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The way the RNS reads, it's very plausible that a deal could have been closed by the end of the year, but not everyone that is interested was ready to make a bid.

Doesn't really make a huge amount of difference in the long run. If a deal had been signed this week, nothing much would have happened until the new year anyway. So now we have a situation where everyone involved knows that there are multiple parties looking at making a bid, which may be of benefit to us.

The SP drop on opening looks to be a bit of an overreaction.

For weeks now we've had doom-mongers trying to convince us that no one is interested in the farm out so there'll be no deal.

Now that we've had confirmation that multiple parties are very interested and preparing bids, we've got doom-mongers suggesting all the interested parties are going to be conspiring together for just one party to put in a low offer just in case Winx (unrelated to the farm-out) doesn't deliver positive results.

Next they'll be telling us that no one is getting any presents this year because Father Christmas is too fat to fit down the chimney.

Nothing surprising really that the deadline is extended. As pointed out by several posters over the past few weeks it was made clear from the beginning of the process this could happen. I'd liked to have seen a deal complete before Christmas, but what difference is it going to make? Pretty much everyone involved is now going to be on holiday for a few weeks, so even if a deal was announced now, nothing much would be progressed until the new year anyway.

Excellent news!

Deadline extended to maximise the number of parties bidding. Gives the impression we could have gone ahead within our deadline, but the best deal for us is being sought.

Also positive progress for the unconventional farmout.

Interesting article about Texas and the Permian basin. Suggesting that they're now producing too much oil for the pipeline infrastructure to cope with, driving prices down for Texas crude. So while Alaska is no doubt a more difficult environment to drill in than Texas, this may bode well for us.

https://www.cnbc.com/2018/12/19/the-permian-basin-has-a-new-problem-40-crude-oil-price.html

I wouldn't be surprised if a sell off starts on Friday if there's no news. Most will be working on the assumption that nothing will happen after Friday until the new year.

I doubt DW really has any control over when the news is released, other than it will be released when all the parties involved have agreed. Might still be this year, might not be.

Out today, but LSE doesn't like the links to v o x m a r k e t s .co.uk

Gracjan Lambert, CEO at RMP, just confirming the timescales for the winx drill. Likely spud mid to end of February, results from the drill likely late Feb to early March.

He also talks about potential for RMP using a conservative value of $5 a barrel in the ground. Perhaps that's a bit ambitious, but still potential for some big numbers here, and its pretty small in comparison to Icewine.

It'd be great if we are proved wrong, but I think its more likely that we'll see a platinum mine being built at tjate long before we see any returns from our shareholding in BMR.

As Tbtt says, buying those shares should just been seen as part of the cost of obtaining kabwe.

Jonah the answers to your questions: "what are BMR going to do with the cash from selling JLP shares?" and "Has CB let anything slip?"

Yes CB has let something slip in a manner of speaking, he's described BMR as a shell company. So the answer to the first question is simple, the cash will be used to pay director salaries. What else do shell companies do with any cash they get?

I would imagine that Glencore previously worked out the economics of Sable based on the total cost of mining the ore through to refining the metal. We won't be incurring the major cost element of mining, so it may be much more viable with what we're proposing.

Wherever the deal is being negotiated and signed off, its more likely in my view that we'll get the announcement in the morning UK time, most probably the usual 7am RNS. So I don't hold out much hope for a PM announcement.

Houston is 6 hours behind us, (New York 5 hours), which leaves a very small when both markets are open, and Sydney 11 hours ahead. With us being in the middle, its most likely that wherever and whenever the deal is eventually signed off, its more likely than not it will be while LSE is closed, which leads to a 7am RNS for us.

Found something now. According to Moodys - "The company holds a core net acreage position of approximately 329,000 acres in the Midland Basin. At December 31, 2017 Endeavor had 216 million boe of proved reserves of which 124.8 million boe was proved developed."

https://www.moodys.com/research/Moodys-Upgrades-Endeavor-to-B1--PR_387671

Thanks for the link sprintman. Quite a few articles about the Endeavor/Shell deal. All say much the same thing, price tag originally $15B, but now less because the founder wants to retain a lot of the mineral rights. And they do have a major advantage over us when negotiating, they are in production.

Lots of reference to most of their land being undeveloped, but I can't find anything that says how much oil they have, that would be an interesting comparison.

Also, Exxon, Chevron and Conoco looked at bidding, but "their interest has waned". Who knows, perhaps there's something else they're considering!?

3card, yes I'm assuming all their sales from last week were included in the TR1. And now BMR have dropped below the 3% threshold, further sales can now be made without telling us.

The volume from last week was very unusual, and we've seen from the 2 RNS's today that it was all part of 1 negotiated deal with someone who wanted to buy 44m shares. BMR could have helped them out with the whole lot, but appear to have only sold 15m in that deal, unless of course they've not reported all of their sales after they went under the 3%.

2018 is the Year of the Dog, an animal which symbolises luck

2019 is the year of the Pig. In Chinese culture, pigs are the symbol of wealth.

Could it be a sign? lol

The Chinese new year isn't until 5th Feb 2019. Maybe there's been some miscommunication with the 'by the end of the year' timeframe. lol

So now we know, BMR were involved with the unusual high volumes. But only with 15,351,004 shares, leaving them with about 31m. Will have raised them £345k at 2.25p, less any expenses.

But in many ways this could be reassuring. Someone clearly wanted a lot of shares, and rather than a placing where we're told the 'good news' that someone wants to invest and we have a bit more cash in the bank, they've had to go and buy those shares instead.

On that basis it doesn’t look like BMR imo. The 44m trade now looks to be a negotiated buy at 2.25p. The other large trades at 2.25p could therefore be sells, negotiated with some other large holders as part of the overall deal, but not anyone above 3% holdings. That’s my take on it anyway.

Maybe, when Platcro PGMs start to be produced in Feb. Depends on the costs and profit split, which we don't know yet.

However, from January we also start to get earnings from Platcro Chrome, which they say is currently £4.3m a year.

Not sure it really means much. BMR were never listed as a holder in their own right, their shares were put into a nominee account under the name of Pershing Nominees according to my note at the time. They disappeared off the list on JLPs website after the share sale we were told about, even though BMR should have still held over 3%.

Possible BMR have now sold all, but that would only account for some of the unusual volume and big trades last week.