Member Info for EbbsandFlows

On the 20th of Nov we were told.

"Engineering work and commercial documentation with Enbridge (the operator of the adjacent 16-inch natural gas pipeline) is progressing, along with a workstream for securing the necessary regulatory approvals for Zephyr's proposed natural gas transportation service. The Company is also in the latter stages of selecting a marketing partner for its natural gas and associated hydrocarbon volumes. Given the increasing demand for natural gas in the western U.S. markets, Zephyr has seen growing levels of interest for natural gas volumes located in the Paradox Basin region. The Company will provide an updated timeline on the steps to first gas production once documentation is complete."

Given that they have still not provided an updated timeline for the steps to first gas production, it looks as though the documentation remains incomplete. It turns out that when you are earning £50k a month, there is no need to rush and 160 days later, that point rather proves itself.

It would probably get paid as well

But a partner that us shareholders are not allowed to know the identity off!

Do you think anyone is still working here?

Markets can act very irrational at times.

Sometimes there can be a lag between good news landing and the reaction to it.

I was very happy to see this reaction as I was able to increase my holding this morning at a price that will be hisotry in the not to distant future.

This is why you need to do you research, make up your mind and then block out the background noise.

Good luck all

Or blatant propaganda.

Doesn't really matter as Zephyr still find production is beyond their abilities.

Cyber-attack - as in someone emailed in an invoice?

This invoice was paid in full and no one questioned that the bank details were different from the ones already on the system. Or if it was the very first payment to this provided, no one had the common sense to make a small £1 transaction to check to see everything was OK before sending over £700k?

Cyber-attacks are ransom attacks, you are locked out of your systems to get back in you pay X via crypto.

Again, the truth and what we are told are that far apart they occupy different time zones.

It creates panic, as it highlights the amateurish people running the company.

This company has now officially turned into a farce.

Maybe this £700k should be made good by the board not taking their wages until the debt has been covered.

Quick buck - I've been invested in this company, since it was all about blood tests for animals!

Five years of a stage 1 trail .... I think thats patience

Avacta remains trapped in the uncomfortable middle: scientifically interesting enough to keep the story alive, financially expensive enough to keep diluting shareholders, and commercially still not decisive enough to force a deal.

Very much corporate sleight of hand here.

In December they flagged the Slawson wells adding circa 130 boepd in Q4, which plainly gave the impression a strong quarter was coming. Then when the Q4 number arrived, total production had only risen by 58 boepd versus Q3.

That is the sleight of hand.

Talk up the gross gain, stay quiet on the decline elsewhere, then present the final number against the most flattering comparison point possible.

Technically defensible perhaps, but for shareholders it feels like the usual trick: sell the upside loudly, bury the offset, and polish the end result.

Not outright fraud, but absolutely sleight of hand.

This update feels like classic Zephyr spin, polishing a modest result and hoping shareholders focus on the headline rather than the substance.

They have gone out of their way to compare Q4 2025 with Q2 2025 because that produces the attractive “up 55%” line. The problem is that this is not the comparison that really matters. If you want to know whether production is genuinely building momentum, you look at Q4 versus Q3. On that basis, production only moved from 925 boepd to 983 boepd. That is just 58 boepd of growth, around 6%.

That is poor.

For a company that has spent plenty of time talking up the contribution from new wells and the benefits of the enlarged production base, this is nowhere near as convincing as the tone of the RNS suggests. A 58 boepd quarter-on-quarter increase is not strong momentum, it is a marginal lift dressed up as something more meaningful. Either the new wells have not delivered in line with the expectations management has encouraged, or the legacy asset base is declining enough to swallow much of the benefit. Whichever way you cut it, the end result is the same: the increase is weak.

That is why the framing matters. Management knows full well that Q4 versus Q3 tells a much less flattering story, so instead we get the carefully selected Q4 versus Q2 comparison to create the illusion of stronger operational progress than has actually been achieved.

