Member Info for Hedgehog100

Recent Share Trades for Pennpetro Engy (PPP)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
21-Jul-22 09:58:48 17.00 100,000 Unknown* 16.00 19.00 17.00k O
21-Jul-22 08:54:03 17.00 100,000 Unknown* 16.00 19.00 17.00k O
21-Jul-22 08:07:55 16.10 100,000 Unknown* 16.00 19.00 16.10k O
21-Jul-22 08:30:59 18.15 2,697 Buy* 16.00 19.00 489.51 O
21-Jul-22 08:11:13 16.70 3,195 Sell* 16.00 18.00 533.57 O

Does anyone know what to make of these large trades reported today?

Thanks for the correction Serif , and sorry for overlooking that.

The RNS doesn't state that PPP are carrying UPL's costs after that initial period though, which is when costs could increase considerably.

I can see why UPL shareholders are gutted at giving away so much of the project so cheaply.

Still, they could always buy into PPP as well!

"ZEN was allowed an automatic extension last year because of the COVID-19 pandemic, but that facility has now ended."

Please note a correction to that statement, with apologies.

The automatic extension IS still available for reporting periods ending on or before 27th. June 2022:
https://www.fca.org.uk/markets/summary-temporary-reliefs-companies-reporting-published-financial-information

So ZEN could still extend past the end of July, for the last time.

But of course it may not choose to or need to.

Canary,

I'm afraid I have to correct you there.

As a main-listed company, ZEN has to announce its final results within four months of its year end: i.e. by the end of July in ZEN's case. That's different from AIM-listed companies, which are allowed six months.

ZEN was allowed an automatic extension last year because of the COVID-19 pandemic, but that facility has now ended.

So, ZEN's full year results are due within the next six trading days!

And considering that ZEN's first half revenues rose over forty-fold, I think we can expect a pretty impressive set of results.

Perhaps this can be the catalyst for the long-awaited ZEN re-rating.

UPL's current small market cap. is a bit illusory, because it's in a weak financial position, and is facing huge dilution soon.

In addition, you generally have to pay a massive premium to take over a listed company.

And even if PPP took over UPL, it might 'only' end up with 50% of Saouaf, because it's held in joint venture with the Tunisian state oil company, Enterprise Tunisienne d'Activités Pétroliéres ("ETAP").

But 50% of such a huge resource is still massive, and partnering with the Tunisian state oil company provides reassurance.

Finally, PPP isn't carrying UPL's costs: they're being split 80-20 PPP-UPL, as per their respective shares of the project.

This is different from many farm-ins, where the new company assumes all the costs, giving the existing company a free carry.

Taking on 80% of the sunk costs as part of this seems reasonable, and the cost of £310,225 to PPP is relatively modest, and is payable in PPP shares priced at a minimum of 28p/share.

The best kind of PR is a regular stream of positive newsflow, which ZEN is excelling in.

A total of 23 ZEN RNSes this year, an average of nearly one a week.

In contrast, some companies may go months without a single RNS.

And in barely a month's time, the company will be hosting an investor and analyst conference call, with an updated corporate presentation:-

14th Jul 2022 6:00 pm RNS Investor Call – August 23, 2022
"Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company with proven revenue generating production, exploration and development assets in Africa and Europe, is pleased to announce that it will hold an investor and analyst conference call on August 23, 2022, at 10:00 AM BST/11:00 AM CEST via teleconference (the "Investor Call").
Those wishing to participate in the Investor Call may register by accessing the following link: shorturl.at/cjpsV
The Investor Call will commence with the management team providing an update on the Company's recent activities and running through an updated corporate presentation (to be made available for download on the morning of August 23, 2022, at www.zenithenergy.ca) and will conclude with the answering of questions submitted prior to the Investor Call.
Shareholders and analysts wishing to submit questions are kindly invited to do so by emailing: norway@zenithenergy.ca by 17:00 CEST on August 19, 2022.
The information discussed during the Investor Call will be restricted to publicly available information already communicated to the market by means of regulatory news prior to the date of the Investor Call."
https://www.lse.co.uk/rns/ZEN/investor-call-8211-august-23-2022-ie5rcwj3baqvvrp.html

levistubbs Posts: 3,096 Price: 0.30 No Opinion

RE: PPP Tunisian Farm-In Update, 13.7.22 21 Jul 2022 07:58

"What a load of rubbish. What do Upl have left if just to exist. Even the back costs are in the form of shares. They have given the farm away for next to nothing because of the dire state they are in and still Pen have to do the seismic which we should have done long ago and would have given them the wherewithal to get a better farm in.
So what now, what do we have left, what is the plan, how do they intend to build shareholder value that they have crushed.?"

