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The massive 95 million shares traded on Friday speeded up their departure. 13 million traded so far today so double that and add a bit and they will be gone by tomorrow.

Odey now 2.71% - from 11.23%

It is all still on according to the Conrad Quarterly Activities Report - link below - just running a bit late.

https://announcements.asx.com.au/asxpdf/20230731/pdf/05s3xh36qs8qyc.pdf

Gas sales agreement negotiations have been a focus of the Board and management of Conrad with tripartite engagements held between Conrad, a Singapore gas buyer, and SKK Migas. The negotiation of key terms is now expected to be finalised during Q3 CY2023. The continued GSA negotiations will allow the Company to take advantage of an improved and favourable pricing environment given strong worldwide gas demand and low supply.

A farm-down process for the divestment of a portion of Conrad’s interest in the Duyung PSC is ongoing with bids expected to be received soon. Conrad has engaged a global investment bank with a proven track record in similar transactions to lead the farm-down process.

Conrad Managing Director and Chief Executive Officer, Miltos Xynogalas, commented: “During the second quarter we have maintained our focus on completing the agreement of key terms for the Gas Sales Agreement (“GSA”) for Mako Gas with the Singapore buyer. We have extended the original timeline due to the size and importance of the project but we remain confident that these negotiations will be finalised in the short term. The extended timeline has impacted the farm down process which we now expect to progress during this quarter."

I am not the bondholders. They are the problem here. They are causing the death spiral and if you think they have suddenly stopped converting then you had better relook at the figures.

As I said in my earlier post they are more likely to be on holiday for the week than to have stopped converting.

Exxon - let's hope it goes better than Liberia then!!!!!!!!!!!

So to repeat my post:

Just to catch up a bit more do we know who the LOI has been signed with??

Who told you that I have been on a '9 month ****** in benidorm'. That's personal information please.

Just to catch up a bit more do we know who the LOI has been signed with??

Better not get too excited though as I see that it has taken from October 2022 - 9 months- just to progress this to the Non-Binding Letter of Intent ("LOI") stage.

Plenty of time for the bondholders to complete the conversions by the looks of it.

But then a rise in the share price might tempt the bondholders to convert more and at least this will speed up the conversion. Imagine the spike when they announce that the final conversion has gone through.

Unfortunately, the reaction to the occasional share price rise is as embarrassing as the continual ramping as the share price has nose-dived for day after day, week after week and month after month.

The last daily rise on 3rd July from the then low of 2p wasn't sustained and the share price even dropped further to a new low of 1.5p so there is no guarantee that today's rise will hold.

It might just be that the bondholders/converters are on holiday for the week which is why Mr Millholland took a chance on bringing out an update.

I must try and keep up to date here, though at times it is very difficult, but I do still hold some of these at around 20p. I have resisted the temptation to average down so far and will wait for positive news which might be a sustained increase in production or the signing of the JV.

Okay, sorry.

I see the June production figures are out - 37880 which is exactly what Mr Millholland said in his update at the beginning of July.

Has this been posted before? I have checked back over the last 300 frenetic posts and cannot see any reference though maybe they were released yesterday.

Also, judging from the quite ridiculous IPO's that have besieged AIM for the last couple of years, there is an easy temptation to completely overvalue the RTO target company.

Look at how many companies listed for huge sums - tens and even hundreds of millions - only for the share price to fall down to valuations that were so low the companies could not even manage a placing and were forced to delist.

Apps

Personally, I have never held a share that has been suspended pending an RTO and I hope to goodness that I never do. That to me, apart from absolute suspension, is the worst thing that could ever happen. Even a share delisting is probably a better result as at least you can usually still trade the shares - not that I have held any of those either.

Sometimes the relisting can go on forever, and often the RTO just falls through - look at Dish and Terra - Dish was suspended for months and then the RTO fell through and the share was relisted at a lower price than pre-suspension. The same happened to Pineapple Power.

Even when the reverse takeover does go through it does not guarantee a rise in the share price. Spac took over Held and the share was suspended for over a year. The takeover company was devalued before the deal was completed (it was going to be 47p) and the share price then tanked from the RTO price of 30p to about 8p from the time trading resumed, and it is still around 8p now.

Even COPL, whose acquisition of Atomic was deemed to be a reverse takeover, relisted at 60p only to spend the next two years falling to as low as 1.5p.

I am not holding here at the moment though that may change depending on the share price fluctuations and news regarding the new management's plans, but if I do get back involved I will make damn sure that I am completely sold out before suspension.

ATB

That should read 0.65g/t

Let's face it, ORCP hardly even tried to drill the Northern Zone prospect. They just had a half-hearted go at it and then set an Exploration target of "2.5Moz to 4.8Moz million ounces of gold" which the market didn't take very seriously at the time (otherwise the share price might have re-rated positively.

There is huge potential here and it is already being compared to the Boddington Mine which is one of the biggest in Australia but similarly low grade - with 11.59 million tons of gold grading at 0.65% gold.

Northern Zone Drill Program and Interpretation:

There have been several historic drill programmes conducted on the project area from 1998-2012. There are

many significant drill intercepts historically reported, with some of the more significant gold drilling intercepts

reported by Oracle on 13 January 2021, including:

• 9m at 5.06 g/t Au - hole BNRC017

• 1m at 39.82 g/t Au - hole BNRC033

• 2m at 23.27 g/t Au and 40m at1.2 g/t Au - hole BNRC069

• 6m at2.12 g/t Au and 2m at 12.98 g/t Au - hole BNRC051

• 3m at3.72 g/t Au - BNRC067

• 217m at 0.51 g/t Au - BNRC066

• 10m at 2.1 g/t Au - BNRC079

• 6m at 2.31 g/t Au and 3m at 2.85 g/t Au - BNRC080

• 28m at 0.84g/t Au and 48m at 1.65g/t Au (including 4m at 7.7g/t Au) - BNRC095

It's just a shame that with so much happening here over the last quarter the share price isn't a whole lot higher.

I see that "drilling is set to commence soon" at the Northern Zone in Australia, though that is more than Riversgold have announced so far.

Who knows, this might still be the making of ORCP if the drill results start to come good and Mr Lenigas starts to agree with ORCP's drilling target (of 2.5Moz to 4.8Moz million ounces of gold). We all know how he can ramp up a project if the conditions are right. It might even suddenly have a new target of 20 million ounces!!!!!!!

Not a holder here but this is an absolute disgrace. They had bankrupted the shareholders once and now propose to raise more capital and debt for them to do it all over again. And all the while business continues as normal. They should be made to shut their doors for good and leave it at that.

We should have some news by Monday as Conrad Asia issue an update every three months and the next one is due at the end of July.

It would be nice to know what the f*ck is going on. Q2 ended several weeks ago.