Member Info for ICB888

Thi is what CHAR said in the 2020 Annual Report about the licenses in Namibia and Brazil:
“As announced in September 2020, the Company will likely only proceed with exploration if nearby adjacent drilling de-risks the basin sufficiently to generate partnering.
• Non-cash impairments of US$66.7 million made in respect of Namibia and Brazil and US$0.5 million against remaining drilling inventory reflective of change in strategic direction and Management’s approach to non-core assets in the current challenging market environment.
• Whilst fully written down, Chariot has retained its interest in Namibia and Brazil with no work commitments going forward and will continue to host data-rooms for marketing of both assets.”
The Shell wildcat strike is exactly the sort of event they we’re hoping for, so let’s hope it spurs some partnering interest from the big boys. Perhaps Shell but Total will also be drilling nearby and of course CHAR have a link to Total through their Transitional energy business. May be a deal encompassing Morocco and Namibia or even a bid for CHAR. There are many possibilities and it should be very interesting and exciting.

Someone has paid 31p and now Up 3.3% as the offer moves to 32p. Moving on just 12 buy trades and volume of 80000.

Volume now over 5 million as a big wave of AT trades went through in a couple of minutes. If that continues we have seen some good days in the past.

Up 2.4% on just 7 trades all buys for a volume of 177000 with the 100000 buy at 21.44 doing the heavy lifting. Let’s hope we see a few more of those large buys.

We also heard yesterday that She’ll have had a successful wildcat in Namibia where CHAR also has interests in the same area. The Shell strike may well help to monetise our Licences in Namibia. There are a number of options to avoid further dilution right upto an early outright sale to someone like Shell or Total.
I think the shareholders would like to experience the 10x share price event that the CFO promised several months ago before we see any more dilution!

Someone just raised this question on another bb and this was my response:
I think that you have a good point on Dynasty and I was just thinking the same myself as the Dynasty news flow has not yet happened. I recall this post I made on 21st December:
I think it is very significant that Dynasty have disclosed the discussions with one of the Worlds largest technology companies. That makes it a highly likely outcome and history shows us that if big tech wants something money is no object and they will deliver an offer you can’t refuse to secure their target. So I believe Nico makes a good point that £250 million is pocket change to big tech.
It would certainly be very exciting to wake up to that RNS!

Worth noting for the comparison with CHAR which closed at 10.6p that on the basis of today’s RNS Finn Cap have announced a new target of 54p so a 5x multiple. It certainly supports the argument that AEX should be trading at a much higher sp now.

Looks like CHAR is having a good day all round if the Shell Wildcat success in Namibia brings its Namibia interests into play. What are your thoughts Jimmy as the article you have mentioned is behind a pay wall. Is the Shell Wildcat close to CHAR’s concession?

The JP Morgan comment is yet more confirmation that Pendulum is in the right place at the right time . Very promising.

The largest trade so far is a Buy of 261000 at 7.64p. The direction of travel is clear and let’s see if we can move closer to 8p during today.

Although Mark did some good presentations during December the last operational RNS was on 30th November. We are clearly due our first RNS of 2022 fairly soon. Book5 on the other bb is suggesting that some progress has been made in relation to possession of some land. CNR will have a lot of news as it completes its feasibility studies and continues its discussions regarding finance. There may be offers to consider and/or toll mining deals to be done. This should be a transformational year for Condor and let’s hope that is reflected in the sp.

Just adding to my earlier comment to put in context the size of the market Pendulum will be providing a bridge to. Ethereum is the second largest crypto currency after Bitcoin with a market cap that is currently $405 Billion. The size of the market that Pendulum will facilitate is staggering.

Just to answer your £50 million question. Ed definitely refers to £50 million Market Cap on the several occasions he has mentioned this target. Hence my point that due to the discount we trade at,even if it narrows, the NAV will need to be substantially above £50 million to ensure a £50 million Market Cap. I feel confident that Ed is aware of a minimum value that will be achieved for Leap which will enable him to achieve what he has promised. I think he is confident of a higher figure but it’s better to under promise and over deliver, which I am sure he is fully aware of.

There is an article in The Times Business section today “NFT marketplace is valued at $13 Billion” This is about Open Sea a blockchain start up in 2017 which claims to be the latest NFT marketplace in the world. This is interesting for Pendulum because the article states that most NFT are purchased using Ether the currency of the Ethereum blockchain. Ethereum is one of the main blockchain that Pendulum will bridge to. Should also be useful for BLU’s investment in NFT.The strategy is clearly well thought out.

I think you need to understand that an independent valuation of a private company will be very different to an IPO valuation or a sale which actually crystallises the value. There are accounting standards to be followed.
You should also remember that Ed has been a Director of Leap for a year or so advising on the sale process. So Ed actually knows the figures being discussed and that’s why he can’t reveal it to us because it is commercially sensitive. But because he knows the likely value, the statements he makes give us clues for us to join the dots. So he can predict £50 million market cap knowing it can be achieved and we can work out the only way that Market Cap can be achieved is from the Leap sale giving us a lot more tha £20 million. I believe what Ed is telling us because if he doesn’t deliver then his reputation and credibility will be in tatters.

I think your suggestion of £20 million for SEED’s 47% of Leap is very low for a number of reasons.
Several months ago when Ed was pushed in an interview for a valuation for Leap he obviously is not allowed to say as he is involved in the sale. He answered by saying there were comparable companies that had values of £100 million plus.
Since that time it is clear that valuations of gaming companies have increased and continue to do so. Ed mentioned that in his recent Sunday Roast Interview.
Ed also talked about a minimum market cap of £50 million by the end of 2021 but although he reaffirmed that in the recent interview he has rolled that back to this year which coincides with when Leap will be sold or have an IPO. The current market cap is £17 million (against an NAV of £23.3 million) . SEED always seems to trade at a considerable discount to its NAV so in order to ensure a market cap of £50 million the NAV will need to be a lot higher than £50 million. The only near term event that can achieve that much higher NAV is the sale of Leap. It essentially needs to be more like £40 million plus which is clearly achievable if Leap is sold for circa £100 million. Also remember that Leap already stands in our accounts valued at £9.6 million so £20 million is no where near enough to get the NAV to £50 million never mind the market cap.
I believe Ed is very confident about his minimum £50 million market Cap and I believe he wants to over deliver. He has said H1 for Leap but is hopeful it wil be Q1. Exciting times to be a SEED shareholder.

Whatever the reason GCM is currently Top of the Leaderboard Up 30%,which is nice!

That’s right it is a required regulatory statement because of the large volume and rise in the sp. Nothing has actually changed from yesterday and the market cap is still very low with the news we are anticipating from Dynasty and Satoshipay. The news could still arrive any day but until it does the board is required to issue the brief statement that it has.

The board don’t know any more than we do what is coming from Satoshipay and Dynasty. I believe that in such circumstances following the large rise in the sp they are obliged to issue the statement they have under market rules. It is just required housekeeping which they have no dealt with as we await the next news.

The strong rises from late ±last month are continuing. Currently Up 5.65% at 8.55p on volume of 820000.