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Going back 1 month we were told “ Substantial progress on all aspects of Ruvuma operations, including 3D seismic processing and interpretation, Gas Sales Agreement ("GSA"), Development Licence, a revised Competent Person's Report ("CPR") and arrival of long lead items.” substantial progress on long lead items, so you would expect that to include the drill and drill pad. The deramper in chief is best ignored if not filtered.

A strong start with the opening trades at 11p and Fridays volume of 2.5 million was reached in the first 30 minutes of trading. We have seen the largest trade so far a 200000 buy at 11.24. Currently Up 3.8% at 11p on volume of 3 million.

Malcy attended and spoke at the Morocco Gas Summit and has just released his comments:

“ Chariot

With so much going on in Morocco and as a sponsor of the Summit it was not surprising that Chariot was well represented this week. The keynote presentation: Morocco’s Unique position in Africa as an emerging hydrocarbon province was given by Duncan Wallace, Chariot’s Technical Director.

In addition Pierre Raillard, Chariot’s Head of Gas business and Morocco Country Director, gave an address entitled ‘Building a sustainable gas value chain in West Africa’.

Clearly the Anchois Development Project has been the key to recent excitement at Chariot as it will have the ability to deliver substantial quantities of gas primarily into the Moroccan domestic market with significant upside. This is because whilst there are obvious export opportunities, the country are committed to the long term plan to move the needs of the country away from coal and to gas as a transition fuel for power generation.

Chariot are planning to supply Morocco’s key Atlantic industrial zones and they have a partnership with Vivo Energy in terms of energy distribution and of course this will hopefully be added to when the Loukos Project gets underway. This project has been put together alongside Anchois as it’s onshore location should mean that wells can be drilled more quickly and get to production sooner, it is very true that it will involve exploration wells but Duncan Wallace said to me today that ‘there seems no reason why they shouldn’t work, after comparing all the similar geological and geophysical similarities the prospects have with our success at Anchois and taking into account the offset wells which demonstrate reservoir and gas presence’

It would be wrong not to mention Eni who are drilling the Cinnamon-1 offshore exploration well and of course whilst likely to be targeting oil in the Jurassic, would on any success have an immediate effect on local industry in such areas as service providers.

Chariot were also highly complimentary about the relationship with ONHYM who have been not only giving help to upstream but also to those in midstream which will be important for Chariot as it highlights the infrastructure opportunities presented. ”

N1shares

I share your lack of understanding of these very small trades we have seen all week. The prices are also being applied to O trades. I just did dummy buy and sell 14.0344/14.0244 which is a spread of 0.01p or 0.07%. The spread is so small as to be effectively nonexistent. If anyone can explain what is happening it would be appreciated.

I think we should regularly remind ourselves of the actual situation as expressed by AEX rather than listen to the agenda driven ramblings of the derampers. This is from the Half Yearly report RNS:

“ Ruvuma PSA

The farm-out completed with APT in October 2020 carries the Company to material levels of production and revenue without the need to return to shareholders for additional funding for the development of the Ntorya field. This revenue is now projected sooner, given the acceleration of production agreed upon between the operator and the Tanzania Petroleum Development Corporation. The Company holds a 25% interest in the Ruvuma PSA with a US$35 million carry of its share of costs. The carry, equivalent to US$140 million of gross field expenditure, is expected to see the Company through to potentially significant gas production volumes with commensurate revenues.

As reported to Aminex, significant recent developments include:

· Using the 3D seismic to choose a new optimal target location for CH-1.

· The entire 3D seismic data processed interpretation will be completed in Q4 2023, permitting a total revision of the gas reserve and resource potential for the field. Moreover, RPS Energy Consultants Ltd has been contracted to produce an updated CPR before the end of this year.

· A well-workover of the Ntorya-1 well ("NT-1") to enable rapid tie-in to the gas production facilities and bring the well into early production requires using a drilling rig and remains scheduled to run after the drilling of CH-1.

· The Gas Sales Agreement ("GSA"), approved by all parties, is with the Attorney General of Tanzania for final review. It is expected to be signed in the coming month.

· The Field Development Plan ("FDP") for developing the Ntorya Area is approved by all parties.

· The relevant Tanzanian Authorities have approved the Development Licence for the Ntorya Area and, as required by law, it is with the Cabinet of Ministers for final approval. The issuance of the Development Licence significantly de-risks the project, locking in the development of Ruvuma for twenty-five years.

· APT recently received the second shipment of long lead items with the third shipment enroute and expected in approximately three weeks. The shipments, among other things, include tubulars, casing and crossover joints for the spudding of CH-1 and the workover of NT-1.

· The two-week well-testing programme on the Ntorya-2 well ("NT-2"), designed to provide additional information required for the design of in-field processing facilities, is expected to run in the coming months.

· It is expected that a drilling rig contract for CH-1 and NT-1 will be finalised in the coming months. Further announcements will be made in due course.”

Just looked at the programme and Duncan’s keynote speech was the first speech that opened the first session of the Summit, so one would imagine it was very well attended. I think that indicates how important Chariot are to Moroccan Gas.

We just need that RNS we are all waiting for!

Good to see Chariot prominently displayed on the screen during Duncan’s keynote speech.

