Member Info for wordog

Really hard to tell if this is oversold, news expected in the next week, anything could happen.

Not sure why it's down >8% on current trades, unless there is a big delayed sell that appears later? Might be more short term downside here, but i still believe in the asset so i'm not going anywhere.

I make annual revenues based on current prices and cost of extraction 1.1mil/annum. Yet Mkt Cap > 9mil, there will be quite a few more placings just to keep the lights on over the year, even more if they want to develop the field further. I'm keeping out of this one.

When you consider, Algy stepping down, CFO appointed CEO, new finance replacement to not be a board member and now Envoi on board I�m pretty convinced that the farm out isn�t as close as first thought. However, I do still beleive in P2248 as a prospect which will attract a farm in before Q2 which is the licence deadline and cash run out date,

Nope, first I�ve seen of it. Good find.

I’ll be buying today I think

Agreed, the RNS gives nothing away. But why not say “we are continuing to conduct talks with interested parties in relation to a farm our etc”... unless the process has gone cold and they don’t want to mention that’s the case. But again, why not, indeed strange.

He�s a ex military man and is an old school gent, a rarity in today�s world. That doesn�t mean he will deliver, but it does mean I trust him more than most AIM BoDs.

Why appoint the CFO as CEO? Maybe because there’s no concerns about cash and future fund raising so can gap the position due to payments due for farm in or acquisition? Fingers crossed

I don’t think that’s niaive, could be possible. But to be honest the RNS was just too benign to really know what’s going on. I’m holding anyway as my gut tells me that a deal will come before a placing or relinquishment.

Maybe looking at an M&A instead of farm out? LoL, that would do nicely

I’ve now read this 4 times. It really gives nothing away. The way i see it is If they were not in negotiations or near to completing a deal then they could mention the usual “we are continuing to work towards the farm out......”. However if they were at the end of a deal or in negotiation then it wouldn’t be mentioned due to the commercial sensitivities. Maybe I’m just looking at this through rose tinted glasses.

If you’re so sure of that then just sell and move on

While I would admit I’m also getting impatient (holded and traded for 2 years now), it’s not all doom and gloom. The Mkt Cap has remained steady around the £9-10mil mark since the CPR release. The market thinks there is value here, farm outs are not swift deals to reach, especially in today’s climate.

Negotiating the deal of the century?

Sounds like nonsense to me Cataclysmic �Accordingly, both the Promote Period and the Initial Term of each licence will run until 30 November 2018, subject to a farm-out being achieved by 31 May 2018 and a drill or drop decision being made by 30 September 2018.� �Our immediate priority, however, remains the creation of value for shareholders by securing the investment required to drill our two highly prospective P2248 and 2252 licences, and we are in discussions with potential farm-in partners in this regard." There�s nothing to update really, at least until there is a. A farm out b. The licence expires c. A placing or d. New licences approved.

BP plcBP recently announced that it has made two new oil and gas discoveries in the U.K. North Sea. The energy major named one discovery in Block 29/4e Capercaillie, which is located in the central North Sea. The other one, Achmelvich, is in Block 206/9b, west of Shetland.

�The key 3D seismic data set which covers all three prospects is currently being reprocessed to support further detailed AVO analysis.� Interesting, this is yet to be updated. �Combined recoverable resource estimates for the 3 Bunter Sandstone prospects range from 252 BCF to 1,766 BCF with a Best Estimate (P50) of 806 BCF. Basic well designs and high-level cost estimates suggest well costs of between �5M and �8M to test each Bunter Prospect.� �5-8million, they could get a large chunk of that through a placing. �The economic evaluation indicated highly positive NPV values for both prospects and even in the P90 (i.e. low side recoverable gas volumes) NPV positive outcomes are possible.�

But they have always been profitable until now..... See trade receivables since IPO. Well I double bagged at 180p and recently bought some with the profits thinking that the trading update was priced in and hoping for a turnaround. It seems that the situation has got worse and they simply don�t have the resources to integrate their offerings whilst maintaining current products I guess. Oh well, got caught with my pants down on this one, at least for now.

As a fisherman and investor I just don’t think they provide a good enough online platform or range of products at the moment. Hopefully this cash will go far enough to improve them.