Member Info for Edgein

Bondsan,

BP had a JV in Namibia with Serica years ago, they carried out technical work on the block at the time. So at one stage they were interested in Namibia. Who knows they may return at some point in the future as Namibian assets are a lot hotter now than they were then.

Regards,

Ed.

James,

That could be interesting if it materialises as it could literally be about any of the assets. Hopefully they've made progress on the detailed discussions taking place on the South African assets. Also if they hope to get drilling in October, even with the long lead items paid for, they'll need to close the asset funding for NJonji soon. As Jamins said its likely GBP related rise today, Friday's rise was more to us having a microcap and huge assets.

Regards,

Ed.

Great posts by Stas over the weekend again.

Its something that I keep banging on about on here as it further emphasises the point. Again today CHAR have had a significantly over subscribed open offer to shareholders, this time to 197% of the offer. With the oo and fund raise they've raised $9m. I've now lost count as to how many of these they've done this since drilling and the total raised. This is not an endorsement of CHAR by the way, I'm a former holder there and their assets are much lesser to that of COPL

Point being some companies bang on about they cannot raise money from Pi's etc. Yet CHAR continually align with their shareholder base to raise money on what is large contingent resources (no reserves) and hydrogen production hopes. Not once did Milholland or Gaffney try to involve their shareholder base to fund Atomic nor Cuda or anything in between. Even with large reserves and even larger resources (Cole Creek) shareholders didn't get a look in.

Regards,

Ed.

Kever yes very encouraging news from GBP, it suggests the growing interest in these blocks. Your answer lies in the GBP presentation, see page six of the link.

https://globalpetroleum.com.au/wp-content/uploads/2023/04/Global-Petroleum-Namibia-presentation-BEOS-conference-2023_04_25.pdf

GBP's main target is the Albian carbonate (the little blue bricks on the picture) W deep target. You'll see that there are many more little blue bricks on TRP's block to the north. Also much further north in Angola the Binga (also Albian carbonate) is highly prolific. TRPs' block has many more and much larger targets with some being a similar target reservoir to GBP.

Regards,

Ed.

They're looking to gather that 3D seismic in the next exploration period so that's likely to be funded by a jv imo. They've already got multiple Bn bbl+ targets and we've yet to get details on the new stratigraphic targets, that will hopefully be enough to bring in a major for the 3D campaign and drilling. According to the company Thali is to be in production by 2026 so another possible option too,

Regards,

Ed.

Good morning Stas,

Another thing that Millholland was guilty of which has been discussed too was his avid affinity for Anavio. CHAR for example did multiple Primarybid/Open offers on much lesser assets than COPL. They for instance only had contingent gas resources at their large offshore discovery. Unlike COPL they had no 2P nor largest oil discovery onshore USA in decades. Millholland and Gaffney preferred to keep agreeing to ever declining VWAP pricing rather than try an alternative even once like primarybid/shareholders, even at times repricing the conversions lower before they were settled. CHAR raised many $m on multiple offers to shareholders, some well oversubscribed. Not once did he secure any alternative sources of funding once he brought Anavio in.

Regards,

Ed.

Something that gets overlooked a little on here is that AM was involved here right up to the end as president of COPLA, responsible for the running of SWP and of course closing the JV. It certainly didn't end with the smoking gun RNS in July 2023. As well as the mountain of evidence in the videos and RNS releases as pointed out by FWT in his earlier post, AM tried to blame shareholders etc for box trading while all along, that whole time Anavio didn't release a TR1, we subsequently got all of those on March 18 2024, some of them 6 months old.

So noone noticed a company that apparently held between 70-100% of the shares between Jan and Feb 2024 when the company was still trading. No borkers nor market makers etc? I guess a rule 9 bid was just ignored (share price had a high of 31p in the 12 months prior to Anavio crossing the 30%, 29th of Dec 2023 they apparently had 100%, so slightly more than 30%! So you could say AM deflected attention away from that too with his box trading comments. Also he should have known better after Oilexco than to sign up to that debt and the VWAP bonds.

Regards,

Ed.

Very well constructed email to the courts, lets hope they pay attention. Reference to the "big oil company" make interesting reading.

Regards,

Ed.

Afternoon Nige,

I'm good, hope you are too. Yeah hopefully they'll arrange RBL for any reserves they're going to be picking up there, there is likely to be an equity element too. May take some time for them to rank the pipeline of assets, but yes hopefully we'll get some more Brazil updates before year end.

Regards,

Ed.

Sienna agreed, Mr Karam and co did most of the fund raising at 0.4p and also they had that option to acquire 99m shares from Align at 0.75p. So they're well underwater currently on those. I reckon they'll wait to see what happens with the pipeline of producing assets. Mr Zhao came in with the IBM and battery metals deal as far as I can remember and he's still here too. Given their past history none of these guys seem the type to sell at the bottom of the share price range.

Regards,

Ed.

