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Just spoke to YJ (Harriet) and told her of investors concerns about lack of news especially UD2 - have they actually started extended testing? and also who is providing the funding for Niko and the lack of Twitter updates. She said that others had also been requesting info and that she would speak to the management team about providing an update and some info. T'was ever thus!
Here for four years approx 70k down, without a job since December, desperately need this to happen. Ii’s would not have coughed up if the oil was not commercial, then there is the gas. The price could change dramatically any moment so I’ll be holding tight in the belief that a re-rate is not far away.
Good foraging Chris
Very good Max. Now get some sleep you nutter!
Jeez nearly four years ago, was just getting ready for work when the bombshell RNS arrived at 7AM. What a grim day!
Hope they have better luck than they did with Welwitschia-1A lol!
Re: Reason for falling S.P. I can think of one very good reason why nothing will be given away cheaply (re any JV/Farm Out/Sale etc). The amount of money that ZM/SN have paid for their 2.8 billion shares over the years. SB has probably tracked this better than I have but I make the collective sum around the �25 - 30 million mark, maybe more. So they will want a significant return.That said access to capital has a lot of incremental value for FRR at the moment - acceleration of the 250 oil well programme, based on the early ROI numbers, would show fantastic returns. As would, in my view, a mechanism to get shot of YA once and for all. A non equity based premium there would be well worth paying - and I suspect would go a long way to change current sentiment. We will of course find some of this out very soonI would also suggest that despite all the pressure to provide headline updates they are determined to do this properly. First test the zones that were theoretical until a few weeks ago. and initially test tight areas of play. Then go back to Zone 9. Perhaps Zone 13. All the time adding to the data bank with clear and precise evidence - which will a) allow the CPR to eventually be updated, b) enable a reserves declaration at some point, c) allow investment partners to better assess their real risk, and d) allow third party geologists to make recommendations to their masters with confidence.And then there's the gas
I this because: 'When you look at the cogs that have been lined up, barriers removed, government's engaged, Union of Europe joined, EU energy community joined, markets freed, monopolies broken, debt sorted, investment secured, permits granted, licenses given and extended, service contractors, Dustin for drilling, technology and geology ! T45 drill bit turns , UD-2 in extended flow tests ! This is MASSIVE, TREMENDOUSVALUECREATION !'
Good summary Pyro how I think most people are thinking with current progress. Something very funny going on with these daily cancellations and current sp. But all we can do is sit it out and wait for it to blow over and that the sp matches the assets, sooner rather than later hopefully.
oooohhh got a new username TAinvestor?
I don't think TA will be turning up under this alias, if you search on members it does not recognise his name so presumably banned. Watchout for his new alias........
Re: jaknife It's not been easy nut to "crack", the world class oil and gas deposits in Block 12. Why? Well, its a combination of quite a few factors - some self-inflicted and others out of their control. Firstly, the political headwinds have been enormously strong which has stagnated progress. FRR-Management have been distracted with trying to repair the relationship, although with only limited success. The public spat with the last Energy minister 18 months ago was probably "peak point of pain" for FRR. But since that time, KK has moved on, the ministry dissolved and we went back to our work. But I still say politics has a strong stranglehold on FRR progress via not granting the production license and some restrictions on natural gas production. The most recent demonstration that this relationship is still fractious was the "out of the blue" request for arbitration, which still the company does not know what its about. The other significant factors slowing progress were limited finances, the down turn in the commodity cycle [which we are now beginning to exit] and indeed the company's own multi-faceted exploration strategy [rather than production], where it was setup primarily as an explorer than a producer. But this strategy and operations have evolved from some of the factors I have already mentioned above. It is also true that FRR have spent inexcess of US$400M in 20 years in Georgia, but when you break this amount down, its only US$20M a year. However the more relevant point is that all this 'sunk costs' are recoverable via the cost recovery pool in the PSA before any thing is paid to the Govt, so have substantial forward financial value.But the shorters will say what has FRR achieved for its US$4000M investment? To be fair, they have unearthed, significant oil and gas deposits, which have been independently validated through a number of CPRs and a number of new drills. It is pretty delineated for the next phase of development with deep pockets. Remember, these deposits are onshore, and on the doorstep of Europe, so cheap and accessible. But loose end to closing the farmout maybe securing the Production license, hence this 3-well campaign to prove commerciality on the Eldari formation. Success from these three oil wells should be enough to convert the license. Aside from that, interesting to note that creepy crawlies have come out of their woodwork, who have a very limited history about the company or little financial stake. I can only therefore assume that TW is paying them double-pay for ramp up their ill-informed, inaccurate posts. Anyway whatever the case, the fact there is a constant attack on the company recently means they are hurting. Hurting because FRR is getting strong with each well. We have already said that with 270bpd of new oil [from T45], we should be in the 500-range. With Dino-2 being stimulated as we speak while T39 ahead to TD of 2,800mtrs, we are making strong tangible progress. Then we Ud,