Member Info for LiveLongnProsper

El Romeral does figure in the last WGO quarterly activities report with reasonably positive words about €4.2m pa revenue potential and drilling up to 3 new wells, etc. …
https://www.asx.com.au/asxpdf/20200424/pdf/44h71vyt51dxsf.pdf
But a few days later (27/04/20) WGO announced that they have agreed “the next stage appraisal plan for West Erregulla”. Now this might be about pushing STX to a more acceptable bid that would also leave WGO with Spanish assets, or it might be just what it says? Difficult to work out the motivation of the two 20% WGO shareholding Scottish gents – Duncan MacNiven has stepped down from the board (though remains a ‘senior executive’), while Dennis Donald is moving to Perth.
In the meantime Tarba have added El Romeral to their web site front page and pinned it to their Twitter …
http://tarbaenergia.com/proyecto-el-romeral/
https://twitter.com/EnergiaTarba?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
Perhaps PXOG should buy WGO out of El Romeral? OK, let’s confirm the transfer first! Please DYOR.
GLA

08:38:42 06-May-2020 60.00 GBX 1,000,000 600,000.00 Off-book XOFF
Note - XOFF, 'off [main] exchange', deal between 2 parties - no MM.
GLA

08:38:42 06-May-2020 60.00 GBX 1,000,000 600,000.00 Off-book XOFF
From LondonStockExchange site.
GLA

All information taken from RNS’s, corporate presentation, Peterhouse report.
Romania
1.0 bcf net 1/2P reserves (Bainet / Granicesti), Bainet producing for over 1 year
Italy
2.3 bcf net 1/2P Reserves - ~€4m
2.4 bcf (1.6 risked) net 2C Contingent Resources
15.0 bcf (4.6 risked) net 2U Prospective Resources
Spain – El Romeral
0.15 bcf net 1/2P reserves
2.5 bcf (risked?) net 2C Contingent Resources (Romeral-4, Tarazona – PUD’s)
44.8 bcf (34.8 risked) net 2U Prospective Resources
Spain – Tesorillo (not inc. Ruedalabola)
414 bcf net 2U Prospective Resources, Peterhouse valuation @ 10% CoS and 50% commercial risk - ~€22m, so on 2.2bn shares that’s ~0.8p / share.
Looks to me (please DYOR) that PXOG current SP might well be based on Romania production and less than half of Selva reserves?
Once the El Romeral transfer is completed we will have a 49.9% share of ~€800k pa (before lock-down) with upside of >€4m pa. The effective date is 16th July 2019, so 2019 accounts due later this year should show a full year production revenue from Romania, nearly 6 months from El Romeral and the power station asset value. Perhaps this (and the gas in the ground) will make PXOG look quite different to the ‘market’?
Need the El Romeral transfer approval.
Need the Selva final environmental and production approvals.
Need the Tesorillo CPR update and well location decision.
All-in-all, as we come out of ‘lock-down’, PXOG looks way undervalued to me.
GLA

Can see many delayed trades on Morningstar, suspect LSE 'feed' problem again! Good day, more good days to come.
GLA

Yes, producing @ 22% capacity (could be lower in ‘lockdown’?) which generates revenue of ~€800k pa (49.9% to PXOG) – though small net cash. Good opportunity to increase generation through combination of more days / more hours per day / fixing generator / more gas. Think the supplying well might struggle to produce too much more gas flow and hence will need to drill others – see WGO quarterly report where they indicate plans to drill new wells at El Romeral.
Remember that the ‘effective’ transfer date is July 2019, so would expect the revenue and asset value in the PXOG accounts for 2019 later this year. Should make a difference in markets perspective on the co.?
As always with PXOG progress will be incremental and is dependent on partners aligning! Having said that, IMO of course, we are significantly undervalued – Selva reserves ~£4m alone. PXOG corporate presentation gives hint at true potential on the assumption that Tesorillo ‘Prospective Resources’ (2U) are proved up, hence interest in revised CPR!
GLA and please DYOR

El Romeral now on Tarba web site. Did post on this a few days ago, but now also checked Twitter. Maybe worth looking at the words in the Twitter post (pinned tweet, but 20h old?) – “We incorporate on our website a new section on the El Romeral Project …”
https://twitter.com/energiatarba?lang=en
Why would Tarba post this just now if the ‘transfer’ wasn’t a done deal?
Looking forward to news soon. Please DYOR.
GLA

Maybe outside MM’s control if someone just wants shares badly? Current ‘batch’ of round number (1m, 2m, 3m) trades look like ‘Automatic Trades’ . Can’t see L2 personally, anyone who can - are there orders to fill?
GLA

Just passed 90 avg daily volume (morningstar share trade tab) in ~2 hours, repeating 10,15,20,30k trades, stake buildin?
GLA

https://www.asx.com.au/asxpdf/20200424/pdf/44h71vyt51dxsf.pdf
See page 5-6 for Tesorillo and El Romeral updates.
Suggests progress on Tesorillo in H1 2020. For El Romeral, talks about increasing production rates and drilling up to new wells. All quite positive considering ‘lockdown’
GLA

http://tarbaenergia.com/
El Romeral now on Tarba front page. I think this is relatively new, but today first time I've looked for a few weeks, maybe signals progress?
GLA

