Member Info for Icarus49

A tip from someone at City AM - the only reason given is that the FCA investigation has ended and that SK once worked at Sage. I hope those who bought are not going to be disappointed by lack of new business in Q4 - still it gives long term holders chance to get out.

Given cash at end of Sept. of $5.4m a cash burn of $1-$2m per quarter then cash will be down to about $3.5m plus the $900k received from selling 40% of the business, so should get through to July 2026. Whether a company this small needs a board costing £700k pa is a fair point. The company has lost £260m in the over 10 years of its life has annual sales of about £5m (without the DevOps bit) and costs of about £9m pa - shareholders should be grateful that it is valued at over £20m but as Pearls points out without significant new sales announcements in Q4 ..........

$900,000 - $100k less than the maximum hoped for is better than I expected for the sale of the money earning part of the company but won’t keep the central heating on or pay the directors for long.

Was a holder here but gave upend sold some time ago. Now the directors can't make a go of giving the company away

Up to point Lord Copper (AKA lostshirts). Dilution means that the value of the company is unchanged but is spread amongst more shares. You could argue that he company is now worth £3m more than it was (it has £3m extra cash) and therefore the value per share is unchanged but Corcel is going to eat cash over the next few years and will not be valued on its tiny cash holding. In round numbers Corcel is spending about £2m year without the costs of surveys or drilling in Angola. Having raised about £6m at least some exploration can go ahead - but much, much more will be needed to get to actually producing oil. This may be raised by selling a percentage of each block but that depends on the buyer being convinced that Corcel, who don't have much history in Angola, is the right operator.

If 0.35p holds when the new shares are issued Market Cap. will be about £30m which compares with Afentra's Market Cap. of £88m. From Afentra's latest update RNS (19th November): "Additional investment associated with the preparation for the 2026 drilling campaign and accelerated revamping programme will increase the 2025 capital programme from $180 million gross to around $220 million gross (Net: $66 million)." Because Afentra has income from existing (offshore) fields in Angola they can afford this without issuing new shares. Corcel will need considerably more cash from somewhere and production is still some way away.

Bad news -more dilution. Good news - at 0.35p in line with the current share price. Not sure what to think, but had hoped they would finance the development by selling part interests rather than by issuing more shares.

If I was SK I would publish the full amount that it costs the customer. Wouldn’t you Pearls??

Is good news, but need 6 or 7 deals this big to get close to break even. Might just enable yet another share issue.

$6.7m over 3 years is $1.1m in a half year (perhaps less than a third of that will show in turnover figures for 2025)- and does any one know what IBM's cut is - would 30% be reasonable? Cirata needs many more of these to break even. Would help if we knew if it was from a new customer.

Great news, a $2.2m a year contract at last - not clear from the details - there aren't many - if it is a new customer.

From the latest trading statement: "Management expects that the early Q4FY25 bookings momentum, combined with the newly established cost structure, will demonstrate ongoing improvements in operating leverage"

Presumably as we are now half way through Q4 a statement about the early Q4FY25 bookings momentum, or lack of it, will be coming soon.

Perhaps the directors could be persuaded to take their fees in new shares rather than cash.

From the latest trading statement: "Unaudited cash position of $5.4m and short-term trade receivables of $0.3m as at 30 September 2025, giving a cash plus short-term receivables balance of $5.7m." ......."The realignment of the cost base, from a $16-17m run-rate exiting Q1FY25 to an annualized total of $12-13m entering Q4FY25 "

Given income of, optimistically, perhaps $1m -$2m in the quarter, the cash burn in Q4 will be $2m -$1m."

They are going to need to raise more funds to keep the lights on soon.

Does a £4m investment into a company "...valuing Apex on a pre-new money basis at approximately £24.0 million" mean that Power will own 16.7% of Apex? Think the RNS could be clearer. Would also like to know when Apex actually expects to receive any royalty payments from the various projects - all seem to be some way off actual production.

Tempted to buy some more but quoted 0.1711p by ii . If wanted to sell would be 0.157 - 9% is too wide a spread

I think the "It will all come right in Q4" has been replaced by it will be OK in 4 Quarters time, we hope!

We have a deal with 40% of a new area that could more than double our production. Meanwhile cash in the bank and still earning $$$m from our existing fields which will more than pay for developing the new field. What is not to like? Why hasn’t the share price taken off?

From latest RNS:

The Group has no commitments or contingent liabilities at 30 June 2025 (31 December 2024: $nil, 30 June 2024: $nil).

The annual accounts had :

As at 31 December 2024 the group had a contingent liability related to an ongoing FCA investigation, no liability has been recorded

Perhaps the FCA investigation is over.

Today's RNS refers to a fundraise. I may have missed something but no fund raising announcements were made by RNS on either date mentioned.

"Corcel Plc (London AIM: CRCL), the Angola-Brazil-focused energy company, announces that, following the fundraise first announced on 15 July 2025 and the 5 August 2025 General Meeting, all funds have now been received and the fundraise has been completed. The new admission date for the shares will be 1 September 2025."

The original plan was to have an IPO for the Uranium interests. Power put all their Uranium interests into a JV which was funded by £10m from UCAM for which they got 70% of the JV. If Fermi Exploration (the JV) is sold or has an IPO then Power get the value of their 30% plus £4m if 70% of the JV is worth more than £30m (if I have understood correctly). So if an IPO values Fermi at £50m Power gets £19m.

The problem might come if £10m isn't enough to do enough work to attract a sale or justify an IPO (I assume that Fermi had no other funds). Power would have to pay 30% of any additional costs.

US OTC prices easily seen on Google Finance -just put in Guardian and both markets are there.