Member Info for Blubay

Offer is open on Primary Bid until 8pm

Did you miss the smoke signals if were you bluffing?

JWill, the LLIs were always on schedule to arrive second week in September (this week), no change. There’s a clue in today’s photo on Twitter, spud soon ;-)

Another 30m shares traded today and finishing back where we started the day before the placement offer, approximately 10% above placing price, with 10% more shares to be admitted to the market at 8am. Will be interesting to see how many have already been accounted for and what mood the market is in

8p would be a good result for a quick swing trade coming from 6p, but hopefully you'll get 50% as easily as 33% soon enough

You'll get more than 8p

Only around 30 days to Shanghai

Good luck closing your position before the weekend

What's your target price WN?

It's market sensitive information and could give insider advantage so yes, there would normally be an RNS confirming once the drill was underway and setting out planned schedules etc. It's usually fairly short and factual, sometimes on the day, sometimes a few days later.

Also delayed publication on trade of 1m shares at 6.8p and half a million at 6.85p

Yes, they not going to de-mob the drill crew half way through contract, before the wet season, or waste the cost savings they've achieved. They're going to complete two drills (unless there's an operational delay with the first one). I don't think they could be more clear about the short term plan, and then move to the appraisal phase. The company's future hangs on making a discovery to validate the Rukwa claim. It's likely that a discovery at one or both of the drill sites before the wet season would form the basis for a new fundraise, or a farmout or a takeover to move Rukwa from exploration to appraisal and production. That second phase is still a 'grey area' on the GANTT chart.

https://imgur.com/a/g7yADl6

From the RNS - "The funds raised now enable us to drill a further prospect immediately after the planned drill at Tai-C. Itumbula has always ranked highly in our portfolio and to be able to drill it this side of the wet season, offers an excellent opportunity to utilise personnel and equipment and make a significant cost saving in the long term."

Are you suggesting that the CEO was lying to the market in a regulatory notice about the proposed use of the placing funds, and has different secret plan in mind, not to drill Itumbula this side of the wet season if there's a discovery at Tai?

Not narky, but if you're going to pepper the board with new threads multiple times a day based on making stuff up every few minutes then you're going to get questioned about it. It looks like orchestrated ramping behaviour

Slide 13 - Two drills funded, now, before the rainy season, then "Further exploration/appraisal planning" from December

"Rig ownership enables optionality and fast track to appraisal"

It would really help to read the company presentations rather than re-writing them

Yes, I think if you listen to Lorna's previous interviews that possibility was suggested

Do you understand what de-risking means? Obviously it's de-risked (less risk than a virgin drill) due to all the extra data and drill experience. That doesn't mean it's without risk. There's no particular bravado or confidence in stating the fact. Quantifying the risk and de-risk is harder to do.

Are you confusing revenue with profit?

RNS "At flow rates of 900 bopd, the Company would expect to deliver operating cash flows in excess of US$1.5 million per month (assuming $80/bbl Brent)."

No, it was a delayed trade so the Unknown is unable to timestamp the Bid/Ask at the time it went through