Member Info for NelsontheDog

Hi Papaduke,

I hope you are wrong with govt aspect but suspect you are correct - putting myself in their shoes, if I was unpaid for over a month I am guessing I wouldnt be hard charging at the backlog without a promise of overtime which probably isnt in place. I will say this against Zephyr - it sits here in play despite some of the most awful luck that has been thrown at it - that is in no small part due to the management focus on risk avoidance. 2026 - what a year its going to be - 15p plus this time next year I think.

I agree its pretty grim but I will hold and support management for the following reasons that for me distinguish this share from the firesale representation given by the share price;

- it has an income stream from non-ops so isnt a new well gamble

- it has gas to ship - the dry hole risk is gone

- it has a route to get production to market

- the gas is in demand and is in a good place ion terms of market dynamics

So yes, we need a timetable, a marketing agreement, a transport by pipeline agreement, a govt licence but those above points give fundamentals that for me mean this further dip in share price is bizzarre and for me, given the current Japanese jitters, gives more of an insight into the overall fragility of the UK stock markets in regard to low liquidity than any fundamental concern.

Nice to hear from you Mike and glad you are still a shareholder. I agree wholeheartedly on project M - the potential there for a traditional mine is close to being confirmed and is a massive potential value store.

But that seems to be a JLP issue in Copper - moving the value in the ground and assets into money in the bank. Leaching, milling & processing seem to lead to more talk than tonnage unfortunately. I did originally think the leach pit talked of could at least as old technology be a quick win but quick it has not proven to be. I do think they will get there soon however on overall production, hence still here.

I’ve never been to an agm other than for companies I work for soninmay break that duck and come along if it is held in London - it would be really good to put some real life into some of the names on this BB - we have been here a long long time now. Are you AGM bound? If so we need you to give LC a pep talk - get his motivation high for the tasks ahead!

I recall a few years ago getting very excited following Mikey's post (who hasn't been there) about Cobalt content in a tailing resource we had just bought - it was a huge quantity of Cobalt in the tailing and an associated eye watering potential recovery amount - same applies again pricewise now, but does JLP still own the tailing resource? At the time I think the assumption was Cobalt process cost would be similar to Copper - at $5k per tonne handling and processing cost thats $45k profit per tonne - even the most resolute and focussed firm may be distracted - can JLP hold the line and get Copper production sorted first / should they hold the line?

NtD

I get there are a lot here that take a conservative approach and also I acknowledge that CH’s history is one that would support a little vid on production ready news. Personally i will choose to believe CH when he said engineering is done. I’m not concerned over gas pipeline writeoff either - it will be of use at some point and formed part of a wider acreage purchase as well. Unless they shut paradox I do not see a write down risk. I am a long time investor so your implication of my naivety JO is countered by my view of your cynicism. I do agree the data centre seems strange but my assumption is this is, combined with push to production is an actions as response rebuff of a lowball approach by another party with a you have no option offer - that’s the only way I see it making sense - why open data to others pre any future gov auction of

Land otherwise? Time will tell and ultimately I will probably be happier in the interim period till there is further news - though admittedly that could be a bigger fall to take. Trust, hey, it can really reward or crush your spirit!

Hi Cruithe

Appreciate your views on all things ZPHR. You highlight in one of your last posts a concern around weather stopping production plant being brought to site and installed. However CH in the interview says the engineering for ZpHr is done. I was surprised by that but it’s definitely part of my renewed optimism. Do you still feel we need plant to site as mentioned in the post?

JO has often added good info to this board, sound views and shared more than necessary in a collegiate manner. Let’s not take cheap shots at a fellow investor - like all of us he will sell when he and only he sees fit - he has shared points and differing views - these are the essence of these BB’s and this has always been a good one I think.

Personally I was non plussed by the RNS but very bouyed by the interview. I believe we will have a timeline to first gas shipment soon.

Hi James,

NtD says his core interest is only in gas shipping to customer from the Paradox. Everything else is fluff to NtD until then - including the data room. Even on boarding a partner will be met with caution SP wise until there is Paradox gas moving out to market, and the associated revenues coming in. Besides that NtD feels the JV offers will be opportunistic and predatory without Paradox oil flowing and as such NtD supports the view of going it alone by Zphr on that basis - you can always easily revert to JV from go alone; harder to go the other way - see Chariot Oil & Gas.

On the basis of the RNS and moreso the interview, NtD feels that the Zpher BoD share a similar alignment of priority at this stage and is feeling more content in his investment - especially if the gas infrastructure is ready to go.

AtB

Hi

Just got chance to watch the interview - Hoping a view on this may be forthcoming from those of you in the industry and the gas processing struck me twice. First, CH mentions that the gas infrastructure (bought a few years ago) give Zpher an advantage on the acreage (presumably as they already can move gas) - though my understanding was that this would need work to bring online.

Second and more directly he mentions from 6.46 the following in relation to Gas processing and what we should expect; "More detaiuls around the gas processing side, WHICH WE'VE COMPLETED OUR ENGINEERING ON THERE" (he didnt shout, thats my emphasis).

If thats the case and they are working in tandem with Enbridge which he also implies, is the regulatory approval to approve what is already built and the actual moving of gas rather than get permits to start working on the gas infrastructure? It certainly sounds that way and if thats the case we are a lot closer to shipping gas than we may be giving Zpher credit for on this BB.

