Member Info for Edgein

Maidit,

Well CAG and Mr Cotter represent the largest combined group of shareholders so it should come from them. But well done to others that have contacted BP's Canadian solicitors. But CAG should now make themselves clear to BP's representative, best to come through Mr Cotter too imo.

Regards,

Ed.

Sharebel,

That certainly would be sensible. There is a common enemy here that has led to this situation and the possible obfuscation of the asset sales process. You would think the basic outcome of this should be the cancellation of the current asset sale and either a fair transparent process to sell the assets for fair value and allow all interested parties time to bid. Certainly the likes of BP taking exception to the AVO leads a ton of weight to the case against what's going on this last 12-18 months. Just when they thought they were home and dry BP steps in! Lets hope CAG and Mr Cotter can capitalize on this fully.

Regards,

Ed.

Hi Nige,

You never know, when you read about our new CEO Mr Gilbert, he has the right experience.

"Mr. Gilbert is also an entrepreneur who has co-founded and invested in several businesses within the oil & gas sector, thus bringing to the Company invaluable experience in deal origination, M&A, and post-merger integration."

Sounds interesting for sure and could be hinting at a merger. Then when you read Mr Gilbert's comments he does make it sound like he's joining the company at the right time. He's excited about something.

Regards,

Ed.

Afternoon Nige,

I'm good, hope you are too! Yeah he's a very experienced guy and has an eye for some good assets (KON-11, KON-12 and KON-16). If Brazil is anywhere close to as good it will be very positive. Company has hinted at producing gas assets in Brazil. Now that we have the new appointment and Brazil getting a mention again, in combination of today's comments about advancing Angola and Brazil near term, things could get perky very quickly. A half decent producing asset in Brazil could see us quickly back over 1p again. If TO-13 flows probably a lot higher than that as the market is acting prematurely on Tobias testing so far.

Regards,

Ed.

I bet EXT won't see that put option and those cheap shares as silly once they make further advancements in Angola and M&A in Brazil.

Regards,

Ed.

RL,

Very true, seems like we are very close to some more exciting news:

"Lastly, we look forward to announcing further advancements at our operations in Angola and M&A activities in Brazil in the near term."

Sounds very interesting to see how the company transforms next. Mr Gilbert was responsible for getting the Angolan blocks for Apex so it'll be interesting to see what he secures in Brazil too. Apex are one of our main shareholders so should do well from any further acquisitions. I'm sure you are also looking forward to the further advancement of Angola too.

Regards,

Ed.

Good afternoon Nige,

Yeah its certainly positive that EXT are buying out Mr Jennings at a large premium, some on here said that would never happen. Also like you say its very positive that the management are looking to buy at a premium too as they know what's going on with the Angolan assets. Plenty of news still to come from Tobias, let alone the rest of the Angolan and mineral assets.

Regards,

Ed.

Hi Sienna,

There's sometimes a wide spread on companies which would deter some traders. I would largely ignore that as you should be able to trade within in that providing you're not looking to buy or sell large volumes.

Takeover, I hope not I'd like to see them develop these two fields and drill KON-16.

Regards,

Ed.

Wonder*

GALP think they could have hit 10bn bbls according to this article, apologies if someone already posted over the weekend, not caught up on those posts:

https://www.reuters.com/business/energy/portugals-galp-says-field-off-namibia-could-contain-10-bln-barrels-oil-2024-04-21/

Anyone else looking forward to the volumetrics of the stratigraphic targets in Namibia that TRP are currently firming up. I wounder how many bn bbls they'll add to the prospective resource targets. :)

Regards,

Ed

This sort of arrangement isn't unusual here. Since Mr Karam has been involved with CRCL nearly every placing/funding has been at a large premium to the current share price. It makes a real change to have management and cornerstone investors aligned with shareholders. Even to get a management buy recently of £200k is large for a tiny cap, perhaps things aren't nearly as bad on TO-13 and TO-14 as some on here would lead us to believe.

Regards,

Ed.

RL,

Yes true its very positive for the the company and shareholders too. Not only are EXT getting cheap shares, but the company benefits from the removal of the potential 99m share overhang ahead of the test results of TO-13. Shareholders clearly also benefit from the removal of the overhang as they progress the Angolan assets and we have a very keen cornerstone investor fully behind the company at higher prices.

Regards,

Ed.

He sure has bagged himself a lot of cheapuns ahead of the activity in Cameroon that's for sure.

Regards,

Ed.

RL,

Yes, it shows that our largest shareholder EXT wants to take themselves right below the automatic bid limit of 30% holding. They're also willing to do so at a premium to the current share price of over 100%. So clearly they see large upside on these Angolan assets. Likewise Geraldine sees upside on her 0.5p placing purchase of £200k. Not overly surprising though as the Angolan assets aren't priced in here at the moment given the tiny £6m cap. Hopefully get the results from TO-13 in the next few weeks.

