Member Info for cta100

It is an excellent outcome for shareholders; certainly in excess of my expectations of what was realistically possible. Yes, there is a royalty premium but that is more than outweighed by the non dilutory factor. All the covenants are standard, so this should be on the way to becoming a serious outfit.

Yes. It is very unusual. Why? Could be a number for reasons, so your guess would be as good as mine. Will find out sooner rather than later. As with the delays it can be read both ways.

Jse didn't spike as hard q4 last year, so is currently at new high unless go back a decade. Still relatively quiet, so expecting Monday announcement.

Surprisingly non leaky so far, which I expect is a result of the company brokers not yet having access to the details of the offer. That may change this week though.

No dilution looks like an assumption to me off the latest rns. There is definitely a royalty element, but that doesn't mean there is absolutely no equity raise as part of the 'project finance' element.

But requires the further detailed information to know either way.

I would expect that the VAT rebate is included in their company valuation, probably at a full or maybe slightly discounted amount. But that it hasn't been paid doesn't affect the offer price put forward for the company.

The listed conditional requirements for the deal are all around licensing approval from romanian authorities but the fiscal authorities aren't mentioned.

Yes, he can do one. Still preaching that he has delivered well, it is just the markets fault... Anyway, looks a done deal despite some of the red tape to follow.

I would say that a main listing is more than likely. You would only do the survey admin for a prospectus, which you would only do for a listing.

I would expect that a listing has either been requested by a party involved in the financing package, or that the consortium / management think it would help the process at some point down the line, which it would.

The EPC signing and details are published on the asx market, also with a timeline (similar to previous) regarding financing.

Would have expected in the 7am batch, which it isn't, but in practise got until 8am going by their own guidance.

Yes, no raise until inflated salaries are at threat then of course change of plan... clear where priorities lie. Haven't looked at resolution requirements but don't think it is certain to pass. Directors will get out the administration stick if it fails, but as far as I am concerned they can extend and pretend somewhere else.

It checks out fine. The Congolese Franc (CDF) is the DRCs currency. The dollar strengthened by 20% against that over the period. But ROC currency is Central African Franc (XAF) which the dollar weakened by 1.5% over the period.

So, exploration reserve at end of last year = $163m. Plus $2m expenses for last 6 months which capitalised = $165m.

Then add 1.5% for fx translation gives the extra $2.5m referred to and takes closing balance to $167m

Let's see on the call if can give a straight answer to the question. I doubt it though.

Confirms further down that no hydrocarbons to surface.

The latest workout isn't flowing oil, just water. Theoretically it could have produced about 400bpd but isn't.

A couple of days on site should be enough I expect.

But the RNS is vague about whether the equipment is there, so could be a lead time, and what are actually doing.

It is an improvement on the last workover. But I wouldn't put it beyond them to subsequently announce that despite successful operational completion of the well there is no actual production from the test.

Better start to the year than expected but not changing previous full year guidance, that's what saying

2. Commitment to Shareholders:
· Cohesive management team with a commitment to enhancing shareholder value
· Abide by the highest thresholds of disclosure for an AIM-listed company
· Extensive experience and a proven track record of the allocation of shareholder capital

Actually in the RNS, not a joke unfortunately

Reporting on W1 & N2 completion together isn't reasonable. Even if argue that it is the combined results that are material to the group's financial condition. There is an admission responsiblity to update on operations that could likely lead to a substantial share price movment, which W1 does. Throwing in an independent forecast doesn't change the director's respsonibility to that.

Best case scenario is that waiting for flow rates to stabilise, but then the proper practise is to put out a holding announcement to that effect. There is no excuse for the lack of update, and one can only infer on probability that difficulties have been encountered.

Going by the 15th Dec RNS the estimated initial production increase at W1 is 800 boe/d if successful, which is undeniably material. And it even says so in the further blurb. The company has no excuse to not update.