Member Info for ocelot

Just as Alba has the rights to explore all of the Dolgellau gold field, GROC is in the process of obtaining all of the rights to explore for graphite in the district neighbouring Amitsoq.

It isn't reflected in the share prices of either company but these are high quality resources which, in more generous market times, might justify a premium rating.

An application has been submitted to expand GreenRoc's exclusive Mineral Exploration Licence ("MEL") 2022-03 near Nanortalik in South Greenland. Covering approximately 50km², the expansion area applied for (Figure 1) is the last remaining area in the vicinity of GreenRoc's existing mineral exploration licence package in South Greenland which is known to host significant graphite mineralisation and which is not already under licence to GreenRoc.

The application area lies due east of Nanortalik and is immediately adjacent to existing licence area MEL 2022-03. The area includes several historical recordings of high-grade graphite mineralisation (Figure 2). The target area has become open for application due to the surrender of the area by the previous licence holder in January 2024.

Subject to grant of the licence extension, GreenRoc will hold the exclusive exploration rights to all prospective ground in the world-class Nanortalik Graphite District, which hosts the Amitsoq Graphite Mine, the Kalaaq Deposit and several other high-grade graphite prospects (See RNSs of 8 November 2021 and 11 October 2022).

GreenRoc believes this change in the law is likely to shorten the Exploitation Licence permitting process for the Amitsoq Graphite Project by several months, given that its has already formally submitted to the Greenland Government both its draft Project Description for Amitsoq, in December 2023, and its draft EIA and SIA Scoping Studies, in January 2024 ... The Company will therefore be in a position to submit an application for an Exploitation Licence once the Project Description and EIA and SIA Scoping Studies have been approved by the Government and are ready for translation, and thus prior to the commencement of the public consultation. It is expected, therefore, that this application will be submitted in the first half of 2024, paving the way to the possible grant of an Exploitation Licence before the end of 2024.

Hence my suggestion that they signal to the market their intention to reduce their funding needs, with Loxley looking to be the project requiring second thoughts..

Their ability to raise funds is determined by their market cap. All the capital reorganisation does is enable them to issue more shares.

The lower the market cap, the smaller amount they can raise at any one time, obliging them to raise smaller amounts on a more regular basis, which is precisely what has been happening recently.

Imho, Portland is looking promising:

"The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project". (the EGM RNS of 01/02/24)

HH is on hold until the Supreme court delivers its judgement, Turkey continues to hold promise and, in the event of success, can generate cash quickly.

But Loxley is for the medium term and will require funding for a number of years before it can generate any cash.

The market appears to be tired of UKOG's further funding needs.

Think they should either arrange a significant farm-in for Loxley (say 75% -80%) or sell it, while doing the necessary to preserve it.

Think such a move might be welcomed by the market.

Last published book net assets, at 31/03/23: £34.678m

Current shares in issue: 29.535bn

Book net assets per share (not adjusting for cash raised and expended since 31/03/23): 0.117p

Discount of current share price of 0.0125p to above book net assets: 89.3%

The Horse Hill judgement isn't scheduled for this Wednesday, that only leaves Wednesday, 14th before the EGM of the 16th.

It remains a very difficult market for AIM-listed small and micro caps.

On the plus side, ANGS possess a source of recurring revenue in Saltfleetby and their new £20m debt facility is approaching its conclusion.

If there are potential farminees for Loxley, now is the time for them to take the initiative, with UKOG is its current state.

Disappointment with the price performance since access gained to level 4?

No. The page to keep an eye on is this one:

https://www.supremecourt.uk/news/future-judgments.html

Fitter for purpose than most politicians!

If they don't win the case, then there are whole sectors of the economy which are at risk (imho).

But the supreme court is certainly taking its time. I fear that successive governments have promised all things to all people so that the position in law is pretty ambiguous.

Where possible:

funding commitments need to be reined in (this can be achieved via farm-ins at HH and at Loxley and bringing on board one or more significant partners in Portland);

more focus should be placed on growing the share price and the market cap (it is obvious, projects serve no purpose without the required funding).

I'll wish you a good night, Sheffler.

After all this time, we still await the judgement in the Finch case.

And we don't know Alba's objection to the proposed farm-in of PPP.

Hadn't listened to Watching the Wheels in a while, so thank you, Sheffler, for prompting me to do so now. Only one John Lennon, totally unique.

Watching the Wheels. John Lennon. Great!

A quite recent article re Avington:

https://www.hampshirechronicle.co.uk/news/23900609.winchester-climate-groups-campaign-avington-oil-drilling/