as they worry this will turn into another AIM money pit.

Going to switch off now before I put myself in a really bad mood for the weekend!

Eddie - Market rules do not prevent a company from setting out milestones and providing operational updates. Indeed, they provided an operation update on 28 May (1 month before the end of Q2) where they advised the market that the Q4 milestone may slip into the beginning of Q1 2025. No other risk of slippages were mention and thus an expectation was set that they were on schedule to deliver the Q2 milestones (financing and booking the rig). Those milestones were subsequently not met, are now one month behind schedule and nothing has been said by the company.

I am afraid that AIM is littered with the charred remains of investors who mocked the impatient, the weak handed and the rainbow chasers, and that should serve as a warning to us all. I am still invested here but, like the rest of the market, I am nervous, have lost trust and that is why the SP has lost 50% since the end of Q2. Not resetting expectations in that last operational update was an own-goal and AB has some making up to do... and quickly.

AimingHigh - He didn't say the SP would double on the news of the name change but on further news of a JV. I know it was a whole two sentences to read but it is worth the effort in order to not look like a clown yourself.

Easy-C... It means that the money required to do the upcoming drill will not be raised by selling more shares in the company and therefore diluting existing shareholders. It will be raised by either giving away some of the Chuditch asset to a new partner, by borrowing against the asset, or a combination of the two.

Concluding the financing was a Q2 milestone and AB has said he expect the milestones to be met. Next Friday is the last day of Q2.

It is indeed... thank you howezap.

I can't get it to work Howezap... I've reached that age when even the TV remote is getting too much for me.

I'm already on TG for another group (don't know how I managed that without any carers) but it doesn't find the XTR group when I look. I'll have another go in the morning.

Thanks anyway!

Howezap - Do I need an invite to join the XTR tg?

It is good they were are no longer wasting money on North Sea exploration whilst our politicians are embracing the 'climate crisis' madness, destroying North Sea investment and making our once great country energy dependent, weak and vulnerable. All monies and focused now on the big prize.

We will surely offload the lot in a sale as it is one licence. So many prospects though... perhaps we need to rebrand as 'Greater Chuditch'?

It was Osaka Gas that was mentioned, which makes sense because they are a JV partner for GS.

No need to call anything off Filthy... everyone appreciates the research you do and sharing it with us.

Two bits of great news in one day!!!

The new study may conclude that technological advancements now make it possible to pipe the gas from GS to TL without significant additional risk, but the costs are still going to be significantly more than piping to Darwin. The business case is always going to say go to Darwin. It needs someone to step in and offer to pay the difference to break the impasse because Woodside shareholders also require respect. The wait for a Saviour continues.