Member Info for VerbierDave

Mr Aim and his 7p prediction worked out well lol

I'd rather they release good news at 7am rather than the end of the trading day to get maximum effect out of the RNS through the day. Fingers crossed for a very positive 7am red dot.

In a selfish way I actually hope we don't get news until Monday the 17th so that I can buy a shed load more or these the back end of next week because it's almost like a golden egg opportunity here now, prior to the AGM they will release a lot of news and get the SP as high as possible because there's no way they will want to go into that AGM with no CPR or production plan out.

In a selfish way I actually hope we don't get news until Monday the 17th so that I can buy a shed load more or these the back end of next week because it's almost like a golden egg opportunity here now, prior to the AGM they will release a lot of news and get the SP as high as possible because there's no way they will want to go into that AGM with no CPR or production plan out.

Tiburn - Thats my other theory, showing a position of financial strength to have the ability to go alone whilst negotiating a farmin / JV. If that is the case I would think that the negotiations are in full swing already and they are just showing they can't be muscled down by a major. I'm sure someone could correct me but I do recall DS saying he had a meeting with a major literally the day after the interview he gave after announcing we had hit Dejeno. Also as a point of interest I think it's Total that own the export terminal not so far from Tilapia so maybe they are in talks for a JV.

The options are out there but I'm 100% positive we will find out in the next 3 weeks before the AGM.

Wraith - I tend to agree with you but one thing for sure is they are not going to come with a begging bowl unless they have come out with a massive RNS update before hand with a big CPR / Higher Production Sharing Percentage and a Production Plan to justify having authority to raise capital for the production plan at a much much higher SP. We already know they had enough cash to bring 103C into production with the R's and Mengo before we had payments from SNPC, so if there is a raise which is not guaranteed as Resolution 3 only gives authority to but doesn't say they are going to use it then I think we are going for the big prize and massive revenue.

I believe we will get a huge RNS from today onwards as they will want the SP as high as possible before asking for us to vote on resolution 3 to justify the need.

I believe the next RNS will state something on the lines of

CPR - 300mb +
Production sharing - now 80% + in AAOG favour
SNPC - on free carry
103C - deepening the well with a much better rig (Schlumberger owe us a favour after the last rig) going for production from Djeno as they know it flows so won't need fracking
103C - Plan to produce at 2000 + bopd with little draw down over the next 5 years
104 - to be drilled straight after the deepening of 103C with an aim for bringing in to production by Q4

I may be completely wrong but I don't think I will be far off.

I'm not saying they are going to but they ask for the authorisation to in Resolution 3.

Resolution 3. If passed, part (a) of resolution 3 will authorise the directors to allot shares in the Company (and to grant rights to subscribe for, or to convert any security into, shares in the Company) up to an aggregate nominal amount of £7,930,967.90. This amount represents approximately two-thirds of the issued ordinary share capital of the Company as at 4 June 2019, being the last practicable date before the publication of this document.
In addition, if passed, part (b) of resolution 3 will authorise the directors to allot ordinary shares in the Company (and to grant rights to subscribe for, or to convert any security into, ordinary shares in the Company) in connection with a rights issue only up to a further aggregate nominal amount of £3,965,483.95. This amount represents approximately one-third of the issued ordinary share capital of the Company as at 4 June 2019, being the last practicable date before the publication of this document.

When added with the paragraph at the end of the Res 3 of:
The Company is currently in a capital-intensive phase as it looks to monetise the success of having found oil in each horizon intersected by Well TLP-103C. The directors therefore consider that it is in the best interests of the Company to have the authorities available so that they have sufficient flexibility to allot shares or grant rights without the need for a general meeting should they determine that it is appropriate to do so in order to provide the Company with the finance required to achieve its plans.

So they are basically keeping options open to be able to crack on with the job without having to keep going back to EGM's for authorisation, I think when we see the next RNS it will all become very apparent what the plan is going forward and if it means we have gone up to 80%+ of the profit sharing of the licence and want to get to maximum production in the shortest possible time then I have no problem with a raise off the back or a great CPR and news of higher percentage ownership.

As I said before I could be a million miles away and completely wrong but if it is the case it's still great news to move the company forward and a higher SP when potentially producing from Djeno in 103C and then drilling 104. The long term value could be massive and I'm not decamping in the slightest.

Fairview hi there - yes just a meer stiff of gas to surface and it would open well above 0.2 - how high it goes after that is anyones guess with the amount of media coverage it will get and depending on how commercial it is.

