Member Info for emptyend

Its a possible trial area.

It is interesting to contrast the PR approach by GEO, with Wishbone’s blow-by-blow approach on a similar kind of situation : https://www.lse.co.uk/rns/drilling-hits-strong-alteration-at-red-setter-lq2uuhl66rax5i9.html

I feel that the GEO drill is being treated as the equivalent of a “tight hole” in the E&P sector…..

On the topic of politicisation, Vallance is on the news this morning pointing out that the NHS will have to somewhat increase their prices they pay for new treatments, otherwise there will be an increase in companies canning plans to invest in the UK (as happened recently with a couple of the big pharmas).

I thought the answers given in the presentation were pretty lightweight. Much more emphasis needs to be placed on 125/6 and on Pharos’s ability to attract partners. Only on the timescales was there positive news (on Egypt receivables, Vietnam drilling programme outcomes - and the conclusion to the farmout process). This is a big six months coming up!

Presentation slides https://www.pharos.energy/media/nxppkae2/pharos-2025-interim-results-presentation_24092025.pdf

The difference this time is that they are doing a formal farmout process on 125/6…..

News today instead. Small positive that has been a long time in the making……

I don’t think it is waffle:

1. They are very clearly confident over funding (without needing to call on shareholders - as evidenced by Vulpes market purchases).

2. “Regulatory conversations” will include the potential for accelerated approvals

3. “very confident”…..not merely confident

4. “partnering in the broader sense”…..yes, that includes the CVLP

5. “possibilities around investment further”……includes industry stakes in one or more platforms

I don’t put huge store by any of those in particular - but the range of options is important, and some of them are highly material.

This is the most important paragraph for me:

“ with this data set and our push on regulatory conversations, we're very confident that we will have serious conversations about partnering and partnering in the broader sense. And also possibilities around investment further.”

I suspect it hides some totally transformational developments in the works…….

….oh….and it is worth remembering that high-grade ore produces only 5 grams or so of gold per ton of rock…….so if you think you can tell with the naked eye whether it is 5 grams of gold or 1 gram of gold per ton (either in person or from 10,000 miles away), I wish you luck.

The most important point about the RNS is that the geology is “as predicted”. The pre-drill model is accurate. That is extremely important.

I think the setting of market prices suggests that the actual dealing is, for once, being dominated by the professionals. Will be interested to see how many people get surprised by their execution prices.

“ My guess is that Vulpes will continue to be steady buyers for a few weeks yet.”

….waiting for the next RNS, after yesterday’s 600k clip….

The trade that impressed me most from Vulpes wasn't in Scancell. It was the buying of millions of pounds in Far East trading on the weekend of the “Truss crash”…..I think they got 1.035, which was about the bottom - so they are 30% up from their sterling assets from that trade alone.

My guess is that Vulpes will continue to be steady buyers for a few weeks yet. They will be in another close period soon enough - and the current level is compelling. I also wonder whether the Vulpes analysts are poised to publish an updated opinion in the coming months, as I would expect there to be plenty of developments to be incorporated.

Some shareholders have literally died waiting…..and then there is also the little matter of Rachel from Accounts and her impending attack on wealth, pensions and inheritance. Some who re better off than me may be literally taking their money and running. It isn’t “difficult to understand” at all.

Come back in six months…..

The shares continue to move from the hands of smartarse traders and into the hands of those who are only interested in the endgame……and at bargain levels on this occasion. Lucky for Vulpes…..

….and the answer to my own question is that Vulpes has swept up 3.15mn shares at an average of below 9p.

I hope he remembers to than the muppets who sold them…..😬

Personally, I am sure that the CVLP will be key. But it won’t be funding the trial - it will enable it to be accelerated and will lower the cost.