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A maiden Mineral Resource Estimate will be very important here. All we have at the moment are a lot of drill holes with the depth of mineralisation and the assays but nothing to put any value on the asset. To quote from the RNS: "Based upon an MRE an assessment of its potential economic value can be made". Basically, it is X number of tons at X $'s per ton. Real figures and a real value. Chances are it will be worth a lot more than the current £46M m/cap.

Cheers Mischief23. I wasn't imagining it.

Hi, I seem to have it in my head that I either read somewhere (ie. in an RNS) or heard sometime (ie. on a podcast or presentation) that EEE were hoping to be able to release a maiden resource estimate (JORC) by the end of Q2/H1 of this year.

Can anyone confirm if this information is correct and maybe point me to where it was mentioned? Cheers in advance.

Everything moving quickly - except the share price which appears to be stuck in the doldrums.

I tell you what would get this moving upwards again - if they started drilling at one or both of the other projects - Walton or Stavely. These were both acquired at the same time as Pifield, with news of the acquisition released on 6th April 2022 - 2 years ago - so maybe it is time to get these moving forward alongside Pitfield. I'm not sure about Walton, but Stavely is a big copper prospect.

I reiterate that the trouble I have with this company all appears to stem from the slow and tedious performance of the operator on the Angola licence, Sonangol.

Obviously, my 2-week timescale to drill a 1000-metre well does not include rig set-up and dismantle times, which should add at the most a week to both ends, giving roughly a 4-week timescale from start to finish. Sonangol have clearly taken twice as long - ie. 2 months - to drill both wells and that is not good enough.

I can come up with numerous working examples of how long it takes to drill an oil (or gas) well and they will all point to roughly the same timescale but to save me the effort 2 suitable examples have appeared in today's RNS's for other companies so I will use them to make my point.

Firstly, Union Jack Oil have recently drilled a well in Oklahoma, USA which spud on 28th March. The pre-drill target timescale was:

Approximate ten-day drilling period to a depth of 5,200 feet - which is about 1,575 metres

Completion time is estimated at approximately a further eight days including perforating and flow-back, if successful.

As announced on 8th April the drill reached 4,600 feet - 1390 metres - after 11 days of drilling.

Secondly, Zephyr Energy are preparing to spud a well in Utah, USA with a planned depth of roughly 10,000 feet - 3000 metres - with a planned drill time of 30 days.

I could come up with numerous other examples. It does not take 2 months to drill a well to 1000 metres. Progress has been pathetic at best, made even worse by the fact that after all this time they cannot even get the bloody well to flow oil. Sonangol are total time-wasters.

Yeah, I sprout nonsense. I see that the share price was up 13.5% when the first Call Option was announced back in February but it was straight back down within a day or two though. The market saw through that con all right. Now, today they have cancelled that first Call Option so there was nothing going on with it. And they have replaced it with an equally silly and unrealistic Put Option.

Apologies if I am coming over as a bit hard on this outfit. I have just seen and heard quite enough nonsense over the last 6 or 7 months and it just isn't getting any better.

I am not out of pocket here. In fact, I had never even heard of the company before the announcement of the start of operations in Angola at the beginning of September last year. My research has told me that they used to be Regency Mines, but I had never had any of their shares either. Anyway, I thought it looked a good prospect and soon had a load at an average of 0.305p. I then traded them at various times over the next few months and bought some more at about 0.9p but did offload the rest when the unsuccessful flow test results were first announced but ended up in profit overall.

What has annoyed me is that it took Sonangol 2 months to drill the first well, which only went to 958 metres. You cannot take that long to drill a well to less than 1000 metres. Then they took another 2 months to drill TO-14 and that only went to a depth of 781 metres.

Then, on 28th December, they started testing TO-14, only 6 weeks later to announce that because of adverse weather and equipment shortages they still had not started the flow test. Then another 2 months later, we get told that TO-14 hasn't flowed any oil. It doesn't take 2 months to flow test an oil drill. It is something that can be done in a couple of weeks. And a 1000 metre drill should be done in about 2 weeks as well.

I suppose that my concern here is with the operator, Sonangol, rather than with Corcel but in such a situation, where admittedly it is out of Corcel's hands, there is little to do but state my concern on the Corcel board here.

Apologies - but what a fiasco this has turned into. Is there any way back? We shall see. I shall certainly buy back in if they get the oil to flow but I am not going to be conned back in with dodgy 'premium-priced' placings or unrealistic Call or Put Options.

ATB

It doesn't help when all of the buys are logged as sells.

Still less than a £3M m/cap which is quite ridiculous.

I thought that this would start early as Kobold are a massive, very professional outfit. Super news.

And don't forget that their farm-in partner at Mt Weld, Riversgold Limited, walked away from the project. That does not happen very often. And the boss of Riversgold is David Lenigas, who previously couldn't speak highly enough about Mr Karam. Something must have changed.

Can anyone explain to me why they would do a premium-priced placing on the same day that they issue the disastrous news that their 'number 1' well - TO-14 - has not flowed any oil at all, let alone commercial quantities?

"Maybe they are very bullish and would rather buy them from Jennings than see others buy them so cheaply?"

The Call Option from 29th Feb 2024 offered to buy the 99 million shares from Jennings at 1.2p per share. Today's Put option says that Jennings can sell these shares to EXT for 0.75p per share. It would appear that they are not as 'bullish' today as they were in February - in fact, they are 37.5% less bullish.

Don't lose sight of exactly who EXT are. They are Mr Karam and one of his mates and nothing more.

"Mr Karam has a 45% interest in Extraction Srl, an Italian company, which in turn holds 100% of the issued shares of EPM, an English company. Mr Karam and Giovanni Colangelo are the directors of EPM, and Mr Colangelo is the sole director of Extraction Srl. Extraction Srl and EPM are investment companies that were formed in 2023 with a mandate to make investments across the natural resources sector."

EXT do not need the shares. They - EXT - have just taken 100 million new shares in the placing. For some reason, they are pretending to dangle a carrot in the face of R Jennings which has the net effect of stopping Jennings from selling the 99 million shares. Maybe EXT think that if Jennings sell the 99 million shares on the open market then it will crash the share price. If it does, then so be it.

EXT are not stupid. There will be an "auto-exercise" condition attached to this Put Option, which will basically mean that it is never going to happen, as with The Call Option. They (EXT) or CRCL management (if they exist beyond EXT which is very doubtful) just haven't bothered to attach the conditions to the RNS (which is very convenient and all part of this attempt to get the share price higher by whatever means, fair or foul.

AJMHO

'up to' being the same words that were used in the Call Option. They (EXT) didn't appear to buy any of the shares though. Not one. It is just a lot of nonsense to attempt to breathe some life into the fast-dying share price.

The management must be scratching their heads trying to work out how to get the share price back up to previous levels. They are trying every trick in the book. What's next?

I can guarantee that there is an "auto-exercise function" in this agreement which has not been disclosed. With the Call Option the deal would only "auto-exercise" when the share price reached a certain level for so many days and on specific volume. Without these conditions being met it was just a figure on paper.

There is no way that EXT will let this Put Option go through at that price without some conditions also and exactly what these are we do not know.

I think that most people can work out that with TO-14 being a no-flow disaster, and with TO-13 being in the same field and probably also very unlikely to flow, then the share price certainly isn't going to be rising in the near future. Besides, I expect that TO-13 will take the customary 2 months to flow test so the share price will drift on no news as it usually does.