Member Info for TheBuffoon

Fascinating, absolutely fascinating.

I’ll go on to say why, but first let me respond to your post Spawny.

“I'm surprised Buffy. Does it not feel a bit like clutching at straws to talk about their legacy oil assets at 1500 odd bopd as the source of value here when most were here largely for Ortoire?”

Of what relevance is it to discuss why most people are here when we are discussing asset values?. I

Fascinating, absolutely fascinating.

Before I mention why let me respond to your post Spawny.

“I'm surprised Buffy. Does it not feel a bit like clutching at straws to talk about their legacy oil assets at 1500 odd bopd as the source of value here when most were here largely for Ortoire? “

I don’t see the relevance of why people are ‘invested’ when I’m talking about the assets of a company.. I don’t need the validation of the masses.

“And I'm wondering if Paul might rue the day he made the 'wall of cash' comment as much as the day he declared Chinook a 'significant gas discovery'. “

Oh, I’m sure he does already.

“It seems a bit 'jam tomorrow' to me right now. “

If it were all jam now the market cap wouldn’t be where it is.

“I won't be one of those annoying people who sell out and then constantly diss a company to try to get back in cheaper.”

Just occasionally? :^} Actually, I don’t mind anyone posting when they have sold out, as long as each time they do they have something new to add or at least more clearly phrase something that they said that might have been misinterpreted.

The better time to see was at £1.70 on the basis that the SP built in a faultless execution up until we spud Big Daddy.

The reason why I find the current series of posts fascinating , both here and at the other place, is how everything is viewed as glass half empty as opposed to before the latest Chinook RNS where everything was unremittingly glass half full. People were happy to have the jam tomorrow.

“ I've been quite clear that I'm out as there are too many red flags lately. I sincerely hope this does come good for everybody but I'd really need to see some jam today before I think of getting back in here.”

You’ve got jam today Spawny or have you forgotten?

Buffy

Lexion, you and I both. Sometimes it’s difficult to keep things in perspective. The story here is still compelling. I’ll feel better when we finally start seeing the wall of cash from Ortoire. If the oil price keeps climbing the forgotten about oil assets will be earning us serious money. When I say oil assets, I’m not including whatever Chinook and other Ortoire targets give us.

Lexion, did you say it was crazy when the share price went ballistic, shooting up from 20p to nearly 180p? No, of course you didn’t. You had a glass and a half full then.

Buffy

DB,

Presumably they knew this when they spudded the well!

Buffy

That was an excellent well constructed reply smasher. There are a few ‘experts’ on this and the ADVFN board. My experience is that the less well mannered they are, the less their status within their profession (as far as I can check with others in the profession who know them). I wouldn’t rule out one or two just benefiting from the wisdom of Uncle Google.

On a much more important point (although we have many prospects, so let’s keep this in proportion), why are people still so positive about Chinook which was an oil prospect then a gas prospect now an oil prospect again, when Shell walked away. Does it make sense to you, as Pro has stated, that they drilled it as an oil prospect, then found some gas then walked away because the oil price was low? It doesn’t to me. Isn’t it more likely that the permeability is too low to flow at economic rates whatever technology is employed?

Buffy

Buffy

Hi noix,

That’s very kind of you to take the bother to reply. I couldn’t ask for the content to be any more informative , so thank you very much for that.

Black mark for me not being more diligent...

Regards,

Buffy

Agadem,

Perhaps you clarify something for me. You say:

“ They also cause doubt about SAVE being paid in Naira and not US$. Well let’s put that doubt to bed as here is how it works...All SAVE contracts are determined in US$ and payments may be received in Naira or US$. At present they are mostly made in Naira. “

Ok, so there’s no doubt there, but isn’t that a negative? Can we freely convert back into US$ when we want? Furthermore, if we had to call on the World Bank guarantee, would that recompense be paid in Naira or US$?

I’m asking in short whether we could end up owning a large amount of money trapped in a currency that might be of little use to us or any potential buyers.

I have no view or any experience in this field, so if you know for sure I’d value your comment, or indeed anyone else who is stating a specific verifiable fact.

Buffy

Hi DB, unless things have changed, CFDs don’t have quarters like SBs.

Buffy

NtM, you seem to be placing less importance on Niger than many of us. I got in SAVP because of Niger, and stayed in it for Niger.

As for “ I guess though as any discussions on debt refinancing will require save.l to outline it's own expenditure plans for Niger extremely clearly anyway, I expect.”

That raises a question. We have ring-fenced the Niger assets, so if Nigeria went pear shaped it would not affect our Niger assets. The question is, are we sure that the debt is in the company entity that owns Nigeria and stands alone, without the company entity that owns the Niger assets being liable for, nor able to call on, those finances when refinanced?

Buffy

Flip Soder?!

I used to flip houses. Nine months max between legal title and sale.

Some flip!!!

Buffy

Corpse,

Done today so as not to distract from tomorrow’s RNS?

PB’s little tease (my favourite)?

Or are we getting one a day up to and including Weds?

Pro will be along shortly.

Buffy

“ these do not look like the actions of a company that may be about to issue bad news on well test results.”

Nor a company that is looking to sell out in the next few months.

Buffy

You’ve still got to sell Tobin, but if you’ve gone to 100% cash by Friday, you’ve got 30 days.

Spreadex are still talking to their prime broker.

Buffy

Buffy

Hi DB,

“ The Cascadura Deep well never got to its target because they hit another intermediate unknown gas discovery. So the original target is still there and apparently will be drilled in 2022.”

It never got to its target because it encountered high gas pressures zones, and they didn’t want to lose the well surely?

Buffy

How can I3E make a dividend announcement when there has been no sign of progress.

The RNS on 2nd Nov said:

“ 1. The Company can only pay a dividend out of distributable profits and the Company has retained losses. The Company is expecting to effect a reduction of share capital to create distributable reserves to offset the losses and create surplus profits. A reduction of share capital will require the approval of the shareholders and the UK Courts and it is estimated the process will take approximately two months.”

I’ve not heard anything, have you?

Buffy

If we were offered £10 a share, and it just won’t happen, but if it did, I would bite their hand off. Any sensible experienced investor would. It would be sheer madness not to.

Buffy

AK put 4m of his own cash into SAVP, then added 1m cash in total after it became SAVE.

He actually mentioned in his recent excellent presentation that he had put in 5m.

Buffy

PB says, and I assume he means if successful, Royston will take 5 wells to drain it.
I guess from the seismic it must be possible to make a stab at that sort of calculation.

Buffy

Yeah smasher, but give us a good reason. :^}

Excellent post, couldn’t have written it better.

I guess we will never know what rate could have been achieved for our gas if we had funded the pipeline, but at what cost in monetary terms and to the all important relationship with working partners.

All in all, by far the better route.

Buffy

Bear in mind that Chinook hasn’t even been tested yet, so would they discuss production? Maybe it is Coho and Cascadura (minus the deep).

Just a thought..

Buffy