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How many shares does VELA hold in CSFS?
Vela also has CSFS shares worth £1m plus Conduit shares which are over £5m. The share should be at 0.05p which is double from here IMO.
You can try fill or kill orders above the ask/sell price. Looks like MMs do not have much shares left at these levels so it is Nt to buy.
IMO
NT to buy at 0.024p. Seems we need to clear 0.030p resistance and then it could run up to 0.050p from there. CDT share price up 20% today https://g.co/finance/CDT:NASDAQ
Dyor
80m shares at 0.5p = £400,000
147m shares at 1.7p = £2.5m
So £2.9m cash for 227m shares= 1.27p a share.
Expect the SP to rise from here IMO. Sub 1p is a steal.
DYOR
Should be incoming shortly. Doesn't seem that the Investor is selling his 80m holding. If TR1 lands, the SP should rocket IMO.
DYOR
Recent fundraise less than 3 months ago was at 6p, the company did very well to get that away. Could this be a fundraise to allow their mates to get in cheap before they release positive newsflow?
Would not be surprised if they announce a raise at a premium to the current SP- 2.5p which is still p.i.ssing in the face of the 6p investors....should expect to see 6p again in Jan 2024 IMO.
DYOR
"PROJECT PHOENIX – JV PARTNER UPDATE
Highlights
• Burgundy Xploration, LLC (Burgundy) has secured US$2.0M in initial funding that has been
agreed to be paid to 88 Energy immediately in part settlement of outstanding cash calls
• 88 Energy has agreed to a standstill of the default until 31 January 2024 for Burgundy to pay the
remaining outstanding amount
• If Burgundy is unable to cure and pay the remaining outstanding amount in full by 31 January 2024,
88 Energy will receive 50% of Burgundy’s working interest in Project Phoenix
• Burgundy remains committed to funding their share of the Hickory-1 flow test program
• 88 Energy is fully funded from the recent Placement and receipt of these funds and is focused on
delivering the successful flow testing of multiple reservoirs at the Hickory-1 well in Q1 2024
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to advise
that it has received US$2.0 million in funds from its Project Phoenix JV partner Burgundy Xploration,
LLC (Burgundy) as part settlement of the US$3.745 million in unpaid cash calls (represented by
US$3,452,967 in relation to outstanding cash calls due plus interest of US$292,505).
The Company via its 100%-owned subsidiary Accumulate Energy Alaska, Inc (88E-Accumulate) has
also entered into a further standstill agreement with Burgundy which provides additional time for
Burgundy to cure and pay the remaining outstanding funds due of US$1.745 million by 31 January
2024. If Burgundy fails to pay by this date, Burgundy will immediately transfer to 88E-Accumulate 50%
of Burgundy’s working interest in all of Project Phoenix’s Toolik River Unit leases (or a pro rata amount
of Burgundy’s working interest if Burgundy pays some but not all of the outstanding cash calls amount
by 31 January) (Transfer interest).
Burgundy will also within 5 days after 31 January 2024, sign and return the Hickory-1 flow test AFE at
the revised working interest level post the Transfer interest. If Burgundy has not made payment for its
share of the AFE cost within six months after the due date of the AFE cash call then Burgundy will
transfer 50% of its remaining working interest in the Toolik River Unit leases, post the Transfer interest.
The Company maintains its rights under the joint operating agreement should Burgundy not be able to
pay any future cash calls, including exercising the option to require Burgundy to relinquish its working
interests in Project Phoenix and the joint venture.
Burgundy continues to support the progression of the upcoming Hickory-1 flow test program, and it has
informed the Company it intends to fund its share of the flow test program."
PFC is being heavily shorted but the shooters would not want to be too exposed over the weekend so am expecting a bounce in the SP. 20p plus would be good. The company would have put out a RNS/RNA if there was a material news item to report. The fact that there is no RNS so far means all is good …IMO.
Dyor