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Galp swapping 40% interest in Mopane for 10% in Total Venus, 50% carry on Mopane and 9.4% in PEL 91. Venus is supposed to hold 2-5 bn barrels and Mopane up to 10 bn barrels. This deal looks so poor for Galp. Feels like there is something Galp is not saying about the quality of Mopane. Previous press report that Mopane could be Worth $8bn just looks totally ridicules after seeing this deal.

Its hard to comprehend how underwhelming this deal looks like.

Galp has announced the farm-out of PEL 83 to Total, terms are way below expectation. Very negative for Sintana and also CEG shareholders.

Galp partners with TotalEnergies in Namibia

Galp firms a relevant partnership and expands its position in Namibia’s Orange basin.

After reaching an agreement with TotalEnergies to exchange a 40% participating interest in PEL 83, where the Mopane discovery lies, for a 10% interest in PEL 56, home to the Venus discovery, and a 9.4% interest in PEL 91.

TotalEnergies, operator in PEL 56 and PEL 91, will take operatorship in PEL 83. Through this agreement, Galp will retain a 40% stake in PEL 83 and ensures alignment on further maturing the Mopane discovery, with commitment to launch an exploration & appraisal campaign of at least three wells over the next two years to continue de-risking the block and support the unlocking of a development hub. The first potential well is under assessment for 2026.

Galp and TotalEnergies also signed a funding agreement where 50% of all Galp’s investments for a first development in Mopane will be carried. The carry will be repaid following the first commercial oil through 50% of Galp’s future cash flows from the project.

Additionally, by obtaining a position in PEL 56 and PEL 91, Galp also secures exposure to the Venus project, for which TotalEnergies is maturing a development concept for a 160 kbpd FPSO, with final investment decision estimated for 2026.

The transaction is subject to customary third-party approvals from the Namibian authorities and joint venture parties, with completion expected to occur during 2026.

“After Galp’s remarkable exploratory efforts in Namibia, leading PEL 83 with an 80% stake, we are happy to partner with TotalEnergies, a highly experienced ultra deepwater operator, and significantly de-risk Mopane by aligning a concrete path forward for the asset.

We expand our footprint in Namibia’s prolific Orange basin, reinforcing our commitment to the development of the country’s oil and gas industry, whilst strengthening our upstream portfolio with high-potential projects, such as Venus, which will further support Galp’s continued growth profile.”

After listening to recent webcast from PANR management it seem like that expectation is that Dubhe-1 well should be able to produce 1500 barrels of oil per day and gas on top of that, when the clean-up is completed.

Having discussion about raising more permanent capital, equity raise is coming it seem

Cavendish

On Friday, Iofina announced an agreement with Western Midstream (WES) to construct a new Iofina WET IOsorb plant at an existing WES processing site in the Permian Basin. Construction will start before year-end and is expected to be complete within 9 months, as compared to the average of the past 3 new plants of around 8 months, and will be funded from existing resources. The new plant will have roughly double the capacity of Iofina's existing plants, but will cost only c.50% more; it will extract iodine from less than 2% of WES's current process water, and less than 0.2% of the entire Permian process water. Because of this lower upfront cost, we estimate the new plant will offer highly attractive economics: a payback of around two years based on current iodine prices. With the underlying iodine market remaining robust, we see the scope for substantial further development for Iofina in the Permian and elsewhere, at similarly attractive economics; we also see this as a watershed moment for Iofina with the potential for investors to start seeing it as a growth company. We are upgrading our price target to 45p (was 40p) and updating our forecasts for this new, larger plant, for continued strength in iodine demand, and our expectation of continued rapid volume growth at Iofina.

Taking more time

Berenberg had the same price target on this for a long time.

JimiHendrix, its end of the calender year 2026, so Oct-Dec. So its a big delay.

From the report:

"Following Breakthrough Device Designation (BDD) from the U.S. FDA several rounds of formal engagement with the FDA BDD team clarifying evidence generation requirements, with a planned submission under the de novo route expected towards the end of calendar year 2026 (pending certainty of cash runway)."

The company needs to update the market on what happen to the November production start.

FDA submission from Q1 2026 to Q4 2026 is a big issue, that was big carrot for the short term equity story.

320k in cash and burning 350k per month

Whats going on, the company needs to update whats happening to production start up?

TSX close equivalent to 9.1p

Hiring a new financial advisor for a corp with limited cash usually means that a equity raise is coming, we shall see.

"Going concern

The Directors have considered the Group's revenue and cost forecasts in the business plans for the period to June 2027 and concluded that it is necessary to draw attention to the key assumptions regarding financing and revenue generation. The cash position of the Group on 30 November was £0.32m, with a projected average monthly cash burn of c.£0.35m, it is evident that additional financing is required in the very near term in order to meet its liabilities as they fall due and to continue as a going concern.

The Group conditionally raised £3.6m in equity funding, with potential for a further up to £7.3m to be received in proceeds from warrants. However, only £0.8m was received as the requisite shareholder approval was not secured at the general meeting held on 15 October 2025. At that time, the equity financing represented the only viable option available to the Group. Subsequently, the Group has continued constructive engagement with several shareholders, with the ultimate aim of ensuring the Group has the financial and other resources it needs to deliver for patients and shareholders.

The Directors are reasonably confident, based on the progress of these discussions, that the necessary financing will be obtained and has agreed heads of terms for a £1m loan with its major shareholder. As at the date of approval of these financial statements, no binding agreements have been finalised. As a result, the successful completion of the financing is not wholly within the control of the Group and therefore, in conjunction with the inherent uncertainty with regards to revenue generation, represents a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

As described in the accounting policies, we continue to adopt a going concern basis for the preparation of the accounts, but the above factor represents a material uncertainty that may cast significant doubt on the Group and Company's ability to continue as a going concern."

"Cash position at 30 November 2025 of £0.32m"

I will email the NOMAD and AIM regulator, the company needs to update the market. This is getting ridicules.

$2m upfront, which is like 6 months cash burn and and $2.5m + $4m if Navitas get somewhere with the blocks.

When is it time to sort out the funding issue?

4th December and no production, what is happening?