RE: Has anyone here had their revenue share?25 Mar 2026 08:18
So it’s looking pretty clear to me, with WEIGL holding 49% of steeldrum.
IMO, We are only getting revenues for 15% existing at time of agreement and 7.5% of new . Company really needs to advise the revenue position here with steeldrum / PRD / WIEGL .
Also looks like to me, more of the higher revenue is declining as existing wells drop off and being replaced by more of the lower revenue as NABI plows massive capex in maintain circa 300-330 bbls a day. Feb production shows a decline back to circa 330 bbls ( remember 300 bbls was base rate 10 months ago and we have done massive new work at large cost to NABI.
The forum expert Keith Oz also alludes the income share as below .
Trinidad revisited . Keith Oz. 9th March.
“I have therefore revisited forecasts for PRD Trinidad production. Here are my assumptions. Any sensible alternative suggestions are welcome; I will drop them into my spreadsheet and update if required.”
* PRD has 300 Bbl/day base production at 30% of revenue after 12.5% royalty.
* After accounting for PRD having a 51/49 share of CEG licences, PRD gets half the above as profit, ie 15% net.
* NABI new production added at 500 Bbl/day every 6 months, gives 7.5% of revenue accounting for 51/49 as above.
……….
Oil price now falling back , Hormuz reopening, remember we are also selling at a 17-18% discount to Brent as clearly shown in oil price sale price achieved in Feb.
I’m very worried, that all this capex NABI are ploughing in just to maintain the base rate , along with falling oil price will mean we may not even break even , after all our G and A costs and company fees are paid.( country manager alone could be circa $250 k PA ? )
We now have a full on risk drill on our hands , which our CEO advised in interview earlier he would not take the risk and pass it on to the contractor. If this fails I dare not think the possibility.
Also why were we not given the value of our share of gross oil sales in Feb, that makes no sense to me unless there something to hide. I see no value in gross oil sales numbers with so much greyness and ambiguity in exactly how much we receive.
On Morocco,
Does not seem to be any suitors as yet in Guercif and with only some 9 days to go until the loudly mooted 6 months is up, this is also worrying.
Have we even been awarded the extension to the licence which expired in March ?
Still, Keith Oz is getting hundreds of tick ups for his hours or research every single day he does for us all, thanks Keith, love your work.
Have a ripper day everyone.
🦖🦖
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