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1p soon, going by previous sp pattern for last few weeks, with higher lows and higher highs.
0.85p will be next higher high break point.

New guy might have some of the placing. I bet Bizzells do, seeing as they are backing it at 8p.

Makes open offer look decent if tomorrow we get in 0.4's

buys coming back. 1p gotta go soon.

What a drop on low volume. MM's shaking a few out before update. Got to be waiting for licence extension news to be holding off annual report. Still have a couple more weeks. HE1 news shows new Tanzanian President is speeding up permissions and approvals and not putting obstacles in the way. Lets be having the licence extension news.

Great news. Ex CEO for BP Trinidad and Tobago joining the board. Board also putting their money where their mouth is on the open offer.

https://www.upstreamonline.com/opinion/surfs-up-offshore-oil-rides-new-wave-of-enthusiasm/2-1-1008263

Will be blue very soon.

Getting predictable here. MM's drop it, buys come flooding in. MM's rising as the buy volume grows. Will be back to higher than 0.35p

It's pretty simple. If you wanted to buy 2Bn shares on the open market do you think you would get them for 0.35p? Or do you think buying that many shares will increase the sp to say 0.5p. Obviously the only way to purchase that many shares by new investors/institutions is through the placing. imo, dyor.

The open offer has been extended to allow more time for qualifying shareholders to have funds in place so they can take up the open offer. As for the placing, nobody knows how many shares will be placed until after the result of the open offer at 4:35pm on May 19th. Only after this time will placing shares be offered at 0.35p. Any one wanting to take up the placing will have to do so on May 19th with the result announced the next day at 7am on 20th May. It may be oversubscribed or it may not. The aim is to raise £5m.

The mistakes at Saffron 1 and the lower cruise was down to the excessive mud weight needed to counteract the high pressure. The sand became clogged and the formation damaged, however 40 degree API oil still flowed to surface. This time they are using non water based drill mud that will not damage the formation and will not allow the clay to swell, therefore improving downhole conditions and preserve the reservoir sands in the Lower Cruz. These reservoir sands are over 300ft thick, so I expect if they manage to preserve the formation the oil will flow at a decent rate.

I suspect there will be lots of videos on site of drilling operations culminating in flowing oil at the well head.

I have read the open offer circular. It's quite clear the placing shares will be offered at 0.35p. To what extent any shares are taken up we do not know, but there won't be any haggling. The offer price is the price. If subscribers think that a successful placing will appreciate the sp and therfore are buying a share at a price that is below the market value, post a successful placing, then obviously you take part in the placing. imho, dyor.

Obviously to buy the number of shares on offer in the open market would push the sp up towards 1p. So taking part in the placing ensures 0.35p.

There won't be time to do a discounted placing. It will be done on an accelerated book build after 4:35pm May 19th and result announced 7am on the 20th May. The price is 0.35p

No one expects the open offer to be fully subscribed. At best 30%. There will only an hour or so after market closes on 19th May for the placees to take up the placing at 0.35p. It's a take it or leave it offer with the result of the placing announced 7am next day.

You have to remember after Saffron 2 if the well is successful, 2P reserves go from 1MMb to 11MMb. Additionally, production increase of 200-300 bopd is a 50-50% increase in production. Current Mcap is based on a low production base, so there will be plenty of upside in the share price, dyor.

Sounds like they are expecting oil and gas activity in the Mtwara region to pick up. Aminex's location.
https://dailynews.co.tz/news/2021-05-0960977e30b5e24.aspx

Solarfire, yes. Only gives a limited time from Tuesday close of play to Wednesday morning for the placing. It's similar to an accelerated book build. Take it or leave it placing. Most will take it considering Bizzells backing at 8p.