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There were 256mn shares o/s AFTER the Jan 2021 placing of 17mn shares at 10.5p each, raising £1.75mn.
So I calculate the denominator for a TR1 calculation would have been 239mn.
25 trading days left to show meaningful results then.
Cbaron, we LTHs know the story inside out and don't need your condescending attitude for support. Go and mess up some other bb. You're not particularly welcome or needed here.
It's clear from your summary numbers that the early excess growth in production came from acquisitions, whilst organic growth, of 3%, is rather more challenging. The market has clearly given no kudos to i3e for the growth in 2P reserves, suggesting that this is not a price determining parameter currently.
I wonder how the market will react to another year of 3% or so production growth?
Madman-Rob,
I can't take it any longer.
Filtered, for being a boring, daily repetitive, verbose poster.
For Heaven's sake, man, just put a sock in it and comment AFTER news, not just write in generalities all the time.
There are others on the sidelines, silent, with just as large a stake as you, or greater.
@KeithOz has been quiet since the initial RNS on Tuesday.
Your thoughts please, Keith?
And after yesterday's jaw dropping RNS, I now understand why no institutional or trade investor has come on board with a TR1 holding, despite the geological promise of Guercif.
Trust, consistency, delivering on company-stated time lines all mean something in the world of fund management still.
Yep, to the naive wannabe believers in magic fairy tales, 100-200 bopd from Trinidad sure will steady the ship financially.
Please re-read today's RNS. It makes mention of a "potential" 6-9k bopd when a FDP is accepted. God only knows how many years in the future that large stream of income might flow, if it ever does.
Is this really what Morocco relies upon for its security?
MeM, well said.
We know that PG has a contemptuous attitude towards "flow testing", as he referenced in his infamous Sunday Roast interview, calling it for the retail investor base.
But it still didn't stop him using the need for testing as the basis for the last dilution and a £10mn raise.
Now that's been put on hold. Fine, but why not communicate earlier his real intended timeline?
Can someone please explain how PRD will extract top dollar from a Moroccan downstream industrial entity for a sizeable CNG operation, without knowing confirmed flow rates etc?
Trust is in short supply here now. Maybe the gas is still there in the ground....and maybe that $50bn of value, discussed openly all weekend, isn't.
This is without doubt the most shameful example of corporate intentional miscommunication that I have ever been involved with.
I'm not even sure that a crime has been committed under the Companies Act by these RNSs.
But you just know that GRH will put a rosy twist on this shocking RNS.
Not even one Twitter post from Blencowe in the last 6 days. Mike's keeping his thoughts close to his chest this time.
This whole thread has become very very silly.
Why not just wait a few weeks for the real numbers to come out of PRD, and then discuss the new reality?
Let's wait and see what Mike R reports back from his visit to DFC (and other places there, like AETC?).
This is the first time I can recall more than one poster contemporaneously de-ramping BRES.
Interesting.
Wow. That has to rank amongst the most informative RNSs I have ever seen from a micro-sized UK listed company.
So many throwaway lines, but they all add up to ringing a bell for the start of the next leg in this evolving graphite story. It boggles the mind that BRES is still valued at £10mn. The wider market is going to discover BRES over the next year and the true value of Orom Cross will become apparent. SPG grade material, equal to the best in the world, with superior environmental credentials, is the green light for a valuation sea-change, imho.
Well done Blencowe!
No, that would be inside information.
But I did have an interesting dialogue with Mike about the SPG testing process, to satisfy my own lack of understanding, reprinted below:
Me:
Now on to the next stage, getting Orom-Cross material to pass the SPG quality threshold test. I note in your last comment that this is being assessed in the USA, but that “further OEM SPG testing...will be required as part of our DFS”.
I don’t quite understand why one, industry-standard test by a reputable industrial entity won’t be sufficient for this testing, rather than multiple tests.
MR:
"Plenty of reasons (1) having two experts say this upgrades fantastically is better than one, (2) both experts have different methods for upgrading so we can hopefully choose the best, (3) cost differences, (4) environmental differences, (5) choice of JV partner for downstream processing, (6) strategic implications (if we only rely on Chinese IP that may be an avenue cut off ahead). Ultimately the OEMs themselves want to see as much met test info as possible so as to move to offtake contracts. "
Me:
Also, is passing this SPG test the next phase criteria for releasing the next DFC money tranche?
MR: "Not on its own but it is one of the key deliverables within the next milestone payment."
All in all, it sounds like BRES is keeping its options fully open as regards commercial, funding and geopolitical aspects of the decision to invest (including in a higher value added downstream processing plant at Orom Cross).
From e mail correspondence with MR, I believe he will be in the USA next week, talking to DFC about "the broader project funding".
As Mike said to me, "We could not ask for a better partner ahead and particularly in light of the recent moves by China to restrict graphite exports (this will have a profound impact on the US Govt and its graphite policy)."
Whatever happened to those timelines offered in the December 2022 corporate presentation?
Another AIM company underdelivering.
Merchantbanker,
In a world free of serious trade spats between China and the US, you are perfectly correct in your analysis. I do hope it turns out that way. We all win then.
I am looking ahead to a quite possibly more difficult superpower trading standoff, as China flexes its economic and military power more aggressively. Don't know when exactly, but this graphite export license business is a very real starter for ten, of their options being considered.
The sooner the West wises up, makes a determined effort to produce SPG grade graphite in quantities needed for their Western EV production plans, the better. Otherwise, we will be a hostage to fortune, as recent developments noted above, exemplify.