Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
Definitely more interest today. Seems they have had to raise the bid to entice some selling. Looking as if they could be short of stock at these levels. Would like to think placing shares either flipped now or in sticky hands, but too early to say. Of total share now in issue, 94m accounted for with ii's, leaving 68m odd in free float. Not that many if demand is high.
Remarkably few sells reported,...unless delayed till later! Do be down this much seems not right.
Bit of a kick in the teeth for you guys. I was long term holder here during suspension and restructuring etc, but abandoned ship some time ago with a completely misjudged minor profit. ( I missed the initial spike we had here to 18p after re-admission and sold out for a paltry profit at 13p. as I got impatient for the expected re-rate to occur).
But I posted yonks ago that I was dismayed at how little of the ( impressive amounts) of revenue Trin appears to be making actually ends up as bottom line profit. ( I am sure some will disagree on this!) but after all taxes/rolalties/depreciation/exceptional items and what not have been deducted, the actual profit is not nearly as good as one would expect. Once those exceptional items( credit from Citibank deal etc) are taken off the balance sheet, the actual profit from oil production does not look so good. (All IMHO....no wish to offend anyone!)
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What loz has posted plus:
TLP-102
Well TLP-102 was opened on 17 June 2018 with a view to bringing the Well online. When the Well was opened, it was believed that heavy water was found to be blocking the tubing. As a result of this information, the Company decided to conduct a swabbing exercise and engaged Slick Line to carry out the work on a turnkey contract. Slick Line commenced work on 19 June.
Eight runs were made down hole and crude oil (with no associated gas) was recovered to surface. The oil samples appear to be identical to samples from TLP-101 and have been sent for testing. The Well requires two further runs in order to fully complete the work programme, which will be finished this week.
Due to the absence of gas in the Well, a pump will need to be installed. The Company intends to install this pump following completion of Slick Lines' work programme.
Based on the data obtained during the work, the Company's reservoir engineers now expect a minimum flow rate of 120 bopd from TLP-102 once the pump has been installed.
Oops spoke too soon there! Only takes 4/5 large sells and days worth of buys wiped out!
Have the flippers dried up, or waiting for a higher price I wonder? Was not that much selling yesterday either. Wish they would give use an update on TLP101/102, …..well overdue.
Wondered how do you work out the actual true market cap for a dual listed company? Add them together or treat them separately?. At current price and with the full number of shares in issue, 214,094,217 @ 4.1p, then around £8.77m for AIM listed shares, (which seems quite cheap) but what about TSXV share values?
waiting for now? SP been drifting downwards since Nov 17! DTU...no real progress to speak of ( or at least seems no nearer commercialisation). Helios...still a high risk prospect with little or no progress. Nitrogen production ..OK but ain't going to make millions. WD...could take months to get up and running. Enough cash in the kitty to further all these projects? I doubt it. Thinking of cutting my losses here and moving on. The exact same positives being voiced now were being voiced 12 months ago , but little has changed in reality except ED.( which we went and sold!) Cash from ED good but not brilliant. OK rant over. As you were...carry on!
SBB1 ...you must have a better memory than me! I can't remember the exact percentages or holders prior to the placing, but seems that collectively there are now approx 94m shares accounted for. What constitutes 'not in public hands' not sure of either, but, if I remember correctly, several of the ii's would appear to have maintained roughly the same percentage holding that originally had Sister no longer the largest shareholder, and may yet decide to average down as original holding I believe was IPO price of 20p per share.
Updated 14th June Number in issue at 8 June 2018:162,056,024 ordinary shares Percentage of ordinary shares not in public hands at 14 June 2018: 40.9% Identity and percentage holdings of significant shareholders: IMiton Asset Management 24,481,677 /15.11% Jub Capital 24,000,000 / 14.81% Sister Holding 16,354,015 /10.09% Toscafund Asset Management 9,326,353 / 5.76% Chelverton Asset Management 5,625,000 /3.47% City Financial Investment Company 5,625,000 /3.47% Shard Capital Partners 5,250,000 / 3.24% Hamilton Capital Partners 5,000,000 /3.09% Collectively this adds up to a total of 58%, (used to be 39%) so more than Milton must have taken part in the placing. Leaves around 68m in free float. Could be a lot worse. Overhang may not be nearly as bad as expected.
Yup.. and flippers taking it very gently and trying not to cripple SP. The more shares into 'sticky hands' the better.
Those interests not quite right. (As I understand it anyway) Under the new license AAOG interest remains 56%. SNCP interest reduces to 19% and the rest goes to the 'local partner' AOCG. The right to recover the share of drill costs owed however remains the same.
To be honest, nothing we did not already know, except the shipping date for the rig, and the fact that the pressure build up in TLP 102 is better than expected, and might possibly flow unaided. I asked why they did not just initially focus on getting a couple of wells up and running on R1/R2 and Mengo, rather than chasing Djeno. But it turns out that Djeno is only about 4000m lower, and in terms of drill costs only adds about $1m, so well worth having a go. But first 2 layers on their own should be enough for a profitable company in reality.
Ahh..... Thank you for that!
From ADVN post: FinnCap broker note out. "Risked NAV-based share price target 41p. Upside potential in the success case for the Mengo & Djeno reservoirs could be MAJOR". Guess we are close to finding out as drill of TLP-103 is this summer (ie pretty soon!). This should see 20p in the not distant future imo!
seems to be out, dated today but can't find any details...... for subscribers only etc.
Looking better than I expected for now. No sign of a tidal wave of flippers (just yet!) MMs running a very tight ship. Wonder what happened to the rumoured brokers note? Conference call Monday. and hopefully more positive news on the horizon.
I also wondered if that could be the case. Else our 'seller' has finally finished and is hopefully not just taking a day off!
I would suggest a 'battle' between placees flipping their new shares for a 10/15% quick profit, versus pi's and other buying in for a fully funded drill. Could be messy. Best keep tin hat handy.! All depends how many of the new shares have gone to investors willing to hold, and how many to the flippers. Also think a lot of would be investors holding off for now to see if price falls closer to placing price. which it may well do if flippers are very keen to off load at any price. But more days of 'churning' likely, with the SP probably just treading water in this zone +/- a few p. May get some brief rises on updates from 101/102 and rig mobilization etc, but will likely be sold into by the flippers. All in IMHO off course!
Sisters 23% holding was at the original IPO price of 20p. They are either very positive about this or will have to do some serious averaging down....which is good for us.... more placing shares into sticky hands! New shares should hit the market tomorrow.