Member Info for WorldWidePleb

Agree, what a plonker move from the management, but the doom merchants are over doing it.

Already pulling back. Fully funded and a rig will be secured.

If you think that please buy some more shares as I can't even get a quote to sell a 1000.

‘Kveikje is one of the largest commercial oil discoveries in Norway… looking to monetise shortly’

One of the biggest wells that year….Kveikje was one of the ONLY wells drilled in Norway that year…

8 months in a oil bull market and no sale. We’re now heading for recession. It’s a worthless stranded asset and the industry knows. Zero mention from Equinor who call the shots. It’s a farts worth of a resource.

Also they get a 72% rebate. Possibility of a raise now to be able to front the cash for any additional drills... £9m cash... From £85m a few years ago. Wow.

At least someone is winning.

Helge and his 16 friends.

17 people.

Market cap of £11m and 1 non operated drill lined up... What are they all doing!?

They should be hoofed out and get 3 COMPETENT people in.

Thanks for the link. A lot to look forward to for touchstone now the raise is behind it. Hopefully the last.

Helges DEALS

I’d say you’re unfortunately looking to be right Mommur.... it was certainly an eye opener looking into Helges deal magic a little more.

I’m going through the Longboat story to see what ‘value’ Helge has ‘unlocked’ and see if there’s anything to salvage. It looks like he, in his typical ‘expert management’ way has picked up a bunch of lemon assets.

Kveikje.

Stranded and development contingent on Equinor’s plans. Obviously this isn’t a big discovery for Equinor, I can’t even find it mentioned in their recent reports or accounts… That doesn’t stop Helge crowing from the rooftops though.

Kveikje. In the press. (Helge)

‘The Kveikje well was drilled 40 km from the Troll B field and 32 km from Troll C, which are potential host facilities, based on Longboat’s statement. Thus, Kveikje could form part of possible cluster development tied back to Troll B.
The oil and gas player confirmed that the Kveikje discovery will be evaluated as part of potential Equinor-operated area development.’

Reality
32-40km Underwater tie back! - What’s the development costs on that!? How long would it take to get planning and execute? Years and years.

The take away (From Helge and only Helge) - ‘Kveikje discovery will be evaluated as part of POTENTIAL Equinor-operated AREA DEVELOPMENT.’ - 8 months later zero mentioned by Equinor on an area development… actually just zero mention of Kveikje

So Helge spent millions , to punt on a farts worth of oil in a stranded asset. Haha, you can’t make this up.

A ‘trading chip’ he calls it. Haha. I wonder if he could trade it for a ham sandwich at this point.

From Helge again ‘ Actively pursuing near-term monetization opportunities following Kveikje multiple enquiries ‘

After 8 months in a major oil bull market zero buyers. ZERO. If he couldn't sell it then will it ever sell? It’s now a liability.

What's Helges sale pitch!?

35mmbbls GROSS. (What’s the recovery on that? Being optimistic 50%?)

17.5 mmbbls net ( 10% LBE)

1.75 mmbbls at $4

$7m or around £6m

It cost $2m to drill after the tax rebate. Haha .

So $5m (£4.4m) out if helge can fleece someone who’s having a bad day…

THE PITCH

1. Stranded asset
2. Non operator
3. Strong possibility of never getting developed
4. Large costs and extensive time frame if it does

Where do I sign the dotted line!

How much is Longboat on the hook for regarding development costs if equinor do call his bluff and go ahead? Is there a tax rebate on those costs?… it won’t be cheap. This looks like it's now possibly a liability that could cripple the company. Just one of Helge’s DEALS.

DEALS DELAS DEALS as he’s always crowing.

Honestly does anyone see it any differently?

Just wow.

‘The very high commodity prices are making the M&A market challenging for both buyers and sellers, although more so for buyers’

‘patience will still be required given the commodity price levels’

Haha This guy is an utter joke, basically saying the oil price is to high to sell his oil. I remember when the commodity prices were ‘too low’. We just got excuses instead of a production asset. Kistos started at the same time. No excuses, just execution. Management here is appalling. He nearly doubled his own salary for destroying the share price. Incredible.

Just perusing through the accounts.

Wages 2021 to end June = 515k
Wages 2022 to end June = 1.7M

How do the management think they deserve such a pay rise? They’ve utterly demolished shareholder value and trust. Haven’t delivered any production.

Cash is now around £21m and the market cap £12m with assets. That’s one hell of a management discount! Helge should be ashamed.

This needs shareholder action to give them the boot. Sell off what they have found and return what’s possible to shareholders.

I feel for holders here, I was invested at the start but saw helge was a complete clot and took my loss. It’s now so cheap it’s hard to miss.

They won’t make it to Q2 Q3!

The fools have just announced the company is about broke. They had so many chances to raise, this is beyond belief.

There must be a back up plan? A loan

You would have thought they would’ve placed before releasing that cash position. What are they doing?

Draper should hand over the reigns on this one.

Who thinks high/er interest rates are here to stay?

So basically the money is to up the flow rates by 3 to 5 x ?

The presentation gave 50 m cfgpd. That was to bring in $159m every year net profit.

Which would make it per year
3 x is $477m
5 x is $759m

This is getting a lot bigger as it goes on.

It’s difficult to see any meaningful economic redemption in 2023 given the leading indicators so far.

I’ve put this here before but I’d say this statement on the same page is the most relevant.

“Petrophysical evaluation of the low resistivity gas pay encountered in MOU-1 followed by a well test could further de risk the MOU-4 submarine fan seismic anomaly.”

That's been done and it was great.

Weakness and fatigue must have set in again. He’ll be happy to learn if you read the rest of the page that he himself gave, the figure is now incorrect.

How large is BT’s pension liability?

At least the oil tax isn't as looney as in the states with Bidens recent attack on the hand that feeds him.

All this ill informed and virtue signalling policy is to blame for this situation as it is. Unbelievable lack of sense.

The world is splitting in two now, i’d say a more realistic world view is going to be forced upon the wokeazis . Oil and gas is needed and local exploration needs to be encouraged for security.

Not surprised to see more miss truth smearing. Had a quick look and you obviously missed this bit just below.

(While the MOU-1 well has encountered gas shows in the distal edge of the MOU-4 submarine fan identified by seismic amplitude anomalies, further analysis is required to establish a known accumulation. Petrophysical evaluation of the low resistivity gas pay encountered in MOU-1 followed by a well test could further de risk the MOU-4 submarine fan seismic anomaly.)

The date it was written is also at the bottom (November 2021) Obviously no well results at that time. Did you see the recent Petrophysical results in the last presentation. If not you’ll be happy to know they’re great, take a look to cheer yourself up.

And didn't the guy say he was farming out the oil in the same presentation? He’ll need a cpr for that.

???

The M chips are worth their weight in gold now, with the chip shortage and bifurcation of east west relations. Another economic moat?

Looks like their looking at targeting a 3-4% base rate over the pond. Inflate the debt out over time. If that's true were back to a more permanent world of higher rates.