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Soup/Chab, Allenby at least give a rationalisation for their figures, its the basis for a sensible discussion. Compared with posters saying 'its got to be worth $1/2/3 billion"'

I appreciate its 'paid' research but its still useful to have a third party overview. Particularly one that is broadly positive & will be circulated & promoted to Allenby's clients.

Its been a grim morning, but one thing is for sure, all the bad news is now out & public. The bottom will be reached & we can start the countdown to 'possible' good news namely the Oxilio option decision by 23 March & the Govt development grant news by end Q1. I am not selling down.

Key positive - they say its worth 9p post placing!
http://www.allenbycapital.com/research/research-nfx_4_1446050680.pdf

AJ. Succinct summary, at least we now know the truth.

From the prospectus:
"The Board is disappointed that previous business development activities in Asia have not reached a positive conclusion. A new business development consultant has been engaged to assess the viability of legacy discussions coming to a successful conclusion in the near to medium term."

https://www.londonstockexchange.com/news-article/NFX/proposed-placing-to-raise-ps1-565-million/14894000

Bob it looks like letters are being sent to the winners. This is the article before the pay wall:
"As the country continues to grapple with Covid-19, President Muhammadu Buhari has been hoping to generate cash from a marginal field bid that looks at last about to close. The Department of Petroleum Resources has sent the first letters to inform the succesful bidders of its choice...."

Pay for access but looks like its finally happening:
https://www.africaintelligence.com/oil--gas_state-strategy/2021/03/09/dpr-names-marginal-field-winners-at-last,109648908-ar1

Well spotted MK that does seem unusual.

https://www.bloomberg.com/news/articles/2021-03-07/oil-jumps-above-70-after-saudi-arabian-energy-facility-attacked

FX. Pretty much agree with all your points. I am worried about Kissei, we are now heading for 18 months since the Times leak. If not them (with their tranilast data) then who? Will this public RNS of the research results bring out a partner, I am now in year 4 of waiting. I take on board the good points by Offshore & Soup, but remain worried.

The two drugs NXP002 was combined with - pirfenidone (Roche) & nintedanib ( Boehringer Ingelheim) - are both owned by major pharma's & both are apparently nearing the end of their patent life. Surely NXP002 would represent an ideal fit for either one of those two & enable them to continue to service their IPF customer base with a new patented product, enhancing the soon-to-be generic drugs they had previously supplied.

I thought it was a net positive RNS but after all this wait frankly I hoped for more, looks like the market is pretty underwhelmed as well.

Is this the pre-clinical work that Kissei or another pharma will have been waiting for? Should we anticipate a contract shortly.

Opening ratio leaves us 93m on bid at 0.5c and 63m on ask at 1c. This is the highest bid/ask volume ratio on opening we have seen so far, it portends well for 1 cent volume today.

Canada has to see the writing on the wall at these levels. The half cent days are gone if you want a position you got to cough up a cent (= 0.57p). Will be interesting to see the volume ration on each side of the bid/ask spread.

Very good point Cdnoil - whats in Arthur & the BOD's current financial interest is what will determine the the share capital structure. I remember when he stated he did not want a rollback & in effect was implicitly suggesting a substantial rise in the share price 'solved' the issue.

Of course, the other way to decrease the Canadian spread is to significantly increase the share price. At 2p+ in London the Canadian price would be 3.5-4.0, then only a 12.5% spread. Its a peculiarity of the Canadian market that is accepted at a certain level (my observation a circa 10% spread is OK, a spread often seen in London in small co shares), but what they gain over London is transparency/certainty on the order books making the various vile tricks undertaken in London harder to pull off.

I have been following this closely, waiting for the time 1 cent (0.57p) buys start flooding in once its clear to investors they can no longer pick up stock at 0.5 cents (0.28p). For the first time the volume of bids (ie buys) @ 0.5c at 86m is higher than the number on the ask @ 1c at 75m. Both figures have changed direction substantially since yesterday, hopefully we will start to see serious volume hitting the 1c price today.