News Flow from 21/7/22

News Flow from 21/7/22

Plenty of news flow over the next several weeks.

Mostly low risk, good news.

Now-early August: 12-8-E Back on Production

Based on 1 to 2 months to fix.

I suspect that it is a relatively easy and quick fix, and timing uncertainty relates to timing of repair vessel arrival.

28/7/22(?): Quarterly Report

Should be good: would have been much better if 12-8-E wasn’t shut in.

Should get an idea of cash available for distribution.

Although, last year they also distributed cash generated in the first quarter of 22.

Also possible that they

• Give capital management guidance.

• Flag additional drilling at 12-8-E (see other thread)

Early August: 12-8-E-A8 result

A8 exploration well estimated to take 4 weeks to drill (spud 6/7/22)

If duster, then another 2 weeks or so to drill a Jaiowei reservoir production well into the virgin eastern flank of 12-8-E.

Early to mid-August: After A8 result: Announce additional drilling at 12-8-E (see other thread)

This makes sense to me.

However, the company has only announced possible Phase 2 and Phase 3 after collecting production data for several months.

That implies a break, and future drilling in 2023. So it may be a case of wishful thinking on my part.

26/8/22(?) Annual Results

Should be a very good year.

They should announce the nature and quantum of 2022 distribution.

They should give guidance on future capital distribution.

Capital Management/Distribution Facts and Guidance.

Capital Guidance is needed, and could come at any time (quarterly, annual results, even could deserve a separate announcement)

Distribution may require shareholder approval unless it is an unfranked dividend.

May be at the AGM in November rather than an EGM like last year (cost saving).

So it may be a bit of a wait to get the cash into our pockets.