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“Where the sands and oil have migrated from tells them a hell of a lot.”

NOIX

I assume you are not a geologist judging by the above!!! Sand DO NOT and CAN NOT” migrate”!

Oil can migrate due to a compromised “trap” or ”seal”! But usually when that happens you find traces of oil and high gas readings in ML suite! The fact the sands are completely non existent at the location is beyond shocking ! Geologist , geophysicist and our Glorious leader all need to go! Telling me you are “surprised” in an RNS is rubbing salt into my wound!!!!! Not good enough !!! I want technical answers ASAP!!

Rpt are producing 4300 bopd and throwing off 2 million free cash flow per month! Very similar to char ! Almost identical... in fact geographically they are not too far away either! They are just across in onshore Ukraine! So costs are similar to Chariot also in ultra deep water West Africa ... smh

GB: “ I said ages ago ,jog will print more shares and i bet it will come on the 2nd next r n s, after next one”

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GB

You seem pretty sure of the plans... can you provide any more details ? Obviously everything is just in your humble opinion but any light you can shed would be appreciated?

Do you not think they’ll go down the farm in route ? With some of their other licences?

How much moolah do you think they’ll need ?

Can they get some loans to mix debt and equity? Probably not a good idea knowing the company’s history ....

I can’t see them raising shares sub £1... that’ll wipe us all out ! Even £10 million dilutes us by 50%!!!

Lots of things to ponder ! Appreciate your feedback ... you seem to know your stuff ...

I’m not deramping ! I’m simply stating a fact! You telling everyone that it was relinquished due to the price of oil at the time is a blatant LIE! When it was officially relinquished, BRENT was $117/ bbl!

Abbat

You and me both mate!

I’ve been investing in this sector for longer than I care to admit! Today’s RNS is one of the most shambolic abysmal pieces of crud I have ever read!

You can’t leave us guessing regarding the future plan! Is there a side track? Is the game a bogey? Are equinor still committed? Lots of unanswered questions and lots of bad rumours on social media !

Telling me that your surprised doesn’t cut it !!! I can’t take that to the bank!

Jinx

I’ve done some digging

It appears that after discovery in 2009 , they drilled additional wells that were dry and that may have led them to that decision ! I can bore you with some of the info I’ve found if you want !

What do CHAR know that DANA, REPSOL and GAS NATURAL don’t ????

That’s why these bulletin boards are dangerous!!!!

Most of the information exchanged is false or dubious at best!

The discovery was made in 2009!

The consortium made of Dana , Repsol and gas Natural went on to drill other wells that were dry! They NEVER relinquished it in 2009!!!

The relinquished after 2012!!!

ONHYM have been actively marketing this licence for a few years you can check their annual report !!!

What was the oil price in 2012???

MrJINX

Please be patient!!!! Brazil is 2021 (assuming we get a farm in partner)! If not , we can try 2022!

Not sure GB ... what’s your thoughts on it ?

You’re right the partners all signed up which made it seem like it had a decent chance! I could accept if they said :
1) the sands didn’t have good enough porosity or permeability
2) the thickness of the sands was less than prognosis
3) the trap or seal was compromised at the location

But to say that the Jurassic sands were completely non existent, will take some explaining ! I’m looking to delve into a technical debate with them at AGM! Heads should roll IMO !!!

Photographer

Apparently someone posted an email this morning stating no sidetrack! I can’t confirm it’s accuracy as I genuinely don’t know the poster ! What I do know is if you miss when you are only 2Km away from the discovery , where are you going to sidetrack to? For non technical guys , this is like missing a penalty kick if the ball was placed 2 yards away from the goal line instead of 12 yards! Some serious technical questions need to be answered IMHO! Simply saying you are “surprised and disappointed” isn’t good enough ! Heads should roll!!!

Rift east Africa

Today’s presentation states that cash burn is just under 5 million ! It’s always best to be conservative in these matters and over estimate rather than under estimate!

Cash will last approximately until late 2021 but I suspect they’ll raise cash long before then. The question is : at what price ? A cash raise below 8p pretty much bends over all long term SH and tares them a new one!

The other point of note is that nothing is going to happen here until the second half of 2020, assuming they can secure a farm in partner !

The question is do I top up here ? Or should I keep my money busy in other fronts in the mean time and top up in April 2020?

It was discovered by Repsol in 2009 ! They were partnered in the discovery by Dana, together with Gas Natural and ONHYM!

Don’t know why they decided to walk away ! Without even any preemption rights or back in rights ...

What happened to the producing assets we were promised ? Even a mediocre 1000 bbls / day would have underpinned the SP valuation and provided some protection to the downside! Management need to be held accountable! This is not good enough!

I’ll be seeing you there ! GB if you’re around I’ll buy you a drink !

I have a few topics I would like to bring up at the AGM ! I’ll be discussing them on this open BB over the next few weeks!

One of my gripes is the ridiculous salaries and bonuses that our glorious leader pockets!

I say we vote down the remuneration this year! Even better may be he should hand over the reigns to someone who can deliver!

Apologies so was the “90%” you quoted , meant to be 90% chance of failure ?

Let’s just end this !

1) don’t force your opinion down people’s throats and name call them when you don’t agree with them ! There’s a sign of being 8 years old!

2) act with a degree of humility and respect towards others

3) Show some dignity

Dickupham: “am I not supposed to tell others on here the way I'm thinking and my reasons for it? What are these boards for otherwise?”

You have every right to post your opinion! My problem with you intimidated and bullied anyone who didn’t agree with it ! I felt so targeted, threatened and abused by your constant attacks that I didn’t have the confidence to even post here ! Your cheerleaders made sure that I wasn’t welcome here! Well today I’m back baby and I’m here to stay! Deal with it !!!

Here’s a question for the longterm guys (you know who you are)- the guys who have drilled 3-4 wells with char

This deal looks pretty decent to me

Given the fact that Lazza has managed to pull this off ... Is he redeeming himself in your opinion?

Is it worth topping up now or should we wait until annual results that will see monumental write downs and losses once again?

Hhhh Jinx
Boastful proclamations of big holdings and top ups is one of the signs
Possibly him .... the last of the big spenders lol

Then again Taylor Swift’s husband liked to write 10pages rather than a few lines ! Also liked to announce his “industry knowledge and 30 years experience” every 2 minutes

Price: 97.00
RE: extract from RNSToday 15:30Dickupham: “I was being flippant in saying there is 100% CoS with the appraisal drill. I've got 90%+ chance of mean estimate (69MMboe) or better plugged into my thinking.”

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And therein lies the problem ! When you speak with such authority and proclaim 90% of more than doubling the current 25MM BOE even in jest you clearly demonstrate what I meant!!!

Not only that, but you continuously ridiculed me and others whenever We tried to say exercise caution! Your ego is so big that even today’s results haven’t reduced your level of narcissism and self worship! Have some humility you ignorant man!

Hopefully people will take this as a hard lesson and stop listening to self proclaimed BB Gurus!