Member Info for Marunam2

Understand you have sold out and managed your risk , fair enough, but you are trashing the prospect's here for holders based on funding raise you claim is coming.

I would think that the £2.3m fund raise had been done on the back of what the company anticipated they would require for the year in addition the money required for the coring , reports and some contingency on top of that.

There are multiple reasons fund raises are carried , they could be because they keep a company afloat, or debt problems , or simply to progress an asset to a state where the said asset is more marketable or complete.

Here, the core survey was technically the final possible action the company could take to provide interested farmin companies the data THEY asked for , they have the results in hand and have already confirmed thermogenic hydrocarbons .

They raised £2.3m initially , the £485k you mention is on top of that raise and are warrants, so roughly £2.7m all in .

Yes, it could drift to the warrant price of 0.15, but that has already happened during October 2 and 23 January where it touched 0.10.During that period 4Billion shares changed , pre coring . That would have seen a lot of churn of the placing and warrants, that suggests de risking took place . There could be further churn downwards , but the investment case here has changed with the coring preliminary result imo.

A significant event or an underscoring of a positive event does change the outlook with placing and warrants trading.

EG, RKH of which I'm a holder, fund raise at 53p, warrants at 80p . Even before FID was announced the nearest the sp got to the placing price was roughly 20% above it . Not a like for like comparison for sure ,BUT the sentiment is the same ,for me.

The reason I have entered before the coring result was a binary chance , I have now have added significantly on the initial coring result.

Still high risk , but there is now something to work with that is significantly value adding to the farm in case. Added to this is the huge ongoing geopolitical and actual risks of future energy supply constrictions, this asset is on America's doorstep .

So, Overall funds should be sufficient for the full year from the raise and the £485k is a bonus on top.

Can anyone can point out what further funds would be required for ?

GLA

"of the £485K you refer to, £474K are from warrants at 0.15p - a huge discount to the prevailing SP "

You could have bought after the fund raise for 0. 10 and sp did not rise above the placing price till end of January !! a further 50% discount to the placing .

One thing for sure looking at BP's Q1 results today , oil companies are going to be awash with cash. Together with all the points re location, stability and definitive data regarding thermogenic carbons found in the cores. The chance to find 2b to 7b barrels of oil is surely more tempting with the piston survey result . We don't have the full details, yet .

IF, they release the findings and they show that the cores travelled over the 3d seismic area of the field(s) and find additional higher carbons in the cores then well ?

Worth reading the Tennysons (UOG website ) analysis of potential value uplift .

PS, the guy at TDI lab Dr B Bernard is well known as a expert in Seep analysis, worth searching him to read one of the papers he wrote with a professor from Imperial college London . Quite technical .

I wonder if they will release the core survey results in full or go straight to negotiating a farm in ?

Takes a month or so to complete the full lab results, same for the UOG Geo and likely same for the Lepetus report., so any time from end of this month onwards for news ,hopefully.

GLA

Iran's HS opening to ALL, oil price dumping and taking oil stocks along with it .

Holding up well here .... so far.

Warrants expiration next week , hope there is not a further extension to 24th April

Thank you Citytilidie.

Re Imam Hill - She is an Independent Director : Independent directors can buy shares , BUT not so that their decision making Independence is compromised by their share holding. Hence most Independent directors are paid fee's.

Would anyone know if there is a share incentive plan for the board ?

We have a large number of warrants expiring on the 24th .

I doubt if directors are able or allowed to buy anytime before that, it would be a buy signal to the warrant holders at no risk to themselves.

It will be interesting to see if any news is forthcoming between now and the 24th .

Expect our patience and belief to be tested in the coming weeks maybe months .

The company geologist Mr Ryan and the Lepetus independent person looking at the results and data will take some time to process it all.

Also, If new companies are joining the data rooms, it will take some time for them to come up to speed , then additionally incorporate the new data. Or , just wait for the new data

If BL is travelling to oil companies to meet them , it would surely be only one of the big boys that commands this level of action. I take this info with a large pinch of salt , till proven otherwise.

