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They are definately in talks on Loukos - a farm out will come - structure is the main challenge in terms of the deal that properly balances risks and rewards.

I think chariot have asked Morocco for a sweetener - and suspect they may get an asset awarded that has recently been relinquished. We shall see.

They are definately scouring data rooms.

Will be mainly smalll small VC and family offices. It was last time.

Except they got that placing over the line in two days. The majority of shares went to institutions and family offices who would have had to buy into it . They would have. Made them inside to lock them in

I’ve only just seen the video below which seems to align with my comments. Their red line seems to be funding at sub level which assumes no equity dilution at plc

They are in data rooms for assets

They have flexibility as to when they release results but they are a couple of weeks later than last year. I wonder if there’s something they want to announce alongside them. Probably not but always possible.

I am hoping they are going to shout it from the rooftop when they discuss strategy to shareholders

There going for a production asset - there’s a reason they have rescoooed the E&P side to oil as well.

I do

Cavendish with their revised broker note increases its price target from 85p to 111p on a RISKED basis. The price target will increase as each asset is progressed and the risking percentage decreases.

I took part in the raise and oversubscribed and got the full allocation requested. As such from here yes.

Irrespective of the quality of the assets the board are an absolute disgrace when it comes to shareholder communication, transparency and articulating strategy. It doesn’t mean they aren’t busy behind the scenes, they are, but they have to take shareholders along for the ride (like with Seascape). In this sense they get an F-

I Havnt a clue on the order of events but I have made it very clear to the Board that this will be that last time shareholders support a raise - they now need to articulate a forward strategy in terms that shareholders understand. Jimmy is correct in that it has been a long time since the Board have presented properly to shareholders. Near term I would “guess” they are going to do just that.

That aside I suspect Namibia will be near term. I suspect the back in right likely comes with a work commitment that they couldn’t meet pre the fundraise.

Time for the board to tel shareholders what they have been doing and what the forward plan is.

Hi Surety

I dont read the boards very often so sorry if I have missed something. What do you want my view on?

Great week this week and expect to see the share price hit higher highs as the year progresses.

There’s very low liquidity here - there will be a significant restate above what we have seen today. There’s is very little real free float washing around

Interestingly the other proposition they were looking at I understand is still on the table. Will be interesting to see if they allude to it on thurs

The investors meeting on Thursday will publicise the extent of this

Have been expecting this - I thought this was the one they applied for. This completely rescales the company

Irrespective of further RNS this WILL be my last post on this toxic board . I never said I was the buyer at any point but I do know who is or at least who the counter party is.

Good luck to all.

I’m posting this once and once only by exception. It goes without saying that like many I was blindsided this morning. I have spoken with two board members and in brief summary:

- phillipines signing ceremony could be any time but would usually get a fortnights notice; it’s a rubber stamp.

- they were blindsided by the contractor re the helicopters. Based on what I understand (and for what it’s worth I believe him) they were less than transparent in due diligence but when pressed based on various penalty clauses in the contract and given the size of the operation they acknowledged they couldn’t proceed.

- I asked how they could be sure such procurements could be made by early next year. My understanding is there is significant government pressure on the contractor to do so and they risk losing other contracts on other matters if they fail a second time.

- they seem relaxed about funding. Since the CLN there have been parties approach them about follow on development funding in the hope of getting in early pre drill. They believe , although they have not tested, that these can be expanded to cover wider appraisal early next year. Given the CLN was done in a rush when the terms re timeframes from their preferred party were unacceptable they believe they have plenty of time to come to a much better funding deal when there back isnt up against a 2 week wall (which is what they were left with to stay on track).

- they are very disappointed but believe better equity value with less dilution if they can negotiate better deal will in the end be better for shareholders. They can’t guarantee but are confident.

- cash not a major problem as guarantees for rig have been or will be released so less restricted cash tied up.

- reviewing other opportunities - have highgraded.

- generally bullish re follow on development

I’m very annoyed and it appears they were blindsided and had the wool pulled over their eyes. These delays are unfortunately not uncommon in the sector.

Only post as it was a big RNS.

Ps the large trade was off book and reported to the market. The buyer paid a premium to secure higher volume.