Member Info for Edgein

Not sure why you would expect the outcome of that vote to be any different to the outcome of the AGM vote just recently. Folks had their opportunity then to do their voting. While there have been a series of management errors for sure, like GGS upgrades should have been done after securing Cuda as these pipe issues have been ongoing for some time, running out of cash etc etc. But on the upside Art knows what he is doing on the technical side, the perfect scenario would be Art moves into COO role and lets someone else in as CEO. But that's unlikely to happen.

In business its who you know a lot of the time, if he knows them and they know him and they've worked together in the past, then he's the man to get the JV done. He's also managed to get oil flowing from the Frontier 1 which is something that Mobil failed to do. Plus the recent well interventions appear to be working. So on a technical perspective things seem to be turning around. A lot of these bottleneck issues arose from the performance of the MF, therefore should be alleviated by the new GGS, wuth the 9 best producers allowed to return the maximum amount of gas back from the reservoirs. So all in all not the time to be changing management at this stage. Hopefully light at the end of the tunnel as we approach the commissioning of the new GGS.

Regards,

Ed.

PS. I still think the consolidation is a bad idea, its best to make the company operationally successful first.

Aston,

Well its positive initial signs as these were the much weaker mag targets, the strongest of which was T1 and wasn't drilled due to the issues mentioned in the release. It would be good to see RGL conclude the second half of the drilling on T1 target. Also some hints at potential for gold in hole 5 which has still to be assayed. So perhaps after that they may see more positives on their share price over there. In the mean time CRCL has this rebrand to focus on.

Regards,

Ed.

Nige,

I don't think its more likely now as a result of the sale of wowo gap. I think its always been a possibility, it all depends on the scale of what they're looking at. They're looking to rapidly consolidate onshore Angola and pick up assets in Brazil, this hasn't changed, could some of those assets be large, therefore constitute an RTO, possibly. We'll see in due course, one of our cornerstone investors has a lot of financial contacts that could potentially back such a deal.

JP drove SOU up to a £1bn market cap, It had previously multibagged with their Italian and Indonesian assets. So while some did buy SOU at the wrong time, others didn't and he made us a lump of cash. Hopefully gonna do the same here! Oil demand is up year on year and as we approach peak oil we'll see what oil and gas prices do then, this past year was a glimpse of what lack of supply can do.

Regards,

Ed.

Hi Nige,

They have sold it to IBM, whether or not the JV and spin off exists still is hard to determine, was this always the plan? It sounds like it was from the RNS. I would assume from today's news that its just a sale and that's that. But a good question, like confounded said, an interview would help to clarify what exactly is going on with these battery metals. Agreed folks its gonna be interesting to see what they get next in Brazil/Angola. The whole thing is starting to feel like its transitioning into an oil and gas company. As previous links have shown both these countries want to significantly increase onshore production, so any cash in at this stage is a bonus. Hopefully SK will clarify what is going on with these battery metal assets.

Regards,

Ed.

I comes in staged payments of course firstly $500k and then $900k within two years etc.

Regards,

Ed.

$2.8m for wowo gap alone isn't bad and it can be put to good use, all we need to know now is how much are they gonna be getting for Mambare also. That's gonna be cash towards our first Brazilian acquisition.

Regards,

Ed.

Nige,

Agreed, its been awaiting that permit for some time, cash in like you say and use that money elsewhere now that the focus of the company has totally changed.

Regards,

Ed.

Alb,

Not a peep from RGL, they've been drilling for around 1 month now, not mentioned extension of drilling programme so far. These aren't particularly deep holes so would imagine that they'll finish drilling in a few weeks then wait for the assays to come back from the lab. We might hear if they intend extending the drilling in the mean time. Also we've yet to hear what's going on with the sale of Mambare, I'm sure that cash could come in handy in Brazil or Angola.

Regards,

Ed.

CPF,

I personally don't use twitter, but from recent news releases here the focus seems to be on these oil and gas acquisitions and the rebrand. I feel that we might see that new presentation on the redevelopment of the first Angolan acquisition after we see the close of the first Brazilian acquisition. Would make more sense to launch the pan Brazil/Angola oil assets after at least one of each. The further rapid consolidation onshore Angola and the assets mentioned for Brazil means its a case of keep watching closely.

That first Angolan acquisition makes for interesting reading, so exciting to see what they pick up next. The current exploration upside, if successful, could transform the company. Those first two field redevelopments in Angola sound interesting 84mmbbls of 2C (gross) is an impressive amount of oil. If we gradually booked out 16mmbbls share of that we're not gonna be staying at £3-4m market cap! I'm starting to see why JP was so excited for 2023.

Regards,

Ed.

Eazy,

Yes very good progress being made at last, with production up around 30% since the start of the year and much more likely with the GGS commissioning in the near term. The most interesting line in the RNS was that the stimulation of the Frontier-1 is now somehow in conjunction with the JV negotiations. Sounds like the company is lining that up with the potential JV, would be good to get an experienced PRB operator in for that.

Regards,

Ed.

Con,

Yeah great to see the Angolan deal complete on time and overall very quickly. Also like you say also good to see second tranche payment in from our cornerstone investor. I'm sure he has a good idea what's coming next from Angola and Brazil. Looks like he timed his entry perfectly ahead of the first Angola acquisition. I wonder what's coming next?

