Member Info for Gardie

Of the Flying Frisby as one of his energy sector picks (after a couple of hints from me)...

Eco (Atlantic) Oil & Gas Ltd. (ECO.L).

Market cap £145 million GBP. No dividend.

A small explorer focused on Namibia and Guyana. It partners with larger operators, hoping for a major find. High risk, high reward territory.

Indeed Obscure, that's how they work. However, given that you would prefer to have shares with warrants attached rather than shares without warrants they also have a value which can be measured (using the Black Scholes formula). The value will depend on time value, the volatility of the underlying shares, the strike price of the warrants and the level of interest rates. I'll see if I can find a value...

Obscure, my thoughts entirely. Hence the question yesterday about the value of the warrants. It's basically a 3 year out of the money call option. Probably worth around 0.3p but I am just guessing

Thank you Surety, your estimated value for CHAR (if multiple events go as planned) has at least given me some hope of getting back a chunk of change at some point. I just had 2 questions for people to ponder on:

1. Do we have any mathematicians on this board? What do we think the warrants could be worth given that they have 3 years to run and are currently at a 70% premium to the share price (2.4p vs 1.4p)? They will have a theoretical value given the volatility of the shares and length of time to expiry. Any ideas welcome 🤔

2. What do we read into the news that Morocco has suspended development of the LNG terminal?

As far as I know they still need/want the gas for domestic and industrial purposes so are they counting on the new ONHYM and partners (incl CHAR) to help find local sources of gas from Loukos/Anchois/other basins either onshore or offshore? What is their thinking?

Would appreciate your thoughts?

Thank you Fernan for the detailed breakdown. As you say it looks like a great deal for the company and pretty poor for the existing shareholders but then that should really come as little surprise.

Indeed GP, that is the good news.

However, as a long term shareholder, who for one very fleeting moment was in profit many moons ago (though that was maybe a dream 🤔) can I ask our gloriously compensated and share incentivised BoD to come up with a plan that:

A. Doesn't massively dilute existing shareholders

B. Doesn't instantly smash the share price back to its previous lows

C. Doesn't have the appearance of a long term employment scheme

Will the share price ever get back to double figures without a consolidation? It feels more distant than ever IMHO as AP raids the shareholder piggy bank for the nth time...

Yes, a leak and yet another placing. Jeez. Still suffering from the last 4 placings at 18p, 14p, 6.5p and 1.4p. I haven't done the calculation yet but am assuming that 4,000bpd will at least bring in an income (above the obvious expenses)? What do our resident experts think of the deal?

Is something imminent?

It's only when you filter someone that you realise what a relief it is!

Sham, if the shares are investable then why are you still here? Unfortunately the recent volatility has attracted the usual bunch of deramper muppets.

Bizarre how OPTI and SBTX are now the same price....

Harry, I hadn't realised that Julian was 'gender fluid'. Must be getting old...

I am starting to wonder that OPTI knew all along? It was a little too easy for MD to pick up a 20% stake without the price moving IMHO. We've all been duped, I hope Ashman gets locked up.

My pleasure Shychap. After 30+ years in sales I also came to a similar conclusion. SA became increasingly belligerent and aggressive with his responses to very reasonable questions. It's just a shame he wasn't spotted earlier. But we can now move on and hopefully learn from our mistakes.

A big 'thank you' to Toyin and Shychap for their input and excellent suggestions for how to get this company back on an even keel after years of SA inspired damage. Let's hope the BoD are taking note and act accordingly.

Rodney's group definitely exists, don't know why it's such an issue for you Needy but there we go

Does anyone know the prices of the 2 48m trades? Can't see them on my limited trade history. Thx.

Sounds like MD establishing a loss for tax purposes. Will be interesting to see if he adds to his position from here...

Chance to buy some cheap stock in my opinion. The fundamental story remains the same.

I'm quietly surprised that the stock hasn't popped higher on the back of Mr Dixon's 20% raid. Maybe it's about to happen 🤔

Trium is in a similar position. As an M&A specialist fund I can only assume that they are giving themselves optionality. They are highly likely to get 28p (tiny profit) but there's a chance of a decent profit if another bidder appears before the deadline.