Member Info for ChartaRex

Hey Duster, if you're into small oilers pop over to Eco Atlantic and have a look. It's early stage, but they've got some of the best acreage offshore Guyana, Namibia & S. Africa (they were early movers into the area). RNS this morning taking over 60% of Tullow block and started farm out process to drill next year.

I've got a small stake in it & I think it's maybe worth a punt. I've highlighted bits of the RNS on the ECO BB.

Let me know what you think?

PS. I'm not ramping it, you pays your money, you take your chance! :)

Taken from the RNS. Just read the bits I put in capital letters.

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:

"We are very happy to have support from the Minister of Natural Resources and the Government of Guyana and their approval to transfer 60% of the Working Interest and Operatorship of the Orinduik Block to Eco. We have always been very involved with the exploration and interpretation of the Block, and our experienced team will step directly into Operatorship TO FINALIZE TARGET SELECTION.

"After nearly 10 years of exploration and interpretation, and multiple regional discoveries at the Cretaceous level of close to 11 Billion Barrels of recoverable oil, our team has a good understanding of the Cretaceous play and we have A GREAT DEAL OF CONFIDENCE IN DRILLING OUR FIRST WELL, TARGETING A STACKED PAY TARGET in this well proven horizon. This Transaction structure allows Tullow to continue to share upside in a discovery.

"ECO NOW SEEKS QUALIFIED PARTNERS in this high-value play AND HAS COMMENCED A FORMAL FARM-OUT PROCESS FOR THE BLOCK. Recent interest from supermajors and other well capitalized energy companies in the latest licencing bid round in Guyana, for blocks up dip of us, SUPPORTS OUR THESIS OF the oil migration and the HIGH QUALITY AND CHARGED RESERVOIRS WE SEE ON OUR BLOCK."

In laymans terms; my understanding is we've just taken over a bigger asset than ourselves, ie. The Sonangol asset is bigger than our Mk Cap :)

And now it belongs to us.......... :)

Reverse takeovers

14. A reverse takeover is any acquisition or acquisitions in a twelve month period which for an

AIM company would:

— exceed 100% in any of the class tests; or

— result in a fundamental change in its business, board or voting control; or

— in the case of an investing company, depart materially from its investing policy

(as stated in its admission document or approved by shareholders in accordance

with these rules).

Any agreement which would effect a reverse takeover must be:

— conditional on the consent of its shareholders being given in general meeting;

— notified without delay disclosing the information specified by Schedule Four and

insofar as it is with a related party, the additional information required by rule 13;

and

— accompanied by the publication of an admission document in respect of the

proposed enlarged entity and convening the general meeting.

Where shareholder approval is given for the reverse takeover, trading in the AIM

securities of the AIM company will be cancelled. If the enlarged entity seeks

admission, it must make an application in the same manner as any other applicant

applying for admission of its securities for the first time.

We've got the 60% and the formal farm out process has begun :)

Hopefully a steady rise over the coming weeks/months :)

Yep, I just read that :)

Oh, happy days! :)

Another step forward :)

Just topped up again. Would be rude not to :)

Share price is static. I think everyone's waiting for the sign off before it rockets :)

Afentra have EIGHTEEN MONTHS of oil sold & cash in the bank & has already INCREASED our reserves to replace the oil sold by 150%!!!!!

We've increased our stake in the field & increased the recovery rate to over 6000bpd!!!

Within DAYS/WEEKS we'll have the deal signed, sealed & delivered.

We have long term debt facilities at favourable rates.

We have free cash coming in for the next SEVENTEEN years and beyond!

But the cherry on the cake? The icing? The creme de la creme..........?

We have TerryMC/JAdams absolutely brickin' it 'cos his shorts are melting all around him!

Oh, happy days! What's not to like?!!

Hi Bruce,

I'm not trying to scare anyone off, I can assure you. I'm just frustrated at the "nothingness" of this share. Just can't believe they're doing the old "rinse & repeat" on long suffering shareholders, again!

By the way, I'm a shareholder here, at 12p! So I really do want us to do well, but it won't happen with these clowns in charge. I bought in because WSBN have a phenomenal amount of ground under licence in the Paterson, just the wrong guys running it. To say they've been "disingenuous" with drill core pictures would be an understatement!

I'd "average down", but it could very easily be a case of throwing good money after bad. If it comes good, my 12p will be a steal, if not then it's lost money.

Anyway, I wish you, me and all long suffering shareholders well & hope we can hit a motherlode at some point :)

They had £1.4m last December (2022). Six months later (June 2023) they had $428K left, having spent over £660K on "Administration". Champagne & caviar ain't cheap y'know!

Aug 2023 they raised another £1.4m. Assuming they spend another £1m in this six month period, it looks like yet another fund raise next year. Gotta keep the carrot in front of them gullible investors.

Random drilling and dubious pictures of cores with "gold" sparkling through them seems to be the modus operanti of this pair.

I strongly believe WSBN is a "lifestyle" company for this pair & I hope they're reading my posts :(

We need cashflow, which means: concentrate on THE best target, and ONLY the best target, drill it, prove it up, and then either mine it, JV or sell it!

Duster? No problem, move onto the second best target and repat ad infinitum until we strike lucky or strike out.

Admin expenses are a disgrace!!!!!

Rant over

RNS out and the usual pictures of drilling cores rolled out, and barely any movement in the SP.

So utterly predictable.

Nobody believes RP & Gasbag any more.

Every year a few "drills", a few "pictures" and the inevitable fund raise to keep thaty pair in champagne.

IF I ever break even I'm out. What a dog of a share.

Perversely, I really, really hope I'm proved wrong, but I won't hold my breath. :(

Good. Let 'em burn I say :)

Aaaaaaaand thank you! Already in profit on Diageo. Only took an hour.

I'm also well in profit on Afentra, but the best is yet to come................... :)

How's your short doin' Adams? Lol!!

Morning all. Just bought a chunk at £27.45. Never thought I'd get 'em so cheap ;)

Sell is overdone methinks. Buffet will likely take advantage this afternoon. Also means any sharebuyback is excellent value for money.

Long term ISA holding now.

GLA

Oh, and I've also put a decent chunk into Diageo at £27.45 about 20 mins ago. It's massively oversold so it would be rude not to take advantage. Never thought I'd get them so cheap. Today's lookin' good for me :)

Rex

You gotta be hurtin' JAdams/MetricMan!!

I can see the flames from here :)

Oh, and I've bought another large chunk this morning, which are staying firmly in my ISA for the next 5 years.

Burn baby, burrrrnnn !!

Hey Adams, you still haven't answered ANYONES'S questions. Why are you here? If it's not a good investment, maybe you should leave?

Very nice NED buy this morning - £45,000 worth of shares. Maybe Adams should tell Gavin he doesn't know what he's doing?

Rex

Adams, I'm curious WHY you're here - if Afentra's such a bad investment. Care to enlighten us?

Looks like TerryMC/JAdams5000 has been sanctioned again! His posts have been removed, again :)