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It's the MMs who need to 'get this right' by my calculations. They opened this up about 125% today and since then all it has done is fall. They need to learn to open the price at some kind of a figure that continues on from yesterday's close and sees the share price continue to rise on this excellent news. Now this is just a complete bloody mess and they should be ashamed of themselves.

The body of technical work undertaken by the Company led, through the course of 2023, to the identification and delineation of three primary prospects on AREA OFF-1, with total estimated recoverable resource (EUR) of ~ 2.0 billion barrels of oil equivalent (BBOE) across three prospects (Pmean, unrisked), and approximately 5.0 billion BBOE in an upside case (P10, unrisked).

Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is headquartered in San Ramon, California, and active in more than 180 countries.

The farm-out is done, well subject to finalisation - and the only question remains: will they find oil, and in the billions of barrels predicted.

Flow rates are imminent anyway. The testing started around the 11th and were due to take 'several weeks' which will be up by next week.

Don't be so daft. No doubt EXT know the flow rates already. Jennings will look pretty stupid though if the share price goes to 3p or 4p or whatever.

According to that Holdings Notification Jennings has 100 million warrants - probably at about 0.0021p - so that would be the Option for the 99 million shares. Quite enough profit - 5 times the cost - for them anyway.

Https://www.lse.co.uk/rns/CRCL/tr-1-notification-of-major-holdings-ltuknlyaecp7ycb.html

This is more up-to-date - 24th January - and shows that Jennings - who I believe is a company rather than a person - has a Long Spread Bet, shares, and warrants (probably for a microscopic price of about 0.0021p). Nearly 200 million altogether as of that date.

I say just get these bloody well test results out and cut the waffle.

My take is that Jennings will look pretty stupid if the share price goes to 2p, 3p, 4p or whatever.

EXT via Karam probably know the well test result already while Jennings is in the dark along with the rest of us so the whole exercise seems a little dodgy to me.

The only thing that worries me here is what was announced in the RNS dated 31st January 2024 which I will copy and paste here as well as provide a link.

"In Q3 2023, the Company signed a non-binding term sheet (the "Term Sheet") with Sembcorp Gas Pte Ltd ("Sembcorp"), a major Singapore energy company, which outlines the core terms and serves as the basis for negotiating a definitive Gas Sales Agreement ("GSA"). Subsequent commercial negotiation between the Minister of Mining and Natural Resources and Sembcorp has resulted in both improved price formula and a delay in executing the GSA, and accordingly, Conrad has agreed with Sembcorp to delay the deadline to finalise a binding GSA (which will be subject to customary conditions precedent) by the end of Q2 2024."

According to that announcement by Conrad Asia the GSA is not due to be finalised until the end of Q2 2024 - ie. the end of June 2024 - which is over 4 months from now.

https://www.lse.co.uk/rns/CORO/update-re-duyung-psc-0l745v0j9le0ido.html

Does anyone have any thoughts on this? Obviously, the farm down cannot be completed until the GSA is signed off and this business just seems to drag on and on and on and the thought of another 4 months of waiting around is just ridiculous.

Blimey, you're observant. It also says the purchase was for 2000 shares at 0.5p - wow, I make that £10. Certainly, all we need in an RNS!!!

0.79p to buy 20 minutes ago - now just 0.67p. Add in the huge spread - 23% - and people are desperately ramping away to try and get out without too much of a loss.

Looks like a massive spread as well - so the anticipated profits from a quick trade will not be quite as attractive as they might appear on the impulse.

I don't quite get the enthusiasm for this - more of a death wish if you ask me.

23 February 2024

"Should the Company not have made material progress with its formal sale process or with any other financing initiatives by the end of next week, the Company may need to commence planning for an administration. A further announcement will be made in due course."

'the end of next week' is in 2 days - Friday - so there isn't much chance of them getting a sale sorted by then so it will either be a cheap, cheap placing or 'planning for administration'.

Well it's not the JV, that's for sure, as they have both been officially terminated, with the only question still open regarding any legal recourse. The JV would have seen huge upside here as MAST would have been carried for tens of millions of £'s for new projects with their only commitment to provide the technical know-how.

Instead, they have immediate funding in the form of a Loan Note. This will keep the lights on. Whether it will be enough for a big re-rate remains to be seen.

26 February 2024

Premier African Minerals Limited

Zulu Lithium Plant Update

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide an update on plant operations at Zulu Lithium and Tantalum ("Zulu").

The plant has now run with primary ore feed and optimisation of the new components continues. Over the coming days, plant operations are expected to stabilise as a range of minor issues are resolved by the plant operator and contractor.

George Roach, CEO commented, "Premier is both encouraged and simultaneously frustrated as much by the fact that the newly installed mill exceeds expectations and by a number of system and control issues that are interrupting operations right now.

Premier expects the plant to operate continuously, as previously announced, before the end of February 2024.

Premier expects to provide a further update before the end of February 2024."

It was the drilling that seemed to take too long but maybe there were external hold-ups which were not communicated to the partners and hence on to the shareholders.

After all, the second drill was completed by 28th December and testing was announced as starting from then but it was 6 weeks later, on 12th February, before we were told of the delays to the start of the testing and given the reasons. Maybe the same happened during the drilling but we were just not informed.

I just want to get the flow rates out now so we know whether the well is going to flow exceptionally well or just averagely well.

Yes my '7 days' was meant to be 7 working days so by the time you add in a weekend or 2 then 1-2 weeks seems to be the usual time it will take.

A drill takes about 2 weeks, maybe 15 days to reach 800 metres, whatever the geology, then a week to clean up and another to move the rig. So a month at the very most for each drill but somehow the state-owned oil company managed to string it out for just about 2 months for each drill. I would imagine that the bill CRCL will get for their 20% stake will be quite large.

Okay there were delays to the start of testing but the actual process shouldn't take more than about 7 days. Sonangol have their own pace to work at and it certainly isn't fast.

Not that I am complaining as this is still a very good opportunity but I have already missed at least one other probably even better opportunity while my cash has been tied up here for months on end which is not great, especially now the share price is back down to the 0.80's.

AJMHO

Personally, I am still trying to guess what the flow test rates might be. That is the immediate question here at the moment and the news that is likely to have the most effect on the share price.

Historically this well has produced at a peak of 12,500bopd and flow tests will usually flow at higher rates than later production figures that are normally tied back to maintain well integrity, etc, etc but that brings it to silly high rates which leaves it open to disappointment.

I shall just wait and see what the RNS says, as let's face it this share is almost completely under the radar and the only thing that is factored in at the moment is that the drill was a success.

Obviously, the current 2 drill and 2 test campaign is going to cost, especially as it has been going on for so long (since September) and it doesn't look like any of the costs have been billed so far. I don't think it's going to be cheap or they would have got the drilling done in a quarter of the time and time costs money. The state-owned oil company can afford to take their time (and run up the bills, especially labour costs).