Member Info for highlandmatt

Bullish! 🐂

Boozy Friday afternoons in the city? Maybe normally quiet on the trading front, so this was notable?

Not that much unrest really. If anything, that's always been there, and it's better now than it has been, so why the low SP?

Good to see

I know what you mean and it is not just TXP. Petrotal has been producing at 20k bopd, paid off its debts, started buybacks , paid a dividend and casually mentioned it drilled another well producing another 5k bopd, and the share price is 37.5p, practically a year low. Oil is above $70 and the market is treating energy stocks like it's $30-40. All we can do is keep buying bargains and wait for sentiment to return.

Around 2.30pm, just late reported?

Ouch! Wishing you a speedy recovery Caterham.

Thanks both. Got it.

Link please?

I know GRH does not consider the two remotely comparable in terms of opportunity, and this very interesting section from the new Investors Chronicle article shows why.

To put the undervaluation of Chariot’s shares into perspective, Auctus has an unrisked valuation of $839mn (£655mn) based on Anchois’ 1C contingent resources of 365bn cubic feet (Bcf) and 2C contingent resources of 637Bcf. That’s more than four times Chariot’s current market capitalisation. In addition, Anchois has 2U prospective resources of 754Bcf, which have a 49-61 per cent geological chance of success, and offers potential prospectivity across its Rissana offshore licence, which has a total 2U prospective resource of seven Tcf and could attract larger players, too.

So, let's say a roughly comparable resource, at the moment. That will cost a lot more to develop (orders of magnitude). Ascribed a value of £650m, and CHAR has mcap of £160m (up a bit on this news). CHAR will likely give up a significant percentage in the upcoming farmout, and yet is 3 times the (existing) mcap of PRD. So 30p would not be outrageous as a starting point. Then there is the greater attraction of cheap capex and potential resource upside still to be proven. Still cheap at 11-12p.

Disappointing result from the subthrust, but that's exploration for you and Cascadura is progressing. 500bopd from the Intermediate would give approx $5m per annum, so each well in Royston will payback in a year. Well done those that got 57p this morning, I only managed 59p.

There's 8.5m million shares of late reported trades. It looks like a large proportion of the 18 million 'available' shares (I won't say 'placing 'or 'loan'!) have been flipped already in to willing hands?

Same way we had the CPR after Mou1.

Selling at 12.8 and buying again at 11.5 is about 10%. However, you'd have to sell a large number of shares to make it worth it, and who wants to sell up now, right on the cusp of proving the theory and commencing monetisation?

I've followed my usual practice of buying in to every placing. Now fully funded and PG is in a hurry.

Cos someone dumped £130k worth?

Yes, deliberately tongue in cheek. However, an offer of £2.50 a share for Morocco would be hard to resist. It would be a 50 times return on my investment and life changing for me.

...where someone gives us a billion smackeroos for Morocco?

If Moyra exercises her 3m options at 10p a share, that is £300k. Which is enough for 3 days drilling. That would get another 72m down, even at 1m per hour. With the original mud, that should be very possible. And it's extra work for her team.

However, I think more likely that either some corporate event or forward sales will occur after Mou4. I think ideally PG would like to finish Mou2, then test 1,2,3 and 4 as one program. Maybe testing 1, 3 and 4 will be sufficient, with 2 being completed later as a producer? Either way, I am sure PG and Lonny will seek to maximise bang for buck. July will be even more exciting than June.

Could have bought at 6p after the last raise if that was your MO.

"The MOU-3 well has validated our pre-drill upside forecast for sand development in respect of the main Moulouya Fan target. A gross interval of 43 metres will be evaluated by a rigless well test."