Exactly. Onshore gas, particularly in Europe, has got to be one of the best hydrocarbon plays IMO. When Spain and Italy start to come out of ‘lockdown’ they will be thinking about economic recovery. Spain imports gas from North Africa and ships in LNG, Italy’s largest source of gas is Russia. Does this make sense when there are resources in the backyard? Let’s get the Spanish and Italian paperwork sorted for El Romeral and Selva. Then we’re ready to get on with increasing El Romeral utilisation and putting the Selva production infrastructure in place when things open up.
GLA

Thanks wetdream. Did Griffiths sell up completely or just drop below 3%? Also, Southampton Asset Management will have dropped below 3% (without selling) due to increase in shares. Major players clear then - for now, lots of large trades often late reported in last few days !
GLA

Apologies to LSE board as I already posted this here, but this in response to 19:05 post on ADVFN (not a member), Link have not reduced recently ...
Lansdowne 16/4
To – 16.70% x 149.43m = 24.95m
From – 18.56% x 120.38m = 22.34m, Lansdowne increase of 2.61m, overall additional shares = 29.05m (2nd tranche)
Link 15/4
To – 14.28% x 149.43m = 21.34m
From – 17.73% x 120.38 = 21.34m, no change
Link 31/3
To – as From above
From – 19.50% x 109.43 = 21.34m, no change, overall additional shares = 10.95m (1st tranche)
Total new shares = 10.95m + 29.05m = 40m
Richard Griffiths, Leonard Licht and Southampton Asset Management the other (currently known) major shareholders – watch this space!
Trust this helps, please check my numbers!
GLA

Think the ‘dead horse’ is just self-hibernating. When he wakes up there should be enough oats in the feed bag to get to the next water hole.
Seriously though, would expect ‘news flow’ when we sort out the El Romeral transfer, should be just paperwork after all – then a step up in revenue (albeit marginal net cash at current utilisation). But nevertheless would be good progress at this difficult time.
GLA

Not aware of holdings RNS today, so by my reckoning below is the Lansdowne and Link situation …
Lansdowne 16/4
To – 16.70% x 149.43m = 24.95m
From – 18.56% x 120.38m = 22.34m, Lansdowne increase of 2.61m, overall additional shares = 29.05m (2nd tranche)
Link 15/4
To – 14.28% x 149.43m = 21.34m
From – 17.73% x 120.38 = 21.34m, no change
Link 31/3
To – as From above
From – 19.50% x 109.43 = 21.34m, no change, overall additional shares = 10.95m (1st tranche)
Total new shares = 10.95m + 29.05m = 40m
Richard Griffiths, Leonard Licht and Southampton Asset Management the other (currently known) major shareholders – watch this space!
Trust this helps, please check my numbers!
GLA

Health Select Committee talking about drugs and trials just now on Sky News – Matt Han**** cast some doubt on Remdesivir trial baseline. Question being asked – would drug in trial that works go into use? Jeremy Hunt pressing this point. Han**** – “not belt and braces”, “accelerating clinical trials …” etc.

Lansdowne 16/4
To – 16.70% x 149.43m = 24.95m
From – 18.56% x 120.38m = 22.34m, Lansdowne increase of 2.61m, overall additional shares = 29.05m (2nd tranche)
Link 15/4
To – 14.28% x 149.43m = 21.34m
From – 17.73% x 120.38 = 21.34m, no change
Link 31/3
To – as From above
From – 19.50% x 109.43 = 21.34m, no change, overall additional shares = 10.95m (1st tranche)
Total new shares = 10.95m + 29.05m = 40m
Trust this helps, please check my numbers!
GLA

Interesting trades …
10:19 2,900,000 shares @ 69.5p (mid-point), MIC code = XPOS – following a particular thread takes you to the Dublin exchange and Virtu Financial Group – could be a red herring, so please DYOR
11:55 2,750,000 shares @ 57p, Trade Flag = TNCP – outside price formation / discovery process, MIC code = XOFF – off exchange.
Anyone any insights?
GLA

Update from Synairgen web site (courtesy ‘lithological heterogeneities’ on ADVFN thread).
See Synairgen website Covid-19 section …
https://www.synairgen.com/covid-19/
See reference 2 at the bottom (link to full thread dated April 5th) …
https://www.biorxiv.org/content/10.1101/2020.04.02.022764v2.full
Abstract …
“Herein, we report that type I IFNs exhibited potent anti-SARS-CoV-2 activities in cultured cells, demonstrating the therapeutic potency of type I IFNs for COVID-19.”
Seems to suggest IFN-ß is the superior treatment.
Please DYOR (I am not a bio expert).
GLA