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AEX has been looking ready to move up all week and this morning it has moving to number 9 on the leaderboard Up 8% before retreating as some sells came in above 1.30. Interesting to see how the day plays out and if a new high can be reached.

They are not going to issue a speeding ticket if Condor goes Up 100% because the Directors have said it is massively undervalued, which it undoubtedly is. We had the best volume day of the week last Friday of 589000 after a quiet start to the week. Are we going to see a repeat after the late pick up in volume this afternoon to 428000 as we closed Up 9.32% at 32.25p. Actually just noticed a late reported sell from 16.17 of 120000 at 31p which has pushed the volume higher, but it’s in the price. Are the MM’s collecting some shares in late trading to kick off another rise tomorrow?

I suggest you read the trading Update RNS of 28th September which gives a good recap on Satoshipay here is an extract:
“ In early 2020, SatoshiPay announced it was refocussing on B2B cross-border money transfer through blockchain with the launch of DTransfer. This was identified as a major global market opportunity which had scope for disruption through blockchain. Since switching focus, SatoshiPay has made solid progress in building DTransfer by signing up customers and building partnerships.

· While building DTransfer, it became clear that the blockchain infrastructure required to launch Dtransfer as a complete solution still needed refining. This encouraged SatoshiPay's management to seek out ways of providing and supporting this infrastructure, which led to the inception of Pendulum”
I would suggest that the big money will come from Dtransfer with Pendulum giving it first mover advantage in a very large marketplace as set out in a further extract:
“ If the Pendulum network can successfully connect De-Fi to the larger foreign exchange markets, building AMMs to introduce scalable liquidity pools for fiat currencies as well as creating yield earning opportunities for fiat token holders, then Pendulum should be well placed within the De-Fi space, a market which is currently estimated to be valued at $55billion in total value locked.

-- SatoshiPay has successfully incubated the Amber AMM Project for which it has secured 5 per cent of its future tokens. Amber is a novel AMM design for low-risk, single-sided liquidity provision, significantly lower slippage and fees compared to other AMM designs.

-- It is well placed to earn fees and accumulate tokens in existing and new De-Fi projects.
-- SatoshiPay owns 100 per cent of DTransfer which remains a highly attractive opportunity.”
A couple of years ago Meinhard Benn said that with less than 1% of its market Satoshipay could become a Unicorn. Let’s hope he is right!

After the rapid rise first thing we have settled up 8.5% at 32p on volume of 146000 and Number 14 on the Leaderboard.
There have been no trades since 10.46am. Todays volume has exceeded the 102000 combined volume of the previous 3 days trading by 50%. Will we see a further move up this afternoon if the MM’s decide to encourage some selling with a higher price.

The Half Year Financial report on 30th Sept stated:
“ Ruvuma 3D seismic full acquisition of data expected to be completed by 8 October 2022, with processing and interpretation continuing into early 2023

· Spudding of Chikumbi-1 remains on schedule for November 2022

· KNDL 3D seismic acquisition programme expected to be completed before year end”
So 3D seismic should have been completed on 8th October and as they only made that statement 8 days before 8th October you would imagine they were very sure that would be the case. It is not therefore surprising that reports of its completion are appearing. AEX can’t say anything until they are informed by ARA. Every thing on track it seems.
A quiet day so far as volume passes 1 million with all buys( except a 2000 sell) and we have just seen 1.30p paid for the first time today. We had a decent buy at 1.33p yesterday which is where I hope we are heading by the end of the week.

Now 9.3% at 32.25p as 32.4 is paid with volume of just 86000.

It’s surprising we haven’t had a tick up with the largest trade of the day a 400000 Buy above full offer at 1.33.
Volume now 2.85 million .

It is a positive move in line with good corporate governance as it is not considered good practice to have one person combining the roles of Chairman and CEO as Mark has for many years. Jim Mellon’s name is well known in global corporate circles and he has sold several companies at considerable amounts of money. He has considerable experience in the Resources sector. His long time business partner `Stephen Dattels was at Barrick Gold for many years and is still heavily involved in gold along with other resources. Jim therefore has access to a lot of contacts in the gold mining space. I see this as very positive and sets out the stall for corporate action. I think this raises the likelihood of a sale even more.

