Member Info for ICB888

Are you able to share with us what the order book is looking like which gave rise to your “Something afoot?”

If you look at the ENOG trading update today you will see clear statements from our new partner that they are getting on with it. I would imagine that as their principal exposure is to Israel they will be very keen to get Morocco producing as soon as possible so they have a large project at the other end of the Mediterranean.

ENOG is looking like a very good partner judging by its trading update today:

“ Mathios Rigas, Chief Executive Officer of Energean, commented:

"2023 was the year we became the major independent gas producer in the Mediterranean. Despite the challenging regional geopolitical developments, we stabilised the production of the Energean Power FPSO, which operated at 99% [1] uptime during Q4 2023, and we produced at a maximum rate of 150 kboed from our 1 billion+ boe pan-Mediterranean portfolio, with full year production in line with our latest guidance.

"Energean has always focused on stable, long-term value creation and delivery for all our stakeholders. We are making good progress on the path to our near-term targets of 200 kboed, $1.75 billion adjusted EBITDAX and leverage of c.1.5x. Our strong operational and financial performance underpins our stated dividend policy.

"2024 shows significant potential; we are well advanced with our core strategic projects across Israel, Egypt, Italy and Greece, and have extended our footprint with a new gas development in Morocco. As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region."

And one of the Operational Highlights:

“ o Morocco farm-in expected to complete in the coming months; appraisal well planned for 2024.”

It is clear from this that ENOG is very much focused on its new project with CHAR and intends to make serious progress in 2024.

There is news pending on a few fronts. The Uranium IPO should be imminent. I imagine with all the recent activity in Saudi they will be keen to get something underway and if you are partnering with Saudi’s finance won’t be an issue. Volume of 5.6 million is promising for this early in the day. The highest recent volume was 10.4 million on Monday which gave a close at 0.80, which is the highest close this year.

Tony Fabrizi has been keen on Satoshipay from the start. He was responsible for BLU investing in Satoshipay several years ago now. I feel sure he knows it very well and has always believed it would come good. Remember BLU very nearly became Satoshipay to get it listed by reverse takeover. It didn’t come to pass but Satoshipay transferred its technology into blockchain as its original idea in the publishing world was brilliant but ahead of its time. Tony has come back to head the company for a second time and he seems confident that Satoshipay will finally have its day. It may not be the Unicorn Meinhard said it could be, but it could be very impressive as it’s in the right place at the right time.

The Directors will be paid with shares and won’t receive any until October:

“ Additionally, in line with the Fundraise and to facilitate immediate free cash to be used for working capital purposes and to assist in delivering the strategy of the Company, the Directors of Blue Star have agreed to receive their remuneration in ordinary shares in the Company, in lieu of cash, on the same terms as the Placing Shares, which include Warrants, for the period between 1 February 2024 and 30 September 2024. The Directors will not be issued ordinary shares or Warrants until after 30 September 2024. A further announcement will be made in due course.”

The Directors are essentially not being paid until October at the earliest which seems very commendable to me and demonstrates confidence that at least one of the major assets will have been monetised by then as per the RNS:

“ The proceeds of the Fundraise will be used by the Company for working capital purposes and will provide the Company with working capital headroom until September 2024, in line with the Company's forecasted monthly cash burn rate and the anticipated disposal of the Company's shareholding in SatoshiPay”

This is looking very positive and proper credit should be given to Tony Fabrizi for all his efforts and working for nothing until he achieves some good results. His share options don’t kick in until the sp is much higher than the current sp.

The timing suggests many investors will not have seen the RNS. Also on a timing issue( which the company has no control over) it is most unfortunate that news had to be released on such a bad day on the markets when most shares are sharply down. I suspect on a better day on the markets this could easily have moved 20% when it was announced. Hopefully in the coming days the market will realise the importance of this afternoon’s news and it will rerate.

The 2 trades this morning are both buys above the placing price. It’s just unfortunate that this announcement has happened on a day when the whole market is sharply down. Once the market returns to normal one would expect BLU to continue yesterday’s rise.

The placing for £100000 seems a very prudent move and involves minimal dilution. This should inspire confidence that the end game is in sight and should help the sp return to higher levels .

Clearly the information coming out of these 2 private companies remains restricted. Tony has done the best he can but is very limited in what he can say if the companies don’t give him information they are happy for him to release. There is no benefit to these companies releasing information as it may well be commercially damaging to tell your competitors what you are doing. They will start providing information when they IPO or they will announce a sale. The update indicates that both companies are making good progress but further patience is required before we get up to date valuations.

It is also important to note that the Satoshipay Accounts are to 31st December 2022 so they are a full year out of date and give us no idea about what was achieved in the last 12 months, although as they are clearly making progress one would expect the revenue and profitability to continue to increase.

Good to see the 30% rise on volume of 60 million with buys exceeding sells 2/1.

Dynasty

Further to the announcement made on 27 November 2023, Dynasty advises that it has partnered with the large media conglomerate Vera Media Group and 'soft-launched' its new platform Lightning Dragon, which is now live in the Philippines. Lightning Dragon has already secured significant partnerships including PayMaya, one of the region's leading payment providers with over 40 million users in the Philippines, and Razer, one of the world's largest gaming brands. Lightning Dragon expects to announce several more strategic marketing partnerships in the coming weeks across sectors including TV, radio, telcos, retail, esports tournament organisers and gaming content creators.

