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This is all getting very exciting after a long summer with not much news.

The detail will probably arrive soon, but am I right to think HALO will be issuing approx. 5m new shares to Third Energy as the consideration for the deal?

" Consideration for the acquisition will be made up of 19.25% of the post-completion share capital of HALO".

That should indicate what the likely SP is if so.

I was looking back at the 18 June announcement, this bit in particular:

• HALO is planning a Secondary Market Trading Facility that would be in place during the cancellation of the admission to trading on AIM of its ordinary shares (the “Delisting”) in the event that the Re-Listing is further delayed due to the Potential Acquisition, market conditions or other corporate events.

• Once, and if needed, this Secondary Market Trading Facility is established for HALO shares, the Company will announce the details as well as publish directions on the corporate website.

So.….there's been a delay since June (ongoing) because of the Potential Acquisition (ie the Third Energy deal), but no SMTF. I wondered why. Maybe HALO have decided it's not needed, perhaps because re-listing is now just round the corner. I imagine they'll have sought and received lots of brokers advice about when and where to re-list (albeit a moving target), and that corporate and other newsflow and detail will arrive quickly now.

We may also get this secondary market trading facility soon to establish the SP

Fabulous update imo. The next announcement should follow very shortly too. Details of the new acquisition and EGM.

Spirit Energy seem pretty active atm. They must have recently taken over as operator of Greater Pegasus from Centrica (who are stated to be operator on Third Energy's website), and they've also just farmed in to HUR.

On re-listing HALO will be a radically different beast to the company that de-listed last year. I only wish I'd had the balls to buy more shares back then, given that we had the Engie MoU and knew an acquisition was in the offing. Grrr!

Financials look ok to me. On course for ieo 2500 boepd by Q4, and op profit over £3m pa. We should also have a pretty good idea of anticipated re-listing SP once the Third Energy acquisition details are known.

Difficult to read that article using an online translator (like I tried to do!), but I think what happened was an El Pais journo picked up on a post on CSN's website at the end of last week, referring to the items in a notice issued by CSN in July, which BKY have responded to. We already know about that, so I don't there was any news as such. Same journo then ventured a legal opinion (!) that aspects of the radioactive waste storage proposals, which would place future obligations on the community, would make licensing legally impossible probably. I suspect there'll be a ready alternative, if one's needed, eg by requiring further safeguards which could be dealt with for example by a condition in the licence.

They say be greedy when others are fearful, but is that the right strategy here I wonder.

Isn't a scroat where a gentleman keeps his valuables?

I'd love to be a fly on the wall at Oaktree, they'll be behind everything, but the reasons for delay seem plausible and I think can be taken at face value:

"However, a number of factors including detailed engineering, equipment delivery and contractor scheduling have combined towards the latter stages of the project to delay the completion of some installations such as the preconcentration screen structure, process piping and electrical works, when compared to the original June 2017 construction schedule"

2 months slippage to a schedule (not itself set in stone) due in part to third party delays probably outside management's control, is no big deal imo. Particularly in a complex major project.

I doubt there's an agenda to delay commissioning to coincide with an APT price rise. It's influenced by so many factors. The RNS emphasises that APT prices tend to weaken in summer due to slacker demand, so on that basis it wouldn't make sense to lose production in Jan and Feb if that's avoidable.

The Noble Group offtake agreement still appears on ORM's website, so is presumably extant. Which would mean 100% offtake for the first 5 years, assuming the terms are still as per March 2014, and that Noble's future is now secured.

The example given in the Mar 2014 RNS says that ORM would receive net revenues of over $350m over 5 years assuming an APT price of $370 pmtu. Assuming $300 pmtu (and the current 30% interest) that equates on my back of my fag packet to net revenues of about £13m pa, which is about half of the current market cap. So in other words, ORM should receive net revenues just from the offtake agreement, equating to its current mcap, in just 2 years from production, ie by end 2020.

