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Some chunky buys today which one would assume would bolster the sp. However it keeps moving south and looking vulnerable. Is this is a piecemeal offload by a large shareholder/II or MM's holding too much stock?

Cashed out at 20p on an average buy-in price of just over 3p, so feeling fairly happy right now. Will keep an eye on this company's sp but now looking for another prospect to do the same . I have always found it prudent to cut and run when a rapidly rising stock starts to backslide for no apparent reason.

Also good to note that Petrofac view the core project as prestigious. I have long thought that the UK Government was keen to see this project brought to first gas, given the import substitution impact and, in parallel, FX benefit (i.e. no foreign currency payments for gas). I also have no doubt that, with CalE/BH as a partner, IOG's standing in the industry has improved with all the benefits that that generates. As bandit notes, it is difficult to see CalE remaining as a partner but I suspect it will want to see some progress with the LOG overhang before making an offer for the shares.

Ctw2014, I think that is a view held by most, if not all, shareholders at this time. What also encourages me is the upside potential beyond the core project. The risks here, as I see it, are that there are complications and delays in equipment fabrication, installation etc with parallel cost increases. However, as has been noted before, post pandemic recovery fervour should be to the company's advantage as well as minimising cost overrun prospect.
For a new investor I would think that this is a very attractive opportunity.

I suspect most shareholders in ETX have limited or no knowledge of the therapeutics/pharmaceutical industry, specifically in relation to research and testing, etc. I am certainly in that league. However, I bought in here on the back of a little reading/investigation about the company, a thought that its work could/would become more valuable within the current pandemic and a relative whim. I have managed to achieve an average price of 3.2p and am now looking at over 7x growth within 8 weeks or so. Certainly one of my better investments in the last 6 months!
What intrigues me is that the sp has risen to this level on the back of what can only be described as limited achievement so far. However, the company certainly appears to be moving in the right direction in terms of research /testing partners and specialist appointments as with the latest RNS. The thrilling aspect of this industry is that it should not only attract the attention of the major investment houses in due course but, given its global potential and the covid19 situation, could also become of considerable interest to governments and international agencies with their almost inexhaustible funding.
I guess it is impossible, based on current knowledge, to predict where the sp goes from here. However, should the company discover the holy grail one could expect to see even further stellar growth, with the sp moving into the £s and so on. That said, I think we all know that it could also blow out - but that is the boom/bust risk in such investments.
All my own thoughts.

Peakview, agreed. For those of us very lth's that have been able to keep average prices around/less than 10p, this should generate a decent reward in due course. However, even at 12p this is still a buy in my opinion as there is simply little downside potential between now and first gas. Indeed, if anything one could speculate that there is considerable upside potential between now and then. No doubt, most of us have given up dreaming of a 100p plus sp but who knows, particularly if BH gets further involved?

It would be useful to have an update from the company in due course about the impact of the virus on project timetable, fabrication, installation and first gas. The downside as I see it is that many/most elements will suffer delays (due to lack of manpower, materials, etc) but I am hoping the upside is that remaining contracts to be awarded will benefit from cost reductions as companies drop prices to secure deals and recover businesses. We have had some evidence of that in the last RNS.
The core project will happen, it is just when not if. That said, presumably we will see the sp hovering around current levels during the pandemic but begin to rise as further contracts are announced and project milestones are met. My expectations of the sp have, over the past year, been significantly trimmed (Fiona McCauley in Jan 2019 "With this fund-raising there will be no more share dilution" - wonderful to have that level of knowledge and experience in the company's chair........) and if it again reaches its flotation price (45p - 2013)) I will be reasonably happy. However, what will determine growth beyond that will be further projects and the mindset of CalEnergy and its parent Berkshire Hathaway, i.e. IOG to remain as a jv partner or to become a subsidiary. I continue to be baffled by the lack of approach by CalE to IOG with an offer at this time. CalE already owns 50% of the core project and could pick up the remaining 50% and all other assets of the company for, say, 25-30p (which would represent a 115-155% offer on the current price) - about £150m including share overhang. This is peanuts to BH which has stated previously that it has grand plans for CalEnergy. Of course, the oil price fiasco will be influencing people's thinking at this time but this is gas, which still provides ca 40% of UK energy generation.
Clearly the ramblings of someone with little else to think about or do but as always reactions, comments, different views, etc welcomed.

