Member Info for TradingLad

Still a hold for me... I understand the frustration everyone has but this was always a high risk if you can't handle the swings don't play the game.

nothing drastic has happened to the company the share price has just dropped again and again because the market isn't seeing the progression it wants.

Let's see what happens over the next 12 months *says with tongue in cheek*

I would argue that market cap and shares in issue are one of the same. You quite literally can't have one without the other. I'm not looking at the market cap when news is released I'm looking at the share price.

I wouldn't compare this to BLOE. RBD has more than 14 times the shares in issue than BLOE. Not deramping as I'm a holder here, I just don't think when you look at the fundamentals the two should be compared. You would need to see either a massive share buyback or production nearer 10,000 barrels a day to see this touching those dizzying heights of 11p that BLOE is trading at today. Genuinely hope I'm wrong though.

I don't normally get involved in these tantrums but I'm going to suggest that if you are this bothered by some trolls on a message board then you are far too heavily leveraged in the market. Everyone is entitled to an opinion and if they drive the price down, just buy some more to protect yourself since you clearly believe in the company. I have my doubts as to how much a troll can affect the share price anyway, they may be able to scare a few would be buyers off but they aren't going to be scaring off any big investors or funds. Beware of confirmation bias. WOOOOOOOSAH...

It's smaller but right now all that PXOG are trying to do is get as much cash flow as possible.

Aim123, you are correct, from my takeaway a placing is the most likely way of raising capital for drilling Spain. Yes, I believe this will knock the share price down a bit however the share price in the meantime may also rise on anticipation of Italy coming online, positive MT results in Spain, Romania Grancesti litigation being resolved and second well being drilled. It's up to you whether or not you buy some more just now or wait till the end of the year for the placing... none of us can see the future sadly.

JH - I believe you’re thinking of Grancesti. They expect a positive result from the ongoing litigation shortly.

I think 2019 is a bit ambitious to see any big returns on this. I'm thinking if Spain looks good 2021 is when you'll see the big returns.

LLP im glad we came away with the same opinions speaking to different members of the PXOG team, I wonder if perhaps you were the chap chatting to Ed whilst I was chatting to The others ;)

@detitute I’d just like to say your negatives are welcomed by me also, balance is always required to avoid confirmation bias.

Just want to be explicit I asked about the 25m share but, none of them knew who it was, they said Ed might but the two guys I spoke to did not. Just want to be completely honest.

Kullybahia,

I did ask about Grancesti, basically it’s been held up I litigation because of someone who owns land and is demanding a stupidly high price, Alecsos did say the litigation is nearing an end and they foresee a positive outcome. Sorry I did mean to mention this.

CoS for Romania drill is 72% which if you understand how it's calculated is very high.

My thoughts if anyone actually cares;

My mind was put to ease getting the information straight from the horse's mouths so to speak. I got a very nice impression of the guys and didn't seem like BS'ers. They really seem to know they're stuff and enjoy working for Prospex. They spoke about relationships in Spain and how they have hired a local PR company there which is great to hear they are supporting local business, it will look great to the Spanish government. They did highlight that they are pretty much running the show with what's going on in Spain, which is good to know they have free reign to push it as hard and fast as they can. I'd like to see the share price rise off of the production results when they come in but realistically i think it'll be a while. so i'll be buying on the falls and holding for a few years.

5) Share buy back on the horizon?
Simply put no. There might be a chance in the distant future but right now they are focussing on getting as many assets producing and cash flowing.

6) Why has there been no formal figures reported for Romania production?

Answer to this is they would love to report these, but their hands are tied on what they can report. We will see what’s going on with the end of year results. What they did say the income is covering expenses with a little leftover.

7) Timelines for new Romania drill please and progress in Italy?

They are optimistic that they will see this online within 11months. Adding they have an excellent relationship with Raffles and can see more business in the future with them but for now they are just concentrating on this well.

8) when roughly will Bainet West be drilled in Romania this year?

as above I guess.

9) the approximate cost please?

Looking at 750k of which Prospex will pay 50% which means they have a little something leftover for any opportunities that may come up. They did say they are constantly assessing lot of opportunities including Raithlin where they may have opportunity to enter later (nice to know since I’m an RBD holder as well).

10) Trigger news, what’s on the horizon?

Forgot to ask this, however I think from above we can see what’s on the horizon.

11) More placings?
Yes as above.

1) Where is the money going to come from and how and what manner will it be raised for Spain 49% and Spanish drill?
Most likely placing
2) Warrego cash position for funding there share of spain?
They do not know very much about Warrego,
3) Further Romania drilling?
4) Will Tesorillo be drilled in Q4 or Q1 next year?
5) Share buy back on the horizon?
6) Why has there been no formal figures reported for Romania production?
7) Timelines for new Romania drill please and progress in Italy ?
8) when roughly will Bainet West be drilled in Romania this year?
9) the approximate cost please?
10) Trigger news, whats on the horizon?
11) More placings?
12) Why has there been no director buys at such a low price?

Hi All,

I'm fresh out of the UK Investor Show where I had a rather enjoyable chat with some of the guys at Prospex. Ed was there but I was only able to have a very brief hello with him. I was chatting with two others and sadly I cannot remember the name of one of the chaps but the other was Alecos Stavrou who is a geologist at Prospex. When reading the answers I do apologise if they are not in-depth enough for you but having spent years working in the O&G industry I probably skipped the guff sales crap and these are the answers to the questions I asked.

1) Where is the money going to come from and how and what manner will it be raised for Spain 49% and Spanish drill?
Most likely, the cash will be raised via a placing. They will continue to seek alternative investment option such as HNWI’s however placing is the likely option. Ideally in a “Dream Scenario” Italy will be online before they funds are required.

2) Warrego cash position for funding there share of spain?
They do not know very much about Warrego, Petrel crapped out due big fail in Argentina (never knew this) and with Warrego coming in they have only met the board twice but said it’s all very friendly and can see good relationships developing but they couldn’t advise how Warrego will fund their share.

3) Further Romania drilling?
At the moment they are focusing on Bainet West, Alecos words were “due to the location of the well I would be shocked if it wasn’t a success”. It lies between two proven wells, one of them being the one we have on production.

4) Will Tesorillo be drilled in Q4 or Q1 next year?
The MT survey is currently being carried out and results are expected end of the year. I pushed this to say from my experience with O&G that could mean summer next year to which both chaps pushed back firmly advising they had built in a large contingency in the end of year date for results. Additionally, whilst chatting to them about CoS they were highly optimistic. The reason that this previously wasn’t put into production was because water-based mudding suppressed well pressure, with the advent of polymer-based mudding they can circumvent pressure suppression (not my area of expertise but makes sense).

Buy = Good
Sell = Oh Sh*t

@Destitude I'm going to start tuning into this board more, for your comedic value alone - not a criticism!

Not a criticism of the BoD but read the RNS and it actually made me think that they had no idea about the prospect but were probably offered the first refusal on it and jumped at the chance. I'll ask on Saturday though, it would be good to know how much they are in the know on their projects but I suspect as an "investment firm" they are probably kept out of the loop until cash is required. all my own total speculation of course.

Kully,

Hindsight is a wonderful thing! we can't expect the BoD to have a fund like that in place because they'd find other ways to spend it. it's amazing what you'll buy with hundred+ k in the bank.