Member Info for Stiffybristol

Oilboy- Which bit dont you think is right?

Far from running out of money. The company has three producing assetts. Last year two ran into technical problems so were not generating money. Viura is producing around £4M per year, the money is accumulated into a fund that pays for the next drill, so Prospex will then have a wells producing £8-£10M at Viura. Viura money is not shown in the accounts. Selva Malvezzi is producing around £4M as well probably £7M at todays TTF stays. 4 other wells are waiting permits, seimics are done, drill costs and connections likely funded by Italian borrowing . Prospex will have 37% of a producer of 5 sim wells. Drill costs might be phased but when done Selva will earn c £20-30M. El Rom is making maybe £2M per year but with 5 new wells could be £20-30M. This is likely to be farmed out so no cost to Prospex, so the deal is unknown, drill costs are maybe £4M they are very shallow connection to gas grid not sure maybe £10M. There may well be additional monies for Prospex for the farm out depending on percentages which would help fund Selva. Currently has the money for everything this year.

The income has pretty much doubled, but it is likely temporary. Will produce some extra funds for Prospex for the short term and with three current producing assetts will be worth near to a E1M a month more. If it carried on for a year at 62TTF then its about E20-24M. With the drills x4 it becomes close to 100M. MK cap £13M.. Its a producer...it has new permits on the way...it has prospects in Poland and Tessorillo gives Spain energy security.

Prospex is being packaged to be sold. It won't be sold at the current levels because it will not be approved. The larger shareholders know the value and some are former oil men. The previous man wanted to grow the company not the share price. The company is much better now than it was when the shares were 20p. It is producing Gas at three locations currently producing about 10 - 14M annually depending on TTF, multiple permits are close.

The KEY to VALUE will be with the permits in place. If there is no bid then the company won't expand, it will return money to shareholders via buy backs or dividends. This company has a low run cost, its very unlikely to go bust given the 5 assets. At 3p its a very strong buy in my opinion.

You said I was out to mislead.

I 100% believe I have painted a true picture. Viura is funded, El Rom will be farmed, Tessorillo is a long shot, Poland very much still in the melting pot, Selva is producing, it might be a bit short as the Italian plan changed a bit in that they want to drill all at the same time, they can probably borrow. A lot could sync at the right/wrong time but the assets are 30-40M producing so its what someone wants to pay for that.

Sir, you are not good at reading.

I just said at 10p its 50M company.

40M AUSTRALIAN Dollars is what Kev Bailey Said. so £20M

Seismics are paid that was £2.5M

I did some checking on the costs of 4 drills at Selva. Its circa £10-£13M

Prospex 37% is therefore £3.7 to £4.8 M. So should be covered by production income provided no hiccups.

PV are themselves already in funds (or close to with £7M in the bank) for the drilling, hence their ability to pay a maiden dividend.

The New CEO at Prospex has a new mandate from the collective group of larger shareholders to act in the interests of the shareholders and to market and package the company to sell at a price agreed by shareholders. His reward is 3.5%.

If you say with that 3.5% and the CLN conversions that there are 500,000,000 shares in circulation .

A valuation of £50Million for ALL OF PROSPEX assetts equals 10p.

Most of the larger shareholders are of the view the assetts are worth well in excess of £100M.

No value is attributed to Poland or Tessorillo. Tessorillo does not have a permit but the when the El Rom permits land attention will be drawn to this. It is a long shot but Spain is sitting on a lot of gas and there is the North African pipeline going through it. Like the UKs stance on the North Sea, it may seem GREEN not to drill but it is silly if we buy from Norway! The same to a degree is true with Spain, time and government change MAY end up putting Tessorillo back into play. It is definetly not valueless but is a free gamble.

Trigger points are the new drills at the three producing sites which triple the income.

Vuira has the permit and is funded. should start Q1 2027

Selva has done the seismics and will drill Q1 2027 (needs about £3M funding but will produce that in the time frame)

El Rom is in countdown for the 5 permits. This will be a farm out.

BY Q2 2027 company will be earning £25-35M depending on TTF.

Company is being packaged to be sold, if they can't get the price it will pay dividends or share buy backs.

Also Poland and Tessorillo in the background. If Tessorillo is permitted that has TEN BILLION EUROS OF GAS in that field. Complete gamechanger at 90% discount thats the equivilant of £2 per share.

Current price is 3p. I am sure many would sale for 7p tomorrow and understandable but it is under the control of a group of shareholders that won't stand for any nonsense and will be acting in the shareholders interests.

Tell us your thoughts on what Prospex should be sold for?

If the company is to be sold what do you think its worth? With these Annual Yields.

37 % Selva curr yielding £3M with new drills £10M drill costs covered bt Selva income

7.25% Viura curr yielding £5M with new drills £12M drill costs covered

100% El Rom was yielding £3 with new drills £20M/ 50% farm out £10M now (into the last 90 day of permits landing).