Pity this RNS couldn't wait until 7am Monday, but I guess there'll be more to come soon anyway. Rebrand etc :)

Regards,

Ed.

You're welcome Nige,

If you read the link to this year's onshore licence round in Angola they want to attract new small and medium oil companies. Looks like the licences on offer are in the same basin as CRCL's new Angola acquisition, perhaps they'll apply for some more assets through this. JP certainly mentioned rapid consolidation onshore Angola so we've not seen the last of these from the sounds of it. Its good to read that both Angola and Brazil are keen to up their onshore oil production. Brazil was looking to double its onshore production by 2035, looks like CRCL are in a hot area now for both Angola and Brazil. Things can happen quite quickly as you say, I3E got off to a flyer after its first acquisition, the vast bulk of its production and reserves were acquired.

Regards,

Ed.

Https://www.frontierenergy.network/news/2023-licensing-round-of-oil-concessions-republic-of-angola

That's a lot of potential oil in place!

Regards,

Ed.

Stas,

"Edgein, "injected gas/butane circa $75m" that was what Art paid for it a long time back, have you seen the gas prices lately, you can hardly give it away. "

I'm afraid this is incorrect. The last time the $75m was mentioned was in a presentation well before the Ukraine war and the gas price in the US has returned to similar levels. Now there has been over 3Bcf of dry gas injected and the reservoir has been so filled with NGLs that they're now only using dry gas as they've already achieved the MF. All they need to do now is fill with enough dry gas to fill the void as oil is produced. If anything the value of gas and NGL's will have increased since last mentioned by the company.

Regards,

Ed.

Doug,

There has been a lot of focus recently on Art for how things have transpired over the last 12 months. From timing and financing of the BFU, so seemingly lack of progress on the JV to the impending doom Feb/March to the consolidation idea. But for those that wanted to act on the consolidation the time has now passed and the result will be known next week and hopefully it'll go the best way for shareholders.

I have to say though I'm looking forward to the time when the subject of debate is mainly the assets and their development. Hopefully starting from the commissioning estimated to be around July.

Regards,

Ed.

CM,

Unlisted and non exercised warrants cannot stop a share price rising, when was the last warrant exercise for example. In fact I'm currently a warrant holder in the company too and am not planning on exercising the warrants that I have currently. You are correct though the new assets will drive interest in the company as they've secured circa 20% in 2 field redevelopments targeting 84mmbbls gross contingent. At the current oil price that is substantial as is the net 297mmbbls of prospective exploration potential.

There's plenty of room for more interest to be generated too when you read this:

"I am delighted to announce this first acquisition in our oil and gas strategy, providing a strong initial platform on which to progress our pan-Angola/Brazil growth strategy. The metrics on this acquisition are compelling for Corcel shareholders and the window is now open for rapid further consolidation onshore Angola alongside new asset acquisitions in Brazil"

First acquisition as expected (location unexpected), window open for further consolidation onshore Angola, more coming? Alongside new acquisition"S" in Brazil. Sounds like more than one target in Brazil as well as Angola. I think there's a little more to their strategy that just keeping investors interested and it sounds like there's plenty more coming to keep us interested too. Can't wait to see what those are. Do you think that CRCL are taking part in Angola's new onshore licensing round?

Regards,

Ed.

Brel,

Yeah and I know an excellent way to do it. According to that SAS report Art's plan is to get the JV done and pay off the bonds and/or Senior loan. They're apparently after the whole lot. OK so that means the large recognised company wants into CCU Frontiers and Dakota as well as BFFDU Frontiers and Dakota. Those contain some of our 2P and contingent so therefore not free to farm in (see what LBE received for much lesser assets). Get that JV done with an element of cash/carry and take it from there, pay off those convertibles etc. Shorters can just buy back in the stampede after that.

Stas, some on here wouldn't tale 25p per share now. BFU is apparently funded for production upgrades and not reliant on any JV. The reserves there alone would be worth more than 25p per share, plus infrastructure at circa $120m and injected gas/butane circa $75m. So there is still no rush from long term holders, of course some may accept that offer. Personally I'd rather see the impact of this ggs upgrade by year end, what those 9 best producing wells do when tied in and recovering max returned gas capacity. We're cheap on the BFU, large discovery/JV is a bonus not priced in at circa 4.5p let alone 25p.

Regards,

Ed.

Its great to hear that Art still thinks there's big potential to get production up from the GGS and the JV is getting there slowly but surely. They'll be two great ways of getting rid of shorters.

Regards,

Ed.

#alb,

Don't worry, as a result of today's announcement they're coming:

“We also see large stratigraphic and structural pre salt structures on blocks, analogous to the offshore Cameia discovery. Our initial focus will however be on quickly securing first oil and revenues through our redevelopment opportunities."

Regards,

Ed.

S88,

They just picked up 16mmbbls of contingent and 300mmbbls of prospective P50 for less than £1m in shares and a modest signing bonus. These are operated by the Angolan state oil company. That's a large deal for a sub-£4m company to do. Not finished yet though sounds as if they want to consolidate more assets in Angola and move into Brazil. AET and SRSP are doing the same. You'll hear just how good a deal this is in the upcoming presentation.

Regards,

Ed.