Member Info for Notperfect

Congratulations AIM. Today's results vindicate your massive confidence in NFX since the early days. Regardless of where the SP goes today these results are a genuine game changer. I hope Dan and the team are allowed to realise its true potential.

exetrchief,

A TR1 is completed by the shareholder or their rep. Companies usually issue them without modification.

If you look at the bottom of the TR1, you will see it was completed (by Julian or his rep) on 20/05/2019. That should tell you that the notification date at the top of the form cannot be correct.

The crossing and notification dates are exactly the same as JH's previous TR1. Someone has simply made an error. It is not a conspiracy or a breach, just human error.

One more point on the time it is taking for the 3D seismics. Equinor asked PGS to customise the survey on their blocks. If other customers of the survey had their own special requirements you can see how the overall processing effort could balloon.

It's worth remembering that PGS were carrying out a much larger survey and the JOG/Equinor blocks were just one part of it. PGS always estimated it would take until 2019 to process it fully though I think their original target was Q1.

3D does significantly improve the understanding of the local geology and imv Equinor are an excellent partner for JOG. However, as the appraisal well shows even they can get it wrong. On the plus side we know there is a working oil system at Verbier and that is a big plus for the area. Personally I don't think Equinor will declare it commercial without a further appraisal well but it would be terrific for Jog if they could.

The first thing is for Equinor to see enough potential to plan further work. That is key. Then we'll see what they target and in what order. I wouldn't be surprised by a new drill perhaps at Cortina with a conditional later appraisal at Verbier.

15th April

....with the fully processed 3D broadband seismic data, acquired in 2018 and which is expected to be delivered in June 2019.

Why the 1st of June GB?

This is still the Equinor show. The processed 3D seismics don't arrive until June and then Equinor has to complete its analysis. Could be quite a lot later. Only then will JOG hear the key decision on what Equinor decides to do next (and hopefully a recommendation of further drilling).

I suspect JOG will hold on to its cash in the hope of funding its share of future drilling but you never know, perhaps AB will surprise with a new asset...

Don't be silly Aim.

I'd expect Dan to be optimistic but I don't believe for a second he had access to the trial results in March.

Not quite that straightforward, shakey. HLAM is the overall company and by definition includes all the nominee sub companies (and there will be several). And in your HNWI interpretation HL is still acting as a nominee..

In detail there may be a handful of HL nominee accounts on the SDX share register. Platforms often separate ISA, SIPP, and other business to simplify their administration. HLAM may just be the aggregate reported if the individual accounts are below reporting levels. If the individual HL nominee accounts exceed 3% they can even be reported separately.

Many of us use HL. PI investment probably did increase from the Spring with all the positive drilling and accompanying belief it would lead to a big cash pile. Plus, HL would not have started to notify below 3% anyway.

HL would identify and notify SDX separately if a client had a 3% holding.

I do agree with your general point that no one sees the actual investors underneath these significant holdings so there are bound to be a few HNWI surprises. However, in my experience, a HNWI wanting to hide a SDX holding would probably operate through a completely separate small nominee company.

Easiest way to confirm is to ask HL if their notified holding includes PI ISA/SIPP/other holdings.

The Hargreaves Lansdown holding is also likely to be small PIs. If you hold SDX on HL then you are part of the 5.66%.

Many of us use the big trading platforms and those platforms keep costs down by dealing as one entity. So SDX sees a large nominee HL shareholder on their share register - it can't see the individual small investors and their share holdings within that.

Rebess, CEY aren't exactly consistent with paying final dividends and this year doesn't look so late to me. This is the fifth to be declared. Three paying in May (two of them later than this year), last year in April, and only 2016 in March - the 31st, so only just!

If you still feel it is late, then I suggest it is less about paying the money and more about the AGM timing. The dividend process doesn't start until after approval at the AGM and that is a few weeks later this year in April. I'm not surprised they might want to hold that later in the hope of having better news around to ease the meeting.

I think Aim4 is repeating RA1's comments. RA1 said that he paid to receive FinnCap's research so I doubt that anyone outside that group will be able to access it, and wouldn't be allowed to link to it publicly.

Fabricated? I've not spoken to FinnCap so I don't know if the research exists but I think it's quite possible. Analysts produce this kind of research for a wide range of clients and companies. It is often interesting but I've not found any analysts who can predict the results of phase III testing. The key point in the analysis is not the £284m, but the word potential.

Analysts present this kind of research with a raft of assumptions and caveats so the headline figure is often just the extreme end of the probability curve. Nobody knows yet what NFX will be able to achieve. Every opinion should be welcome but recognised for what it is.

Each cocrystal project from NFX is in its own hurdle race. We can cheer when they clear a hurdle comfortably but you don't get the gold medal for clearing a hurdle. They need to clear all the hurdles to have a chance of winning and even then they still need to beat the competition.

Not every cocrystal version is going to be a commercial success but it would be an enormous proof of concept if NFX can get one of their projects through the regulatory steps and critically demonstrate a clear improvement over what is currently available for the patient.

At present it is more about market sentiment over its potential and I think that sentiment was damaged by Aberdeenman and his associates ramping. It also makes it difficult to hold on to rapid rises in the SP.

re the 3mill trade.
I believe it's much more likely it was a buy rather than a sell.

HL shows the deals at the time, from a sell at 8:57 for 2.6 to following buys at just under 2.66.
I was following the live price looking to buy at the time and got quotes immediately before and after the 50000 sell at 8:57 (looking to see if the MMs would drop the offer following a sell)and was running dummy buys for several minutes ahead of my buy at 9:05. The buy/sell spread for me never moved outside 2.66/2.60 at the time. 2.73 would be a modest premium to what I was being offered.

There were enough other sells around to keep the price contained but I'm confident the 3mill was not one of them.

fairdealer,

Although the survey was completed in June the final results are probably not ready. The June RNS said "Delivery of the final imaged data by PGS from the survey continues to be expected in late Q1 2019."

Even then I don't expect a release of the results as such. We might get a couple of notes if something unexpected shows up. More likely we'll hear about the 3D seismics as consequent drilling programmes are kicked off.

There was a pretty strong hint in the placing RNS on when to expect news. Matthew Walls said: "I look forward to advising on progress at the September interim results update." Last year that was Tuesday 19th. This year the nearest Tuesday is the 18th.

Suggests the update will be one of modest progress and probably a bit of kicking the can further down the road, but who knows, he might have something encouraging to report.

If you look at the link I provided it will show you all the companies in the Stephen Betts group run by Charles. The list includes Betts investments. It is a family business. It is separate to and does not include HUM.

I don't find it surprising at all that Charles is keen to work with Dan on the coins. It's completely in line with the older Betts family business. It is also probably why HUM are offering coins in the first place.

No. I believe it's part of the older Betts family business run by Charles.

Take a look at https://www.linkedin.com/in/charles-betts-b1704a83

That's a Web Gemstone mine. Why do you think it has something to do with Kefi?

Do you have a link to this incident, smith?

This definitely looks to be a very interesting and promising tech with hopefully a very bright future. Short term though, I think sentiment is all about the initial Chinese £500K. Receiving that payment would be a major confidence boost and I suspect would lift the SP disproportionately.