Member Info for Edgein

Good afternoon Nige,

Well it looks that way there's been quite lumpy sells over the last few weeks and they've offloaded a lot, last trades being 28th October.

Sienna,

That would take you some time to work out if you're interested. There's been lots of financing over the last year and then the shares bought in the option when Mr Jennings cashed in those warrants. That alone was like 99m shares at 0.75p. Perhaps they have their eye on something else, hopefully they'll do better on their next investment. Perhaps they should have waited for Brazil or even drilling on KON-16 for a better price. But glad they sold now and didn't create that overhang after the talked about Brazilian acquisition.

Regards,

Ed.

Dicko,

Quite possibly, they were at the draft document stage for SA farmout back at the end of September, hopefully close to final documentation soon, fingers crossed. That was when Cameroon was still only at the proposal stage, so you may be correct on timing.

Regards,

Ed.

SP71,

It seemed like there has been an overhang for a while and I guess the recent rerate has been that coming to an end. It certainly has been positive for his time here in that CRCL are now in a much stronger place than they were before he joined. All that funding at quite large premiums has now got us to this point where they are ready to acquire in Brazil etc. It will be interesting to see if our Chinese cornerstone investor also leaves or hangs around as we've yet to get the company strategy update and the battery metals update from the recent Stockbox interview. Its a bit of clearing the decks as Scott Gilbert is now in charge.

Regards,

Ed.

Afternoon Nige,

Cheers fella, hope you had a good one too! Absolutely, sounds like this Q has the potential to be very transformative especially if they get their first production from Brazil. Lets see what happens next. Lots of updates due according to the stockbox interview. Lots of us been adding before the news, Mr Jennings too it seems! :)

Regards,

Ed.

Good morning guys,

Seems like Mr Jennings is expecting a good acquisition by going long to the tune of 252m shares! That's a decent spreadbet for sure.

Regards,

Ed.

Luke,

We're certainly one step closer now that the recent placing has been approved in today's GM. Hopefully next stop Brazil. Sounds like SG was rubbing shoulders with a few others in Angola too at that conference. Be interesting to see what position the company is in by year end.

Regards,

Ed.

Nige,

It depends on the asset, Egdon Resources were capped around that for about 300-400bopd. Mr Karam's market cap could come into play if they hit on one of the exploration targets. As you suggest that's more mid term stuff. The first Brazilian acquisition sounds much closer than that. So it'll depend on what the asset is producing, how much dev or appraisal upside and reserves it has. Hopefully we'll find out in the coming weeks or months.

Regards,

Ed.

hi nige,

i'm good, hope you are too!

yeah hopefully the strategy update will give us an idea of his target. he said he had a vision for years to start a pan brazilian/angolan e&p. so i'd imagine that we have some indication of that as our angolan blocks have prospective resources of 297mmbbls net to the company (before the efg survey and also before the recent increase to 50% of kon-16). he also mentioned multiple assets that they're looking at in brazil, starting small. but they are looking at assets, not just an asset. with the jv with conterp it will be interesting to see the asset split on acquisition.

also with the sp**** seismic in kwanza basin compared to congo basin the results of the eftg are likely to be very useful to identify more leads and prospects. i believe that they're looking to create an energy transition company with production of oil gas and potentially future battery metals. so i'd imagine at least mid cap is the target, if they hit on some of the big targets on kon-16 it could be well beyond that. i'm hoping they'll be like a mini version of i3e or sqz, follow up with more acquisitions after the first. looking forward to a busy q as suggested by the recent interview.

regards,

ed.

Jojos,

Chevron are a vertically integrated major and cover the whole spectrum of oil and gas ops including upstream and downstream. TRP's announcement made reference to an upstream producer, so likely to be somewhat smaller than the majors. Perhaps more along the lines of a mid-cap company imo.

Regards,

Ed.

Are you sure noone was buying at 0.1p, because there was a 75m trade at 0.105 and multiple others that started this rise. In fact there has been significantly higher than normal volume since. If you don't know why people are buying perhaps you should look at the market cap and Mr Gilbert's recent interview. Lots of news pending including the strategy update, Brazilian acquisition and updates on the battery metals all due this Q.