ReplyRecommendReport Post

https://www.lse.co.uk/SharePrice.asp?shareprice=UPL&share=Upland-Resource

Interesting to see an Upland Resources (UPL) shareholder, on LSE, complaining this morning that UPL has farmed out to PPP too cheaply.

Well, a bad deal for UPL would mean a good one for PPP, as this is a 'zero sum game'.

Certainly, UPL's distressed circumstances, compared to PPP's very large funding resource, would have given PPP the bargaining power to cut a very good deal for themselves, which they look to have done.

To acquire a transformative, company-making asset, of the right commodity, at the right time, and in the right place.

Well done to PPP for farming into the Saouaf gas project in Tunisia.

This huge Tunisian gas project has up to 15.2 trillion cubic feet gross potential in multiple targets.

At a gas price of say c. US$0.01/c.f., that equates to c. US$150Bn. potential in-situ value.

And it is perfectly placed to help replace Russian gas supplies to Europe.

The potential revenue and profits that could flow to PPP from this project, once it comes onstream, are simply enormous, and could dwarf PPP's current market cap. of just £14.77M. at 17.5p.

21st Jul 2022 7:00 am RNS Farm-In to Saouaf Permit, Tunisia & Share Issuance

... Tom Evans, CEO of Pennpetro Energy plc, commented:

"We are excited to finalize our partnership with Upland in their Tunisian venture with the execution of this farm-in. Upland has done a lot of excellent technical and commercial work to this point and have built a very good relationship with the Tunisian authorities. There is a critical need for additional gas and blue hydrogen supplies to Europe, especially given that the Saouaf permit area is situated under the existing TransMed gas pipeline, which feeds gas from Algeria to Italy and has spare capacity.

The Sauoaf permit area hosts 10 gas prospects and leads with up to 15.2 trillion cubic feet gross potential in multiple targets. The risked resource, independently audited by highly respected third-party engineers, is 420 billion cubic feet of gas plus 1.6 million barrels of oil equivalent net to Pennpetro. The Pyrite prospect offers an opportunity to open up an exciting new play in the area.

Andy Clifford, President of our wholly owned subsidiary, Nobel Petroleum USA Inc., is excited for Nobel to assume operatorship of the permit and to carry on the good work done by the Upland team. He is exceptionally well qualified to oversee the future work programme, having over 43 years of worldwide industry experience, including leading negotiating efforts in North Africa and oil discoveries in Algeria for major oil companies.

Pennpetro and Nobel are evaluating several other Gulf Coast opportunities that will provide synergies with our ongoing Gonzales development, which we remain very excited about and which we hope to revitalize by the end of this year."

Share Issuance

The Company has issued 952,268 shares to its $20 million facility provider GEM Yield Bahamas in respect of agreed fees. Application will be made for admission of the Issued Shares to the standard listing segment of the Official List and for admission to trading on the London Stock Exchange's Main Market for listed securities. It is expected that admission will take place at 8.00am on 26 July 2022 and that dealings in such shares will commence at the same time.

Total Voting Rights

Following the issuance of the Shares, the Company's issued share capital will comprise 84,404,374 ordinary shares of £0.01 each. The total number of voting rights in the Company following the issuance of Shares will be 84,404,374. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interests in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

https://www.lse.co.uk/rns/PPP/farm-in-to-saouaf-permit-tunisia-share-issuance-e5tcbsyel8x690c.html

21st Jul 2022 7:00 am RNS Farm-In to Saouaf Permit, Tunisia & Share Issuance

Pennpetro, an independent oil and gas company focusing on development of the Gonzales Oil Field in Texas, USA, today announces that, through its wholly owned subsidiary enterprise, Nobel Petroleum USA Inc ("NPUSA"), the Group has signed a Farmout Agreement ("Agreement") with Upland (Saouaf) Limited ("Upland Saouaf"),an Upland Resources Limited ("Upland") subsidiary, for a farm-in ("Farm-In") to its Saouaf permit area, Tunisia ("Saouaf Permit"), held in joint venture with the Tunisian state oil company, Enterprise Tunisienne d'Activités Pétroliéres ("ETAP"). Pennpetro had earlier announced the signing of a Heads of Terms agreement with Upland on 16 March 2022.

