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Notice that the Envoi report also mentions that there would be an expected INITIAL 200 bopd from Heron 1 - which initially there was prior to the pump being eventually deployed.

Furry ; if you bothered to read the article properly you would have noticed that the amount of estimated oil in block 20 was not dreamt up by the Progressive report - they were simply quoting from an independent report which was made by Leap Energy in 2020.

http://leap-energy.com/wp-content/uploads/2015/01/LEAP-Energy-Newsletter-July_2015.pdf

Maybe write to Leap Energy and give them your rationale as to why their estimations are flawed ?

The main worth of the company is the 33 to 60m barrels of oil sitting below the ground in block 20. Whatever the professional money does with manipulation of the share price action cannot change this fact. And let's leave out Sunsteppe for now.

It's purely now a question of how the company monetises those assets. Either very quickly via a sale of the block, more slowly via a JV or extremely slowly ( and probably never getting anywhere near fully monetising the assets) via the company going it alone ( IMO foolishly )

And those barrels are certainly not worth 60 cents ( 45p ) per barrel as somebody asserted on here in all seriousness yesterday evening in relation to the 33m barrels. Or an even more risible 33 cents ( 25p ) per barrel if the block held 60m barrels- as may yet be possible.

Master ; somebody trading the range between 1.2p to 2.4p could have done really well so far this year. So it's all relative.

Trouble is that lots of LTHs are trapped quite a bit higher than 2.4p so they can't play safe with how the price action is unfolding at the moment.

Master : sorry about what I said earlier. I think you are a genuine LTH.

I just think that you are barking up the wrong tree through attacking MB. The professional money plays all kinds of tricks with this share price.

By the way - those who rubbish charts show how clueless they are, as they haven't evenly realised that a chart is no more than a visual representation of the price action of a company. If there was no price action then there would be no shares or any profit or loss made by anybody. So it's a bit like rubbishing the fact that shares in the company exist.

And I still haven't stopped laughing yet at our " resident expert " on here calculating yesterday evening that the value of the oil under the ground is worth 60 cents per barrel ( or 45p) I'm not sure that you can even buy anything in a supermarket these days for 45p...Lol.

BarclayShare ; the fact that there were 27% more buys than sells, and yet the fact that the share price fell 15% on seemingly good news says it all.

The professional money relies on fear in order to produce buying liquidity, hence every single milestone stated in an RNS over the last year has resulted in a sharp mark down of the share price. " What the market thinks " has nothing to do with it, because the barometer of " what the market thinks" is the balance of supply vs demand. Today there was 27% more demand than supply.

The fact is that the professionals in this business wanted the share price to be dirt cheap right now, whether that's to accumulate a large position in anticipation of a buyout or JV, or whether it's in order to use the trading range between 1.2p to 2.4p I'm not 100% sure right now. So far this year the price action story has been all about this price range, and the repetitive bouncing between support and resistance. A few weeks ago we were sitting at the resistance level of 2.5p, and since then the fundamentals have got a lot better. If they are trading between 1.2p to 1.4p support and selling at 2.4p resistance then there's up to a 100% uplift on the table for them each time.

Today the professional money bought in heavily at the lows after no doubt shaking some existing holders and triggering a load of stops - the cheapest way for them to accumulate a load of shares. Hence the " puzzling " fact that there were 27% more buys than sells during the day. To repeat - the professionals in this business create liquidity to buy through inducing FEAR AND PANIC. An RNS gives them the optimum time to do this and to play around with the share price, as the sight of the share price dropping sharply on seemingly " good news " automatically generates dismay and fear amongst the more naïve PIs.

" and ' I meant.

Manx - look at how many buys there were bad how many sells there were today.

The MMs can do whatever they like with the price action of these types of low volume micro caps in order to further their own ends.

To repeat - if market sentiment as reflected via supply and demand was the force really determining the share price, then you couldn't have the share price 10% down on a day when there are something like 27% more buys than sells. I used to be naive about this kind of thing as well until I finally woke up to the reality if what goes on with low volume micro caps. They are not the same as mid or large caps.

And you wouldn't have a situation whereby with COVID raging, the borders closed, no local access consent granted and the staff taking pay cuts so that the company could survive, the mcap could be about four times at its peak in 2020 what is today. Totally irrational and absurd.

I've been invested since late 2019 and have never sold so far.

The thing I'm always negative about is the overt price manipulation by the MMs which some seem to be extremely naive about. All this nonsense about " the market thinks this or that " when today for example you have far more buys than sells. If the market was really dictating the share price then it would at all times closely reflect the balance of supply and demand.

Master is a phoney with his satellite pics which just show fuzzy nonsense. It's impossible to make anything out from them.

And in some ways he's the worst deramper on here. He should have sold out when it hit 10p if he is genuine - which somehow I doubt very much.

Abzzba : like I keep saying - the price action is dictated by and manipulated by the MMs. It's obvious that since the local permission was granted they have been trying to disillusion the LTHs so that they loosen their sticky hands.

Every single milestone since the permission was granted has been met with vicious tree shakes, designed to make the LTHs capitulate.

Proquo ; absolutely.

And now to keep Wigster happy - 115k buys Vs 85k sells. So far more buys than sells now. The professional money has been filling its boots at the bottom of the tree shake no doubt.

Wigster ; according to this site it's 82k sells vs 79k buys. So it's changed from when I last checked. I am out and about and on my phone.

Still, it doesn't change the point I was making about MM manipulation. How can a 3k difference account for a 13.5% drop ? Let's hear your explanation then.

" producer " I meant.

There are far more buys than sells today - yet this naive faith in " the market." It makes me laugh.

The share price is controlled and manipulated by the MMs entirely. Back in 2020 with the borders shut, the employees taking pay cuts in order to keep the lights on, with no local access permission granted giving access to the land, with no production facilities in place plus no income or any timescales for whether the company might ever become a product, the share price still hit 4.8p about now in the year.

Robsaunders ; Soco sold their block 19 in 2005 to PC when they had only produced 350 bopd from 27 wells.

Maybe do some research?

Robsaunders ; if they monetise the block through selling it then they don't need to worry about how to extract the oil do they ? Doh.

IMO the MMs will keep a tight grip on the share price, and manipulate it like hell until there is either a buyout or a JV.

All the rules of the game changed after the local permission was granted. No more "hot air spikes " to 5p,7p or 10p straight after an RNS like there used to be prior to the permission being granted. Even without the local permission, no 25 year licence and no revenue after some of those spikes the company was suddenly valued at around 100m. That kind of thing is going on with Met1 right now - from 10p up to 55p and then right back down again just recently. It fell from 55p to 7p in about 3 weeks, and now is climbing again from that low.

AIM is a playground for the MMs and their tricks.