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Someone selling in big chunks - which suggests to me an institution. Completely irrational to be selling out now. Only explanation is they want out of oil & gas. Once they are gone this will surely tick up?
Well, they can only sell once, so it's good to see the back of them. Hopefully we can now move up properly. Either way, eventually the valuation will shine through - esspecially if they keep finding the hydrocarbons like they currently are!
Whilst you can't say whether it's a PI or one or more iis, about 500k was shifted today in large sells. Top slicing as you go was never a bad strategy I guess.
That 106k sell kept us down today obviously
So tomorrow should see the start of a rerate! Hopefully anyway
Mozza - yes, late reported sell for 106K. Fair bit churned over, can only be good for helping provide a floor.
We could've found Lord Lucan and Shergar in Egyptian Vulture and still not gotten past the IPO price. An unloved stock but hopefully not for much longer.
Yes I suspect Helge will be speaking to the institutions over the next few days as well to explain the result and its implications in more detail. From Malcy’s comment it sounds like he’s very pleased it’s liquids, and the word “significant” is not said lightly by these guys.
Yes there is a large range of recoverables at this stage and yes it needs appraising, but this was a very important discovery - just what they needed.
Now over to Mugnetind & Ginny/Hermine (the latter could be a quick drill if it goes to plan with an operator estimate of 27 days). It would be great to get at least one more commercial discovery before year end.
I think we'll see a load of delayed trades later - presumably a seller exiting. This is the highest volume day so far on pretty mega news by the company's standards and yet we are only up 14%. We were actually trading 10p higher before we found any hydrocarbons!
I think once they're out we'll climb up properly with a few good days of double digit gains.
I liked this bit of the RNS "This could significantly increase the resource estimate for this laterally extensive discovery measuring approximately 80 km2 as defined by the seismic amplitude anomaly."
Anyone care to calculate the potential size of the resource if the whole 80km2 can be exploited? Sounds huge.
I think you're probably right, Whir.
Even at the lower end of expectations for both fields these two dicoveries are worth a combined 32p to LBE.
Come on Mugnetind...lets make it a discovery hatrick.
Living the dream.
I think we still have a seller actually, perhaps one of the IIs who bought in at IPO and then decided they didnt want to be in fossils, selling down whenever they can, in large blocks. No matter, or even a good thing, as its provided some liquidity today and has allowed those of us who have wanted to to buy in at these prices over the last few weeks. When this seller finally done I hope to see us racing up to more realistic sp.
Malcolm Graham-Wood "I have just spoken to Helge Hammer CEO of Longboat Energy and this is a fantastic discovery. Liquids a big bonus and I’m a very prolific area."
————
Hopefully we might get an interview with Helge after the next two wells to summarise the position at the end of the first stage. It would be useful to know if he’s opened his champagne yet!
Nice to see our stock go into auction...makes a pleasant change!
Well this is the news I've been desperately waiting for.
SP is still vastly undervalued, but I'm ecstatic with the results. When news spreads of how significant this discovery is, we should be well over £1, but I expect with 5 drills left we should be looking at £2 plus by March-July next year.
icemax, just to come back to you on Mugnetind, yes they could sidetrack if they encounter problems but operators can do that on pretty much any well and it would only be a few metres from what was planned.
The drill permit that AkerBP applied for was for two wells, drilled from the same rig location (so I’m guessing a sidetrack appraisal from the same wellbore). They won’t do it if the initial well is dry, but it’s nice to have the option to crack on immediately if it’s a success.
Great news...super reassuring .....looks like we are finally on our way to become a full cycle E&P business!
Well done HH and team - cost-effective exploration led fast route into production and cashflow generation!
2 drills = 2 discoveries = 100%
Well done to everyone who held strong.
Never in Doubt (wink emoji)
ATB
Malcolm Graham-Wood "I have just spoken to Helge Hammer CEO of Longboat Energy and this is a fantastic discovery. Liquids a big bonus and I’m a very prolific area."
It's irrational in that it's an illiquid stock. On days like there needs to be sellers before people can buy.
Just have to appreciate the market being irrational initially here. Looking at the SP history with just the cash in hand, and what was only hope at that point. Now, two drills in. Egyptian Vulture was a low COS drill. Still plenty to come.
Me too - managed to grab another 5k worth @84p, took nearly an hour to fill though.
Happy days!
Mangaged to top-up another 9700 shares @ 0,84 .... Which was my average after buying over some time... AFTER this discovery. Great, and thank you!
On ii I can’t even get a price to buy 500 shares atm!
Trek
I've done some maths:
On 2/7 fields drilled the firm has 4.65mmboe net low end, 8.25mmboe middle and 11.85mmboe high end combined recoverable resources. Per share this works out as: Low: 32.6p
Mid: 41.97p
High: 60.28p
https://twitter.com/ProAIMTrader/status/1452543182340775940
Thanks Paul. Would it not be the case that if the first drill encountered an issue, it could be sidetracked? I bow to your knowledge!
icemax, with regards to Mugnetind, I think the second well will only happen if the first is a success. Essentially it would be classed as an appraisal well if they make a discovery. If the first well is not successful then it won’t happen. So not quite two shots at it but possibly a swift sidetrack to assess the extent of it if they find anything interesting.