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From todays RNS, data room is open. Decent chance for a farm-out

"The Operator has assessed the analogue prospect potential on the Algoa-Gamtoos block at 364 million boe on an unrisked basis from 2D reprocessed data, which is an increase on its previous 2018 estimate. Envoi, on behalf of the Operator, New Age and Tower have been contracted to facilitate a farm-out of equity in the licence, and a data room is currently open."

Total deepwater presentation, slide 10

https://www.total.com/sites/default/files/atoms/files/deepwater.pdf

Canadian Natural Resources holding 20% in the Total block put out an press release as well ($40bn mcap company)
https://www.cnrl.com/upload/media_element/1217/02/0207_provides-an-update-on-the-south-africa-black-11b_12b.pdf

Africa Energy only holds a 4.9% stake in the Total block but they still focus almost there energy on this asset. $150m mcap, compared to TRP mcap of £6.5m and holding 50% stake in their block in the same basin/play.

Africa Energy last investor presentation, plenty of information about the South African play.
https://www.africaenergycorp.com/site/assets/files/106163/2019-01-15-cp_aec.pdf

Total made a monster discovery next door to Tower block in South Africa https://www.investegate.co.uk/total-s-a---tta-/bus/total-makes-significant-discovery-and-opens-a-new-petroleum-province-offshore-south-africa/20190207073300Z3703/

No RNS this morning supporting that the Brockham well is flowing.

Its odd that Weald reported that nitrogen arrived to the site at 10.35am today and that the tanker left the site in the morning (which would be before 10.35am).
Angus is not injecting nitrogen continually, they are using nitrogen to get the well starting which means that if its flowing they will not be injecting more nitrogen.
To me it doesn’t add up that the well would be on continuous flow when nitrogen is still arriving to the site.

The legacy well is producing, its included in OGA last reported production number. That is a fact.

Why would they need more nitrogren yesterday if it was flowing on wednesday according to the oil tanker report?

Pboo, was there a nitrogen lorry going to the site yesterday?

https://reneweconomy.com.au/ultra-fast-ev-chargers-eliminate-hydrogen-advantage-17724/

Could explain why very few companies are developing EV hydrogen chargers.

Last time AFC raised equity its was at a 40% discount:

"The Issue Price represents a discount of approximately 40 per cent. to the mid-market closing price of 16.75 pence on 13 February 2017. The Fundraising is not being underwritten and is conditional on, inter alia, on the passing of the Resolutions by Shareholders at the General Meeting of the Company to be held at Chelsea Football Club, Stamford Bridge, London SW6 4HS at 11.00 a.m. on 3 March 2017."

The EU grants are received when AFC have direct expense for the two EU project. The £2.6m cash burn didnt include any such expenses.

-> AFC Energy spent £2.6m in its operating activities in the last reported 6 months period.
-> Cash burn has been £434k per month in average.
-> AFC had £3.99m in cash including restricted cash at 30 Apr 2018.
-> With the same cash burn between May 2018 and Jan 2019, the company would have spent £3.69m (8.5 months*£434k).
-> There have been warrants exercise since the last report providing the company with £12k.
-> Based on the cash burn and warrents exercise the current cash balance should be around: £312k

-> AFC estimated cash balance of £312k, with the current cash burn should only be enough to cover operating expenses for 22 days!!!

Unless AFC Energy has reduced cash burn substantially which there are no signs of, AFC Energy will need to raise cash very soon.

Supporting documents in tweet.

https://twitter.com/EasyBrent/status/1086183432961617920

If Brockham is flowing, as it seem, we should see at least one or two more tanks from the site today.

I was expecting an RNS to confirm that Brockham was producing this morning, a little bit odd that we didnt get one. Maybe the heat coming from the oil heater was due to something else than production.

mick2020, the low net Nov & Dec payment is only a result of the M&P recovery of Wentworth carry, with all details in 15 Nov 2018 RNS. M&P will recover around $1m per month of WEN revenue share until June 2019.
It dosent change the NPV etc. These terms has been there since the 2009 farm-out.
I dont think WEN has been creative in its accounts or misleading, its just the case that very ppl pay attention to all details.

Angus mamangement have said in several interviews that Brockham should be able to beat Horse Hill flow rate due to 4x longer Kimmeridge section. There are inidcations that the well is flowing, so now its time to see if Mr Vonk can deliver +1500bopd?

I guess its not great that their is no RNS from Angus today, with all that nitrogen going into the well end of last week, their should have been instant flow.