Member Info for euclid55

Argo Blockchain

Argo listed on the London Stock Exchange at the beginning of August, raising £25m in a placing that it said was “significantly oversubscribed”.

The Quebec-based company aims to “democratise” crypto-mining, the process of creating digital currency using extensive computing power. Its business model involves renting out its specialist computing capacity for a monthly fee — but as yet it only has around 20 staff and, as of June, zero revenue.

Argo priced its offering of 156m shares — 53 per cent of its issued share capital — at 16p a share, valuing the company at £47m. But the stock sank to 12.9p on its first day and has since lost more than 40 per cent to stand at around 9p.

The rapid drop comes as more mature rivals wobble. Genesis Mining, an Icelandic company with a similar “cloud mining” business and 2m users, said this week that the falling bitcoin price had “reduced mining outputs”, meaning some of its clients had not been able to pay their fees. It has told its customers to sign up to a five-year contract with no termination — or lose its services altogether.

Still, Argo’s flotation attracted several mainstream investors, including Miton Asset Management, Janus Henderson and Jupiter, according to its website.

The company has said it is hunting out cheap renewable power in Iceland and China. Several days after listing, it announced a multiyear agreement to lease two data centres in Quebec for at least three years, adding to an existing data centre in the city which it says “supports 407 subscribers”.

Https://www.ft.com/content/4121b068-a1fd-11e8-85da-eeb7a9ce36e4

Extracts below fro mthe N1+ Singer broker note dated July 2018

"Application of proceeds

The large majority of the $50m sales proceeds will go to pay down most of the outstanding bridging and working capital loans (in total $61.5m) owed by the parent company, although the precise allocation between the two loans is
subject to finalisation. The balance of the sales proceeds will go towards covering group working capital and transaction costs. The DLI subscription funds will be used mainly to complete construction of facilities at DLI’s four terminals. Up to 20% of these funds can be used for working capital purposes including the servicing of debt.

The new investors:

The funds for the investment in DLI are being provided as to 70% from a part of PSA International (PSA) and as to 30% from Mahogany Singapore (Mahogany). PSA is one of the world’s largest port operators and is majority owned by Temasek Holdings, the Singaporean sovereign wealth fund. PSA participates in approx. 40 terminals in 16 countries and has world class operational expertise and commercial networks. Mahogany is a company owned by a limited partnership with Gateway Partners as the general partner. Gateway is a Singapore-based private equity firm

Strutt,

I read an old BN report & they mentioned due to Brexit they will still get their EU funding arranged

The Indian economy is far stronger than when it was a member of the Fragile Five—our current account deficit is much lower and our foreign exchange reserves much higher than what they were in 2013. And unlike Turkey, our external debt is low.

Investors have recognized India’s strengths. Year to date, as on 10 August 2018, the MSCI India equity index was down a mere 1.9%. Compare that to the MSCI Emerging Markets index, down 8.3%. Among the erstwhile Fragile Five, MSCI Brazil is down 14.3%, South Africa down 18.6%, Indonesia down 15.5%, while MSCI Turkey has plummeted an eye popping 52.3%.

Https://www.livemint.com/Opinion/aqDxsKVJ0FcDkUjkuveM8M/Opinion--Could-the-Turkish-contagion-affect-Indian-markets.html

Yes boom coming whilst the INR falling hard against the GBP

https://uk.investing.com/currencies/gbp-inr

The Saouaf block is located in Central-north onshore Tunisia.

ACREAGE

4004KM².

GEOLOGICAL SETTING

The SAOUAF block is crossed by Zaghouan thrust belt fault that separates Tunisian Atlas to the west and the sahel plain to the east. The block is characterized by a variety of structures features including NE – SW (Such as Jebel Serdj/Bargou, Jebel Bou Dabbous and Jebel Jehaf) and N-S trending folds (Such as Jebel Fadhloun and Jebel Garsi). The area acted as a platform to basin transitional zone with deep marine shales to shallow marine carbonates during the Cretaceous and as a platform with carbonate-shale deposit during the Eocene. The area is affected by Pyrenean and Atlasic orogenies.

PETROLEUM SYSTEM

Reservoirs and seals

The Lower Jurassic Oust and the Upper Jurassic Ressas limestones and Dolomites are considered as a primary target in Saouaf block. The intraformational shale or argillaceous layers of the Sidi Khralif formation provide the main seals.
The Aptian Serdj, bioclastic, locally reefal, limestones and dolomites are considered as a secondary target. These reservoirs are oil bearing in the Douleb, -Tamesmida field trend.

The deep marine claystones and marls of Albian Lower Fahdene Formation constitute the main seal. The Campanian to Lower Maastrichtian Abiod chalky and fractured limestones, are considered as potential reservoir in Saouaf block. The Maastrictian to Paleocene El Haria shales will act as seals.

