Member Info for Bishop190

I don’t really understand your need to cast a slight on the find raise by TRP. I am quite happy to see Novum take the placing as the key there is not the broker but the fact that the CEO has a very significant chunk of the company and he will stand or fall with the rest of us. Similar to this company, which I also hold, in fact.

that JA did say there might be a small placing to raise some working capital, he also recently tided it over short term with a £50k loan. This placing raises the WC and avoids disadvantageous terms kicking in on the Pegasus loan.
He still has a significant stake in the company, has arranged the farm out and is talking about securing the MOPU.
Based on my research and understanding I see no reason to dispose of any of my, quite large, holding, indeed, funds permitting, I may add to it. As ever, DYOR!

Well said Gary.

Blakey sadly died earlier this year, but yes he was on GBP. I believe he was involved in the start of TRP.

Been a Chelsea fan for over 50 years OB, seen bad and latterly good. Hospitality seat deffo on the cards when it comes in :-)

All good here thanks OB, looking forward to going to football again. You cannot beat a good Merlot :-)
Did you see JA’s presentation the other week? He seemed quite upbeat so fingers crossed, as they have been for ages though!

Lol yes still waiting OB! I hope you are well.

@JamesII, don’t forget that after the farm out TRP’s share will be 51% not 100%. Still plenty to go for in the SP though I think because of the other two strings to it’s bow in Namibia and SA, just my opinion though!

Cornish Metal is working on tin and “battery metals”, it was covered in a Proactive webinar last week, along with TRP and a Canadian gold miner. Worth a look!

https://m.youtube.com/watch?v=VWfxZczf3SA

@phioebus it is worthwhile doing some research on the the royalty issue, that put me off fir some time until I went through it in detail and realised that it is 50% of not very much. I do not recall the detail now so, as ever, please DYOR on it.

Erm, none of those! Think in terms of 2, 3 or at a stretch 5p. The fully diluted share capital is, from memory, about 2.4bn shares so 3p would value it at around £70m. One needs to revisit the work done by OIL Int’l last year and substitute the current price of oil for the figure they used then, which I think was about $40 a barrel. Maybe whatever JA says this evening will prompt me to do that! You should of course do your own research and not rely on mine ??

Bad idea when the CEO owns about 20% of the issued shares!

I am surprised that it has not been done on Zoom as was the case last year.

@ steve196, putting in £50k of your own money does not seem to me to be living off the company. Just saying.

It was $10k at the year end (Dec) and they raised £1.25m in January. Admin exp FY 2020 was roughly $240k but I guess there are other costs to cover as well. ($ numbers from the accounts, £ from the placing doc). May be worth reading the placing doc to see if it says what the cash was for.

In short no but it is explained here.
https://www.google.com/amp/s/amp.cnn.com/cnn/2021/01/27/business/fracking-ban-biden-federal-leasing/index.html
The West is going to go on squeezing hydrocarbons for some time as they are consumed by the need to virtue sugnal. Africa however needs energy to develop and bring wealth to the people.

Well yes I see that it can be read either way IOG, good point. I don’t need the cash right now so may as well wait and see for a bit.

Hi, IOG, the RNS states
“ The Company has completed its work commitments under the current licence sub-period, which expires in September 2021. The commitment for the next sub-period is to shoot a 2,000 square km 3D seismic survey”
That is I agree explicit, but GBP does not have the funds itself to do that 3D. I would like to think that it could achieve a farm in or sale but time is short and i feel that a prospective investor would wait until they can acquire a 100% interest in September. The only advantage which I can see for a farminee is the avoidance of an auction for the licence.

Yes that’s right, they don’t have to have acquired the 3D by September but they do have to commit if they want to extend after that. I am making the assumption that in order to commit they have show that they have the funding to do that work.

But tell me this then, who is going to pay for a farm in when they can get the licence for nothing after September? The company cannot extend the licence because it has no funds to do the 3D seismic which is a condition of extension. Sorry but I just don’t see it. For that reason I am minded to take the loss if I can sell the shares, maybe I can get the money back in something else, though I missed the boat on ZPHR by the look of it!