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I liked that update. Thanks buzzard.

You've got your priorities right Tidd. Hope all goes well at your end.

ATB NE

Don't want to go all macroeconomic here but its important indigenous companies are encouraged and looked upon favourably for contracts in progressive countries in Africa. By that method, used properly, the local skill base goes up and that includes management skills.That in turn creates better standards of living and more demand across the whole economy much of which will depend on more energy being available.

But in turn that means they also have to have the money, knowledge, experience and skills as well as the resources in this case to secure a contract. The whole project as it stands is out of Seskanames reach, particularly in its entirety, unless the government is prepared to wait another four years or so for them to get to where TLOU are now. In which case why start a tender process now. Yes I see this as binary, but binary in the sense as to how much each of the two participant gets as a percentage of the contract. Personally I don't believe we actually need much, just enough to get us through the cash generation and hook up to the grid stage and then we can sell the rest of the energy we later produce into an energy deprived Southern African pool, probably at a better price.

Its not bad news that is presently bringing this stock down its no news. No news because there is no news. For me the drop on no news is now limited as to its further extent.

Energy in Africa will have its time and come to the fore for investors as a hot commodity. I see volatility as part and parcel of the buying in early to that promise.

I genuinely don't think many investors are putting all the pieces together yet and watching the African energy space but some big companies are certainly not so slow.

Cheers Bythesea.

JTD et al, Can I ask why the Bots Gov have a lot to answer for?

Just had a look at ELA Jiving. Its cracking on with appraisal wells as well as those already producing and is what we hope to become with our various accumulations. Good stuff and I hope we get an early PSC on Mozambique just to stir things up. Might be a vintage year for COPL IF things can be kept on track.

On the Moz side of things the technical team have been heavily involved with the initial and detailed well planning and on the conclusion of that they should have the ability to take on extra work elsewhere.

Hi Rtech, my words obviously in that passage but they are about what was being said by Arthur in his August proactive investor podcast (around the 9.10 minute mark).

They were talking about Schlumberger ploughing $700m in and at that point Arthur states that they have talked to them (Schlumberger) and that they were well aware that OPL 226 maybe the meat in the sandwich.

They then went on to talk about synergies of operations.

You are right about the seismic, there are different levels of 2D and 3D and it is evolving continuously. The techniques being used here are advanced and the level of confidence increases accordingly.

Hi Brady thanks for the comments. Also big thanks for your guidance when I first plunged in here 18 months ago. Its been a slippery slope since then and you guys who got in even earlier have had to watch while expectations have been raised and dashed. But yes I do think, based upon the big ticket items, particularly the extension of the PSC, the CBM/Trafigura term sheet and the unsolicited approach by an SPA for services and finance that that really points in the direction we are now going (for the benefit of balance, other relevant eventualities may be available).

In answer to your question though, in all my posting history on any stock I have never strayed into predicting share price. Notwithstanding that its fair to say that there are a number of clear near term catalysts here such as resolution of the EM dispute, the SPA, the acceptance of the Field Development Plan and Ministerial approval, the latter three of which should see our contingent resources turned into Reserves and of course drilling.

If Schlumberger are prepared to commit $700m next door, which they have, and their prize is the lesser of the two then once the above admin baggage is removed our £6m Mcap will, in my eyes, look significantly unwarranted.

We also have the prospect of Mozambique potentially adding to the value here.

Without getting into uncomfortable territory for me that's about the closest I can get to answering your question Brady but I do sincerely wish you guys get rewarded for your time invested here.

Oh and we are presently under £6m Mcap.

Time to move on I suspect.

Any joking aside the 3D here is quite something. Taken me a bit to get my head around it and the visuals. The team are using cutting edge techniques (amplitude extraction and simultaneous inversion) that increase the knowledge of the terrain and highly differentiates between brine, gas and oil. This has led to at least one previous 'gas discovery' being redefined as an 'oil discovery' (Dubagbene-1).

What is also not appreciated is that the contingent and prospective resources as reported by NSA&I did not take into account the state of the art 3D seismic. The reported resources we have presently it can be assumed are therefore significantly underestimated.

It is also not widely discussed, if at all, is that Schlumberger who have now committed a $700m investment into the neighbouring Analya development were informed by Shorecan that their development was not the most valuable constituent of the two. Sclumberger they have said, though not in these exact words I hasten to add, has the arse end of the donkey, a valuable arse end mind you, but that we have the heart. That up front dialogue is why I suspect Schlumberger, besides the obvious cost reductions through synergy of resources, will be our service provider. They have 9 wells capable of production, we are looking at 29.

One area identified by the 3D that is not taken into account by NSA&I is our 7200' sands. Based on the EEI response the sand thickness of this feature is about 40m. Atalya next door has 52m of oil bearing sands at that depth (that knowledge greatly enhances the accuracy our 3D interpretation). That's the one Schlumberger are pumping $700m into, but that's just about all they've got. It's enough for them to jump in but the reality is that we appear to have so much more over a much bigger area.

I look forward to the next six weeks and anticipated news.

Much overlooked is the fact that we have completed state of the art 3D seismic on our tenement. Why are we attracting Service Providers, one of whom who has proactively sought to advance us $100m of front end services for a deferred fee plus ancillary finance.

We have also received and agreed to a project financing and offtake agreement term sheet, providing for a minimum $30 million to a maximum of $50 million Senior Secured Facility with Commercial Banlk of Mauritius and Trafigura (a full on major player in the oil space). This give us the back end services.

Now we have the NNPC consenting to a two year extension to the PSC.

I hereby declare I am banishing the negativity associated with past 'miscommunication' and I am fully recognising that something, something that is evidenced, is now unfolding in front of my eyes.

I'm piling in Monday.

I have had marked periods during my investment where I have lamented the information received from the company, it has been nothing short of highly questionable on occasions. Those periods have not changed. However there has been a turning point in all this for me and it came in the form of the August podcasts. They did not deliver what was promised but with a bit of research I believed, and still do now, that Arthur was entirely genuine in conveying his timeline to shareholders at that time for the SPA. An SPA that had not realistically been at all on the books as far as investors had been concerned.

At the time of those podcasts for me Arthur did not know that EM was going to deliver an ultimatum. He was as surprised (shocked) as I was. It happens.

What everyone knows, from negotiators to poker players, is that if you give an ultimatum you have to be in a position to enforce and deliver upon that ultimatum. Anything less completely weakens your position.

EM have completely weakened their position. They now have a clear problem in moving forward from here not us.

I'm piling in Monday. Berta has gone ballistic on this stock.

What the hell just happened there?????????????

We have a discovery Rift. the Noa West accumulation is a discovery.

We are extremely close to being able to change the contingent resources into reserves. All on 'admin' work not drilling (Ministers approval, acceptance of the FDP and SPA/finance).

We are also close to completing all that is necessary for us to show that the chance of production is nigh on certain and from that the chance of commercial viability is also a reality.

All this in the next four months.

Are you in a position to post the wording of Cathy's reply Rktech.

Probably because they have just started discussions with a new one Rift. Unless of course they stick with the original Service Provider who may or may not still be on the scene.

Just somebody trying to get their average down.

As long as 'year end' and 'shortly' weren't typos I will forgive him.

Thanks for that update Jay.

Its one step at a time and I will be more than happy to be drilling in Q1 as that means we have the SPA signed off, we are financed front end to back end and we have ministerial approval. That's plenty to be getting on with between now and year end.

I can also put the tins of anchovies I had on standby back in the cupboard.