Member Info for cta100

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.

Forgot to agenda the EBRD restructuring! - that is always raised by management even though years ago now.

If going to pinch the mine you wait till its built first. But that is a long time in regional politics, and who knows in charge then. Looks like a pressure tactic to get some cream off the top now.

Keep the CEO in a job I suspect

On increased volume(about 7x monthly average) and £1m worth traded so might be something to it.

Except it isn't.

Sure, you can't buy in the UK and sell in Poland.
But if existing holder you can sell in Poland and re buy in the UK for a fraction of price.
And if new holder why would you buy in Poland when can buy 10x amount in the UK?

Those are valid questions. Maybe it is as simple as retail investors not having overseas excahnge availability.

It is indeed strange. The mcap is £13m on AIM and £160m on WSE. The 8m (or 80m in old money) shares on WSE are eligible on AIM, but not vice versa. There is a theoretical arb there of about £10m, if fully captured at current prices . But I guess the reason not been done is that requires selling on WSE, and no one is willing to buy up enough at that already elevated price to make it worthwhile.

I thought it was the EBRD block from the restructuring being run out early on the London market that was widening the difference, but not the case. It is just inefficient markets - not that that is really an explanation.

Bit early for a strike to leak...
The numbers should be solid, first reporting period the average gas price over 100 euros.
And then the usual huff & puff from the directors.

Wholesale romanian gas prices are currently 170 euros/mwh. Which is tracking but at a discount to the local austrian hub price of 194 euros, which is at a slight discount itself to overall European (TTF) price of 198.

Gas has doubled in the last 3 months and share price gone down significantly. The company should be making decent money for its cap size if actually producing some gas; which is what I guess the markets concern is mainly around. The consolidation was never going to remedy the share price despite the director's spiel. But the polish price is approximately a quid so there is undoubtedly a market disconnect somewhere (or both markets). The share buy backs are half baked. Should either do it in proper size, full 10%, or not bother. That would have an impact. But ultimately they have to get the operational side working more productively. Maybe that is about to turn the corner with the H2 program, but the I suspect the market wants to see results rather than giving benefit of the doubt that it will happen.

Hopefully so. Share price has gone -30% over last 3 moths whilst gas has +30%...

The buy back isn't being done by the company's broker through a mandated account, the usual way a large business does this to avoid close period and other restrictions etc. It is just the CEO or CFO buying when they feel like it. Which is fine as price undervalued, but I wish they would get on with actually running the company properly, rather than just sitting in front of the pc watching the share price which is what this looks like.

Still don't clearly understand what the well workover, artificial lift status or timelines are... If say that production is lumpy and can't give overall guidance due to the small number of wells, then have to be clear on the status of those wells. Can't have it both ways. But good to see that some of the hubris has gone and board accept that beneficiary of commodity price, and operationally have fallen short, and is improvement in the latter that the market will need to see for share price increase.

It's oil produced from field that is stored. So they have deferred sale of Q1 produce until April. 90days x 500bpd is roughly 45k barrels. That $4m revenue isn't in the q1 figures.

Scheduled to happen on the 13th, so day after AGM; assuming the resolution is passed. Only applies to the London market from my reading of it.

Corporate action notice from my broker.

All the best, understandable discision. The 10:1 consolidation planned for 13th May, so day after AGM and resolution approved. LTIP announcement today in bad taste and poor timing.

The 22.5m nil costs shares where never actually admitted to market back in Dec 2020 going off the RNSs and latest annual account. So one can't help but think the buy back was just to get those shares in treasury despite all the guff about ROI and board assessment... Snouts in the trough big time, least the share price discrepancy with warsaw will now be about parity post consolidation...

The equity raise resolutions are standard points and grant the director's authority for it to happen, though doesn't mean it will neccessarily be done. These resolutions were in the 2021 AGM, and are just repeated exactly the same in the upcoming 2022 AGM, so wouldn't read too much into that. Take the buy back up to 10% in 2021 for example, didn't really happen though bouught a few shares in the end.

But the 10:1 consolidation is new, along with appoint different CFO and change of auditor from BDO to PKF. As the consolidation is just limited to the london market it reads to me to be more about the AIM share price rather than anything else.

Though wish the would just focus on operational improvement and sorting it on the ground rather than financial engineering.

It will be on a "need to know" basis , and shareholders don't need to know much in this board's view. Spreadex are under 3% so won't hear formally anymore on that, but would be cautious to assume any large trades are them as tax year end so could be a fair bit of booking losses across the register. Alot of potential here that remains unrealised.