Then there is Paradox, which remains the same old jam tomorrow story. More warm words, more “ongoing work”, more discussions, more proposals, more future updates, and still no meaningful commercial progress to point to. At some stage investors have to stop rewarding language and start judging delivery. On that basis, Paradox continues to disappoint.

The phrase “indicative non-binding proposals” says it all really. That is corporate fluff. It is not a signed deal, not funding secured, not a committed development plan, and certainly not production. It is the kind of wording companies use when they want to imply momentum without actually having anything concrete to show for it.

So the reality here looks a lot less impressive than the company would like you to believe.

Production is up, yes, but only marginally in the latest quarter.

That uplift looks weak relative to the expectations that have been built around the new wells.

Paradox is still stuck in the land of promise and process rather than actual delivery.

And the whole RNS reads like it was written to flatter the picture rather than present it honestly.

For me, this is not a strong update. It is not a disaster either, but it is certainly not the sort of progress that justifies the optimistic tone. It feels selective, rose-tinted and overly promotional.

The hard truth is this: if Zephyr had real momentum on production and genuine progress on Paradox, they would not need to lean so heavily on carefully chosen comparisons and fluffy wording. The fact they do tells its own story.

Surely its time for people to start emailing / Turth Soical / X-ing Trump - to make him aware of what he has in his backyard. If all we need is a federal signature on a piece of paper to start this producing.

One of the main reasons I invested here was the disruptive potential of the pregnancy test and the belief that it should become the default way for women to test whether they are pregnant.

However, having waited patiently for the marketing team to actually step up and promote these self-tests — especially the pregnancy test — it is becoming increasingly clear that either they do not have a meaningful marketing function at all, or the team they do have is simply very weak.

The numbers in the RNS say it all. Across 16 self-tests in a six-month period, they managed total sales of just £400,000. That works out at roughly £4,166 per test per month. For a company claiming to have disruptive products, that is deeply unimpressive.

The UK home pregnancy test market alone is worth around £130 million a year. A mere 5% market share would generate around £6.7 million in annual sales. Instead, it looks like we are achieving not much more than £50,000 a year.

Scientists do not necessarily make good businessmen, and this appears to prove the point. The product opportunity is there, but commercial execution is plainly not. Employ some genuinely capable marketing people, promote the product properly, and this test should sell far better than it currently does.

Finally got this back after chasing.

Thank you for your email.

The long term shareholders / loan note holders you reference below have been very patient. Some of these loans have been in default for over 2 years and I am sure you can understand that it is not realistic to assume these investors (who are not debt investors) will wait indefinitely for repayment. They would like repayment and the terms offered by the Chinese investors far exceed what would have been on offer from an equity placement to other investors.

The Board have sought to minimise the dilution at every juncture. These loans were originally issued as short term instruments as it was believed material production and cashflow would be available in the short term to refinance, or the positive performance at Muchesu would be reflected in a materially higher share price. Things have not materialised how the board originally envisaged from an operational standpoint. The focus has therefore been to recapitalise the company and ensure it is on a stable platform from which to build. The strategic investors will be aligned in seeing Muchesu produce and pay royalties to Contango, which will in turn lead to dividends to shareholders.

The Company will shortly issue a prospectus for shareholders to review with considerably more detail. Any shareholder is free to vote how they see fit on the whitewash/placing to the strategic shareholders. As noted in our recent RNS, the Board unanimously feel this is the best option available to Contango at this time.

Regards,

Contango Board

The latest USGS iodine summary lists 2024 mine production for the main reporting countries as: Chile 22,000 tonnes, Japan 9,300, Iran 700, Turkmenistan 770, Azerbaijan 210, with Indonesia and Russia much smaller. The USGS summary does not list Saudi Arabia, UAE, Qatar, Kuwait, Bahrain or Oman as iodine producers.

It was all staged managed at the tiem - the photos on X - everyone presumed we would start producing, but thats the one thing Colin has always failed at

With bums like the Japanese flag

We have a CEO by his own admission is not in control of his largest asset.

No product still = no opportunity 👎