Member Info for Wigster77

What's your expected/hoped time-frame for us to hit £2/share?

We can but hope. It's not the first time the RNS has been poorly worded though (to put it very politely) and I would expect a CEO to at least know the basics about how his words affect perception and sentiment, even if not down to understanding the bots fully. Hopefully his talents at simple things like brokering multi-million pound joint ventures or partial takeovers are better than his efforts to communicate things to shareholders.

"The only way to have avoided it would to have not released an RNS until payment had been received"

BINGO!!!

I33: Make your mind up:

I33: "The real reason why we get this 30% or so tanking straight after an RNS ( such as happened in November ) is because it's not human beings doing most of the selling - it's A1 algo bots, programmed to scan an RNS and to act on it. And they trigger each other, as they are programmed in a similar way on the different trading desks."

So the wording of the RNS does make a difference then?

Manx:

"The fall on Friday was 90% down to the very poor presentation of the RNS.

The fundamentals are still there. The timings and potential bumps re H2 being potentially used for pressurising the Heron field rather than producing and that H1 is only producing 160 bpd at this time are what are in question, along with other pending points.

We will wait and see where this goes from here, but I am expecting MB to issue another RNS soon after the sobering realisation has sunk in that his clumsy release on Friday cost 32% of the company value at one stage - effectively costing the share holders £10 million!

One hopes that he is suitably shocked and embarrassed by this result!"

100% agree with this. Yet again, Mike Buck has put out an extremely poor RNS, which leaves us with more questions than answers.

IMO he needs to at least put out a statement, do an interview or Q&A session (or whatever he feels best) to allay the concerns of shareholders and try and get the SP back up.

"Anyway, it's higher than 7.5p isn't it ? I thought that just over 2p gives an mcap of 30m?"

$150M = £110M ish, which is just under 7.5p/share.

"Based on that Socco sale back in 2005, and what the price of oil was back then, Block XX has to be worth at least 150m Dollars."

That's around 7.5p per share...if the market sentiment gets it that high. Still a far cry from WOS's 20p+ by End of Year and Hamms ridiculous 50p+ this year. Not to mention TBTs "100 bagger potential" when the SP was 2.4p...

We should hopefully have the full financial position clear in the next 3 weeks or so in the Final Results for Year End 2024 RNS (released 19th June last year). The going concern statement will be interesting.

Any sensible viewpoints on this question? I'd always assumed/hoped that the initial payment would pay for H1 works and then the increased flow and subsequent payments would pay for H2 works and so on. However, with H1 now only doing 160bopd and the change planned to H2 I'm not so confident now. That's without considering the further delay to actually getting the first payment. Just after people's thoughts to allay concerns...

----

"I'd like to hear some views back up with numbers on how, assuming there is no JV, people think we'll pay for:

- Heron field development

- Gazelle

- Gobi

- Borzon

- Renewables

- Working capital"

* "with the negotiations" - I mean any JV/TO negotiations

Proquo - "I just don't see what has changed in the bigger picture. We knew Heron was all about the JV/sale. It still is. We knew the money will arrive. It will. We knew that in the meantime we'll try to tweak existing wells to bring them onstream. That's the same. The only new info today is that H2 will be repurposed to support H1 and further wells. Well, the negs had written off H2 anyway. Money's tight. But we already knew that too. It always has been."

A very optimistic view - fair enough, but I wish the wider market agreed. Maybe it will in time...

One concern for me would be trusting MB and PC with the negotiations, given the continuing protracted rigmarole just to get some bloody oil sold. Whoops, there go those capital letters..

Another question I would have ref H2 would be what are the revised production targets for H1 with this "assistance" from H2? I'm guessing not as high a what we hoped previously for the two combined (lets say 600 for H1 and 200 for H2) - Abzzba any comments? I suppose this probably won't make a difference anyway to those entities potentially in JV/TO talks as it's more about the OIP I guess.

Why did my post lose the capital letters?

Because you're a naughty boy and used a word which had to be starred out - a strange quirk of the board.

Brv, we didn't quite hit 3p, but I won't gloat over what would be a somewhat phyrric victory. Instead I will gladly hand victory to your good-self, should we hit 3p by the end of June..

ATB & GLA

Krok: "2.5p now seems like really far away, after today’s RNS"

Thank god my average is lower than that. 0.002p lower (really). If you didn't laugh, you'd cry eh!!

SANTIAGO666: "See the share price is higher than it used to be before moving up so that’s why is good to buy on the bottom so you don’t lose anything."

Where is the bottom? Also, if you can please tell us where the high will be in the next 2 years that'd be great too.

Thank you for your response, Manx. I ask because although my holding is a lot less than yours, it is still a few million, so substantial to me and I'm interested in the views of others. Like you, I am also very concerned after today's RNS. As Master82 said earlier, we generally have an SP fall on MBs RNS's and we certainly are always left with curveballs and more questions than answers.

I would suggest to MB that we urgently need a shareholder Q&A session to help allay shareholder concerns (or confirm them!!). Communication is dire and cannot continue this way.

ATB & GLA

You have a sizeable holding Manx, has today's news made you sell/consider selling some of your holding or are you confident this is just a small bump in the road along to future riches?

"No mention of sand still present, could be that 160 bopd offers best production vs sand control without fitting sand screen"AT THIS TIME", one thing we can be sure of, H1 can and will produce more than 160 bopd, at the moment MB seems to be taking a slow and steady and safe route."

If so, why didn't MB tell us? "We're producing at 160 bopd currently, pending the fitment of a sandscreen costing less than £250K, planned to be fitted in a few short weeks' time, which will rocket production to over 800bopd. Lovely"

"I'm here still and I'm a ramper. Me and my good lady love to ramp."

Do you think we'll get to 3p by end of close today? If not, you and your good lady need ramping lessons.

WOS will be back once the dust settles, telling us he was missing due to being on the worlds biggest shoe buying spree with his missus...

And he'll still be telling us it'll be 20p+ by September...