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Taken up my open offer shares and excess shares today. I'm hoping the BoD have a plan. Suspect they have a bank onboard funding debt for early production and payback. This may bring the majors out of the woodwork BOR go ahead. Global gas has changed with countries looking for new supply away from Russian gas. Nowhere will be off limits and with BOR gas discovery sitting idle it's only a matter of time before it gets the green light. No other company on the market has a high value gas condensate discovery of this size along with the excellent high production reservoir characteristics. Here's hoping.

https://www.bnnbloomberg.ca/scramble-for-gas-set-to-draw-10-billion-into-tanzania-project-1.1744488

I hope Rojo has the video camera ready. I can't wait to see the youtube video.

I bet the telegram group are haemorrhaging shares today. Soon be left with nothing.

3D seismic data news I would suspect. Curve ball would be KN1 or farmout of Nyuni. Gas Gas Gas $$$$$ AEX back in the game with partners.

Fund managers are likely to lose out this year if they do not hold oil and gas stocks, while energy security is a compelling argument when it comes to ESG. The shift in tone from the Government is also starting to give industry more confidence to spend on new projects, in turn encouraging investment.

Nathan Piper, head of oil and gas research at Investec, says there has been an "incremental shift" towards the sector over the course of the last year, particularly as oil prices rise.

"People realised that these companies would make good returns, they didn't have very much exposure, the Covid recovery plays stopped working,” he says.

"And because interest rates are going up, tech names are going down and bank stocks and energy stocks are going up."

The greater focus on energy security is helping the shift in sentiment, he says, adding: "Clearly, having an oil and gas asset in your fund requires more explaining than some."

Piper stresses the renewed interest in fossil fuels is not coming at the expense of investment in renewables. "Definitely not," he says. "Whereas before it was a binary choice, now it's more a question of [doing] both."

Investment across the energy industry as a whole has been insufficient in recent years, helping to produce the high prices currently being felt by households and businesses.

Oil and gas bosses, meanwhile, are feeling relatively positive about the shift in tone from investors and Government.

One North Sea oil and gas boss said recently: "It's unprecedented. What we're seeing right now is a really intelligent debate playing out. I think everyone is realising security of supply is essential.

"We're really pleased to be part of the answer rather than part of the problem."

Another one said: "After having no friends for a long time, the industry is back to talking about investment.

"If you can develop domestic oil and gas and use them responsibly, why wouldn't you?"

BOR certainly more speculative now.

Maybe BOR have requested before change in finance policy to low carbon projects, but of course the world shortage of gas and the move away from Russian oil and gas means county's are looking for new supply and oil majors are looking to replace production and reserves lost after pulling out of Russia. They need new projects for sure. Cambo field looks back on again, and the government are opening up new licence rounds for oil and gas exploration in the North Sea, but these are long term, and it must be said BOR have a fast track gas and light condensate discovery ready to go, with multiple follow on in play targets with running room. Whether it means they get a partner is still very much unkown.
https://www.energyvoice.com/oilandgas/297427/ukef-consultation-hydrocarbon-policy/

I feel 2p is around the corner and a rise to 2.5p with confirmation of drill on track for Q3-Q4.

I just sold 40,000 to help me fund my take up.

Ok, it's quite simple, the way it works is all in the circular. The Directors are not taking part in the open offer, (which is separate from the subscription that Harry is doing). The Directors including Harry own 38,870,000 shares 8.03% of the company. Because they are not taking part in the open offer, their entitlement of 1 for 7 (5,552,857 shares) will go to existing shareholders as excess shares. These are in addition to the 69,156,914 shares being offered as basic entitlement 1 for 7 shares to shareholders. Effectively there are 74,709,791 shares available. The entitled excess shares are deposited in Crest accounts at the discretion of the directors. Like I said, I've had mine which was over 600k shares. It may depend on your holding as to how many shares you get in excess. Obviously if you already hold a lot then your basic entitlement will be a far few so you won't get many excess entitlements if any. There is a scaling back should there be too many excess shares applied for. If you haven't had any excess shares deposited in your Crest account then you're unlikely to get many, but it depends on how many take up their basic entitlement and how many can be redistributed.

I only had 40,000 shares, but will probably take 500,000 excess shares out of the 600,000 I've been offered.

There will also be those that don't take up the open offer and their basic entitlement which will also get distributed as excess shares.

The amount of excess shares is decided at the Directors discretion. I've been awarded over 600k excess shares. You may get some extra shares if there are some left over from those that have not taken all their excess shares. Remember the Directors are not taking part in the open offer, so their basic entitlement, some 38m shares, will be offered to existing shareholders. If all excess applications get satisfied and there are still shares left over, they will not be offered to anyone else, as the open offer is not underwritten. If there are more excess applications than the 38m shares, then there will be a scaling back of excess shares. But the shares excess shares already offered to those can be satisfied in full.

https://www.bbc.co.uk/news/world-africa-60765848

If you have 7m shares, the way to take up your entitlement without finding more cash is to sell £13k above 1.3p. Let's say you could have aimed at selling 520,000 shares at 2.5p. You then have enough cash to buy 1m shares at 1.3p. Your holding would have increased to 7,780,000 shares at no cost. This is why there has been a lot of selling from 3-4p post the record date. Holders knowing they have shares coming to them at 1.3p without needing to find new money as they sold some of their holdings to cover the open offer.

I think Damille sold 3.65m shares to pay for the open offer shares. They will need £86,171 for their basic entitlement. Works out that they may have got an average of 2.3p for the shares they sold to buy their open offer entitlement of 6,628,571 shares at 1.3p. If you read the circular it tells you what the funds will be used for.

Are people taking up their open offer and excess shares?

40, ok I just wondered why I had so many excess shares. I see the sell price has dropped to 1.3p, but the buy price is still at a premium. I wonder how long that will last?

How many excess shares have you been allocated?