Source Rocks

The Late Cenomanian to Early Turonian Bahloul marine limestones and the Albian Lower Fahdene shales are main mature source rocks in the area.
The middle Jurassic Toarcian shale is considered as potential source rock.

Traps

Faulted anticlines and reef anomalies within the Aptian play constitute the main trap types.

swiped from the advfn bb from Spangle93

The Austrian company OMV reduced its presence in Tunisia recently, but are currently developing a sizeable gas field Nawara (ca. 580 bcf), albeit it's in the south of the country

hTTps://www.omv.com/SecurityServlet/secure?cid=1255766391700&lang=en&&swa_site=

It says in the link "Government Decree of National Interest signed in June 2015 making Nawara a Project of National Interest" so imagine how much they'd support the development of anything bigger!

The ETAP site is pretty useful for Tunisia assets, as it's partner in many blocks and national administrator. If you visit this page
hTTp://www.etap.com.tn/index.php?lg=3
and click on Carte de Concessions, the Saouaf permit (looks like the tiles I usually end up with at Scrabble) is mid-North, from the shore of the Gulf of Hammamet. The exploration well locations are shown.

Meanwhile this page
hTTp://www.etap.com.tn/index.php?id=1184&lg=3&det=336
gives basic details on hydrocarbon potential of the Saouaf permit. [I can't get the link on this page to open]

According to results Nov 2017 - Admin costs on note 6 of the accounts were $2.396m / £1.815m, very high for an AIM co, large salaries been taken.

So cash bal of $1.8m / £1.363m will be used as Admin costs this year, so potentially a cash call waiting in the wings

But they do have some potentially transforming co's, which bu the time they prove up their value, TEK will require more funding themselves. IMO

£5m cap is nice and small

Https://www.investegate.co.uk/immotion-group-plc--immo-/rns/new-immotionvr-location/201808010700073597W/

Immotion Group Plc ("Immotion Group" or the "Group"), the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment business, is pleased to announce that it has opened a new ImmotionVR location at Xscape Yorkshire, Castleford.

The Company now has three ImmotionVR experiences in operation, following the installation of ImmotionVR, Bristol last year and ImmotionVR, Manchester in June. This roll out is in line with the Company's strategy to build its suite of owned and operated sites within shopping centres and family entertainment destinations across the UK.

This is one of three revenue streams identified by the company to facilitate its vision to become a leading participant in the 'Out of Home' VR experience market by creating and publishing high quality VR content and combining it with its VR motion platforms to create truly immersive experiences.

The family-focused entertainment and leisure attraction, Xscape Yorkshire, welcomed 4.2 million visitors in 2017. Xscape Yorkshire also has an average 4.5 out of 5 rating on consumer website TripAdvisor.

Martin Higginson, Executive Chairman of Immotion, said: "We are rapidly delivering on our strategy and are very proud to have delivered our third ImmotionVR centre in just seven months. We are delighted to partner with Xscape Yorkshire, which provides great family entertainment to the people of Yorkshire and beyond. We hope that this latest ImmotionVR site delivers the same fun and great ratings that we have seen in Bristol and Manchester as we continue to build the business across the UK, Europe and USA in what is an exciting, fast growing market."

Jason Warren, Xscape Yorkshire General Manager, said: "ImmotionVR has filled the gap for quality virtual reality experiences at Xscape. It's a fantastic addition to our line-up and is sure to be a hit with our customers, both big and small."

"Early stage of operations

The Company's operations are at an early stage of development and there can be no guarantee that the Company will be able to, or that it will be commercially advantageous for the Company to, develop its proprietary technology and acquire scientific assets. Further, the Company has no positive operating cash flow and its ultimate success will depend on the Board's' ability to implement the Company's strategy, generate cash flow and access equity markets. Whilst the Board is optimistic about the Company's prospects, there is no certainty that anticipated outcomes and sustainable revenue streams will be achieved.

The Company will not generate any material income until commercialisation or licensing of its scientific assets has successfully commenced and in the meantime the Company will continue to expend its cash reserves. There can be no assurance that the Company's proposed operations will be profitable or produce a reasonable return, if any, on investment"

Technology and products

The Company is a drug discovery and development Company. The development and commercialisation of its scientific assets, will require research progress and positive results from multiple clinical trials, which by their very nature are inherently uncertain.

There is a risk that safety issues may arise when the products are tested. This risk is common to all new classes of drugs and, as with all other drug companies, there is a risk that trials may not be successful. The Board takes steps to ensure that all research partners adhere to industry standard guidelines.

Research and development risk

The Company operates in the life sciences and biopharmaceutical development sector and will be looking to exploit opportunities within that sector. The Company is therefore involved in complex scientific research, and industry experience indicates that there may be a very high incidence of delay or failure to produce results. The Company may not be able to develop new products or to identify specific market needs that can be addressed by technology solutions developed by the Company.

