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Morning Ksmyth

I was being a little bit facetious 😳

I’m getting a bit hacked off here but I am aware these things can take longer than hoped.

I think it was Will’s way of saying “I’ve not forgotten you. Everything is proceeding at pace. I’ve not bought any more shares as I am not allowed. There won’t be any more dilution until warrants start being exercised. We’re about to take in new licences in West Africa (offshore and near infrastructure). And, oh, nearly forgot to say, we’ve just about signed a rig…”

Don’t fret - WH said everything is proceeding “at pace”

I wasn’t watching or testing, but it looks like some buys went through this morning a little under mid-price (1.3p). That opportunity has temporarily gone and buys are now over mid-price and climbing a bit…

Q1 is nearly over … CPs today or tomorrow? EG government & Chinese government both need to sign their approvals….

I think that means additional to EOG … 😳

Nice but not the RNS I was hoping for …

Good - get them out if the way

So here it is … bid at less than 1.2p. That may discourage the flippers, but others are just nervous.

However, someone has been using this opportunity to buy quite a few shares

It’s a big ‘no news’ drift coupled with some offloading after the placing and some nerves, understandably, because of the war in the gulf

WH is clearly well paid but I think he’s after the bigger bucks from getting this all done and sold.

He will be asking Fuhai (gently but clearly) to apply a bit of pressure to get the CPs signed.

Fuhai need the gas and it may not be coming from the gulf for a while yet. I think they’ll be onboard still and helping.

The global political risk may have increased partner risk here but hopefully not.

So 10p would be super but I suspect many people will have baled out well before then.

Morning Flombo,

My calculation is based on the assumption that the share price will get back over 2p before the warrants expire.

So let’s say I’ve bought four shares in the Retail Offer at 1.2p each, hold onto them, and convert my warrant at 2p when the share price is back over 2p. My five shares will have then cost me an average of 1.36p each.

Yesterday’s buy price was just a bit over that at 1.376p or thereabouts.

Yes, buying five shares now at 1.36p or a bit above means more money is tied up and you can’t flip like the people who got four shares at 1.2p each, but when the share price is well north of 2p (🤞) this may appear to have been a good buying opportunity. (Hindsight is great, ain’t it)

It all depends on how much spare cash you’re willing to use and on how bullish you are on EOG at this crazy time.

Retail Offer: 4 shares at 1.2p gets you a warrant to buy a share at 2p. That’s an effective price of 1.36p per share. Today’s buy price is a smidgen above that.

Those people that didn’t get any shares in the Retail Offer have a good shot at getting that effective price. I know it’s not quite the same but it’s not a bad equivalent….

Having a Chinese company on board helps

Wind industry chief urges Miliband to restart North Sea drilling

RenewableUK boss says it is ‘entirely sensible’ to support home-grown oil and gas

It’s behind a paywall but the headline pretty much covers it

True enough, but the other prospects become more valuable if Barracuda is successful and that will boost the value of EG08.

Good to hear you’re topping up

I think the EOG view is that to make dragging a rig round to the north west coast of Ireland only makes sense if there are a sequence of drilling targets hence the issue about issuing more licences. I may be wrong in this.

In the last few days, about ten US origin LNG cargoes have been diverted from Europe to Asia

Will the Irish govt give priority to their energy security?

Or will we all be buying Russian gas again soon?

Don’t want to harp on about this for much longer, but has anyone received their warrants yet?