RoJo we know exactly how the buy/sell works in relation to the mid point. I am just pointing out when it is clearly wrong because the quoted spread which fixes the mid price is a distortion of the actual spread at the trading level. We don’t want potential investors to have a false impression of what’s going on.

Or he will receive a bid or a farm in offer. I think a bid is his preferred outcome and he is hoping to pull that off soon to preclude the need for financing. I don’t think we should have too long to wait as a lot of discussions have been going on all year along side finalising the BFS.

The buy/sell information is wrong again today the 840000 at 1.274 was clearly a buy as the sells were at 1.2588. When you correct that of the 1.6 million volume there are more buys than sells .

The real spread is pretty tight at the moment 1.25 are sells and 1.26 are buys. But these 1.26 are being shown as Sells distorting the buy/sell data. So that last 303000 at 1.267 was definitely a buy and the buys are comfortably exceeding the sells as the volume reaches 4.3 million.

First tick Up of the day as the buying continues. Second trade at full offer 1.3 just gone through. Up 2% at 1.275 on volume of 2.1 million.

Condor had a good week albeit slightly frustrating as the sp appeared to be held down by lack of stock to fill some decent orders. Following very low volumes at the start of the week there was reasonable volume of 584000 on Friday.
CNR closed on Friday at 29.25p having closed the previous Friday at 26p which is a rise on the week of 12.5%. However that doesn’t tell the relay story as the closing sp was manipulated down by moving the spread to 28.5/30 from 30/31 where it had been. During the day apart from the 1st trade at 29.9p no trade buy or sell was below 30p. The closing price should have been the previous mid price of 30.5p which would have made the weekly rise 17%.
CNR should open on Monday above 30p and continue to rise as interest returns evidenced by 100000+ purchases.

There is no ramping to be done about GCM has been undeniable fact for 16 years that Phulbari is worth billions if it gets the green light. Just look at the old Casanove valuation. GCM has for years been a binary stock, will Hasina approve it or won’t she. So the only thing to discuss is will she say yes now due to a variety of compelling circumstances or will we have to wait for her to go which is not long now. My post is entirely factual reporting the 34% rise this week. My point is that appears to be more sustainable than the spike to 8p and the very recent one to 7.3p. We have different circumstances than we have had on all the previous spikes because the energy situation in Bangladesh has never been as bad as it is now and there haven’t been indications from Hasina herself that she may go earlier than next year.

I first invested in GCM more years ago than I care to recall because it was an investment of Polo. Polo took other coal investments to a very profitable conclusion but GCM became a problem because of Hasina’s outrageous political opposition to Phulbari due to people getting shot by her police. Nothing to do with Asia Energy/GCM.
It seems to me that it simple common sense in the interests of Bangladesh and its people to proceed with Phulbari. I don’t believe that is ramping but if you want to see it that way , knock yourself out.

GCM closed at 6.625 on Friday having closed at 4.92 on Monday a 34% rise on solid foundations of rising volume each day from 146000 on Monday to 951000 on Friday. This has a different feel to previous rises and perhaps the market has started to realise the risk / reward balance is changing and GCM will continue to rerate to reflect the improving likelihood of the green light to fast track Phulbari . This project has never had a better chance of being approved as own coal is the only energy that can solve Bangladesh’s energy problems in a way they can afford plus all anti coal arguements globally have been put on one side for some time. Let’s see if GCM can continue to make decent daily gains next week as we await news.

It’s good to remind everyone about CHAR’s interests in Namibia which could bring in significant cash. There were a number of sessions at the Africa Oil week conference this week attended by a number of CHAR Directors. I would expect them to have had discussions about our Namibian interests and experience. Once again that potential link with TotalEnergies raises its head as they have a major discovery in Namibia. CHAR is making such good progress with all its businesses it is very difficult to understand why the sp has been treading water for so long.
There are so many existing and potential synergies with TotalEnergies that they must be the most likely Farm In partner in Morocco and if you were the Head of TotalEnergies wouldn’t you be seriously considering a bid for CHAR?

The sp seems to be being held down as it was yesterday until we saw the large order filled after the close at 30p. I am wondering if we will see a repeat of that today as currently the sells are out numbering the buys.

Moving up slowly with each few trades. 7p just paid so the sp could be ticking up again soon.