Farm-In

NPUSA will farm-in for an 80% working interest and assume operatorship, subject to ETAP approval. NPUSA and Upland will jointly seek from the Tunisian authorities a one-year extension ("Extension") to the Saouaf Permit to allow sufficient time to undertake the current prospective work programme which expires on 23 December 2022 ("Expiry Date"), consisting of an obligation to acquire 300 km of new 2D seismic data and reprocessing some existing 2D seismic data. Extension negotiations have already been initiated referencing the Hydrocarbon Code of Tunisia.

NPUSA will be appointed as the Operator for the Saouaf Permit and a formal Operating Agreement will be executed. The working interests of NPUSA and Upland Saouaf (interest carried by NPUSA) up to the Expiry Date are as follows:

• Nobel Petroleum USA, Inc. 80%

• Upland Saouaf 20%

The Saouaf Permit can, under its priority rights, be converted into an exploration permit at the Expiry Date. In the three years following that Expiry Date, the exploration work programme requires the acquisition of 150 km of 2D seismic and the drilling of one exploration well to reach the M'cherga formation or equivalent to a minimum depth of 1500m.

Upon the conversion to the Exploration Permit, the working interests will be as follows:

• Nobel Petroleum USA, Inc. 40%

• ETAP 50%

• Upland Saouaf 10%

Upland Saouaf has been granted an arrangement whereby they may purchase up to 25% of the NPUSA Exploration Permit working interest on certain terms, subject to the approvals of the Tunisian authorities and subject to making a cash payment to Pennpetro of a 250% premium of the work programme funds expended by NPUSA.

Subject to Extension, Pennpetro has agreed to reimburse Upland for 80% of its prior sunk costs in Tunisia, amounting to £310,225. This will be paid through the issue of fully paid ordinary shares in Pennpetro ranking pari passu with other ordinary shares in Pennpetro at a deemed value of the higher of either £0.28 each or 10% discount to the closing mid-market pricing of the Company's shares on the date of the Company's RNS confirming the Extension. ...

https://www.lse.co.uk/rns/PPP/farm-in-to-saouaf-permit-tunisia-share-issuance-e5tc

A good article on Proactive Investors today in which BRES is prominently featured.

It highlights the economic benefits of the hydroelectric power that will power BRES's graphite project, in an era of US$100/barrel oil.

I.e. it's not just environmental (though that in itself is helpful in attracting investment funds), it makes sound financial sense too.

"The junior miners fighting back against inflation with lower cost economic studies, and lower cost quartile projects

Alastair Ford
12:33 Wed 20 Jul 2022

Inflation is causing mining companies to re-think their numbers

... Tungsten West’s shares soared by around 50% in the days following the news of the re-jigged project.

... Meanwhile, Blencowe Resources, which has a graphite project in Uganda, also put out numbers for a pre-feasibility study. This showed the project to have a net present value of US$468mlm, as against the company’s own market capitalisation of less than £7mln. The shares added around 15% on the news, and there may yet be more to come as the market wakes up to the value gap.

One key to the Blencowe story is that it’s able to access hydroelectric power. Another is that the quality of its graphite is very high. And these two factors combined tell their own story about new mining projects that are being developed – there are alternatives to oil that don’t have to be technologically complex, and the highest quality projects will always get moved along whatever the wider economic context. ..."

https://www.proactiveinvestors.co.uk/companies/news/987947/the-junior-miners-fighting-back-against-inflation-with-lower-cost-economic-studies-and-lower-cost-quartile-projects-987947.html

I wouldn't class under six months as a long time ago: it's shorter medium term, I would say.

And if it was too recent, for a buy of that size, it could suggest that transformational news could be a while to come.

As regards number of trades: the main trading venue for Zenith Energy shares is on the Oslo exchange, not in London.

And today, there was an impressive volume in Oslo of 6,648,101 shares traded:
https://live.euronext.com/en/product/equities/CA98936C1068-XOSL

The s.p. closed up today in Oslo at NOK 0.0925, which equates to about 0.78p.

But finally, where is any evidence of a positive correlation between the amount of share trading, and the performance of a share?

Some of the most successful shares have often been quite lightly traded, whereas some heavily traded shares have been investment disasters.

Remember that to have consistently high volume you need a continuous stream of sellers (as Warren Buffett has observed): so lack of ZEN volume in London may simply mean that most shareholders here are very happy and excited about the outlook, and are happy to hold tight.

Thanks Dabs, & thanks for your periodic very useful posts here.

Well done for topping up: at 82,000 shares, you're now just 11,747 short of a round 1% shareholding here.

"Canary may I add creating a new thread to highlight a £200 sell. Does seem very suspicious to me!"

