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another large buy has gone through

Madjock, I have no expertise in this; but it just maybe that Market Makers are acquiring shares to meet another large order (of the kind we have seen over the last week; quite a lot of the sells have been triggered automatically by a dip in the sp...no doubt time will tell

Madjock if the bid/ask spread is very tight it is supposed to encourage more trades...

Morning Madjock, the bid/offer spread is quite narrow which may indicate that the shares are quite liquid...by defintion a liquid share can be traded in quantity with little impact on the sp

Amazon; China Gold and Rockhopper have all soured to previously unchartered heights this week...but not one comment on LSE Chat (at least not in recent times)

Imperial Energy. Fair value lowered to reflect risks 24 Jul 2007 We reduce our end-2007 fair value for Imperial Energy (IEC) by 26%, from $42.3 to $31.2, while keeping our Buy recommendation. Our new FV estimate is based on revised 1P/2P valuation multiples, but uses the current Western-audited reserves numbers, which we expect to withstand Rosprirodnadzor’s challenge. We believe the downgrade of the multiples accurately reflects the risks associated with the company and its share price, which remains under pressure despite the strong YTD operational performance. We continue to view IEC as an attractive exposure to the Russian small-cap growth story with a strongly depressed valuation and a solid near-term production ramp-up outlook. We also expect higher near-term volatility to provide attractive entry point opportunities.

is there is to be an announcement on the cards? meanwhile quite a few Severfield shares were sold today...

the institutional investors seem to love this one even if the dealers do not...it would be interesting to know what % they hold now...

Integra (www.integra.ru), the company cited by IEC in the Moscow News interview (referred to here last week)includes the collection of and interpretation of seismic data. Its board of directors is rather impressive. It is to be noted however that the Notice today from IEC does not refer to Integra's role. Perhaps formal clarification by both IEC and Integra as to who provided the data referred to page 3 of D&M's formal Report might help to calm concerns.

In a stark example of how the Russians will keep digging the hole deeper, the Russian Deputy Prosecutor has announced that if there were traces of Polonium on the London in-bound flight (which presumably is not accepted locally) why were traces not found in the taxi it is 'assumed' L. used from the airport...without such further evidence Russia cannot accept London's claims )

There is no doubt that D&M are in a no-win situation...it would be interesting to know where any ensuing litigation would occur...the difference with PWC was that Russian investigators raided their offices and threatened all sorts of action...but even assuming the figures are 'revised' how can that be used as a sledgehammer to revoke licenses...and if the oil is there presumably this will be reflected in oil production figures in due course...if it isnt, long-term the sp will be in trouble anyway

amazing how a number of smalls sells totalling some £150k odd, can send it back south...my guess is they are either spread betting or selling short...

some quite large buys this morning...it could be an interesting few days..again))

well things have moved on since the so called catolgue of complaints by Mitvol back in April; second, (subject to D&M suggesting it was in someway or other misled by IEC)there appears to be an acceptance by Russia that the ball lies firmly in D&M's court, not IEC's; third, IEC claimed a little while ago that a leading Russian Professor (who apparently is an expert in such calculations) supported D&M's methodology. fourth, the position if IEC is therefore better than it was when it was being asked to respond to vague and emotive environmental allegations. I suppose if D&M have made a big mistake, both the share price and D&M could be in trouble. How much trouble will depend upon the extent of any resulting correction. fifth, if as we suspect the market was buying rather than selling yesterday afternoon, quite a chunk of money was being bet on the sp (eventually) moving north. Sixth, the sp presently offers a discount of 50% over the pre-Mitvol 'spoiling' announcement figure back in April. I guess that sp would have moved significantly further north when the oil flowed, some Russian Analysts sites suggesting to as far as £18 to £21 by the end of 2007. Seventh, until the figures are re-addressed, the extent of and direction of any future movement of the sp is 'speculative'.

The Daily Telegraph "shares telegraph" is showing all these sells as buys...

the Russians say there are (in the 3 fields) 6.7 million tons and IEC say 52.9 million. the present sp does not really reflect IEC's figure. URALSIB suggest (if IEC is correct) that the sp is trading at a 70% discount (at last Thursday's prices).

level 2 software: does anyone subscribe and if so does it really help to spot trends?

Falkland Oil still climbing...a further 15% in an hour; back in April the Argentine Govt said they would not co-operate; it appears someone else is prepared to.

I guess we should have switched all into that one this morning...

If Mitvol is correct and the D&M estmates are overstated to a factor of 10, why is Russia bothered/ Rosneft et al would not be interested in exploitation of such small reserves. My read is that it covers up another local cock-up when granting licenses to a Western Co. Meanwhile the Chairman obviously thinks the Russians have been selling short ahead of the bad news notices...