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The GM isn't for another 2 weeks or more. The raising of the authorisation to issue more shares from AGM to AGM is fairly standard. We have been told that they hope to finalise the farm-in/out agreement by the end of January 2024 - which by the way is next week. More a case of getting the priorities right I reckon and concentrating on the immediate matters in hand rather than worrying about what may happen months and months from now. By then the share price might be multiples of where it is today anyway.

AJMHO

You're obviously the expert here, Sausage, but for your information there were already 10,497,336,158 shares in issue on 19th December 2023.

"18 December 2023

AIM: SYN

Update to Admission Date

Synergia Energy Limited ("Synergia" or the "Company"), announces the following update regarding the admission to trading date.

Further to the Company's announcement on 5 December 2023, the admission of 1,375,000,000 new fully paid ordinary shares ("Placement Shares") will now take place on 19 December 2023.

Following the issue of all of the Placement Shares, the Company's share capital and total voting rights will comprise 10,497,336,158 shares. The Company does not hold any shares in treasury. Consequently, 10,497,336,158 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules."

Of course, you can very rudely call posters who are cautious trolls, or just realize that after all the goings on here they are maybe just a little cautious.

A lot of people bought at the last placing, or averaged down, and yet the share price has still managed to fall another 28% from that pathetically low price. There is nothing certain here for now.

Is that the last placing or the next one????

"The Company will now rig up for wireline operations to log the entire well. Following wireline operations, the Company will then perform an open hole well test (DST) across the faulted zone and additional zones of interest, once full petrophysical analysis of the wireline logs is complete. Downhole samples will be taken and evaluated onsite using the pressure-volume-temperature field laboratory. Any additional samples will be sent off to specialised noble gas laboratory for further verification."

Noble Helium still do not know if they have a 'discovery' rather than just 'elevated shows' despite their second drill hitting TD nearly 2 months ago so this is going to be a slow process.

And of course there are now some newbies here who have jumped in over the huge fall and who are now all of a sudden the experts here.

The only real enthusiasm here so far is that the rig didn't break down!!

The same bunch who were recently complaining about losing money here are now rushing to lose more with their over-enthusiasm. Time will tell whether there is any Helium here and whether this is a commercial discovery. As I said when the share price was 6.5p there is no point in taking too much of a gamble here. Considering what is going on it would be best to wait until they finish the logging and even complete a flow test if this is going to be needed.

They don't wind up exploration companies. They stay around forever. Besides Noble Helium was on the point of farming out their prospects before they changed their mind and raised the funds to go it alone. With the expensive cost of drilling, getting a farm-out partner to share the costs may be a better way forward for both of these companies. Also, I can see Noble using HE1's rig in future as the cost of hauling the Marriott rig down from the UK and now to be sat around idle has just about crippled them financially. Just thoughts.

Clearly CRCL did not win the bid because they did not bid the top price but as they already have participation in 3 licences then who cares.

And I forgot that you have to put a bid in these days and pay hard cash for something far away down the road. Maybe the share price should have gone up because CRCL clearly do not have to put any cash down for yet another prospect when they have quite enough already.

Money saved!!

AJMHO

Cheers Edgein

With no further information, and because the board are somewhat loathe to do any podcasts and tweets, I shall answer my question by posting the info we were given on 28th December when the Tobias 14 drill results were announced.

"Tobias-14 Initial Results

The TO-14 well penetrated the entire Binga reservoir section (~80m column) with potential pay zones seen in multiple intervals. TO-14, with a total depth of 781m, was drilled in close proximity to TO-4 as an offset well from the best historic producer in the original Tobias field; a well which produced at its historic peak 12,580 bbls/d despite only penetrating the first 8m of the reservoir.

The location of the well is at the top of the field's anticlinal structure, set over the larger of the two compartments that constitute the reservoir.

TO-14 drilling encountered high fractured Oolitic Limestones in the reservoir with good porosity values. Initial pressure readings support Corcel's predrill thesis that the reservoir has returned to its original pressure levels through active recharge of the system.

The TO-14 well found no presence of water during drilling, despite the fact that the offset TO-4 well had been reported to have watered out by the end of its production life, further indicating that the field has fully re-equilibrated.

Overall, the drilling results for the TO-14 well were positive, with oil shows found throughout the Binga reservoir in alignment with the distribution seen in historic production wells in the Tobias field, confirming both moveable fluids and the ability to reactivate production in the field.

Therefore, the consortium is proceeding to testing of the TO-14 and then the TO-13 wells, with the objective of flowing the wells and then moving on to the next phase focused on designing the early production system."

So the new well is in close proximity to TO-4, as an offset well from the best historic producer in the original Tobias field; a well which produced at its historic peak 12,580 bbls/d despite only penetrating the first 8m of the reservoir. Bearing this in mind the flow test results could be quite large.

Okay, so the drop looks to be because CRCL did not win a share of any of the blocks in the latest round of licences. Not to worry though, as CRCL already have a share of 3 blocks, only one of which is being worked at the moment, and one of which - KON-16 I believe - is not only huge but CRCL are the operator.

I'm not sure why anyone would have bought in on the strength of further blocks down the road when there is quite enough for the company and their joint partners to be getting on with for now so why bother selling, especially as the big news is still to come.

Do we have any idea how long testing is going to take? Has any time fame been given?

I can't believe it - 9000 plus reads of a tweet over the weekend, top of the chat board both yesterday and today and yet no one seems to want to buy any shares and all we get is a miserly 13% increase Let's hope the SP creeps up all week.......

Cheers SpaceHoppa, and are Navitas now looking for a further partner to replace Premier/Harbour?

Okay, I now see that Premier/Harbour passed their 40% on to Navitas, who had already previously acquired a 30% stake. I assume the RKH are not carried for their share of the costs.

Can someone who is more up-to-date on this than me tell me are Rockhopper carried on the costs through the farm out - (whenever that was negotiated)? Cheers

More likely to be the new licence areas. Looking at the applications someone posted on here recently we only appeared to be in for 1 block and that was the one that had the most other bids. Besides, Corcel have 2 further blocks already to the one already being drilled, including the larger prospect with nearly 300 million barrels net to CRCL, so if we don't get any more for now it shouldn't be a problem.

I think the flow rates should be fine considering the drill results, especially as this block has previously produced and also that there was no reported water.

Flow test results are the most important part of this whole operation, and the factor that is most likely to cause the greatest rise in the share price. Drill results are good, but not the main mover. However, it would be nice to just know roughly how long the flow testing is going to take and I would assume that Sonagal would be obliged to give some idea of this to their partners. I rather feel that Karam and co are happy to keep this info to themselves and their buddies rather than announce it to the shareholders.

I agree , it wouldn't be right for Karam and the company he owns to make a fortune out of this at the expense of shareholders and II's. This is likely to be several times the current share price on successful flow rates and the 0.08p Loan Notes, while positive at the time they were announced, would just be a giveaway and lead to excessive dilution.

Unfortunately, Mr Karam has a very aloof attitude and is clearly just here to make money out of this (aren't we all) but he does very little to help shareholders know exactly what is going on as he rarely issues any RNS's and never does any podcasts (as is popular these days with most CEO's).

Would it hurt him to give an update on how long testing is likely to take, even if Sonagal haven't been exactly specific? No. of course not. At the moment, the only time we can assume that news is due is when it gets leaked and the share price starts to go up beforehand - which seems to work every time.

ATB