Regards,

Ed.

Mr Gilbert has said that we've the most exciting onshore block in the basin. Given the size of some of the targets on KON-16 I can see why. As well as the potential you mention we've also got significant acquisition potential in Brazil and also the battery metal licences (early exploration om Canegrass looks very promising and its outcrops at surface). All currently squeezed into a tiny market cap.

Regards,

Ed.

Reggie,

Yes in excess of $15m and production based payments sounds super given our small cap and its still a minority interest in discussion with the new party. Great news for re-rating our tiny market value. At least one more proposal expected and also progress with the bank funding. Its all starting to align. Looks like funds in place for the rig mob costs. No more placing to hold us back this time as its just been done.

Regards,

Ed.

Good morning guys,

Well done, lets see where Mr Gilbert sends the share price this Q.

Regards,

Ed.

Torre,

It sure is brewing, lots of it, this is going to be a busy Q according to Mr Gilbert's interview. No wonder people are loading up on the cheap before that. I now hold more CRCL than I have at any time in the past. Needed to get my 0.2p average down some more.

Regards,

Ed.

Gary,

lol! He may have even moved beyond level 3! I'd imagine there should be another good volume day as the last cracking RNS was 7am Monday. If I were JA I'd want to see a spud early Jan to know what's what down there before Feb 4th, meeting obligations etc. Cameroon are desperate to get their oil production back up again so that's in JA's favour for sure. So concluding the Farm-out in the very near term should allow plenty of time to mob a rig from pretty much anywhere, hopefully next announcement will be farm-out and rig contract in one. Probably 6-8 weeks mob time if its the Vali, 1-2 weeks testing on site due to new build. Hopefully the oil wells service contract will go to one of the big names given the significance of the well to TRP. If he also ties down the short and medium term FFD then it would be well beyond what I was expecting pre-drill.

I'd also imagine while all that is going on they'll want to get SA tied down before year end too, since they're already exchanging draft documents.

Yeah for all that currently ongoing £7m market cap looks extremely light, but that can change rapidly as we both know.

Regards,

Ed.

Gary,

The company did say they were confident of concluding the farm-out and wanted to do so asap. So yes its likely that JA was giving the other two companies a last chance to get in. TRP need to get the show on the road for an early 2025 spud and if he's also looking to conclude field development finance pre-spud then its going to be an action packed run up to Christmas.

Regards,

Ed.

Interesting development for sure if it turns out that TRP has activated the contract for the Vali. JA would need to get the farm-out concluded in short order to get the rig mob to west Africa for early 2025 spud as per guidance.

Regards,

Ed.

The use of the word "upstream" is interesting too.

Regards,

Ed.

Baserite,

Yes fingers crossed and eyes peeled for the announcement:

"Receipt of a proposal to finance the NJOM-3 well via farm-out of a minority interest in the PSC to a substantial upstream company with existing production, which the Company is in the process of reviewing."

"we believe we are now close to finalising the financing for the NJOM-3 well in Cameroon."

"Our intention is to conclude a transaction as soon as possible."

Regards,

Ed.

Baserite,

There will be a number of aspects that JA will have to consider after receiving the proposed farm-in by the substantial oil producing company. It'll not just be the quantum of cash and the quantum of % farmed out, but also the size and ability of the new partner will have to be weighed up too. If he also receives firm offers from the other two companies within a timely fashion (TRP stated they want to conclude as soon as possible, rig might need mob time), they'll only have a limited time to submit. It would then be taken also on the merits of the offer. Its better to go with a substantial company with production rather than a smaller company with cash and no production as they'll have to fund their ongoing costs for the Thali licence. Also an experienced JV partner would be nice, fingers crossed that all three that have completed their DD are substantial producers, but we'll find out in due course. If he lands a deal with a substantial company for a minority stake then its what many of us longer term holders have been waiting for, bye bye £7m market cap.

Regards,

Ed.