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@graham-wales - no, funding will be fully secured (i.e. organised and paid for) by Talaxis. The option is a free carry to production for MKA, retaining 25% of the asset.

Hi Alfacomp. There are a number of warrants that expire in June, so personally I'm not particularly perturbed that a small number have been exercised - it could be for any number of reasons.

As said previously, I can't think of any logical reason why the report wouldn't arrive on time given that it's entirely within the company's control - but we shall find out by the end of tomorrow, I suppose.

Any idea why demand is so weak at the moment? Did end-users stockpile during the latter half of last year?

Today is day 42, so it should be released by Thursday.

Logically I can't see any reason why they'd fail to release it in time, so I expect we'll see news in the next couple of days.

It means FinnCap bought 437,823 shares at 18.415385p yesterday.

Thanks for the link BabylonBoatman, that's an excellent site. I have shared the valuation which you have referred to on Twitter.

Agreed pickedpeck, the presentation clearly shows that the financing deal is expected by the end of Q2. They then have 2 months to finalise plans before committing to the development with a final investment decision in Q4.

If they're saying mid-2019 for Harvey then I doubt it'll be April. That's a diplomatic way of saying early H2.

Hi MessDog - the PE ratio is the price/earnings ratio. It can be calculated by dividing the share price by the earnings per share in the financial results. It is often used as a guideline to compare profitable companies within the same industry, on the assumption that all companies should demand a similar market value based on a certain profit.

For example, if BMN has a market cap of £400m and is making an annual profit after tax of £80m, the P/E ratio would be 5. This could then be compared to other companies in the mining sector to see whether a P/E ratio of 5 is low, high, or about right. I believe profitable miners on the AIM currently have an average P/E of around 11, so one could suggest that perhaps for a profit of £80m, fair value for BMN should be £880m.

For technology companies, particularly disruptive ones with huge potential for growth, you would expect the P/E ratio to be much higher. That's why Bushveld Energy is particularly exciting, and why a lot of us here are very excited at the potential scale of that side of the business.

And Glencore recently took payment in the form of shares rather than cash, so are clearly happy with their position.

Not sure why people are attacking Malcy. He's stated some clear facts. They didn't hit the Djeno SAND target. They found another formation that wont flow. They now just "hope" there's sand below this, but have no concrete evidence for this, so its just a loose unsubstantiated statement intended to put a good spin on a bad situation. The company doesn't have enough cash to perform the required work scopes. I find it hard to find anything untruthful in his words.

Not sure why people are attacking Malcy. He's stated some clear facts. They didn't hit the Djeno SAND target. They found another formation that wont flow. They now just "hope" there's sand below this, but have no concrete evidence for this, so its just a loose unsubstantiated statement intended to put a good spin on a bad situation. The company doesn't have enough cash to perform the required work scopes. I find it hard to find anything untruthful in his words.

The "Djeno" did not match their geological model. They never actually encountered it. They came across a high shale content Dolomite which will not flow. The RNS was written as a positive to spin in but in short, the Djeno exploration target was a failure. I hope they get the Mengo into production but fish bone tech isnt straight forward and given AAOG's passed performance I wouldnt expect a smooth journey from here regards any of their ambitions. I would use the liquidity to de-risk or exit completely at this stage. Company will need much more money to cover a second drill and plant upgrades.

I am confident the original "JV Partner" was Repsol, however due to internal issues due to their partnership with Sinopec things are not straight forward and have resulted in delays, for whatever reason, but are unrelated to I3 therefore it would be wrong to assign blame to them in this case.
On reading RRE's RNS this morning, they are clearly looking for further expansion and Liberator is the perfect target for further growth. With the enlarged FDP & RRE's existing cash position and cash flow I would be confident in thinking both companies could raise the amount needed for the Liberator development. The enlarged FDP and conversion of 2C to 2P reserves will unlock a significant amount of credit available to i3 alone. Delays yes, frustrating yes, but at $80/bbl we will be funded and drilling 2019.

I suspect RRE will start looking to I3 & Liberator now however I strongly suspect the original "JV Partner" was Repsol. Between I3E & RRE I am confident they could fund the development with the submission of the enlarged FDP and thus greater access to credit, alongside RRE's existing cash position & cash flow. Time will tell.

Ready the snail....

what have you heard....

Somethings cooking...

Nothing can be shared with others parties for another week yet, and there have been 2 integration teams working together to finalize the JV, FDP submission etc, which i would expect will continue in anticipation of the JV being concluded at some point in the future. I would be extremely surprised if I3 are looking for a new partner at this stage unless the "assurances" were insurmountable, which I doubt are.

Frustrated yes, but I'm not going to pick apart the rns. I3 were ready, there is obviously some small print on the partners side needs ironed out that was unexpected.
As for the FDP, they were not planning drilling til 2019 anyway and certainly no subsea work until spring so I do not think that impacts any project timelines.