So an SP of 5.3p still gives loads of headroom for growth imo, notwithstanding the risks.

Probably a combination of limited fungibility, honeymoon period, novelty value, patriotism, arbitrage within the 3 listings (Madrid, ASX, LSE), tax and forex considerations and more.

LSE's turn for a rise soon hopefully.

Anyone know who's driving the demand in Spain? eg IIs or PIs?

I can't say I'm too concerned to hear about 2 licence items (which BKY are responding to) issued in a notice earlier this month. It's foreseeable, and maybe there'll be more. The current anticipated timetable is for construction to commence before year end. Why not just phone or email the company if you want the detail of those items?

And should BKY be committing time and resource to exploration atm? Arguments both ways, but I think they're playing it about right, keeping it ticking over.

If anyone wants something else to worry about, how about land acquisition. Still 9 tenements outstanding, and none were acquired in Q2, with construction due to begin in a few months' time. If like ORM's neighbouring Barruecopardo project, CPOs will be needed, maybe with appeals in that process, that could cause delays too.

Everyone should keep their investment here and the various risks under review of course, and do as they see fit. It's time to accumulate at these prices imo, but good luck whatever your approach. Not a share for the faint hearted, or if you're only after a quick buck.

Also, a few months ago, all the moaning on this chatboard was about too many presentations and too much PR material, when there was nothing new to say. Now the moaning is about too little info, or withholding it. What's a BoD to do...

And I expect the more positively the U market moves, and the economic benefits become apparent, the more difficult the mine will be to resist politically

The licensing risk factor is acceptable imo. There's been some great research and views posted on this chatboard about it (TBBT and Broxburn spring to mind), and BKY themselves are giving more guidance too now, also welcome.

It's also nice to read that the exploration angle continues to be actively pursued.

SP edging back up. EC requirements hopefully won't be severe.

Hopefully we'll see a good SP rise now. The double whammy of Cameco purchasing, and c+m'ing McArthur should help reduce U oversupply, kickstart the market, and make the arguments to quickly progress Salamanca compelling.

Hopefully the Germans will see sense and retain nuclear power. Since deciding on abandonment, all they've done is burn more coal and cheat by importing nuclear power from France anyway. Nordstream 2 will make Germany and wider Europe overly dependent on Russia, and shaft Ukraine and others. There's environmental objections to it too. Come on Angela, don't get into bed with dangerous regimes. Love that uranium, your country, Europe, and the planet.

All just imo of course.

Still happy with my (unlisted) shareholding here. The new deal looks exciting. I wonder if there'll be an EGM and vote on it (assuming it proceeds at all of course). It looks potentially like another RTO, which would be another reason not to re-list now, coz we'd just have to de-list again to complete the deal. News soon I'd expect.

Hi londoner7, I think what UBS are saying is that they haven't included any of the potential arbitration result upside (ie 177p) into their current SP target (ie 300p). I think they are assuming no value for the arbitration in the SP currently, and therefore saying add 177p to 300p to make a revised SP target of 477p on a successful arbitration outcome. That broadly reflects what Iain Dey was saying in the Sunday Times a few months back too.
What premium is currently in the price for expectation of a successful arbitration would you say?

Good posts and trade Volcano - nice one!

Maybe UBS are suggesting there is very little in the current SP to reflect the possibility of winning and recovering the arbitration award? The 177p upside presumably comes from CNE's Indian assets interest of $1.1bn (plus the increase in value this year costs and interest) divided by the 590m odd shares in issue. That 177p should be added to the 300pps price target if CNE win and recover the arbitration award, to make 477pps. Correct me if I'm wrong, but that's my reading of what UBS are saying.

I bought 5000 more (UK) BKY shares today, to take advantage of current weakness in the SP (due to some arbitrage going on I reckon) and assuming/hoping they will rally when the Spanish rise runs out of steam.

Cameco Q2 results Wednesday worth keeping an eye on too.