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It seems to me that ARA intend to secure all outstanding approvals from the Tanzanian authorities before releasing the news we are all waiting for. Tanzania clearly wants the gas on stream quickly to feed into their pipeline giving ARA/AEX considerable leverage to say we are not committing further funds to the project until matters such as approval of the transfer from SCIR and license extensions are approved. This seems an eminently sensible approach. As soon as the Tanzanian authorities give the approvals AEX will be off to the races. The long history of delays by the Tanzanian authorities makes it eminently reasonable for ARA/AEX to insist on these approvals now.

Gold moving up again currently 2036. However this is not inspiring trading in Condor with a very low volume of 41000 from 11 trades. Volume across the market is not good at the moment but at least CNR is holding yesterdays gain.

It is a Junior Gold company and like all Junior Gold companies the overriding factor that governs its success is the price of gold. Mark never intended to take Condor to production and has only been unable to sell it at a satisfactory price because of the gold price. Remember Condors share price at the height of the last high for gold you could have sold at the equivalent of over £2 a share then. We are now at the start of a new bull run for gold as it is not far from its all time high. So it is now the best time in the last 12 years to sell CNR at a very good price based on the value of its gold in the ground. There aren’t many opportunities globally to buy what is undoubtedly a 5 million oz + gold project that is fully permitted and could be producing in 12 months if the right resources are applied. It could be sooner if you did toll milling with Calibre.

There is a very strong case for a bidding battle.

CCC I am very pleased you have raised that very important point that the low share price should not affect the sale valuation of the company assets. It was made very clear that they were going down the asset sale route because the sp bears no relation to the value of the assets. If, as I think is likely the offers for the assets push the sp to a much higher level then a bid or bids for the shares becomes much more likely. Mark on numerous occasions has mentioned that a share sale remains a serious possibility. Also in a recent interview one of our former shareholders Ross Beatty who is about to sell one of his Junior Gold Mining companies and he makes it clear it will be sold on value of the gold not the current share price. Focus on the NPV figures for the various gold price scenarios not the current share price because that is how this works.

The volume today as you say was incredibly low. Going back 12 months the volumes are predominantly in millions. The lowest other than today was 432000 on 19th December 2022. Just for interest the volume on 10th May 2022 was 13.8 million. When the next major news drops, which could be any day now, I think we will see some very large volume days again.

The Buy of 117000 at 34p before the AGM was a decent vote of confidence and the largest trade of the day. Up 5.5% from 21 trades and volume of 277000.

This morning Cellular Goods is top of the Leaderboard Up 108% on announcing an online deal to sell its products:

“Cellular Goods PLC Products to launch on Sephora.co.uk

10/05/2023 7:00am

UK Regulatory (RNS & others)”

So while it is disappointing to see some of SEED’s investments being unsuccessful it is positive to see the Cannabis sector where SEED has repositioned itself starting to recover strongly. This should lead to a rerating in a number of SEED’s investments in the Cannabis sector.

I think you are the right track Simms45. Mark is very limited in what he can say about the prospective offers but is using clips from old presentations to maintain interest and as you say he is giving pointers.

Looking ready for a move Up as the last buy was 30000 at 33.7999p which is above full offer of 33.5p. Unfortunately still quiet with just 15 trades for a volume of 200000.

A slow start to the week Up just 0.8% from 11 trades and volume of 150000. Gold having closed last night in New York at 2021 is now rising and is currently 2032. Let’s see if gold rising can get Condor following this afternoon.

Good to see someone buying 100000 this morning which is a £15500 vote of confidence.

When Marks speech at Master Investor was released 4 days ago so was Jim Mellon’s key note presentation about markets and investment generally. The key point for Condor shareholders was his bullishness on gold. He believes gold is a key investment to protect your wealth. Every portfolio for at least the next 12 months should be 20% in gold and that should produce at least a 20% return over the year. He said it doesn’t matter how you get that exposure be it bullion or shares. He said when asked that gold companies were a good way to gold and mention Condor and one other by name as Somme of the gold companies present at Master Investor. I imagine that because Condor is in a bid process he could not give a specific buy recommendation for Condor but at least he was able to mention it. All looking very positive.

In the RNS on the 8th March:
Adonis Pouroulis, Chief Executive Officer, commented:



"We have made excellent progress across all aspects of our planned development for Anchois and detailed discussions on partnering, gas sales agreements and project finance continue concurrently as we move towards Final Investment Decision.”
Note the words “continue concurrently” which is because those 3 things are interdependent on each other. The gas sales agreement was announced this week which will allow the Partnering and Project Finance to be finalised very soon. We should expect major steps forward and a rerating during May.

Looks like a bed and isa right on the open with 50000 sold at 32p and bought back 7 seconds later at 32.50. Just reported.

It seems investors missed last Friday’s RNS which was unfortunately released after the close on a Bank Holiday Weekend.
Here are the highlights which clearly support a higher share price:
“ Outlook:

• The operator of the Ruvuma PSA, ARA Petroleum Tanzania Limited ("APT") continues to progress operations at the Ntorya field, with the following planned for 2023:

o Two-week well testing programme on NT-2, utilising a mobile testing unit, principally to sample the gas and establish an accurate measurement of the gas composition, required for the design of in-field processing facilities and the export pipeline to the Madimba Gas Plant

o Conclusion of negotiations and execution of a Gas Sales Agreement

o Finalisation of terms for the construction of (i) an export pipeline from Ntorya to the Madimba Gas Plant to accommodate gas by October 2023; and (ii) in-field gas gathering and processing facilities

o Entering into a rig contract to (i) drill, test and complete the Chikumbi-1 well ("CH-1") as a gas producer; and (ii) workover and recomplete the NT-1 well as a gas producer

o Following the processing of 3D seismic data, an optimal well location has been determined for the CH-1 well

• APT has also submitted a near final Field Development Plan to the Tanzania Petroleum Development Corporation which, upon approval, will lead to the issuance of a Development Licence for the Ntorya field

• Orca Energy, though its subsidiary, Pan African Energy Tanzania, has commenced its 3D seismic acquisition programme over its Songo Songo licence which includes an incursion of 12.5km² over part of the Kiliwani North Development Licence ("KNDL") at no cost to the KNDL parties. The acquisition programme is expected to be completed by Q3 2023.”

Positive opening Up 0.8% on 6 trades all buys latest at 32.75p on volume of 43000. The Master Investor presentation is an impressive performance by Mark getting across just how undervalued CNR is on any metric you care to look at. Gold starting the day ever higher at 2050 and let’s remember that on Tuesday it was 1980. Let’s see if this increase in value can be reflected by a strong finish to the week for the share price.

50000 buy just gone through at 32.5p. Could be an interesting last 30 minutes of trading.

The last 3 trades at 31.95p are being shown as sells when in fact they are buys because Barclays just offered me a buy at that price.

Looking at the last annual report it is warrants not options expiring at the end of May. The Directors section shows that Mark has 13698 warrants expiring at 42P. Jim Mellon has 1,123,575 at 40p and 2 other Directors have 37714 and 5000 at 40p.
I am not sure who hold the other warrants. Clearly it would not be a financial burden on the directors to exercise those warrants.

I spoke too soon as some 5000 shares at 32p have just gone through. CNR now Up 4.1% on volume of 99000.