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Flappingchicken, in the RNS it say that testing begun 20 Aug, while logging was done prior to that from 6 Aug "Cased hole logging and completion programmes were initiated on 6 August 2019 followed by well test operations which commenced on 20 August 2019. "
So they have indeed flow tested the well but still no volume worth reporting, clearly a bit odd.
Its amazing that the NOMAD allowed QFI to put out todays news in an RNS as RNS should involve material information. A non-binding MOU with a tiny company with a balance sheet of £1.2m can not be seen as material news. But the NOMAD and the broker is doing what they can to support a placing ramp so they can collect their fees from the upcoming capital increase.
QFI will be running out of cash in 34 business days. The company has raised cash several time during its time on AIM but they have never been so close of running out of cash without having presented a solution to the market. I guess very soon if a financing solution isnt announced the NOMAD will force the company to put out an RNS disucssion the possible closing down of the company.
Clearly looks like the stock being pumped behind the seen so they can raise cash in some form before the company runs out of cash in October. On the 20 May investor call, Mike Kirk said that they are looking at structured financing solutions and someone asked if that was a death spiral, than Mike didnt deny that. The situation is very similare to AFC Energy. Pumped for no good reason and than death spiral plus placing killing the stock.
WEN CEO and CFO finally deliveried on their promise to put some fresh cash into the stock. Looks like things are moving in the right direction. Swala bid last week for Orca Exploration was a good sign for the Tanzania gas sector in general. Always good when domestic Tanzania money thinks its a good idea to invest in their gas assets. That deal wont happen as Orca board has rejected the bid, but still good sign.
Neill is trying to make ppl think for a moment that they have signed an agreement with BP. But in reality its a tiny private US company.
14 employees with $2.8m in annual revenue. Only to put out this news in an RNS is big joke.
MX Oil RNS today regarding its Aje reserves are factual incorrect and very misleading, looks like it’s an attempt by the management to keep ramping the share price which is up over 1000% from the placing at 0.04p app. 2 weeks ago.
1. MX is writing that "in April 2018 stated that Aje contained 2.96m gross barrels of 2P recoverable reserves", this number is wrong MX wrote in 1 May 2018 RNS that Aje holds 127.1m 2P the exact same number Aje partner Panoro Energy used in its reserve report for the Aje field.
2. MX is writing "Aje has produced 1,074,397 gross barrels of oil over the 2018 calendar year providing an estimate of app 1.89m gross barrels". The production number is correct, but they are subtracting the production volume from the completely incorrect 2P resources. MX calculation 2.96m-1.07= 1.89m with the only problem that the gross 2P reserves was 127.1
3. The biggest mistake or misleading part of the RNS is that MX Oil is comparing the incorrect calculated / estimates reserves of 1.89m when they are calculating how much the reserves have grown with.
4. Panoro Energy reserve statement for Aje is also out today, their number are correct and gives a totally different picture. 2017-year end gross reserves 127.1m barrels and 2018-year end gross reserves 138.2m barrels.
Resulting in an increase of 2P reserves of 8.7% and not 60% or 140% which MX Oil very misleading is using.
Eskil is doing what he can to clean the books in the FY results. Moz gone, worthless tax assets gone, weak receivables gone. Its the right thing to do.
I had hoped that they would say something about a possible dividend as they wrote that in the feb investor presentation.
I hold a lot of shares and will keep them. The best thing would be if they could buy out M&P share in the block if it was done with a good financing deal. M&P is now really focusing on oil as Pertamina is using it as its international business to buy oil assets with so I guess M&P is open to sell Mnazi Bay for the right price (not to high for us). It would be an amazing deal for WEN as they would be the operator and become a material E&P on AIM in terms of production and cash flow. Time will tell.
In September 2018, Versarien (VRS) raised £5.3 million at 145p. Ramptastic CEO Neill Ricketts stated that he wanted to take part, to buy shares at 145p but could not do so as he was sitting on inside information. Yesterday, having exercised options at 29p, he flogged 307,970 shares at 136.1p netting him a cool £340,000. But that is not the thing that, perhaps, really stinks.
Ricketts was able to sell into a spike because Versarien has announced that the Bejing Institute of Graphene Technology was contemplating making a large invest,emt into Versarien and, indeed, had signed a term sheet.
We are told that “the Term Sheet envisages that BIGT will provide funding to Versarien for the proposed subsidiary and other corporate purposes in the form of an equity investment in the Company, providing BIGT with a holding of up to 15% of the issued share capital of the Company, although there can be no certainty that a formal agreement will be entered into, nor the specific terms that any such agreement may take. It is the Company's current intention that in any fund raising of this nature existing and prospective private and institutional investors will be given the opportunity to participate on the same terms.”
In order not to be sitting on inside information Ricketts must be totally unaware of the pricing of any BIGT transaction. Are we really to believe that he and the Chinese have not even talked broad terms? That they have signed a term sheet with no discussion at all of price? Really?
The speculation on the bulletin boards is that the investment will be at a premium to Versarien’s current £210 million ( $275 million) market capitalisation.
Today a reliable City source relayed to Winnileaks that his firm has been contacted by a Chinese firm asking if it would like to advise on a prospective $20 million investment in a publicly listed AIM company in exchange for 15% of its shares. Whilst the name of the AIM company concerned has been withheld, and no-one has yet been taken inside on the matter, this is an interesting coincidence. Maybe it is just a remarkable coincidence, we shall see.
Of course, if it is Versarien, it would suggest that any proposed investment would come in at a huge 50% discount to the existing market price of Versarien shares, and Ricketts has sold shares with uncanny good fortune given that he has no idea at all of even a broad range of the pricing of the BIGT investment."
I think it's fair to say that Pantheon acquisition of Great Bear has been a big fat failure.
- The Winx well failed
- They flowed a tiny amount of oil from 4.5% of the target prospect in the Alkaid well, the rest of the well failure.
PANR will soon have blow away most of the cash they raise on 1) GB cash payment, 2) Alkaid flow test, 3) Lease payments, 4) Higher SG&A post deal. The stock should eventually go down to 10p.
Difficult to say only based on resources. It clearly depends on what a development well would flow and what the EOR per well would be. The ZOI zone was tested for a very short time period, PANR will have to go back and do a longer test either in this well or in a new well. The Alkaid well costed $25m to drill, so PANR will have to find new capital to be able to do that. Its very expensive to develop field in this location because of 1) Lower Foothills area is usually only open 120 days for exploration/development operations, 2) Oil service ops are much more expensive in Alaska compared to Texas etc, 3) The two closest developed fields to Alkaid is Meal****er and Tarn, both of them are considerably bigger than Alkaid ZOI possible 25m barrels, but both of these fields are developed as a satellite field to Kuparuk. So I very much doubt that 25m barrels will be enough for a development and PANR will have to do a proper flow test before going anywhere near a field development. FYI Meal****er first exploration well tested 4000 bopd.
Yes I agree that the stock is going up on hope for the flow test of the next two horizons in Alkaid, but if they fails its back to reality with focus on Texas and the next piece of Alaska will be first in 2020.
ZOI possible 25m barrel is to small to justify a standalone development so the other two reservoir needs to work.