Member Info for martin-s

The CLNs were an error in judgement but, as a long term holder, I'm pleased to see the company recognise it and put an end to it. The damage today is lower than the damage of persistent conversion driving the price down.

I agree that this draws a useful line in the sand. Onwards and upwards.

Seeing the latest circular, if Mint decided to sell some of their loan notes onto another party, would both parties be able to convert up to a 29.9% share?

I'm still trying to understand how the small print protects the company against the share price being driven down to maximise conversion value for Mint.

You say $20k like it's nothing, but don't forget it'll be an all time high for BTC

Interesting to see BTC starting to appear in the mainstream press more often again recently. That certainly helped to fire up the last bull run.

Not a natural webcast communicator our Dr Trice is he, but it was an excellent explanation of why 7Z water cut increased after the shut-in during the 5th period (Nov-Feb) - and the reducing future water cut behaviour that can be expected.

A typo? The later RNS said:

"The total CLN outstanding is currently £925,000 and has a conversion price of approximately £1.66. The expiry date of the CLN is 16 October 2021."

I see some AAL contact details on that page too

https://www.angloamerican.com/offer

I'm starting to wonder if there's a share issue coming. Has anyone done the sums about drilling costs vs cash and revenue?

What was it that was in the last RNS?

"We note the recent weakness in the Company's share price and I can confirm that we are not aware of any subsurface, operational or commercial reasons that would have caused such decline."

And cancelling the tie-back of LC couldn't be a factor?

Worryingly large recent falls on no news. What's going on here?

If you would like to support the ShareSoc campaign but don't have the money for full membership, there is an associate membership option which allows you to register your support without any cost. I've just added my 100,000 shares (23p ave and most importantly, a believer who wants to hold).

The letter has been shared on FB this evening.

Haven't seen this posted yet, from yesterday:
https://www.energyvoice.com/oilandgas/north-sea/217403/spark-exploration-targets-deal-on-billion-barrel-west-of-shetland-licences/

Fees for XBT trackers are quite high. I still have an investment in the ETH tracker, but switched all of my BTC investment into Argo.

An interesting read:
https://edition.cnn.com/2019/11/19/business/heliogen-solar-energy-bill-gates/index.html

-15% on that trading update? Pfft.

Further to the cost of mining:

* The original 9.5MW RNS from 9th Aug 2018 put the price at "CAD $0.038 (US$0.03) per kilo-watt hour (kWh)."
* That was followed by the RNS on 27th June 2019 which "reduces the mining costs payable by the Company by a reduction of 39% from the cost of the Company's initial agreements for 9.5MW signed in August 2018" - putting costs at CAD $0.0232 per kWh.
* The RNS from 20th Aug 2019 didn't mention costs, just that the new deal would "increase its electricity supply by 357 per cent" to 64 megawatts

If we assume the cost stayed the same, by my calculations the increase from 11.925 MW to 22 MW equates to additional power costs of CAD $233.54 per hour - about CAD $170.5k / USD $130k per month.

The extra 135 P/H should be worth around 75 BTC per month, worth around USD $690k at today's prices.

You'd assume this decision was related to supply issues, but even though the T17s are much less efficient (T17s are 25% less powerful in terms of TH/s but use 92% of the power), it's still not a bad call.

* 5,000 S17s = 265PH/s
* 10,000 T17s = 400PH/s
* So the deal saves $3m and adds 50% to the hash rate
* Power consumption nearly doubles from from 11.925 MW to 22 MW

Power supply isn't something we're short of having added 50 MW in August, and I guess there will be a market in second hand T17s when the supply of S17s improves.

I'm not sure what percentage power contributes to Argo's cost base. Anyone?

Did anyone else think more of the 6,000 would be installed by now?

I have no experience of either of those two I'm afraid.

I don't disagree that sentiment plays a role in share price direction, and is of some importance when trading shares short-ish term. But out-and-out guesswork about what a company might choose to do a few years from now is just that - guesswork.