Interesting to see Mr Gilbert become permanent CEO, a very positive development, he was the one who acquired Angolan assets initially before Mr Karam brought them into CRCL and is driving this push into Brazil. He did say when he joined the company he was looking to exceed expectations, so it will be interesting to see what he can get his hands on regarding the Brazilian production assets. Once they get some cash flow they can push ahead with the other assets including KON-16. Hopefully like Nige said we'll see some of this production pipeline of assets coming in before year end.

Regards,

Ed.

Agreed guys, very interesting collaboration between these two companies. Great to partner with such a large oil services company with access to all the gear they would need to workover wells etc. Be very interesting to see these pipeline of assets develop, very good to have a local partner that knows the sector too. A company that size would have vast local knowledge, 800 employees is quite impressive for a private Brazilian operator. If they find and secure the right fields they would be an ideal partner for drilling and developing and even managing the assets. Very positive development indeed.

Regards,

Ed.

Good morning Nige,

Easy to say with hindsight, but they got into Angola on the cheap and more than likely thought that Tobias and Galinda would provide first production. Not the case so far, but Brazilian gas production has been talked about for about a year or so. They do need to take their time too and get the right assets. fingers crossed they'll get something over the line this year.

Regards,

Ed.

Luke,

Absolutely, these guys currently leading the company have been very successful.

Nige yeah production base would steady the ship for sure. Well some of the companies I mentioned, like SRSP for example had next to no funds, but contacts with AFC and Trafigura etc. They managed to acquire an interest in OML 65 Nigeria and finance the workover programme with other people's money, Now also apparently have acquired Tunisian production with offshore development potential and are pending completion of BP operated blocks in Angola with Etu as a JVP. Or another example SQZ managed to secure the mature Erskine field from BP in the NS for circa $21m, between the effective date and the completion date the field had pretty much paid for itself. Like I3E, SQZ then also acquired further fields through debt. So it does happen, Mr Karam etc has been associated with a lot of African banks etc. Even little TRP is apparently trying to secure bank funding in Cameroon for its appraisal drilling.

So we can just wait to see what scale/quality of assets that CRCL can get and how it would be funded. All those mentioned above were for thousands of boepd, doesn't need to be on that scale to make a difference to our £4m cap.

Regards,

Ed.

Luke,

Indeed. Mr Gilbert has been highly successful in African oil and gas, founder of GdeC etc. They have been unlucky so far on Tobias, there are very few single well success stories out there, these things always take time. Both our top management and even the lower management have been very successful developing businesses.

Regards,

Ed.

Morning Nige,

It seems like the extended pre-empt is now over. I'd imagine that the deal can now proceed but that will require approval by the authorities etc. So I think you're being very hopeful when thinking days. Sale of the mining assets will be useful for sure, hopefully complete before year end. I'm more interesting to see what the combo of Mr Karam and Mr Gilbert can bring to the table in terms of deals, both highly successful. Reading up on Mr Gilbert is certainly interesting, developments there could happen at any time.

Regards,

Ed.

Well time will tell if that was a good move or not, I reckon they got them cheap given the current market cap.

Mixed bag in today's news, sale can proceed now that there isn't a pre-empt from BMA. The refusal of the DSO route isn't a surprise as the PNG authorities have had an issue about that for several years now, that won't be new to IBM either. They're not happy about the prospect of the high grades being developed leaving the sub 1% in the ground. So I guess the way forward for the JV would be to go down the Ni processing route. Given the large Ni price and the size of Mambare, shouldn't be the end of the world for that. Larger dev costs, but much much larger revenues and likely much more of Mambare commercially exploited.

Regards,

Ed.

Afternoon Nige,

Yeah hopefully they'll have the dual focus on some Brazilian assets soon. Production would come in handy, sooner rather than later. Others can certainly acquire good assets, AET a good example for Angola. So down to Mr Gilbert now to get us some production from one of his areas of focus. This crazy low valuation won't last forever imo.

Regards,

Ed.

Luke,

Yeah true, when Mr Gilbert came on board he was looking to exceed expectations, still early days yet. Hopefully he can locate and acquire a decent production asset. Those companies I mentioned all did so from pretty much a standing start like CRCL is now. They still do need a production base to fund wells on KON-16.

Regards,

Ed.

LSE,

The RNS said so, they're looking at ways to utilise those wells:

"While initial results in Angola have not allowed immediate reactivation of the Tobias Field as originally hoped, the block partners are undertaking a detailed review of how to best utilize and exploit the two wells recently completed and further develop the full potential of the block. The Company and its block partners believe KON-11 continues to offer significant developmental potential and that these early testing results are by no means a definitive outcome."

They're now going to spend some time looking to see why the two wells didn't flow and also collecting eFTG on all the blocks and both Tobias and Galinda. The eFTG will be used to define the targets better and its fairly cheap and fast compared to shooting 2D or 3D seismic. They do have large targets on all three blocks, KON-11, KON-12 and KON-16 so still working to define those.

Hopefully they'll be able to finance Brazil like AET, I3E, SQZ and SRSP have done, all acquired production and reserves using RBL. So I'm hoping that is what today's update is hinting at. We may hear more about their plans on the update on the current financing by the 14th June.

Regards,

Ed.