Member Info for CrustyPete

Basil - one huge missing ingredient. Helium and Hydrogen concentrations are one thing but totally meaningless without commercial flow rates and, to date, we have no inkling as to what these are.

I broadly agree with that summary Aradas but for one thing - you have missed out one significant ingredient - a JV with our production partners. I think we will need the latter for 5p.

And of course ALL of the above relies totally on a positive EWT outcome.

"They can't sell the 1.6bn shares until Fri I think? "

Nonsense; Many will already hold shares that they sell today to replace on Friday and even those who do not hold shares will be able to "borrow" shares (stock lending), sell them today and deliver the shares upon receipt of Friday..... many of the 1.61bn shares issued on Friday will have already been sold; by Friday most if not all of those intending to sell in the short term will have done so.

Where else do you think that the bulk of the 1.9bn shares traded today will have come from?

It won't even take weeks. I will give it until the end of next week.

They haven't finished the churn.... unless all of today's volume are sells? Delayed trades? Not enough.

Sharebel are you deliberately deceitful or just plain ignorant?! Last years sp is of no relevance whatsoever; if you want to make a meaningful comparison take a look at the respective market cap's and not the sp. Or is that a bit too complicated for you?

By the way what's your explanation for totally denying the necessity of the Capital Raise?

1.6 bn trade volume just surpassed. And, no, of course that is not all "placing" shares but it just goes to show how quickly we could churn these placing shares over.

That methodology really doesn't work Onebeyond - the whole point being that every and all previous valuations will discount the assets due to the huge amount of uncertainty; after the EWT that uncertainty reduces enormously and so the discount applied will also reduce - the whole point being though that no-one yet knows what the figure is that the market is discounting. At the very worst case scenario if the well cannot be announced as a commercial discovery it will be worth bugger all. But what is the upside? Huge perhaps but think anyone coming up with a number would be guessing.

And even if they haven't already got shares they will be able to "stock lend" (or borrow them in normal parlance) them, short the shares and deliver them on Friday.

Well wafflestomper do you have a sensible foreknowledge of the EWT results? Because without that knowledge any guess is absolutely meaningless. The sp will be determined by the outcome of the EWT and NO-ONE knows what that'll be.

The MM's will be going way short knowing full well that they can replace these shares at a big discount when the II sellers come in....

I would not be at all surprised to see that 0.65 - 0.69p as today's high water mark.... that is a very good margin for the placement share traders.

1.65p joyo - that is still a lot closer to 2p than 1p

Did you reinvest CP? I bought another 1m at 0.53p.

As I said earlier CP "....the market cap was £41m yesterday and now with £8m of cash to add into the balance sheet. That should be a market cap of £48m or, after the new issue of shares, a price of 0.9+p...."

That is the reason I bought more.

Srk yes but with the EWT out of the way, with a mining license, a production model we can at least then get a JV for production - so perhaps (I stress perhaps) production before the next raise? Though my expectation will be for at least one more appraisal drill before production - so maybe another £4-5 million but with a successful EWT, a JV, what will the sp be? Anyone's guess. I have my own opinion but it is just that, so I will keep it to myself.

Exactly my point earlier 99treble - the market cap was £41m yesterday and now with £8m of cash to add into the balance sheet. That should be a market cap of £48m or, after the new issue of shares, a price of 0.9+p....

This is a steal at this price in my view and now fully funded for the next 12 months. With the raise out of the way, no reason for this not to move up steadily now.

This will at best "tread water" until the placing shares have been swallowed up - that will take most of this week in my view; significant rise yes, but not until late this week or early next.

Doucer, have you ever heard of "forward selling"?!

Dsymons

The EWT isn't even due to begin until Q3. Let's keep it "real". The results of that EWT could not be revealed until Q4 or beyond.

I don't believe it will fall below the placing price - the cap raise is only £8m versus a Market Cap pre raise of £40+m that is only a 16.6% dilution. Those 1.6bn shares will come back to the market, of course, but I suspect that will be all but over before the end of this week via forward selling. WE have already seen 500m traded today - though the proportion of buys to sells is open to question.