Farm in's take a lot of time, data analysis ,there is the haggle, the back and forth over all sorts takes time .

Even when it's agreed the legal framework will take time, lawyers will milk the deal every time .

What would help is a very active and hungry company like Navitas coming on board, they don't mess about.

Great to see ECO having a good day with their farm in news. , I'm not a holder but pleased for all the PI's there.

GLA

Looking at the major shareholder list, I can only see what looks like individual entities with a 3% plus holding.

Even below 3% there seems to be individuals as opposed to Funds , II's .

Understandable, as I myself had given these up some time ago.

2 compounds, Butanes and Pentenes, being conclusively present in the core samples has changed that .

A farmin deal may attract II's if it is a good investment case .

Actually I should have been more specific.

I will read up more first. Thanks for the tip.

Hi Lostallmyshirts ,

Would you know what the cost of a drill is roughly for the 60/40 seismic carry license. ??

Welcome LTT,

As per previous posts, have doubled up today , seems we are now through the 0.22p barrier, still may retest but taken the chance,next 0.29 and then 0.32 to break .

LTT, If you consider that there is no II's here, only PI's , the ride here could be huge.

Reminds me of the RKH days at the start , before a drill or farmout after sealion discovery .

The war has concentrated oil companies minds for finding future reserves in politically stable zones, especially for American companies going forward, I'm not underestimating this aspect.

I wish you good luck .

GLA

Never say never, but for me Navitas have their hands full for now I feel.

The US war has put a lot of money into coffers of companies these past weeks, especially American ones producing anywhere but Middle East . As the Charles's note pointed out , this is on their doorstep.

If the ones already in the data rooms are some of those, then say a $25m investment for 25% share in a 7bbo acreage with now proven scientific data of thermogenic hydrocarbons present in samples is more likely.

Having seen what is possible in Guyana , would mid caps or even a major turn their nose up to the very favourable political conditions in the Caribbean compared to elsewhere in the world.

7 billion barrels is a lot, look what it's done for Exxon.

UOG ( they are the ones that bought the Egypt license off RKH) .

Have a look , NFA . Could do multiples of today sp after todays news .

Here is a great take and highly informative post on todays RNS , thanks to TrakM' on UOG board .

https://open.substack.com/pub/thatstocksguy/p/united-oil-and-gas-8c5

DYOR, NFA.GLA

A major holder added another 57m shares today !!

Thank you TrekMadone for this link , very encouraging and informative for a layman.

I was wondering at the low key style announcement this morning, the take on this by Charles is enlightening.

"This morning, United delivered it what they needed to and now investors might expect an element of discretion until a deal is in hand."

Which makes me wonder if we see the deal first , see the integrated results and deal announcement on the same day or integrated results then a farmout bidding process.

All options are positive going forward.

Sticking to my plan , will add on break on 0.21-.022 and re test, IF I can .Likely tomorrow by the looks of it .

GLA, hopefully the risk taken is paying off for investors here.... bigly I think .

Https://www.google.com/search?q=alkylated+cyclohexanes+in+core+samples+-+tdi+brooks.&rlz=1C1CHBF_en-GBGB1182GB1185&oq=&gs_lcrp=EgZjaHJvbWUqCQgCECMYJxjqAjIJCAAQIxgnGOoCMgkIARAjGCcY6gIyCQgCECMYJxjqAjIJCAMQIxgnGOoCMgkIBBAjGCcY6gIyCQgFECMYJxjqAjIJCAYQIxgnGOoCMgkIBxAjGCcY6gLSAQkxOTgyajBqMTWoAgiwAgHxBXDc83yD32Vk8QVw3PN8g99lZA&sourceid=chrome&ie=UTF-8

Hi TTL1,

Whilst I was doing an AI search on Google for "definitive indicators" in core sample of thermogenic hydrocarbons presence, "Alkylated Cyclohexanes in core samples - TDI Labs " came up.

Clicked on the link , but the link is dead, hence my asking if anyone knew of this indicator as it is specifically linked to TDI Labs .

