Member Info for Uggy100

Well they need to conserve the cash they have imo. There's always going to be unforseen costs with anu O&G projects. They need to actually DO what they said they were going to instead of lieing to investors on timings & then treating us like lepers. They have no chance of raising in further funds due to the state of the sector & their lack of credibility in the markets. After the fanfare of the Golden Boys arriving on the scene they have proved themselves to be severely lacking.
I now believe the delay in the well design (not the permitting) was because S&S tried to run roughshod over Rathlin in terms of increasing their stake in the Co. causing bad feelings between the two. It's high time they stepped up their game as at the moment, I see absolutely nothing to commend them.

The leak will come to naught to my absolute disgust I'm afraid, we just need to push on with things in a difficult maret. Progress on WNB2 site would be helpful. And i find it deplorable that no progress has been made on that project to date.
Funds are there for the project, Rathlin has said 3 mths to get that drill ready, funds are in place so get on with it.

Chishutch we have no idea when the EA approval is granted, I hope its next week but we don't know. In current markets i'm not sure it makes a great deal of difference.

I agree VHB, my earlier post should have ended with-in due course. Apologies.

I don't know VHB, maybe & if thats the case there should be an RNS.

Well I would rather SW concentrated on RBD. The dynamic duo have taken their eye off the ball. After raising all that cash & lying about time frames they need to be working hard to regain some credibility.

BlackHopper
It's more a question of what they say on timingd that impinges on their credibility. Last October when they book built WN was due to have the EWT in December which was refuted in effect by Rathlin a few weeks later. Likewise Grizzly which was meant to have been drilled last year according to previous updates. They are guilty of putting forward unrealistic time frames I'm afraid which does nobody any favours. The proof of their business plan will only really proved when they sell an asset & the Russians aren't gonna be helping. For the reds strategy to work oil prices will be depressed for some time.

Plenty to chose from VHB in my opinion,

lol VHB, if my pension hadn't taken a hit I'd stick some in myself !

Yep but oil is getting hit harder as a sector. I'm hoping all markets are now in oversold territory but who knows.

Quite right jack & it's a load of pain for all of us. You would hope common sense would prevail but after the Saudi's floated Aramco they can afford to take the pain for quite some time. Russia may well have fooked this up for no reason I can see.

Global recession is certainly on the cards. Hopefully a minor one, it's simply that industry has, due to Covid, been shut down in some areas. Hopefully short lived but ripples go through the market. Many companies rely on components sourced from China who are currently unable to provide them. Italy is an issue as the northern area is the main economic area for them & de facto the euro economy.
I hope the fallout is overdone but none of us know. Could be a perfect storm I hate to say.
When it comes to RBD the spat on oil doesn't help. Questions are, does the downturn in POI affect their plans for further drills in Cali ?? the hoped for IPO in Corrallion will prolly be shelved, which was a bit of a lame duck anyway imo. II's (some of which are not high quality anyway), will have a price where they have to bail out to a degree. Issues over the dynamic duo's ability to fulfill what they promised. Funds raised to push the WN project when additional funds should ONLY have been provided after completion of an EWT, which I believe caused a delay in the first place.
The worry for me is that they played fast & loose in their own egotistical way, damn the existing lth's while they believe they know what they're doing (which I now question). I hold but feel grossly let down by a BOD who do not understand the O&G space as much as they have hyped.
Rant over but they haven't done a great job for us so far have they ?.

RBD is getting punished more than most oilers, trying to work out why.

65jh
I don't normally block people but your inane drivel means I have no choice.
Goodbye & good riddance you creep.

My last post may lead some to think I'm a deramper which I most certainly am not. It's just markets are very difficult at the moment. No the EWT isn't factored in as P rick insinuates, it's just that when the news drops it'll be during one of the worst times anyone could pick.That said, in the evnt of success this will be difficult for anyone to stop from going ballistic.

Market conditions are pants at the moment. I have no doubt some instis are selling on the quiet as they have to look after their clients funds. Small caps will always suffer in these conditions I'm afraid

Until the cv issue improves why in vest here ? Markets are risk off anyway & I doubt even the mobilitation for the ewt will make too much difference. If it's a success then yes it should fly. I'm a lth here buthave enòugh & am a fair bit down. Obviously I don't blame management for this debacle but they have been guilty of sharp practice in the past.

Oiler87

Give it a rest will you.

Smacks of news being leaked to me.

If the WN project is a success there is no way RBD will not sell their interest,. It would be too big a field to commercialise for them. By all means play "hard ball" to a point but $10 recoverable we're out imho.