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I like the optimism, but IG broker have already marked it at zero, so it take IG a week of paper work to get it done on the holders account.
On 17th Jun 3pm, IG will book FRR shorts at zero. Probably also long positions but I wouldnt know as I only have shorts.
The FRR saga is over, time to move on.
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.
The company is running out of cash in October. The mgmt keeps putting out cooperation to support the share price so they can raise cash or do a death spiral financing solution.
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.
https://www.zoominfo.com/c/bp-polymers-llc/355154523
Altitude progress during the first part of 2019 seem limted, they dont even put in the comp table for order, sales etc anymore, not a good sign.
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.
Factual incorrect:
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.
"Tim Kempster
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.
Pantheon mgmt has said that in every presentation that the strategy is to drill and sell. They also said that when the stock was at 180p.
Newanda,
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.
And production from VOBM#1 and VOBM#3 is tiny now. I wonder if production is covering their own opex.
Pantheon writing that VOS#1 has been a disappointment, the well was put on production in Nov 2018 at 2000 mcfpd and its already down to 650 mcfpd. This well was supposed to bring in a fair amount of revenue.
Pantheon has pushed back the drilling of VOBM#1 sidetrack, this was supposed to be the big news after the Alkaid test. Clearly a negative and no newsflow post mid-April when the Alkaid test is over.
Further more all UK companies Bernd Schmidt has been a director of (mainly various Bitumina companies) has been disolved. https://beta.companieshouse.gov.uk/officers/OhOBVxOZrz1qh6C1TE6uXPLlw6Y/appointments
Does even Bitumina have an active company in the UK as the QFI RNS is saying?
On the Danish sub homepage it say "DenimoTECH is owned by DenimoTECH Holdings in the UK" (http://denimotech.com/index.php?id=79)
When looking up DenimoTECH Holdings in the UK it has been disolved since 2016
https://beta.companieshouse.gov.uk/company/08453887
This looks very odd.
Macarthur Canadian line still not trading but is indicating only up 80% from the news yday. Which would mean that #KDNC should be sub 0.15p. KDNC BOD should take this opportunity and raise as much capital as possible -> PrimaryBid over the weekend would be a good idea.
twitter.com/EasyBrent/status/1109092610147319818
Since the FDA decision 3 of mtfb 4 largest shareholder has sold down their positions substantially. The big question is then who will underwrite/support the large capital increase mtfb needs to do? A very big discount will be needed to get a capital increase done.
https://twitter.com/EasyBrent/status/1108679370305163271