The ability of the Company to develop new technology relies, in part, on the recruitment of appropriately qualified staff as the Company grows, or to identify and collaborate with high quality scientific teams and investigators. The Company may be unable to find a sufficient number of appropriately highly trained individuals to satisfy its growth rate which could affect its ability to develop as planned.

Product development timelines:

Product development timelines are at risk of delay, particularly since it is not always possible to predict the rate of patient recruitment into clinical trials. There is a risk therefore that product development could take longer than presently expected; if such delays occur the Company may require further working capital. The Company will seek to minimise the risk of delays by careful management of projects.

"he Subscription brings additional funds into the Company and whilst there is no need for additional operational cash at this time, the Board welcomes the cash injection as it provides us with the flexibility to repay the loan notes outstanding from the Integritie acquisition without straining the Company's existing cash resources."

https://www.investegate.co.uk/rosslyn-data-tech---rdt-/rns/director-pdmr-dealing-and-issue-of-equity/201807251114427355V/

another good report worth readings 6 pages only

https://itportal.ogauthority.co.uk/web_files/relinqs/P1920.pdf

The below is for the Badger prospect Block 12/30

Based on a 2012 Report below they gave the 35mmbls oil resources $638m Npv

$638m /1.33 Fx rate = £480m for 100%
£480m x 17% ADL wi% = £81m NPV

We are also targeting Gas prospects

http://www.marketwired.com/press-release/north-sea-energy-inc-independent-economic-evaluation-complete-on-3-prospects-tsx-venture-nuk-1697454.htm

dated 10/11/2016 gave a NPV of £67m or 10p npv per share when they had just 118m shares in issue

Based on that NPV £67m on 1 b shares = approx 6.5p

Needs approx £308m project financing

sorry, just seeen the 4 April 2018 fund raise of £925k

"erefore, with the EU monies, prospective loans from the FEED contractors and other cost savings, only approximately £0.66 million remains to be secured to commence and complete the FEED (excluding the Company's general working capital requirements). The FEED will ensure that the detailed designs and costings for the Project are completed for the final investment decision.



InfraStrata is in negotiations with a number of different debt and other funding providers, ranging from government administered funds through to high net worth investors to provide funding for the FEED and beyond. Access to debt finance in the shorter-term has not been possible, as the relevant negotiations are lengthy and complex.

However, the Board is confident that the various sources of funding approached to date will, in due course, provide further finance to the Company.

https://www.investegate.co.uk/infrastrata-plc--infa-/rns/placing-to-raise--375-000---annual-report-update/201801250700058607C/

YE dec 31 2017 accounts do not read to well: A significant historic customer experienced contractual difficulty with their customer, resulting in a material decline in business with them during 2017 as compared to 2016 resulting in Revenues and gross margins of $268,000 and $142,000 respectively · A significant historic customer changed their business relationship with the Company from component based business to royalty based business resulting in a gross revenue and gross margin decline of $630,000 and $334,000 respectively. While this impacted top line revenues materially, the gross margin percentage achieved via royalties is significantly higher. · A contract with an existing 5G wireless Access OEM Customer that uses the Company's ENET network processing and security technology for its 5G base station, planned to embed the ENET technology into an ASIC for a wireless end point CPE device. The ASIC licensing contract was supposed to be signed by end of Q4 for an amount of $750k plus Royalties, with majority of the amount being recognised for 2017. The customer finally decided to revert to a previous proposal from Ethernity to utilise a low cost FPGA for this end point wireless CPE , the result of which will be higher revenues and profits for the Company in the long term · A contract signed for $225,000 in December 2017 budgeted for and recognised in preliminary revenues was subsequently reversed from income for 2017 as the customer unexpectedly did not transfer payment post signature in terms of the contract payment terms by the end of Q1/18, which payment was a condition for revenue recognition. The customer has informed the Company that they intend to re-engage the Company and the contract again during the second half of 2018. · Two additional contracts anticipated for 2017 were delayed to 2018 resulting in a loss of planned revenues of $250,000. Current discussions on these contracts are ongoing and the intention is that the scope of the contracts will be larger than originally thought. The financial performance for 2017 did not meet expectations in relation to achieved revenue and operating profit for the whole year and therefore was disappointing. Https://www.investegate.co.uk/ethernity-networks--enet-/rns/annual-financial-report/201806190700087828R/

Tony, past accounts are in the Admission document along with the details about their buisness plan

https://maestrano.com/news-events/ Mastercard joins with Maestrano to launch SME cloud marketplace in Asia Pacific https://maestrano.com/press/ Global banks join Efma, Microsoft and Avanade to recognise Maestrano as Best Business Banking Solution at 2016 Efma Distribution Summit