All just in my opinion

They have given us the AGM notice and the notice for authorisation to raise substantial funds tonight to give us time to digest before giving us the CPR / Ops update so we will then be able to see why they might need the funds. The amount they have asked authorisation to rain is enough I believe to go down the route that TipTop mentioned in the past and thats to re-enter 103C and deepen Dejeno for production and then go strait into 104. Also if this is the case and the amount suggests that they would have enough to pay for all of that on their own would mean a potential free carry and a greater production percentage in the field.

This is the only reason I can think they would ask for authorisation for such a large amount, if this is the case the next RNS could be very very positive and we could see a lot of action on the field in H2.

All in my opinion and could be a million miles off but let's see.

I think the next 48hrs are going to be interesting and I'm going to be keeping an eye out for any signs of a leak, if not Friday afternoon I think will be fairly crazy as it could very well be last chance saloon because if we get a positive red dot on Monday morning this should open up above 0.2 minimum.

I have a funny feeling today is going to be a good blue day - more chance of that with the buys coming in than 7's anyway.

Marineville - I have a funny feeling we will get more news than just the CPR and therefore most of the answers to the questions will be in the RNS....... I believe thats why we have been waiting so that they can get the contract / CPR / production plan / FDP all sorted and hit with one massive RNS to take them over their 20p SP that they need.

I don't always agree with everything Woody has to say but in this instance I believe he is correct, as joint owners of the field it wouldn't be information that can be held back from SNPC for ransom as some people are eluding to. I think the main point that will be negotiated is how SNPC intend to pay for their share of the FDP going forward because this could be where they either give up a percentage of ownership for a free carry and thus it would change the ownership % on the CPR and I believe this is why we are still waiting.

I also believe there are probably a couple of different plans going forward for the FDP one is IF SNCP get a free carry and AAOG ownership percentage goes up and then another IF SNPC say they can pay their way (this could be in oil revenues or cash up front).

There are so many different options but first thing first they need to negotiate the contract so they know which plan goes into action, if they kept changing the plan because the contract negotiations took longer they would be called incompetent.

Hopefully JB gets the contract negotiations completed this week in Congo and then they will have a clear vision on where they are going, then I believe there will be a flood of news.

By £4.5k this morning - buy the dips

I recall last week that someone on the BB posted an email from DS saying that they might struggle to get the RNS out last week which we all now know never happened but also that JB was in Congo this week for talks about the contract so maybe this is why we haven't had the RNS yet because they are finalising the agreement and then we get a slam dunk RNS with a lot of information that's all interlinked on how the company goes forward.

Just my thoughts of course

Abkaz sorry that wasn't aimed at you but more at Brocal

Abkaz would that be the same UKOG share that you are in hmmm the irony

We know that the cement lorries left on on Wednesday and we believe they were cementing the 1515m casing that being the case there was another 200m to go until the gas zone and 550m to TD. Taking into account they probably didn't start drilling again until last night they probably have another 2 to 3 days to go at 50m average a day before they hit the gas zones so potentially Sunday / Monday before they enter. Then they would need to drill through the 80m of gas bearing zone before they can even think about writing an RNS and getting approval from the Nomad so do the sums yourself.

So to all the UKOG lot on twitter that keep going on about no flare at WN but they have one at HH are just making themselves look like complete idiots - but I think they know what they are talking about and just trying to spread fear for their own benefit. If the rig at WN is going to UKOG after WN then it will arrive when it's done and it won't get there any quicker by de-ramping UJO.

All in my own opinion of course. DYOR

I think thats why we are still waiting due to JB being in Congo next week for meetings about the production sharing contract. I think that was a bit of a clue why it might not happen this week in the email mid week. If the talks are successful I think you could nee news after that asap.

The pull back that we've had today and yesterday is a natural course of events leading up to the results when we have had a rise of over 50% in the past few weeks, people de-risking that have been in since sub 0.01p. You can be sure that if the results are positive they will all be piling back in for the ride north along with anyone thats sat on the fence. Everyone has their own taste to risk so there will always be buyers and sellers re-evaluating all the time. I'm in for the initial results and will then re-evaluate myself on my next move whether to top slice or not. Listen to yourself not the noise.

You seem to have forgot the bit where the cement lorries left site today and the thoughts that maybe they are in a stage of waiting for the casing cement to dry before they start drilling again......

My thoughts exactly the same Ezhik - the 'protesters' could give us the nod over the weekend