Yes, Takeyourbets.

And £200 doesn't really compare to the ZEN boss £322K. share buy earlier this year, at 0.825p/share:-

31st Jan 2022 4:52 pm RNS Director/PDMR Shareholding
"Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to announce that its Chief Executive Officer, Mr. Andrea Cattaneo, has notified the Company that he has today purchased a total of 39,029,728 common shares of no par value ("Common Shares") in the capital of the Company at a price of £0.0825 per Common Share (equivalent to approximately NOK 0.10).
Following the dealing, Mr. Cattaneo is directly beneficially interested in a total of 102,468,240 common shares in the capital of the Company, representing 5.47 percent of the total issued and outstanding common share capital of the Company. "
https://www.lse.co.uk/rns/ZEN/directorpdmr-shareholding-opnugta8c0dje9s.html

That is a sum of money over 1,500 times larger than the tiddly sell.

And moreover, from someone who is in a perfect position to judge ZEN's investment merits.

Thanks for flagging up that useful article Burton, which contains a specific section on ARA:-

"DATE 14.07.22

SPAC’s : Down but not out"

"Aura Renewables

Aura Renewables (LON:ARA) takes its name from the Greek goddess of the wind, but the company is also open to prospects in the ‘solar, biomass, hydropower, carbon capture, waste management, smart grids and green hydrogen supply chain, and their sub-sectors, ranging from raw materials resourcing to power generation, energy storage and recycling’.

Speaking to TMS founder shareholder Suresh Withana said the company was engaged in a global search and may take on multiple assets, with interests in ‘several different types of companies or … minority interests in several companies so that we are actually acting as a platform of ownership interests in a variety of technologies or businesses in the renewable energy space.’ ARA is probably looking ‘for companies that are relatively mature in the sense that they are already pre-existing businesses that are typically in private hands that are now looking for a way in which to access capital markets.’ Withana describes ARA as a blank slate, with longer term ambitions to develop a company to a market cap of ‘about £300m, half a billion or higher’, an established ‘well traded, well covered and liquid stock.’"

https://total-market-solutions.com/2022/07/spacs-down-but-not-out/

19th Jul 2022 11:55 am RNS Director/PDMR Shareholding

DIRECTOR DEALING

More Acquisitions plc (LSE: TMOR) has been notified yesterday, 18 July 2022, that Roderick McIllree, Executive Director of the Company, purchased 2,000,000 Ordinary Shares of £0.01 each in the Company at £0.00945 pence per share, on 18 July 2022.

Following the Director's purchase, Roderick McIllree owns 12,000,000 Ordinary Shares, representing 9.60% of the issued share capital.

https://www.lse.co.uk/rns/TMOR/directorpdmr-shareholding-nikyqf371jqv9m3.html

"Hedge you really are a Tool you know
I’ve actually been on LSE For 15 years but had to change my account as it got hacked."

LOL, why does that not surprise me?!

You could start an argument in an empty room, but obviously can't handle it when someone argues back, resorting to silly, immature insults because you've lost the argument.

"Member Info for pic12"
"Posts
(All Time)
2"
"Member Since
29th Jan 2021"
https://www.lse.co.uk/profiles/pic12/

The irony and audacity of someone who has made TWO posts on LSE total, complaining about someone else not contributing as they would like!!

Leaving all the posting work to others, without a word of thanks, and then whingeing when the supply of 'sweeties' being delivered isn't precisely and exactly as they would like.

If you don't like it Pic12, then complain to LSE, and let them decide between us.

" ... Also there’s a bloody RNS button on the Top of this page or doesn’t your browser not have 1.??
Hey just summarise your point fella that’s all we are saying. ..."

Exactly - it's not immediately visible, is it.

You actually have to go through TWO other stages to get to it.

In addition, I DIDN'T post the full RNS - just the key parts.

Which is a helpful summarising process for myself to refer back to later, and for others who know that I post the most important info.

It means that people don't have to re-read a lengthy RNS when they just want to re-visit the most key points.

Finally, I've been doing this for many years, and I can count on the fingers of one hand the number of people who have complained - and they're usually trolls.

But it isn't available on the same web page, Skeletor.

It's available on the same website, but that's different.

It's quicker and more efficient for busy people to be able to refer to all the info. on just one web page.
Especially for people who may be reading on their mobile phones.

Now let me ask you a question.

Just because you personally don't need or want something, why do you seek to force your wants onto other people, and deny them something they may want?

And also waste time provoking a silly and pointless argument, instead of discussing important investment matters.