Regards,

Ed.

Good morning Dan,

Well we only have limited information to work on. So we don't know if they took open hole samples before casing, we also don't know if they did sidewall coring before casing and testing. So is it possible that they have hit a water filled compartment in the deeper part of the well, perhaps. Water zones in a well, once identified, can be isolated and plugged. So yes what folks are describing does happen, we currently don't know how much of the 80m has been perforated to date. Wells are tested from the bottom up as its fairly straight forward to isolate and plug off lower sections while continuing to test upper sections. Clearly TO-14 is unfinished business otherwise they would have just plugged it now rather than return there after TO-13. Nitrogen is used in clean up operations, so it will be interesting to see what further updates come from both wells. The fact that Sonangol want to return to TO-14 after TO-13 is certainly positive.

The company does remain optimistic and positive given recent statements

15th April

"our ongoing optimism regarding the reactivation of the historic Tobias field in Angola."

28th March

"we remain positive, knowing we have encountered oil in the well and don't yet know its ultimate commercial prospectivity."

Its still a case of wait and see, we still don't know why Petrofina only produced from the top 8 metres of TO-4. There will be lots more news to come and hopefully we won't have to wait as long to get the flow test results from TO-13.

Regards,

Ed.

Sienna,

There was significant volumes shifted yesterday after the announcement came out, even today volume is still higher than normal so there is stock available or we would be back trading much higher again. Volume could potentially remain high as the test gear is to be at TO-13 next week. Hopefully results will come much quicker from that one than TO-14, even though its got a much longer oil column.

Regards,

Ed.

Good morning Nige,

Everything that CRCL do in terms of funding seems to be at a premium to the share price, not unexpectedly either given the tiny market cap and significant asset potential here. Cap is circa £7m and both TO-14 and TO-13 are unfinished business at the moment. Sale of the Ni assets covers most of the cap now too. With them debt free they are unencumbered when it comes to acquiring production/reserves too. So a long way to go yet and likely a good reason for that put option at 0.75p and like you say the placing at 0.5p also being at a premium too.

Yeah yesterday was a nice change to Monday's weather, I spend most of it outside, so wasn't around when all the action was happening on CRCL yesterday.

I'd imagine so Nige, TO-13 to get fully tested first then back to test TO-14 again. Be interesting to see what TO-13 does on the flank as company statements are still bullish on the Tobias development.

Regards,

Ed.

Smkr,

Yeah great to see that Put option in place at 142% premium to the closing price. Shows how keen EXT are to get those 99m shares from Mr Jennings. If completely flies in the face of the gloom and doom mongers we've had on here recently. Obviously the largest shareholder is still very keen on upping their shareholdings at the expense of Mr Jennings after the recent market overreaction. Hopefully we'll get some flow rates from TO-13 in the coming weeks.

Regards,

Ed.

Dan you're welcome. Yeah the typical thing would have be go down the discounted placing route and from today's comments they still believe that TO-13 will aid them to getting commercial production in the near term and develop Tobias over the longer term. Not much priced in now even though Tobias remains a work in progress and the Ni assets are still pending sale etc.

Regards,

Ed.

Hi Dan,

That's a good question as neither drill result mentioned any water. So far they haven't made it clear that its drill fluid or formation water. I'd guess its formation water. Nitrogen clean up won't cause water by itself, it'll just turn back to gas as it returns back up the well. During well clean up wells often produce water/drill fluid before producing oil. In this case they may have hit some of the water previously associated with TO-4. The TO-14 results did suggest that the well had re-pressurized and recharged since the TO-4 days. Clearly the results remains inconclusive as they plan to return to TO-14 after TO-13. They do mention nominal oil and oil shows again, yeah likely the water is coming out in force on test, but no mention of quantities of bwpd etc. True working off partial information again, no mention of how much had been perforated, did they test the entire oil column etc? Were the most potentially productive zones tested? When they return are they testing the same zones or others? A lot still remains unanswered.

TO-13 next and then a return is on the cards so again more waiting to see. We might get a conclusion to the sale of the Ni assets over the summer too and that would help pay for some of these ongoing costs. Interesting that CRCL now still maintains the debt clear balance sheet.

Nige,

Yeah the weather has been horrible this last 6 weeks, wettest spring that I can remember. Hopefully we'll get some warmer weather again soon. They sure are making it clear that they're not done with either well yet and still talk about first production from Tobias. So the company remains more positive than many on here. They're not running a charity so the fact that Extraction and Geraldine are happy to pay a premium for a large tranche of shares is certainly a positive. Clearly they see good value going ahead on these blocks and the lithium assets.

Regards,

Ed.