Today is the first day of the Summit proper, yesterday was an Evening drinks reception. CHAR have 2 speakers Duncan the Technical Director and a French guy from the renewables business. Does anyone know if the conference sessions will be available on line? Malcy is also a speaker so perhaps he will provide a report as he follows CHAR.

No buyback RNS for the first time since buybacks started and not a single trade so far.

Just a reminder of the commercial deal announced on 25th October 2022:

“ Scancell signs Commercial License Agreement with Genmab

Genmab granted worldwide license to anti-glycan monoclonal antibody generated via Scancell's proprietary GlyMab® platform, for the development and commercialisation of novel therapeutic products

Scancell to receive from Genmab an upfront payment as well as potential milestone payments of up to $208 million for each product developed and commercialised, up to a maximum of $624 million if Genmab develops and commercialises products across all defined modalities. Scancell will also receive low single digit royalties from Genmab on net sales of all commercialised products.” My apologies it was $ not £’s.

SCLP already has deals in place that can produce upto £600 million which is multiples of our current market cap . It is therefore not the case that we have to wait for our new deal maker. There will be discussions that have taken place, our new deal maker can get involved and possibly speed things up, but to suggest that she has to start deals from scratch, is rather in’s to our CEO and her team.

These small trades are allowing someone to accumulate without moving the price very much. If they were buying in 50000 chunks it would spark wider interest. Yesterday 1.7 million shares were traded which is many multiples of the volume traded any day last week with a low of 320000 and a high of 740000.

One would imagine that as CHAR is set to become a major gas producer in Morocco it has to be a major discussion point at the Morocco Gas Summit. This is the obvious time for the big announcement or at least an update to allow CHAR to be a focus of attention at the Summit.

The sad old derampers keep spouting their tiresome snide remarks about Ed. However the market is taking a more favourable view and the buy back has had a beneficial effect. Just the announcement that it would happen caused a 100% gain which you were able to take advantage of. The sp pulled back as the actual buy back got underway but is now building again. Currently SEED is number 15 on the Leaderboard Up 8.8% on volume of 1.6 million.

This is interesting Up 17.6% on volume of 40 million. Are we about to get some news?

23 October 2023

Augmentum Fintech plc

(the "Company")

Irrevocable Share Repurchase Programme

At the Company's last annual general meeting on 19 September 2023 (the "AGM"),

the Company's shareholders granted the Company a general buy back authority of

up to 14.99% of the Company's issued ordinary share capital.

The Company has appointed its joint brokers Peel Hunt LLP and Singer Capital

Markets Securities Limited to manage an irrevocable programme (the "Irrevocable

Buy Back Programme") to buy back ordinary shares within certain pre-set

parameters. Any ordinary shares purchased by the Company will be held in

treasury. The Irrevocable Buy Back Programme will commence today and will run

until publication of the Company's Half Year Report for the period ended 30

September 2023.

Any shares purchased in the Irrevocable Buy Back Programme will count towards

the Company's general buy back authority of 14.99% of the Company's issued

ordinary share capital, as approved at the Company's AGM.

The Company confirms that it currently has no inside information.”

Hopefully todays RNS will start to address the large discount to NAV that accounts for the current very undervalued share price.

At times in the past when the share price has been rising we have seen large numbers of AT trades of decent volumes Today nearly all the trades are AT but for tiny amounts 90,132, 160, such that after 138 trades the volume has only reached 500000.

Much of that volume is from a few O trades for 100000 and 50000. I was wondering if anyone can explain why this is happening.

RJ

I am just pointing out that ARA must have confirmed the December drill to SCIR within the last few days. At this point in time they should know if that is going to happen and SCIR’s nomad would presumably have verified it. You may be right but at this time I think ARA are in a better position to know about drilling than you.

I have also now watched the whole podcast. As a long term holder who follows SEED closely I didn’t learn anything substantial I didn’t already know. But I didn’t expect to because anything new would require a separate RNS. I think the podcast would be useful to potential new investors to learn about SEED and the presenter made reference to that audience on several occasions. New investors are important to raise the sp.

The major takeaway for me as a long term holder is that Ed made it clear a special dividend was still an option in addition to the share buy back. Personally I am very keen for special dividends to be used as that is the only way I will receive cash at no discount to NAV. It’s good if the share buy back increases the NAV of the remaining shares but unless it also reduces the discount to NAV to zero(which seems highly unlikely) then I am still unable to realise the full value of my investment if I sell some shares.

Ed made it clear they have a lot of opportunities to invest the £4 million + cash they currently have and the further £2.5 million that will arrive in April. He was not giving anything away on what investment area the next invest would be or the timescale, although if my memory serves me he indicated at the AGM it was imminent.

When discussing timescales it is helpful to look at the last RNS from SCIR because the information contained in that RNS can only have come from ARA:

“ US$3 million payable upon Final Investment Decision (FID) being by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be. Given the progress made on the development to date, with first gas being targeted for December 2023, Scirocco is confident of receiving this payment later in 2023.”

The RNS makes it clear that first gas is being targeted for December 2023 and FID is imminent. ARA have confirmed this information to SCIR just days ago so they must know this is almost certain to be achieved.

I haven’t finished listening to it however on a positive note SEED is one of the few shares that are Up. Currently Up 3.5% on volume of 5 million.