That would be a big big boost and also go a long way towards explaining where the hustle has been going of recent. Thoughts?

Hopefully these recent RNS's put pay to the cash shortfall comments here and elsewhere in relation to PXEN. Back to being a cash generating small entity with enormous nearside growth potential without too much risk imo. Even at these prices its not a get rich quick, but it could be a get rich slowly - incredible value at this share price and to be frank at anything under double digits. We were in the 7's on this profile before the operatonal interruptions and even then that seemed low given the cash income that was and is now again being generated - and that isnt even accounting for any further growth in cash inflow as a result of future projects.

Actually it may be slightly worse in regard to the $2m. It states it is to pay increased federal bonds and provide a war chest - to me, $2m seems a small war chest but it’s even smaller as the fed bond nibbles it away - to what extent I am not sure.

The surefire salve to reset borrowing is obviously Paradox production - let’s hope it arrives asap.

The problem with this super low sp is that in the aim market of the last two years - sp does not often return to fair value - you get a worthy rise - say 100 or even 200% and then new holding zone - at a 2.25 p start that takes us to 4.5 to 6.75p on good news. We need partners and we need steady revenue from paradox - ever has it been so but this was supposed to be our heavy (good) news period. Any potential partners or gas pipeline owners must be playing super hard ball as I know CH and CEO will be desperate to get going too. Negotiation stalemate it seems.

Tougher than a double marathon - in those you get feeding stations every now and then - here nothing. More like rowing the Atlantic - takes an age and you yearn for a sign from USA to break the monotonous bobbing on the silent waves

I am speculating here, but I suspect BLU are holding off an RNS till Monday in order to;

1. Get a whole week ahead for what is v positive adoption terms

2. Awaiting furether API adoption to add to positivity

3. Get Friday volumes for the daily transfer rate (I am assuming that Friday payday returns will make up a good chunk of LATAM volumes) in order to give as big a daily quote as possible.

So today may be the load up day for those already in loop - rare to get these opportunities but also balanced against the reality of a risky small play company.

I dont think we are anywhere near a unicorn status - our fees are phnomenally low so our revenue will be somewhat more sobering than daily transactions, but there is a lot of upside in a £6m mcap company before you get to $1billion - Blue should see this growth. Very exciting - they might just be pulling this off!

I was hoping for a little more reaction - hopefully there is an RNS tomorrow for BLU noting Vortex progress.

Good luck all - even a return to £10m mcap effectively adds 80% to the current price - seems very very cheap.

Evidence of adoption at last! $450k daily volume and 100% growth on the prior day. Actual significant news here for the first time in… well for the first time in forever quite frankly.

And back then, there was a lot more risk I thought - pre-drilling 16-2 and the dramas that followed at 36. Incredible that with the results and progress here, we are back at that price.

Reflecting, I am 10 years into AIM investing and a key learning for me has been management teams. I always felt it was key - Trust and motivation. Originally I looked for hard charging teams and lo and behold this worked. But my mistake was then to double down on those investments where I felt the management was now proven and a key factor to success. This felt a rational process but more have disappointed than succeeded.

My current view is that the managers motivation dwindles as the mortgage pays off and comfort enters their life linked to a view that it was only the do or die efforts of the managers to succeed initially that drove excellence - they become blunted by the sheer scale required to continue to grow exponentially and their relative comfort (which I dont begrudge). Like a newly promoted premier league team, that extra effort can make a difference but can it be sustained for a permanent future? The talent is in these organisations but not the culture of rigor, duty and relentless focus. In larger firms a crawl covers a lot of ground due to the sheer scale of numbers crawling.

CH and co currently in this zone I think. I took some profit on way up but then added near highs for next leg - I believe now that with these explosive companies this is not rewarded. As a small hobby (not my job) investor, I can spot good management I think, but I cant spot their drive as easily and as such I dont double down the way I used to. Cynical, yes, but it seems a rare management team who doesnt stutter after initial success and in my view CH and co were among the absolute best i had backed, yet here we are.

I do trhink they will come out swinging and achieve a return to the high SP single numbers or maybe even teens but dreams of riding a good management to a happy retirement have for me dwindled significantly. Anyhow, appreciate anybody else's views and experiences on this subject.

NtD

Great thread of posts over the weekend - thanks to all. Papa - very interested in the Enbridge element - they could be unreasonable on gas transport costs to push Zephyr to take a sub standard deal - that would also explain the counter measure of the open data room - when you have no shells, standing near the gun and shouting bang may if you are lucky gain some attention.

Is there any non-Enbridge pipeline solution? Where would Zephyr need to ship to in order to not need Enbridge?

CH should disclose the progress on gas pipeline negotiations now, today and give a view if an offer is there. This current info void is very very unhelpful.

Flags - pipe. Apologies for spell check alteration drives me forking bat sheet crazy!

Hi RB,

Obviously we have a shared goal in a rise for this share already but I hope you get to crow as a winner soon.

Is my maths right that with 12m shares a 1p swing is worth £120,000? Holeee smolleee - that’s mind boggling!

In regard to paradox - the flags line supplier knows they are the only route to market for production, are they holding out for a big share of the spoils and is this stalemating the negotiation? Unless there is regulation I would guess the answer is yes - what is the pipeline benefit to not doing this. If it is the case, CH needs to inform us soon - I have been wondering on this aspect for a while now tbh so anyone with knowledge- your response view would be valued.