I acknowledge the thoughts of other posters, but it is difficult not to talk this share price up given current dynamics. Frankly, if this research has any legs whatsoever it is going to catch an enormous amount of attention within the pharmaceutical world and, accordingly, among the intsitutional investing community. Mortazavi is no fool and he has been maximising the impact of recent information by drip dripping it into the marketplace via these interesting RNS's. If Mortazavi is scheduled to speak on a webinar this week I doubt that he is going to say anything negative so the sp could well drift even further northwards prior to his announcement and rapidly on from there.
Frankly, it is nigh on impossible to predict ETX's value should it come up with a drug/vaccine/whatever which contained, cured or immunised against covid19. The sp in such event could launch rapidly upwards and the current market cap of £56m could well be a small fraction of where it ends up. However, to bring it back down to earth, there are a myriad of other experimenting companies/platforms which are also working on such remedies so it could be a relative race to be first with a solution. Second place could consign the company to the backwaters

dunderhead, As you can see from Mole's post, there are others who feel that the inherent dynamics and numbers for the core project alone speak for themselves. Just doing the arithmetic on known data produces a figure of 50p per share as Mole predicts, although we are all cognisant of the part that the then current gas price will play in determining a figure. If anyone was to press me for my prediction of the sp post first gas I would be thinking in the 35-45p range depending on said gas price - with further growth as IOG starts generating tariff income from the pipeline and lines up additional development projects, with or without CalE.

I presume this RNS will be one of several/many confirming contracts for, and progress with, the core project, leading to first gas next year. As many of us have written, this project has been significantly derisked over the past year or so and one hopes that these new contracts will be completed without mishaps and undue delay in the course of the next 12 months or so.
It will be interesting to see where the gas price sits at the commencement of gas production, although I am less optimistic about this element of the equation at this moment in time given oil price woes and substantially reduced industrial output around the world, courtesy of the virus. It could well be that the npv of the core project at that time is lower than originally projected although I guess this is something of a $64,000 question. That said, one would hope that, by that time, the sp has broken through the 20p barrier (which many people see as the RRE proposal) and is moving towards 30p, or even higher?
Remember, the sp was 34p in the last quarter of 2018 but this was before the proverbial hit the fan re LOG and then the Harvey disappointment and then coronavirus. Maybe 34p is the new target price?

dunderhead, As I understand, RRE's offer was not for the entire share capital of IOG but designed to buy out the company's debt, thereby gaining control through the back door. It was, in my view, a ridiculous, egotistic move by Andrew Austin and doomed to failure, if only because the administrators of London Oil & Gas were clearly able to comprehend the value in the company's assets and sided with IOG's board in declining the 20p offer. Yes, 20p is 77% higher than the current price but most shareholders in IOG have long accepted that this is a medium term play and that the future share price could ultimately be multiples of that figure.

Agreed Mole. What still intrigues me though is why neither CalE/BH nor a large/midcap gas producer have come forward with some form of offer? With a current market cap of ca £55m and a £250 (50%) entitlement to the npv of the core project (quite apart from its other assets), you could pay, say, £150m for the company (ca 30p/share) and still get £100m return. I appreciate the negative share market sentiment at the moment but industry sentiment must be more optimistic - certainly based on IOG's dynamics.

dunderhead, As a financial entity formed specifically to invest and make money, I would assume that any II involved in the hydrocarbon sector will be looking for buy opportunities at this time, given the oil price conundrum and inevitable overflow of negative sentiment onto the gas sector, as has been clearly seen in the spas of most major and mid-caps. Companies like IOG must be few and far between on AIM at this time (for the reasons I gave) and, at 11.50-12p, the share price is nowhere near where it should logically be at this stage. The fact is that gas continues to supply 40% of UK power generation and the UK government will support the development of undeveloped/stranded assets rather than rely on imported gas or LNG, as it is a win win for the economy. Yes, there are long term targets for zero carbon emission etc but, the reality is that gas will continue to be a large contributor to UK power generation for some time.
As butd implies, there is now so much more to IOG than just the core project and my own view is that CalE/BH will in due course become an even closer trading partner or, dare I say, owner.
If the II's don't recognise this then they are missing a prime opportunity.

