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The last reported trade after the close was 100000@16p which is also the highest price paid all day. The rise continues and is now 2p above the placing price as we await imminent news on Anchois.

We are looking for a lot more than a 50% rise as per the ST article yesterday :

“ Furthermore, with Auctus risked valuation of $630mn (44p per share) for Anchois’ 2C contingent resources of 637Bcf three times the company’s existing share price, then a successful farm-out and financing of the flagship project should act as a major share price catalyst. Both broking houses have a 60p per share core net asset value valuation. The open offer is worth taking up and the shares, which are marginally below the offer price in my last article, continue to rate a buy”

44p is 3x the current sp and 60p is 4x. Malcy is sticking with £1.

The RNS doesn’t say anything about Goodfellows 2.8 million options which were also due to expire on 30th July 2023.

24 trades so far this morning all Buys. Up 4.8% on a volume of 879000. 11p now being paid on latest trades.

Also a good reminder of what good news can do for the share price. PRD was Up 25% at the opening bell and is now Up 50%.

It will hopefully not be too long before we see something similar at CHARIOT.

Moving Up again this morning with a few decent size buy’s including 200000 at 15.86p which is £31000 vote of confidence.

Cleanerworld no one lost anything today unless they sold. If people panicked because the sp was falling and sold, then they may have lost money. But if they buy back in at 8am they may be able to rectify their situation. If Lindy needs to raise 170k to exercise an option it’s not her fault that others panic. If Lindy has exercised her options the £170000 will be in the company’s bank account. I have lost 20% of the value of my holding today on paper but I didn’t sell any shares so currently I have lost nothing. I believe todays sp should be much higher and expect this to correct in the next few days.

I suspect Lindy didn’t expect such a poor market response to the update and thought she would be selling into a rising share price. If it is the exercise of her options where do you think she is going to come up with £170000+ to exercise the options. She is going to need to sell shares. If as one would have expected the sp had been much higher like mid 20’s to 30p she would have to sell a lot less shares.

She won’t buy back she will pay for her option shares and the company will issue her new shares. The company will keep the money she pays for her shares which will be 4.5p per share.

I will correct my earlier post:

Lindy Durrant has 3850000 options at 4.5p which must be exercised by 30th July 2023. It therefore seems likely that she has been selling shares at 12p and less today in order to fund her purchase. Sell at 12p buy back at 4.5p provides a nice profit for her. She no doubt needed to put out the update so she wasn’t sitting on inside information when she sold.

That to me seems the most likely explanation and if so the sp will rise again quickly. Alsoformer director Richard Goodfellow has to exercise his options and the company RNSed in April that they were creating 2.88 million shares to deal with his options. I note MT says 30th July for RG’s options also.

I feel sure an RNS will appear shortly to explain the situation and that Shareholders should not be worried about todays shareprice fall.

Lindy Durrant has 3850000 options at 4.5p which must be exercised by 30th July 2023. It therefore seems likely that she has been selling shares at 12p and less today in order to fund her purchase. Sell at 12p buy back at 4.5p provides a nice profit for her. She no doubt needed to put out the update so she wasn’t sitting on inside information when she sold.

That to me seems the most likely explanation and if so the sp will rise again quickly. Also not sure about when former director Richard Crossley has to exercise his options but the company RNSed in April that they were creating over 2 million shares to deal with his options at some point.

I feel sure an RNS will appear shortly to explain the situation.

The comment from the CEO is helpful:

“ Commenting on the update, Tom Reynolds, CEO of Scirocco, said:

"The significant progress made by the JV in the development of the Ruvuma license has provided us with improved clarity regarding the timing of contingent payments under the sale arrangements between ARA Petroleum Tanzania and Scirocco. Scirocco Energy is continuing to make progress towards the completion of the transaction and looks forward to providing an update on its status."

So as we would hope the sale is progressing along with all other matters reported by AEX. This makes total sense for it all to be finalised along side the other agreements with the Government of Tanzania. All looking good

Interesting to note that Little Green Pharma has been performing well since the RNS on 30th June rising from 0.155 to 0.2 today which is 29%.LGP is one of SEED’s larger holdings valued at over £2 million so that would be a meaningful increase in SEED’s NAV.

