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There was a reasonable amount of new information in the presentation: upgrading the resource potential for Temaris to 1 trillion cft as well as discussing the read across prospects within the Kertang prospects make it clear how much value potential there is on the existing acreage alone.

Dewa also seems to be looking better by the minute with the work Enquest has done by the sounds of it.

They have a term sheet already and both parties will sign once there’s agreement on the development concept post flow test. Farm in will be for appraisal and development. Nothing moves quickly in Africa but would expect them to say something first and very soon re their development concept. They have had to make it capable of tying back higher volumes in the wider acreage if future appraisal and exploration is successful.

Chariot have a farm in offer in the wings - they have had for a while but it’s been contingent on getting buy in from the state on their field development plan for a scaled down development - without it the costs would be significantly higher. Once all parties are happy on direction I suspect an RNS will find its way quickly to market.

Over the period he was selling 1pc the stock rose 12pc, there is little free float and high demand for stock. Strong sign.

Almost there….

Genuinely no hint - however if I was the board I would

It’s not dilution if you have cash in return for the shares issued. The number of times over the decades oil firms have fallen foul of a financial crisis outside of their control in unbelievable. Raising 5m would give them great optional isnt on deals and provide some equity for any debt funding that they may consider. It would be highly accretive.

The best thing they could do here is raise 5m whilst they have the chance with minimal dilution.

Absolutely nothing until you have a signed gas sales agreement and FID.

A little bit more on the conference below I managed to glean from a friend at vitol who wasnt in attendance but knew the BD team that were.

- Timor sees chudditch and to a lesser degree sunrise as beginning a revival for their natural resources sector and giving them gravitas regionally as an exporter.

- they were praising Sunda and the impact they have had with their loyalty and commitment to the country. Expected drill Q1 at present.

Separately and not from conference - I understand DD is ongoing with a few parties re a farmnout. I’ve made my views clear on this in that they would likely be keft with 10-15pc. However I also understand that a farmnout on similar terms couples with an interest bearing loan note with the state oil company to be repaid post appraisal on a refinancing is also a possibility.

Phillipines is apparently pushed to Alan estimated late oct to early November and a new venture expected in coming two months - they have also entering the Malaysian bid round.

The mood music was apparently very positive indeed - vitol representatives were there. They see opportunities across the patch for new licenses in the region and were using appraisal of chidditch as a sign of revival. Suggested early 2026 to drill.

It doesn’t have the technical hallmarks of a pump. There has been very strong underlying strength on the book for a couple of weeks now - but it’s overbought in the short term. For another leg higher we need to unwind those technicals - that doesn’t mean a fall in price just consolidation. There are some interesting technical cross overs approaching in comings days/weeks

Anyone that witnessed the upper bollinger bands being blown at 2.20 would understand technically why a pull back healthily is arising now. They will keep the spread wide to allow the rsi to wind down over a short period relatively.

Respectfully that’s both correct and absolute rubbish at the same time. The chance of a farmnout is .10-15pc - I used to negotiate these for a living! At current share price any party has the company over a barrel with their backs against a wall. The alternative is a punitive 9-10m raise at half the issue price of the previous tranche. In reality it’s 18-20m sue to warrants. Do the maths - I have to the cft of gas appraised successfully - the economics don’t stack up at the current price. Seascape is a great example of a company with a prize asset whose share price went 12x via new ventures that is giving them huge optionality on funding. It’s also an example of what the farmnout market looks like now for quality assets - they had to reduce their stake to 10pc for a full carry on their two well programme.

Chuditch is the main value driver but unlocking its value is chicken and egg.

He was hidden within a nominee shareholding historically. A nominee has a responsibility to report the beneficial owner to a company of they exceed 3pc. However if a nominee holds more than 3pc across all beneficial owners already no Rama’s is required. His holding when below 3pc was likely with Hargreaves’s or Barclays and then subsequently crossed over.

I’m due to meet on one of two dates in mid October. Finance discussions are apparently constructive but at a very early stage. The issue is this - any partner has to fit within a specified plan - this was why the last deal fell over.

It sounds like finance will either be very last minute , will use the equity facility as a fall back but the most likely scenario is drill will be pushed back. This will be a positive as will give them chance to develop new ventures and put meat around the share price.

He was already a shareholder that took their holding above 3pc. Where shares are held in nominee and a beneficial owner holds more than 3pc the company has to be notified but the market doesn’t if the nominee already had above 3pc.

Near term release of their new partner and development plan for Anchois

News on power

Don’t expect anything from Namibia until 2026 unless your very lucky

New entry to a new near term production asset with potential 18 months to production and if I hear correctly opportunity to partake in an appraisal asset subject to farmnout.

You might all be surprised when they conclude the way forward with their new partner on Anchois

Whilst I’m very concerned about the position they have found themselves in re financing what you say isnt correct re Phillipines: on that I am comfortable.