Member Info for TarryBreeks

I have it on his authority that it will happen approximately within the next 4 weeks Toze ;)

Bottom line here is that we should have been producing from Djeno right now if it wasn't for the dodgy rig SMP supplied. We shouldn't have had to move it, we shouldn't have had to abandon the drill. You can't blame Section for the rig. So what do we do, accept it as bad luck or try and recover some of the losses.

Funding is sorted, oil is still there in fact it's seeping through two concrete plugs from Djeno and worst case we just produce from Mengo.

SNPC are still paying arrears and will have some IMF cash soon.

Are we in a worse place than we expected/hoped? Undoubtedly. But that's life so let's just get on with it. If you're not invested please do everyone who still is a favour and watch quietly from the sidelines :)

I think Djeno oil coming to the surface through the concrete plugs changed the plan. If oil is coming to the surface through the concrete plugs under so much pressure it has to be regularly bled off then perhaps perforating the Mengo horizon was no longer as simple or cheap? I'm not sure what equipment is required to re-enter a well but perhaps the plan from 13.02.2019 was no longer possible given the change in conditions/circumstances?

Either way, we are where we are. No point crying over spilled milk. I'm not in here as deep as some but the current sp makes for extremely painful viewing and I've gone from expecting riches to just hoping for my stake back. I'm hoping that with the payments from SNPC, the (hopefully last) fundraising and the oil discovered thus far that we might be back into double figures by year end.

Sefton and Berwick had better start focusing on the day job though.

They could have produced from Mengo and perhaps that would have been the right thing to do. Perhaps it still is? However I seem to recall that Mengo pressure drops after production and irrespective of that we still needed to perforate the well at Mengo and for that we needed equipment which we were waiting for. I'm not trying to defend the indefensible - the BOD have some serious questions to answer but I'd imagine most people were here for Djeno and it seems that dream is still alive (just). It seems there is a plan to get to the Djeno (just) and that we should have enough money to do it (just) as long as the BOD don't go spending any more company funds on private endeavours.

We had to wait for a rig to frack the well YinYang. In which time oil from Djeno came to the surface prompting a re-think of strategy. Producing from Djeno on 103 would be much more profitable than Mengo.

Caroil-6: starting to feel like we're being stalked/trolled by drilling rigs IrishMouse ;)

Has anyone seen our tsunami of cash yet?

I'm a 40 year old dev and started out using ASP. Haven't touched it for about 20 years and literally cannot believe anyone is still using it let alone overhauling a website of this scale and retaining it. The codebase must be a total total nightmare.

Aye me too - I'm in Glasgow.

Freeport probably also outsourced magnetite sales so they didn't have to deal with clients who don't honour their committments. Given our major client is proving slippery I'm not sure Freeport will be banging on their door to cut is out.

Signal was coming through strong and clear TipTop - so strong in fact that it appeared 3 times.

I agree DV, with all the transformational news we have had over the past 18 months it's genuinely staggering we are sub 2p. Cover will no longer be flagged as a reason for this after the contact and $4m this week. With Leigh Creek and Redmoor proceeding better than expected it seems crazy to think we would still be sub 2p, given all that has been accomplished, at the end of next week.

It was a stonking buy at 2p and at 1.7 a steal; with each deft move from our heavily invested BOD the proposition just gets better and better.

We may also get a wee surprise from a certain Dr Martin Gole.

Hope all you LTH's are making your way to high ground ready for the tsunami ... of cash ;)

You got anything for vegetarians Sufcessex? Asking for a friend.

How is this not at 2p yet FFS! I bought in the bulk of my stake at around 2p a few years ago on the basis of Hans Camp and Cobre - Redmoor seemed like a pipe dream and we didn't even have Leigh Creek at that point. Since then we've had massive massive upgrades to Redmoor which we're on the brink of OWNING OUTRIGHT and bought a WHOLE COPPER MINE with a 100% offtake agreement.

After this news on Cobre and we're still stoating about at 1.75p??!

TSUNAMI OF CASH.

That makes it seem much better if it's the case Piltick, I think the way the RNS had the two figures juxtaposed probably accounts for some of the confusion.

Thanks blacksheep, posted my last message before I saw yours.

"NPV of $94m, based on a capex of $89m."

This looks to me like spending $89m to make $5m. Can someone help me understand, preferably without condescension, why that's not the case?

"NPV of $94m, based on a capex of $89m."

Not much margin for error there.

Tsunami of cash is a great phrase. Raise the drawbridge the cash tsunami is on its way!