Good, solid update with nothing but positive info. Pleased to see the company was early in its response to the pandemic and that this is working in its favour.
To my mind AIM must be crying out for a near term success story to restore liquidity in the market. Being fully funded to first gas and with CalE/BH in the wings, this has to be one of those candidates. We all know that nothing is straight forward in developing assets such as these but, with so much derisking having taken place, this must surely now secure the the focus of big institutional players, if not asset/near term cash flow hungry competitors.

munchbox, If you approach the company I am sure they will be willing to give you the specific details.
In very broad terms, it would appear that the market has been basing its valuation on an approximate npv of the core project of ca £500m, not including the value of other licences, the Thames pipeline (purchased for £1 and subsequently certified for long term gas carry), third party pipeline tariffs and any other value accretive opportunities sourced via CalE/Berkshire Hathaway Energy.
For the record, CalE get 50% of the £500m per its farm-in agreement with IOG in exchange for up front cash and future funding. leaving £250m for the company. There are ca 480 million shares in issue but options/warrants which would take that beyond 500 million. Based on 500 million, the npv attributable to each share is 50p which is ballparkish in terms of recent broker sp estimates.
With a current sp of 11.5p to 12p, the maths do not appear difficult to conclude that this is buy opportunity. This is one of very few companies on AIM which is fully funded to first gas and has the backing of one of the world's greatest asset management companies. Clearly though, nothing is simple in the oil and gas world and recent negative crude prices have inevitably impacted upon the gas industry. That said, some 40% of UK power generation is still gas fired (ca 1 % oil) so the prospect of gas prices suffering west Texas/Brent palpatations is low.
My own views and perhaps other regular posters will add/subtract to the above.

This is puzzling. If the company is "fully funded" to first gas, which includes personnel salaries, etc., why have these options been deemed appropriate? Sorry for my pessimism but I see this as just another "stuff my pockets" move by these people.
All it does is further dilute (admittedly minimally) the equity in the company.
I wonder if BH/CalE were consulted about this? They are not shareholders (as far as we know) but have put up the very funding that has allowed the company to turn itself around.

duster, It is CalEnergy/Berkshire Hathaway that is the elephant in the room now. RockRose is minuscule in comparison and I cannot comprehend that it would even begin to contemplate a "low ball" offer. Logic dictates that such an offer would simply be a waste of time and money and I suspect AA's ego would not even stretch to such a move.
That said, I do question why CE/BH has not made an offer themselves. IOG is a perfect addition to add to their gas ambitions in Europe.
I hope you are right about the sp. I would imagine than many, if not most, existing longterm holders will have bailed at that point.

Just a few words to all that contribute on this site that I hope you and your families come through this human tragedy in reasonable health. Never in my 69 years on this planet did I ever envisage living through such a situation.

Peakview, The current sp speaks volumes in my opinion. Stark reality is nobody has any clue where the stock markets are headed at this time and the IOG sp could possibly be heading towards 5p. However, and this is big however, IOG is fully funded until first gas next year and therefore there should be no need to lay off personal or suchlike. That said, progress on field equipment could be delayed because of restrictions on working imposed by the government so this could actually delay first gas and, therefore, cash flow.
Once this situation is under control and contained as much as is possible, all governments will want to re-stimulate their economies and will possibly bring in a raft of productivity, financial and fiscal measures to get countries back on their feet asap. Gas, which fuels industry, commerce and homes, will hopefully be one of the first sectors to see a surge in demand.
Based on this thinking, the current sp could be viewed as a wonderful buy opportunity. However, there are just so many unknowns at this moment in time that some may view IOG's prospects negatively.

In the current environment, I guess we should be happy with this update. As noted, IOG sits apart from most, if not all of, its competitors on AIM. A continuing buy opportunity - if you can get them.
Still can't get my head around why BH don't just make an offer for the entire company at this low sp? It clearly wants to expand and grow its CalEnergy franchise and gas is preferable top oil at this juncture, so why not just pull IOG into its portfolio?