Dynasty further advises it considers The Philippines to be one of the top three most valuable and fastest growing gaming markets in Southeast Asia and has a population of around 115 million, with a median age of just 25 years. Research suggests that over 40 per cent. of the country's population are regular gamers with around 95 per cent. of internet users between the ages of 16 to 64 having played video games in 2023.

Following the initial launch, Lightning Dragon expects to conduct its official launch within the next two weeks, with a fully stocked shop including special offers from major games publishers. Under the terms of the partnership, which runs for an initial term of 24 months, renewable for a further 24 months, Lightning Dragon will pay Dynasty a monthly licence fee and the net revenue will be shared equally.

SatoshiPay

Further to the announcement on 15 November 2023, in which the Company advised that SatoshiPay had retained Benchmark International to establish an accurate valuation for SatoshiPay and seek potential expression of interest for its acquisition, Benchmark has advised that the initial reaction to the investment memorandum has been encouraging and the Company Is pleased with progress to date.

The Board anticipates that the recent uptick in attention to crypto currency in the media, driven by positive market developments such as the approval of the first Bitcoin spot ETF, should benefit SatoshiPay as a well-established player in the crypto market. SatoshiPay recently announced its financial results for the year ended 31 December 2022 which showed turnover of EUR2.93 million and profits after tax of EUR587,000.

The Company also notes the progress made by Pendulum which recently achieved significant milestones, most notably the launch of the Spacewalk Bridge on Amplitude, serving as a crucial link between Polkadot and Stellar. This innovative bridge is intended to facilitate the transfers of multiple stablecoins, advancing interoperability in the blockchain space. In addition, the opening of the HRMP channel with Moonbeam Network helps demonstrate Pendulum's partnerships strategy. This launch helped enable additional functionalities for the PEN token and stablecoin activities within the Moonbeam ecosystem and assisted with the listing

GCL straight Up 4.1% closely followed by YCA Up 4%. Another positive day for Uranium is underway.

This from another bb last night should see another good day for GCL:

“ Ozzie GCL portfolio members up strongly at the open

PDN +8%

BMN +6.5%

AGE +13%, yes +13%.

Other popular Ozzie names like LAM, 92E, LOT and DYL up ~8+%”

Perhaps the time will soon arise when the percentage gains at GCL start to outperform YCA,which is what you would expect to happen.

The 18 after the close trades were all buys at full Ask or higher including 546000 at 10.051. The Buy volume totalled 3.8 million v 1.4 million Sells. Hopefully this buy volume will continue next week and we are not going below 10p again.

The 5 analysts offering 12 month price targets for Chariot Ltd have a median target of 39.18, with a high estimate of 57.99 and a low estimate of 35.26. The median estimate represents a 291.81% increase from the last price of 10.00.

So even the lowest target is a 250% rise from todays price which makes 10p a ridiculously low price.

Normally after an RNS with drilling results he would be on Proactive and elsewhere banging the drum. Will we see him anytime soon?

some interesting background on copper from a market report this morning:

“ in equity markets, anto***asta was the standout gainer on the ftse 100 after an upgrade to ‘outperform’ from ‘sector perform’ at rbc capital markets, which hiked its price target on the stock to 1,800p from 1,300p. it pointed out that a rapid tightening in expected copper supply has brought forward a medium-term bull market.”

jlp is going to be ramping up its copper production at just the right time.

Global coal usage in 2023 hit a record high, surpassing 8.5 billion tons for the first time, on the back of strong demand in emerging and developing countries such as India and China, IEA said in a recent report. 

Reported on CNBC that Global Coal hit a record high last year. Despite all the attempts to demonise coal its usage continues to grow because there is no alternative in countries such as China, India and many SE Asian countries. It seems to me against that background Bangladesh must start to mine Phulbari as an economic and political imperative.

This is from an RNS in October 2021 just to remind us that KN1 produced gas and income:

“ Payment of Kiliwani North Gas Receivables

Aminex is pleased to announce that it has reached an agreement with the Tanzania Petroleum Development Corporation ("TPDC") for the payment of outstanding monies owed for past gas sales to the TPDC, resulting in a net cash inflow to the Company of approximately US$1.85 million.

As previously announced, the Company and the TPDC have been engaged in constructive negotiations over the last few months which have resulted in an agreed settlement.

The settlement between the parties involves the netting off of past gas sales of US$6.77 million due to the Kiliwani North Joint Venture ("KNJV") against certain amounts owed to the TPDC, including licence and training fees and the TPDC's profit gas share on the unpaid gas sales. As at 30 June 2021, and as previously reported, the KNJV was owed US$8.34 million by the TPDC (net US$3.50 million to Aminex). Of this amount, the KNJV has agreed to waive its claim for interest of US$1.57 million under the Kiliwani North Gas Sales Agreement ("GSA") on the unpaid gas sales in order to settle the matter and secure payment by the TPDC.

The TPDC is required to make a payment of US$4.37 million to the Company within 30 days of execution of the settlement agreement. After distribution of JV partner shares of the gas sales and remittance of indirect taxes and export duties the Company will retain approximately US$1.85 million.”

NT1 is having a work over because it has produced gas in the past so what happened to that gas if there is no pipeline?

Is it not the case that once the work over of NT1 takes place it can start producing gas again and as it is connected to a pipeline AEX can start selling it?

On the other bb there are pictures of the signing ceremony from Twitter.