Member Info for VistaMan

Alwayswinning, so you don't have any figures or evidence then?

Alwayswinning, so tell me, how many Tern shares are actually shorted and where is the evidence for that?

A lot of ramptastic nonsense being posted here by people who have jumped in today hoping to suck in others so they can get their profit. I am speaking as someone who first invested in the shares since 2015 and have seen the various spikes based upon very little of substance. Undoubtedly good news from Wyld today but the Wyld share price rise was much more appropriate for a new partnership and frankly the Tern rise looks like a classic pump and dump spike.

Beza,

QUARTERLY dividends of US$ 1.5 cents per share, see page 16 of latest corporate presentation.

https://petrotal-corp.com/wp-content/uploads/2023/06/PetroTal-IP-June-20-2023-Final-Version.pdf

I messaged Hargreaves Lansdown regarding the tax treatment of DCUs, either disposal or distributions received. This was the reply I received. I held all my HUR shares in my SIPP.

"I can confirm that any proceeds received from the Prax Exploration & Production plc DCUs will be issued into your HL SIPP Income Drawdown account, and these will be part of the pension."

Good news for me at least.

If its "people in the know" who are selling then they aren't very big holders. £55k sold so far today versus an MCAP of £8.4MM. More likely being people unwilling to take the risk with news now a day or 2 late in my opinion.

I have been a holder here for 10+ years and supported the recent Open Offer (and several before) including significant excess application. I wonder has Quadrise ever applied for Government Funding for R&D (above the usual tax credits) from the various options purporting to support the Energy Transition? Surely some effort in this direction would be worth considering?

Whilst disappointed with ongoing project slippage at Quadrise I was really surprised at how little the current BOD applied for in the Open Offer and indeed CEO aside how few shares they already hold!

If Board membership was determined by share ownership then I suspect none of the current BOD would be in place.

Interesting and detailed article on DEC from a US perspective. The article requires you to sign up for a free account. Seeking Alpha has pretty good free articles.

https://seekingalpha.com/article/4617934-diversified-energy-a-15-percent-dividend-yield-thanks-to-its-strong-hedge-book?utm_campaign=%7Clogin_now_link&utm_medium=email&utm_source=seeking_alpha

GingerHippo, a slightly larger quote from your article:

"t is for this reason that, in the long term, reducing dependence on imported foreign oil is a focus for Jamaica. Introducing more renewable energy sources, such as solar and wind, is a strategy being pursued by JPS and the Government. By incorporating more renewables into the grid the country aims to have more control over energy costs and reduce environmental impact."

GingerHippo, Would you not agree that GCOS and he chance of a farm-out deal are directly related? ie the lower the GCOS, the higher risk for the farm-inee and therefore lower possibility of a successful farm-out deal? Of course the POTENTIAL reward comes into that equation as well for a potential partner.

I simply didn't understand how you concluded "the high chance of getting a farmout deal" from the content of your post.

Let me be clear, I want a good farm-out deal as well but I am obviously not as confident as yourself.

Chinch, if I could attempt to summarise your position here:

Its a long odds (17%GCOS) binary bet on Jamaica? Fine for a punt but not for everyone and certainly not a large part of your portfolio.

Loads, Yes the H1 audited results have not been released yet but just look at the information available:

Much lower revenue -35% ($6.4MM vs $9.8MM)

No Disposals ~$4MM last year

Cash reduced by ~$1MM versus 2022 year end.

Last years full year profit was $2.3MM

How can they be profitable in H1 with those negative factors totaling about $8MM?

There appears to be no urgency on the part of the Board or Chairman to engage with shareholders following the removal of the CEO Al Sisto from the board by shareholders.

Following what has transpired at Bidstack, it appears that until a General Meeting is requisitioned by at least 5% of the shareholders the Board will continue to treat shareholders with contempt.

Loads, I guess we will have to disagree. Your statement:

"Vistaman revenue is revenue making $$$$$$$$ money and pays for re-investment into uog capex"

You can't keep operating with negative profits and near to zero cash whether you are receiving revenue or not. To keep the bank away from your door you will have to sell things (disposals) or reduce your outgoings (lower salaries / reduced capex) or find an investor (raise or takeover).

"

GingerHippo, I guess it would depend on your risk tolerance. I agree that there is significant "potential" here but its an unknown basin with relatively low Chance of Success (17% I believe). Would you want to commit ~$30MM to find out or are there better alternatives for your money elsewhere with proven petroleum systems? There are some companies out there that might like the nature of the assymetric bet here whilst others wouldn't touch with a barge pole.

Guidance for H1 23 was 700 - 900 bopd. (I am only focusing on oil as gas revenue is inconsequential)

The planned activities to enhance production were :

Workovers

ASH-8 initially producing at 656 bopd starting March

ASD-3 initially producing at ~150 bopd starting June

The H1 exit rate of 1011 bopd reveals a very high decline rate:

800 (mid point) + 656 + 150 = 1606 bopd

Decline = 1606 - 1011 = 595 bopd

You have to wonder the economics of further Abu Sennan drilling especially given the current cash situation.

Loads, I didn't say that there were no "interested parties", I suggested that none have made any meaningful (or acceptable) farm-in offers. You might want to answer my question on how they are making "lots of money" in H1 23 according to you.

GingerHippo, you are correct in that is what the RNS does state. What happens as the January deadline approaches? Do potential "partners" begin to think, if we hold on UOG will lose the license and we can pick up 100% of the license?

Remember there has been multiple extensions of the deadline for the MARIA SPA and personally I don't believe we are any closer to a sale with the increased EPL and a likely Labour Government. (Would you purchase an asset to find out Labour won't approve new developments?)

There are always at least 2 ways to read things and I must admit I have very little confidence in Larkin's or the BOD's words . I'll only be happy when I see any corporate activity resulting in completed agreements or sales.

Loads,

"Revenues for the first half of the year are expected to be $6.4m (2022 H1 $9.8m) still making lots of money $$$$$$$$$$$$$"

How do you make that out? They made $2.3MM profit in 2022 with disposals of ~$4MM. Their revenue in H1 23 is $6.4MM versus $9.8MM in H122. Then factor in the reduced cash balance $0.55MM.

I challenge you to show me the maths behind your above statement!

GingerHippo, whilst I respect your opinion, there are at least 2 ways to read every Larkin statement. The other way to look at it is that there was no alternative other than to extend the deadline as he didn't have any meaningful offers and with the "drop or drill" deadline rapidly approaching what else could he do.