Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
How can you say that? That's a massive dilution of nearly half a percentage point! Surely a massive sell-off looms tomorrow? :-)
"We will now analyse the results with our partners before proceeding to the next stage which WOULD involve bringing on site full well testing equipment and commencing flow tests." I know they have to be cautious in RNS wording - but I would have been more reassured had they said 'will involve' as this wording covers the possibility that their analysis might result in their deciding NOT to bring the test equipment onto site.
JimiHendrix - Sorry, but your suggestion that the 'if and when' refers to the open offer isn't supported by the text of the RNS. "... s and an opportunity which the Board believes will, if and when completed, bring shareholders considerable value." The 'if and when' is quite clearly referring to the 'opportunity' - which is of course the potential acquisition. Whatever happens, the OO will be 'completed' - even if only one shareholder takes it up! Seriously - are you experienced? Get down from the watchtower and read the RNS again? :-)
Yes, thanks Dimwit. I was merely making the point that the installation of a Christmas tree does not, of itself, guarantee that oil will flow ... Although it does indicate that the team in the ground KNOW that the oil is there and BELIEVE that they have taken the appropriate steps to ensure its flow. (But, sadly, that was true for USOP also - their SP peaked at about £6 and shares now change hands at about 15p.) Clearly I wouldn't be invested here however if I weren't positive about the eventual outcome. Having said all that - your point about water being able to 'bypass' the plug via the surrounding fracture system in the Kimmeridge is worthy of further discussion by those on here with knowledge of these things I would think.
Not wishing to be labelled a troll on the Christmas tree issue but .... A few years back USOP placed a very pretty Christmas tree on their Eblana #1 well in Nevada. All of us salivating PIs posted at great length at the time that 'they wouldn't have gone to that expense would they if they hadn't known absolutely for sure" that the black gold was gonna flow. ..... ..... It still hasn't and, as far as I know, that same Christmas tree is still sitting on the wellhead - the only difference being it's now a very fetching shade of iron oxide.
Are posters being deliberately disingenuous or misleading here about the price of the acquisition envisaged in the RNS? Yes, the amount of cash that will initially change hands is £1 but, unless I'm being really thick, that's just the price of joining the club as it were. There is a clearly stated commitment either to pay £1.7m towards abandonment costs and/or additionally towards national grid connection and other improvements totalling an estimated £1.7m - although they do also say that their current estimate is that their input won't exceed £1.7m. It's similar to other actual and proposed takeovers where the price paid is minimal but the buyer agrees also to take on (massive) debts of the company being acquired. I'm assuming of course that the BoD aren't so altruistic as to be volunteering to pay £1.7m towards the abandonment costs of an enterprise in which they had no prior commitment unless they thought the odds were heavily in favour of rejuvenation/reconnection making sound economic sense.
Seems to me some posters, as is often the case, are obsessing about forward selling. Can someone please explain to me what investment strategy they see underlying a placee decision to forward sell shares purchased at 4.25p a couple of days back at the princely sum of 4.05p. I don't think so.
Thanks B2 etc. So that's only some 29% of the original stretch. That must impact on potential flow rates sadly? Is there an operational possibility of perfing more later though? Better safe than sorry to avoid the water of course but that's a big stretch to sacrifice.
Brockham Operations Update "Angus Energy is pleased to provide an update on operations at its Brockham well site. The BRX4Z sidetrack has now been successfully re-perforated from 988 - 1044m MD, in order to establish the best possible communication with the fracture system present in the Kimmeridge Clay Formation. Following the re-perforation, the tubing-deployed hydraulically-set bridge plug has now been installed successfully, and the well will now be recompleted to prepare the borehole for the next operational stage. The workover rig will be demobilised once the new completion has been run in hole and this is expected to take place early next week, on time and according to schedule, at which point we will begin evaluating the results of the work before proceeding to the next stages." So .... 988-1044m perforated. Can someone please remind me how many metres they perforated in the first instance. More than now of course but I genuinely don't recall. Good they've kept to schedule so far. Onwards and downwards. Although upwards with the black gold of course!
YL - That's the second post in a few minutes where you state you have 'no faith' or no confidence at all in the current team and/or operations. I've often seen trite posts saying, in a nutshell, 'If you don't like it - leave!' Which don't really help of course. There have been many occasions in the past where I've lost confidence in a share I've bought into and had to bale out at a loss. Simple but painful decision. So I'm genuinely asking without being sarky .... If you really are that negative why don't you cut and run? Money in the bank or reinvested elsewhere. Puzzled!
Someone (maybe more than one - haven't gone back to check) posted earlier today querying the timing and likelihood of the relevant authorities agreeing to our joining up with the national gas grid. But, having reread the RNS I see that it has multiple mentions of 'reconnection' - not 'connection'. This being the case then presumably the relevant permits would be much more easily and quickly achieved? One thing puzzles me as a non-technical however .... If its theoretically possible to link straight into the grid (albeit with a 'short pipeline extension') then why was it necessary to go via the now defunct processing facility in the first place? Is it similar to the AST situation, where they can pump the gas as is, but having a processing plant in situ increases rhe transmissible volumes? Also on reading the RNS again ... Details of the open offer will be there on 10 May - two days after the placing shares are tradeable. I've somewhat lost track of Brockham timings now given some elements of the plan were ahead of forecast and the running order has been changed. Can anyone confirm what is definitely likely to have been wrapped up and confirmed as such by 10 May? As I said - I'd be reasonably confident we should be >4.25p at rhat point.
Crocqman - As it says in the RNS - expected cost of the gas venture is £1.7m. So, assuming that also successfully raise £500k from the open offer, that's pretty much 50:50 between the new venture and the three ongoing operations.