It’s about time the market started to take notice that our cannabis investments are coming back into fashion.

We have seen it in the past when the sp has had a large fall. Lindy has just updated the market so there is no question of inside information. Diggle can restate Vulpes confidence in SCLP with a large purchase as he has done more than once in the past. That will restore investor confidence and he can turn a nice profit.

Late reported largest trade of the day so far from 8.13am a Buy of 1649000 at the highest price of the day 1.2p.

This is progressing well towards the drill. A number of issues in final sign off with the Tanzanian Government. I believe as I have said before that AEX are wanting to get Government approval to complete the purchase of SCIR’s 25% before they drill. They have leverage at this point which they are using to good effect. It’s not mentioned but I am pretty sure the Government know it’s the Elephant in the room.

Well received RNS Up 7.5% and Number 12 on the Leaderboard.

The fall is overdone most probably due to a sale announced this morning by the Newlands who are long term holders of this share. According to a poster on another bb: “ out of about 4.6million shares sold yesterday, the Newlands accounted for 3.7million of them. I wonder if it was the dividend cut that peed them off, that wouldn’t surprise me at all.” They still retain a holding of nearly 3% and have traded the share over the years apparently buying many in a 10p placing so they are out while still in profit. Just remember the effect Odey had on the shares of several companies when he was a forced seller. It takes time to clear an overhang from a large sale. One would expect it to recover from this level over the coming weeks as the overhang clears. Although I was alerted to this share by Simon Thompson and took head of his very recent re endorsement after a fall, I don’t intend to follow his sell recommendation as I expect it to rebound from this low.

The placing does not alter what we are expecting imminently from Anchois. Here is a reminder from Simon Thompson on 28th June. Extract from article:

“ Around 40 companies accessed the data room and I understand that multiple offers have been received from significantly larger exploration and production companies, according to the company. Chariot has already spent $50mn (£39.2mn) on the project and the board anticipates “retaining a material stake in the licences and a [significant] upfront cash consideration”.

Analysts at Auctus Advisors believe that as soon as the details of a farm-out deal are released to the market then it would lead to a material re-rating. That’s because the combination of the carry on the project and upfront cash payment would materially reduce the risk of any significant dilution for Chariot’s shareholders. I completely agree, especially as I understand that some of the potential partners could fund the project from their own balance sheets.

To put the undervaluation of Chariot’s shares into perspective, Auctus has an unrisked valuation of $839mn (£655mn) based on Anchois’ 1C contingent resources of 365bn cubic feet (Bcf) and 2C contingent resources of 637Bcf. That’s more than four times Chariot’s current market capitalisation. In addition, Anchois has 2U prospective resources of 754Bcf, which have a 49-61 per cent geological chance of success, and offers potential prospectivity across its Rissana offshore licence, which has a total 2U prospective resource of seven Tcf and could attract larger players, too.………

Trading on a steep discount to analysts’ core net asset valuations of 65p, and with an Anchois farm-out firmly on the cards, the shares are well worth buying“

Look back at how Char raised money during the 2021 drilling campaign and shareholders who participated had a good outcome from that. I think it was a clever way of managing potential fluctuations in the sp in the run up to major news as you needed to remain invested to get your open offer shares. I would not be surprised if the Anchois FID news lands before all the new shares are actually issued and you are sitting on an instant profit.

Your “Mates rates” are also being offered to you in the open offer so what is your problem. You will also in all probability be able to buy in the market close to the placing price as indeed you can today. If the shares are going to rise substantially on Anchois news what’s 1p when it’s on its way to 60p according to todays broker note. If you don’t want to be diluted just make sure you increase your holding by 10% at around the placing price.

One has to agree with the brokers that this is value enhancing. Nothing has changed regarding Anchois and the next news on that could well land during this placing. The placing is to take advantage of early cash flow from an onshore well. CHAR have form on this with the placing during the drill which was very beneficial financially for shareholders. This seems very positive to me and I would expect my open offer shares to be well above 14p when they are issued to me.