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Scored/Mole, thanks for the response - very useful for someone with limited market understanding. When the sp dropped to 7p last year, it was the prospect of Southwark that dragged it our of the doldrums. This time I guess we are relying on clean up and restructuring of A1 and then possibly A2. Without them I could also see the sp drop even further.

scored, as a non-market person, would appreciate your thoughts of where you feel this could go based on LO sold out (with more than sufficient buyers it would seem) and expectation of some positive news on A1?

K3VMC, I can only assume that you are aware of the previous problems with the A1 well on Southwark, where drilling fluids were being lost downhole resulting in the well being suspended. My point is that this experience does not appear to have figured in the A2 planning, which adds weight to the view that the water ingress and gas flow issues on A2 were probably encountered very early, yet not reported until 18 January.
I don't know if you are new to this stock, but, put simply, the company has encountered a myriad of issues on Blythe, Elgood and Southwark as well as at Bacton.
Why am I invested? I am a long term shareholder (in at listing in 2013) and sitting on a large holding at a single figure average. Yes, perhaps I should have sold some or all when the price was in the high teens but, given that we had achieved plus 40p in 2022, I felt that the constant list of bad news had to stop at some time. Unfortunately, I was wrong.

K3VMC, What stinks, as referenced by wolster69, is the probability that these problems had already manifested themselves around, on, or very shortly after the 22 December RNS, yet IOG took almost a month to report them. What that did is create a false market for almost a month and I suspect that there are many recent investors (aside from suffering long term shareholders) who have lost considerable sums of money buying into a situation which could have been prevented.

Thanks RMcP. That is potentially comforting information. That said, as dh outlines, what will primarily influence the share price are the subsequent gas flow rates so, as many are saying, the next few weeks will be yet another fraught period for long suffering shareholders.
What continues to disturb me however is the fact that a positive operational update issued on 22 December has been shredded by this announcement just 27 days later. I cannot believe that there is anyway that early warning signs were already being experienced just before Christmas and why it took until 18 January to announce the news to the public. As various posters have opined, something stinks here.

RiggerMcPigg, Not being an industry man, that is the analytical logic I like. Are you implying that the remedial work required could be low cost and carried out relatively quickly? Would you have any other comments/views on the content of the RNS. Just looking for crumbs of comfort in what has been a catastrophic 48 hours.
As for director buys, I would be delighted to see that occur but something in my mind is suggesting that we have not heard the last of the bad news.

hs, completely off-subject and apologies to all posters, I have also worked in reserves around the world with wild animals and love it. However, I have never worked in Africa. Do you have a an organisation or contact details you would be willing to share on this board?
On the more important subject of TXP, I am continuing to buy as funds permit since, as has been said, the future news for this company is extremely positive. I was fortunate to originally buy around 16p but have averaged up as I do feel that the future will see the sp rise to £2 and beyond.

Mole/Wolster, To be honest, as a financier, I don't know what to think about the story of the past 3 years. It has simply gone from bad to worse. Much reduced cashflow from Blythe/Elgood and now southwark A1 apparently a 50/50 chance of success means the company is going to struggle financially, irrespective of cash in the bank. As an example, don't expect the bondholders to merrily renegotiate its terms - they will seek a pound of flesh if that is what is required.
What is more worrying for me is that Blythe, Elgood and Southwark all have historic data and more recent information gained from development drilling, yet the company appears to have either ignored this or not thought to review it in determining is development programmes. However, I am on thin ice in discussing technical issues but I note that others have expressed similar opinions.

How interesting that LSE is blocking me from spelling conspi******...

conspi******

Would be interested in the thoughts/views of greatgiginthesky, sailor, spArmada and other industry professionals on yet another geologically related problem with IOG's assets development. The list now goes on and on and we are now being asked to swallow a statement yesterday which could be considered completely at odds with the operational update made - just 27 days ago on 22 December. If I was a conspi******, I could begin to think that something untoward was going on here!
When you realise that IOG's illustrious chair, Fiona McAulay, is a geologist and who has presided over the catastrophes of the last 3 years, earning £130k per annum, you have to wonder how on earth she is still in that position.

Wolster, you and me both. What really hurts is that I had a bad feeling a couple of weeks ago but, despite the history of disappointment, did not sell.
I hope that market professionals are right in predicting a bounce back once the big sells are done. However, yet again, IOG has once again snatched failure from the jaws of success.

Sad to say that I had predicted this based on the experience of a myriad of previous RNS. Something does stink here as the sp started to drop 49 hours ago. What also needs to be explained in precise detail is how long these issues have been known as the lack of an announcement clearly created a false market.
What is extremely worrying is that, yet again, the problems are all geological and yet Fiona McAulay (a geologist) remains as Chair and Petrofac appear to have retained their role.

on the back of no news as, evidently, the market views mid-January as the 16th and not many days either side. Woe betide RN, the Chair (who should have gone already) and the executive team if the news from A2 is not good. Simply, if Southwark is not considered a success, they must all go.

Wolster, Could also imply that they have had problems with the flaring/flow rate or other technical issues. Sorry to be a pessimist but, as a long term shareholder, I have witnessed far too many unpleasant announcements by this company.
That said, no one on this board will be more happy if the next RNS is positive in every respect.

Perish the thought!

Davidspellacy, I think you would agree that, given the company's sad track record on both announcements and events, RN should have been very careful in what he wrote in the last operational update. If there was ever going to be an issue about achieving first gas "by mid-January" then he should have been more explanatory and provided himself with leeway. The clear and present danger here is that further failures will completely undermine his position.

Wolster, this is what RN stated in the last RNS "Southwark A2 well test and clean-up planned for next week with first gas expected by mid-January". "by" mid-January in anyone's interpretation effectively means "before or on".
This has been IOG's continuing problem - making statements which should have been more carefully considered and worded. For example, if first gas "by" mid-January was still a challenge why not just say "around", which would give some leeway. Frankly, the company just does not seem to have learned any lessons from all the announcements and subsequent bad news of the past ca 3 years.
The company j

JH77, Agree. However, it would be even better to read an RNS confirming gas is being produced from A2 in the first instance.
This is now "mid-January" as RN stated in his last operational update. If he wants to retain credibility, he needs to announce production immediately.

Closed at C$1.29 on TSX, equivalent to 79p - 7.5% up on London. Looking good for Monday opening this side of the pond!