Member Info for tidd83

Straight through.. $75.4

Didn’t realise that was also a pre-req Spud but makes even more sense. A lot of noise being created about nothing and all from those with a bias.

Marine*

Agree 100% MrT, the Marine License was always known about. The draft license allowed for findings and studies to be carried out as part of the FEED process. This was a pre-req to final submission to request the full license. There is no reason why financing discussions and offtakes cannot be concluded ahead of any license award. In the O&G and mining industry farm outs and financing deals can be completed whilst enviro and survey permit processes are run in conjunction. This is the basis of avoiding delays. The mining license is a lot of noise about nothing created by the NIMBYs because it is the only scrap they can cling to. I have added today.

Current price equates to approx 35p per barrel of 2C OIP. Excluding exploratory/appraisal upside off the fully funded multi well program.

I’ve taken just under another 300k this morning. Appreciate the top up.

$74 and cruising. Should bode well for the week ahead.

The permit has already been awarded once and contested on a technicality around a timing piece with government at fault. We are on the cusp of finding out the outcome of the second application with all processes adhered to. The bill is a none starter, 2-3 years to reach the third stage tells you all you need to know.

Happy either way too chaps, if we get even 1-2 wells May then it’s a bonus. I’ve waited patiently for Ortoire for some time, quite looking forward to June if I am honest.

JFK update provided in the RNS dated 7th March.

1750 I personally don’t believe any further development wells will be announced until Ortoire is drilled. (Happy to be corrected) The reason being, we have a strong production foothold already and, I have a feeling the results following on from the initial Ortoire well will determine where Paul Baay wishes to focus funds. There are multiple targets within the block.

Snow I personally believe you are putting two and two together to make five. In regards your points on the number of caverns, this will have a beneficial effect since it will reduce the amount of brine discharged at sea. The changes will be in relation to the distancing of the pipeline from shore, it’s metrics, depths and dispersion rate not anything to do with what is happening onshore. As for the additional 15 caverns (23 total) this is a later phase and will have no effect on the initial proposal for which funding is being secured. A separate study may be required for that anyway but let’s not run before we can walk. As for the points on the enablement works following the placing at 1.2p. The stages documented in the RNS of 24th January are already underway. The recent contract award to Costain to enable the £65m Saving as recognised in FEED was announced on 19th March. The RNS in relation to the pipeline easements was also announced on 25th March. So work is well underway.

Afternoon MrT. Valid points made and just to emphasise one piece of the extract; “The Company was notified of certain actions that would be required to be undertaken prior to conversion of the draft license to a full licence. Therefore, as a result of the work undertaken during FEED, the Company has now submitted to DAERA, an updated Brine Dispersion Model, Shadow Habitats Regulation Assessment and a detailed Diffuser Arrangement.” The Marine license was unlikely to be an oversight. FEED was a pre-req to advance findings for submission to DAERA, the draft license enabled those findings to be undertaken. All this noise about the Marine license is merely from the eco groups. Given the findings are better than expected and well within the regulatory guidelines it should be a none issue. Today’s update was excellent.

“The Company is pleased to announce that, having completed technical DD, it is now in advanced discussions with the shortlisted two potential equity partners with a view to agreeing terms of investment. For the avoidance of doubt, any equity investment forthcoming will be at the Project level and not at the Company level. Post investment, the Company will retain a minority stake in the Project and will be involved in the construction and on-going operations of the facility post construction. It is the Company's intention to negotiate a management contract for the construction of the facility potentially providing an income stream in late 2019. The Company undertook discussions with potential debt providers during Q3/Q4 2018. The Company is pleased to announce that it has now received indicative terms from two banks. Additionally, the potential equity partners have also discussed providing a portion or all of the debt requirements of the Project. Subject to terms that are satisfactory, bringing the combined equity and debt requirements under one roof would reduce the time taken to reach Final Investment Decision (FID). The Company believes that is now in a strong position to negotiate the most optimum financing structure between the potential equity partners and debt providers. Offtake discussions During 2018, The Company had interest from six parties seeking storage capacity of the Project. Since then, the Company has had numerous discussions with all six and has now narrowed the field down to three potential offtake partners. The decision to focus on three offtake partners is predicated upon the synergies that the Company believes it has between itself and the potential offtake partners. These synergies include, inter alia, the length of the offtake agreement and the capacity charge that each potential offtake partner would be willing to pay during the life of the offtake agreement. The Company's decision to focus on the three potential offtake partners has also been driven by counterparty requirements of the potential equity partners. The Company is pleased to report that it is now in an advanced stage of contract negotiations with all three potential offtake partners, with a view to agreeing definitive terms in conjunction with agreeing terms of investment with potential equity partners soon.”

Testing $72 again this evening. At 2300bopd current production, this was always due a re-rating. Now we have the initial low risk Corosan gas target due to be drilled, perhaps equating to 4500bopd. Paul Baay has always spoken of dividends, I believe 5k bopd was the first consideration.

Now testing $72

Now over $70.

All fun and games of aim. Ignore the noise and lies and stick to the facts pretty easy.

I think the outcome of the Ortoire well will be the decider on where cash will be spent, if successful I’d rather they push the cash pile into further targets in Ortoire.

Gizzy, RNS on 14th March (just two weeks ago) stated; “Current field estimated production is approximately 2,358 bbls/d (based on the previous seven-day average).” “To date, the Company has eight of the 11 wells optimized with the remaining three awaiting final approval to complete additional sands. Upon receipt of the customary regulatory approvals, the Company will proceed with the proposed workovers.“