Alkylated Cyclohexanes in core samples - TDI Brooks.

Anyone have an idea about this, seems like TDI have their name to this indicator for their lab test for core samples. It's not mentioned in the RNS, not much is tbh. . so far. I suspect another "update in 2 to 3 weeks at the interims.

The presence of and alkylated cyclohexanes in core samples is a significant indicator in petroleum geochemistry, as these compounds are considered ubiquitous in crude oils and often used to characterize light oils, condensates, and refined products.

Geochemical Significance and Interpretation.

Source of Petroleum Indication: Alkylated cyclohexanes are frequently identified in the saturated hydrocarbon fraction of crude oils, particularly within light oils and condensates. Their presence in core samples suggests that the sediments have been impacted by migrated oil or have generated hydrocarbons, as these compounds are part of the complex mixture (UCM) typically analyzed in the oil-gas range.

Source Rock Maturity: These compounds are often found alongside other biomarkers, such as n-alkanes, terpenoids, and steranes, in source rock extracts. The presence of specific alkylated cyclohexanes, often along with alkylbenzenes, can be used to interpret the maturity and origin of the organic matter in the rock.

Sedimentary Environment Indicators: The distribution patterns of alkylated cyclohexanes and benzenes (e.g.,

alkylated benzenes) can help distinguish between different sedimentary environments, such as marine vs. lacustrine, and indicate the type of organic matter input (algal vs. terrestrial).

Oil-Source Rock Correlation: As these compounds are present in both the source rock and the associated oil, they are vital for oil-source rock correlation studies, helping to confirm the genetic relationship between the rock and the accumulated oil.

Physical Characteristics

Volatile Components: Short-chain alkylated cycloalkanes (including derivatives) are generally considered light hydrocarbons and components of volatile organic compounds (VOCs).

Persistent Fingerprints: Alkylated cyclohexanes are known to be persistent, making them useful for characterizing oil fingerprints even after biodegradation has occurred, as they are often more resistant to biodegradation than straight-chain n-alkanes.

In summary, when and alkylated cyclohexanes are detected in core samples, it is a strong indicator of petroleum generation, migration, or maturation within the sedimentary sequence.

From AI :

This statement comes from a technical geological or geochemical report, likely in the context of oil and gas exploration, describing the analysis of soil or rock samples (piston cores) taken from the seabed.

Here is a breakdown of what this means in plain English:

1. "The analysis has identified C4 and C5 hydrocarbons, including butanes and pentanes..."

What it means: Scientists found "heavier" gaseous hydrocarbons (molecules with 4 or 5 carbon atoms, such as butane and pentane) in the sample.

Significance: While methane (

) is often found alone, the presence of heavier hydrocarbons (

) suggests a more complex energy source.

2. "...in select piston cores within the headspace gas dataset."

What it means: These hydrocarbons were detected in the gas trapped in the top space ("headspace") of sealed containers holding sediment cores taken from the ocean floor.

Significance: Only "select" cores showed this, implying the source might be localized, rather than a broad, uniform deposit.

3. "United note that these higher order hydrocarbons are not typically associated with biogenic gas systems..."

What it means: The company ("United") states that these heavier gases (butane/pentane) are usually not produced by bacteria or microbes breaking down shallow organic matter (which creates simple methane-only "biogenic" gas).

4. "...and are therefore consistent with a potential thermogenic contribution."

What it means: The presence of these heavier gases suggests they were likely created by "thermogenic" processes—meaning organic matter was subjected to high heat and pressure deep underground, typical of how oil and larger natural gas deposits are formed.

Significance: This suggests that a mature, deep petroleum system (oil or gas reservoir) exists below the seabed, and those gases are migrating up to the surface.

Summary of the Finding

The analysis suggests that the gas found is not just surface swamp gas (biogenic). The presence of butanes and pentanes (

) is a "fingerprint" indicating that the gas is likely leaking from a deeper, heated oil or natural gas source (thermogenic).