Member Info for Humanbait

Thanks Brom...very clear.

So, I don't think the update will have a major impact on our SP but obviously good to know they are moving forward and that they have spent extra time to plan these carefully.

It will be the results of the tests that could be transformational and so we'll be mid march before we start to get these.

HB

I think that there is a little confusion about the timing of the tests and the follow-up results.

In the RNS today D Hobbs stated ''....and allows us to fully focus on the start of flow testing in the Megrez-1 well.''

I think some are expecting the results to start arriving soon whereas this suggests that they haven't started the tests yet. So it will be a couple of weeks yet before we get preliminary results of the first of the 10 day tests.

Have I misunderstood this?

HB

A couple of sites that explain the reasons and process of adding a US listing:

https://www.skadden.com/insights/publications/2023/04/factors-for-london-listed-companies-to-consider

https://www.freshfields.com/en-gb/our-thinking/knowledge/briefing/2023/11/adding-a-us-listing-what-uk-listed-company-boards-need-to-know/

This looks complicated...we're going to need Grant Thornton!

HB

Just looking at what it takes and how long it takes for a US listing. The first site I found answers these questions :

https://blog.colonialstock.com/how-long-does-it-take-to-get-a-nyse-listing/#:~:text=Once%20you%20file%20your%20initial%20application%20with%20the,go%20through%20the%20process%20from%20start%20to%20finish.

We meet most of the requirements:

Easily enough shareholders and shares

pre tax income by virtue of a market cap over $200m

But not sure how we get to a share price over $4....consolidation maybe? Let's hope that we get great news in the flow tests and we get to $4 a share :)

I looks like the listing can be done quickly in a couple of months.

HB

....and given the two RNS's today, if we get really positive test results, I expect the SP to be well north of the 80p that you mentioned.

AIMO

HB

This statement in the RNS today suggests timing of the tests and an update:

''The Company is currently finalizing testing plans and modelling planned flow rates, recognizing constraints on oil storage and physical equipment limitations. An update prior to the start of testing will be provided in the coming fortnight.''

HB

Ahh. Apologies.

I’m assuming there are typos in your post. You say that you don’t think that the wool has been pulled over your eyes and then say say that there’s no way you can stay with it!

I can’t see why you would be in this high risk (but reducing) stock with imminent flow tests and jump ship right before the hopefully transformative results.

Each to their own and gl

HB

I think we already have all/most of the permissions e.g. environmental in the bag, not least because there’s no CO2 and we’re right under the pipeline. Also, we’re not in any of the protected parks.

Anybody got any serious concerns in this regards? My impression from the interviews, from the links on here, was that Trump is helping get the finance sorted for the gas pipeline with the Japanese and that the other permissions were less of a concern.

In any event, all the above relates to gas and we are ready to roll with the oil. I’m sure we are all on hot coals waiting for these flow test results.

HB

China, that was really interesting interview.

Good to get a feel for how they will raise the capital without too much dilution.

So, is it envisaged that the shares for the US IPO will be the ones that dilute us? If so, the IPO will be pretty small relative to the UK shares on LSE.

HB

Thank you China and Brom. I'll take a close look at these but I think the issue of dilution will be a question for the AGM.

Looking through all the presentations from AGDC and Pantheon, I hope the BB doesn't mind but I have another question.

According to the AGDC presentation dated 28th Jan 2025, FEED is likely to take 12 to 18 months before the FID. Then the gas pipeline will be constructed from 2027 to the end of 2030 with first gas in 2031.

According to the Pantheon presentation dated January 2025, the key milestone for producing oil is H1 2028.

The gas is within the oil and so what happens to the gas within the oil produced between H1 2028 and 2031, after which the gas pipeline will be available? I read somewhere that this can be stored in the place where the oil is extracted....if so can this be recovered at a later date?

HB

I am a little confused about their funding strategy based on the following statements that they have made:

1. They're going for an IPO on a US exchange

2. The directors are major shareholders and have used this as the rationale to reassure us that the US IPO wont affect us (and them) shareholders on LSE.

3. The funding options that they are considering will be the least dilutitive as possible

So, that all sounds great but if you're doing an IPO, that's doing precisely the opposite of 2 and 3 above....isn't it?

I have no experience of dual listings and how each set of shares on two exchanges would impact the share price of the other. Surely, they would have to be the same price (reflecting the $£ exchange rate) otherwise people would buy on the exchange where the SP was lower. Sounds complicated if there is different demand as I would anticipate on the US exchange. Anybody got any experience of this?

Exciting times and FWIW I continue to add and have 530k shares.

HB

Anyone going to the AGM next Wednesday?

Does anyone know the location and time?

HB

Good business for WSG as well if this has generates £10m pa for starters

Personally, I think DRC is operational. The RNS stated that there was a 90 day implementation period, and so they would have had to RNS any extended delay after this.

AIMO

Nice and chunky contract and with recurring revenues. Lots of additional potential.

DRC revenues, lots of other contracts, increased traffic at Sierra Leone, and hopefully another MSC...what's not to like at these prices.

I'm looking forward to the update.

AIMO

Ian, give me a shout. email address is vestysmith@aol.com

From memory, PF was expecting the revenues from Cargo screening to be worth, in due course, a similar amount to the Airport Security.

All these ancillary services makes this a huge transformational contract for the Company.

A massive congratulations to WSG and PF.

AIMO

Translates to:

Would you like to be part of a dynamic and innovative team?

The British Embassy in Kinshasa is recruiting an Executive Assistant to the Director of Development!

Long time no see:)