Plus Poland

Plus Tessorillo

Best price will be early 2027 to achieve best price, circa £200M equal 40p per share without Tessorillo.

Shares were a silly price when they were 9p

New man needs to tell the world why he was put in the job...To package the company to be sold in many multiples of todays price.

Poor RNS IMO, wasted opportunity. We should have seen a big rise today. Plenty of the big shareholders wont be happy with 20p if that tells the story. Toms incentive is to sell the company (hes gets 3.5%) subject to the price/shareholder approval. This is an AIM company but no longer governed by a self serving director that had very few share himself. The voting power is with the shareholders. This is a great story, shows the power of The Telegram Group. Other nasty directors and hanger ons should beware.

Chipsta - You need to get rewired. Few things are a bit loose!

Chipsta - They are still doing tests looking for the best places to drill. Common procedure.

Chipsta - i dont think you should be investing

Gunsynd as far as I am aware could have had the £114,000 loan repaid in cash.

It opted to buy £114,000 of shares at 1p in mid October.

Those shares at mid price are worth £314,000.

So have technically made £200,000. I don't know why you are kicking off.

Chip - It is a legal requirement to issue those RNS.

They are material to the share price of both companies.

Hamish is in both companies. RHR is fairly new company. GUN had invested previously in Rogue Baron.

GUN were more diverse in their investments previously.

GUN are now focused on Minerals and especially Canada.

RHR are also focused on Minerals and Canada.

Those are facts. My opinion is that it is more likely that there would be synergys at some stage.

Another fact is that their £114,000 investment has converted nicely into a wealthier investment at this moment in time.

Gun now have £500,000 value in neighbour Richmond Hill. They converted their £144k loan into Ordinary shares at 1p and they are now 2.75 mid price. Locked in for about another 9 months.

Totally unreflected in the GUNs share price. equivalant to about a third of GUNs Mk Cap

No its not an educated guess. At the AGM I think 38% of the shareholders voted against MR. It was meant to be a warning to him. The shareholders asked fpr an independent to go on the board. He basically said Yes but then when the shareholders proposed the very capable candidate he opposed it. Along with bad communications, owning very little stock himself, poor choice of words, huge salary, paid himself a £50K bonus, declining share price and more importantly his unwillingness to listen forced the hand of one of the Telegram groups, which collectively own around 35%, with a few TR1 holders and many that hold in excess of 1,000,000 and a few that are just below the 3% notification level. The second Prospex Telegram were also in basic agreement that MR was uninvestable. There was near to zero support for MR to stay and one of the great things about Prospex is that with the board having about 15% of the vote, a larger group should rid the shackles of AIM and actually get this £200M company back into better control so ALL shareholders can get the benifits . So the larger group looked for a new CEO and explained what his mandate was, which if you read the RNS and his package is highly motivated to sell the company at a price agreed by the shareholders. Prospex has been 20p before and many did not sell then because they gfelt the assets were stronger than 20p. Since then Viura has been added, Tarba has doubled in percentage terms. Tessorillo ownership has gone from 15% to effectively 95% and Poland is new to the mix. So Tom (new CEO) has the mandate to package and sell and engage partners for farm outs at El Rom and Poland although Poland is very early in the scenario. The Farm outs de risk the company from future fund raises. I think those are the facts, the assetts have been explained. It is an investment company , so a mere collector of incomes. The share price is ridiculous, but with TTFs at todays level it would be earning close to 10p per share and could easily pay a 5p per share dividend if it wanted too. The basic intention is not to expand and to realise the 40p- 50p value per share, but you might see share buy backs, dividends a lot would just depend on how the share price responds. With gas storage in Europe as it is, Tessorillo could be the game changer. With elevated gas prices and best estimate there is £10B worth of gas in the ground, so probably £2 per share if it gets a permit!

Think everybody is pretty much underwater. Prospex are an investment company so rely and taking a stake in energy producers. Selva has had no mishaps and performed great and looks set to triple production shortly. Viura had the 6 month blip but sorted now and with the new drill production will double, El Rom is reliant on new permits which could be as little as 15 days away under Spanish Law, those 5 new wells will be farmed out so no risk and will be producing 10M to Prospex. So a lot of bad luck, placings at the wrong time which puts the price almost always back to that leve. New CEO has been told to package up and sell the company (which will likely have £30-40M annual gas income) Plenty of impatient people will be selling this at 6 or 7p and make nothing. Its 20-50p per share depending on time/permit lands. Remember the value of Poland also and Tessorillo which with recent shennanigans might see a change of stance for Spain. Prospex hold 100% of Tess, it has 8 Billion cubic feet of the good stuff best estimate and next to the African pipeline, if Tessorillo gets a tick that is a game changer, you can add a £1 to the share price easily and if the TTfs zoom then £2. If Prospex gets bought out Tessorillo might get packaged up in a seperate company for long term keeping by the Prospex holders. So you dont really want to be selling at 7p even though its a good double from now.