Member Info for ICB888

Currently Up 5.7% at 28p on volume of 140000. Good to see yesterday’s rise continuing.

Now Up 12.2% from 17 trades as the volume reaches 153000. 27.9p has been paid.

Last 2 trades both buys at 27p. Looks as if we may have an interesting afternoon.

The rise continues Up 8.2% at 26.5 on volume of 87000 from just 9 trades. If some volume kicks in this will really motor.

Now Up 14.2% at 1.20p as buys start dropping in at 1.2 and full offer has moved to 1.25. Volume 10 million.

Up 6.1% at 26p as someone has just paid 26.9p with full offer now at 27p.Volume still low but it’s a positive start to the week.

I think the appropriate response to Henry Sinclairs deramping negativity is to repost Jimmy’s comments from yesterday which received 23 recommendations:

“ Henry,

I believe all shareholders are disappointed by the delay in farming out and FID, however the current chariot is very different from the chariot of old as they have audited gas volumes which could double to circ 1.4 tcf with low risk and low cost deepening of the production wells into the O sands.

Of course the delay was unexpected but working from the completion of a legal heads of terms to a completed legal farmout with a super major and all the internal approvals required therein takes 6 to 9 months, so having to deal with 40 companies who visited the farm out data room was going to take a lot of time and effort to evaluate and bring to a short list. In-house counsel will have been seriously tested.

I when chariot say they are at an advanced stage of farm out I believe them and believe this will seriously re rate the valuations and lead to increases in proven gas in the area.

The onshore licence I think will lead to pleasant surprises as the offshore data is integrated with onshore, particularly the identification of faults that controlled turbidite deposition in the riffian gap.

Jimmy”

I haven’t looked but I believe there is a requirement to disclose full details of Directors remuneration, shareholdings and options etc in the annual accounts.

From the RNS first gas from NT2 should be this year:

“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, and originally scheduled for late March 2023, is now expected to run in the coming months.

As previously announced, the conclusion to the above workstreams decouples the spudding of CH-1 from first gas production and receipt of gas revenues. The re-defining and de-risking of the project materially advances first gas production, which is now expected at the end of 2023. A further announcement on drilling rig arrangements and timings will be made in due course.

Aminex, with a 25% non-operated interest, is carried throughout the ongoing work programme to a maximum gross capital expenditure of $140 million ($35 million net to Aminex). The carry is expected to see the Company through to the commencement of commercial gas production from the Ntorya gas-field at zero cost to the Company.”

I have just listened to a Proactive interview with the CEO of Shanta Gold which is producing impressive profits from gold mining in Tanzania “ https://www.proactiveinvestors.co.uk/companies/news/1023152/shanta-gold-ceo-says-life-is-good-at-shanta-ahead-of-planned-handover-1023152.html” . The reason for suggesting you listen is because of the very positive comments regarding mining in Tanzania but specifically mentioning two very large recent investments by BHP and Barrick. It is very encouraging to see the big boys investing in Tanzania as they presumably agree that Tanzania has changed and is a mining friendly jurisdiction.

That Proactive report on 8th August makes very good reading and it’s worth setting out the opening paragraphs here:

“ Record second quarter production from Shanta Gold Limited (AIM:SHG, OTC:SAAGF)’s Tanzanian mining operations generated more than US$23mln of quarterly earnings and set the company well on the road to wiping out the last of its legacy debt from construction.

At the end of the quarter to end June 2023 Shanta had net debt of just US$8.7mln, down more than 50% quarter-on-quarter, and surely set for eradication by the time 2024 rolls around.

The market’s reaction to Shanta’s strengthening financial position has so far been somewhat muted. But it’s unlikely to be muted for long.

That’s because the company is now producing gold at an annualized rate of over 100,000 ounces per year, a rate which looks set to be sustained, at the very least, for five years, and very probably for much longer.

With the gold price hovering at close to the US$2,000 per ounce mark, as it has been for much of this year, it’s not hard to make the obvious calculation: Shanta’s annual revenues will amount to the amount of gold it produces multiplied by the gold price.

On current trends that works out at a cool US$200mln per year for the next five years.

Or, if you want to look at it another way, between now and 2028, Shanta is likely to book a total of around US$1bn in revenues.”

First 2 trades today also buys at 26p. CNR hasn’t closed at 26p since 21st June so let’s see if a move north is starting as we await news.

Rather strange just 1 trade today a buy of 16 shares at 26p.

Rabito79

I see your point and think you are correct that it strengthens their negotiating position. This is what the placing RNS stated:

“ The net proceeds of the Fundraise will be used as follows:

o For near term onshore drilling and development planning on a new onshore Moroccan Licence, expected to be awarded imminently; and

o New ventures and working capital.

· The Company continues to make good progress on its partnership process for Anchois, with the fundraise providing an improved financial position ahead of finalising negotiations.

· Placing and subscription to raise gross proceeds of approximately US$15 million (£11.7 million). Open Offer to raise gross proceeds of up to US$3 million (£2.3 million).”

But the prime purpose is for the on shore drilling which looks like a very good opportunity as it has links with Anchois. It is better to finance this separately from the Anchois offshore as it keeps Anchois onshore separate and we don’t want to delay the farm out by renegotiating the deal to include onshore drilling.

Getting the onshore going and producing quickly to provide near term cash flow seems good business to me.

phulbari should now become an issue in the forthcoming election. hasina is now clinging on to a nonsense suggestion about possibly destroying agricultural land if phulbari is developed. we know this is untrue and that the land will be reinstated after the open pit mining with improved agricultural land. hasina has dug herself an enormous hole and has decided to keep digging. if she now approves phulbari it will beg the question why she has waited so long. if she had approved it several years ago when she should have bangladesh would not have the energy and financial problems it now has. she can’t say coal is bad because they use and therefore need large quantities of imported coal from india.

the opposition parties now have a great opportunity to expose hasina and hold her accountable for bangladesh’s current state. mr khan the former president of ****stan has been convicted of corruption. hasina should be very worried that the same fate awaits her as she has presented the opposition with an open goal with her actions regarding phulbari.

If you look at placings it is almost always the case that the shares will retreat to the placing price (or within touching distance of it) around the time of the placing. This could be just intra day for a very short period.

You are of course correct in saying that we are very close to 14p now and you could buy shares in the market at very close to the price of the extra shares. The point you are missing is that it is more beneficial to your investment that the placing and open offer shares are all taken up. The open offer shares provide the company with extra cash which obviously doesn’t happen if you just purchase on the market.

The volumes have not been particularly high so there doesn’t appear to be much churn of the placing shares. It appears investors are holding the new shares and waiting for the imminent news that will rerate them. At that point your 30p could occur very quickly as it’s not even half way to the broker target.

The market likes today’s RNS currently Up 6.9% at 71p on volume of 114000.

Tekcapital has received a 21.4p fair value target from Kemeny Capital based on a sum-of-the-parts analysis of their portfolio companies.

Tekcapital commercialises university-developed technology and has built a portfolio of four publicly-listed and privately-held companies with the potential to improve millions of people’s lives. Tekcapital shares trade at a substantial discount to their portfolio’s NAV and our fair value indicative target of 21.4p represents 104% upside from the current share price of 10.375p.

Yesterdays volume of 780000 has been exceeded in the first 2 hours of trading with volume now above 900000. This is the highest volume since the 3.4 million on 31st July which lifted the sp from 9.25p to 10.75p. Good to see this weeks rise continuing.

Tick up now 8.7% to 12.5p on volume of 712000.. This share is very undervalued and it is good to see today’s strong rise which looks on track to exceed yesterday’s rise.