Member Info for pauldrayton

Monte Grosso & Ombrina Mare were the main reasons for the MOG acquisition and both turned into a disaster. Let’s hope the arbitration can claw some of it back because the opportunity cost is huge.

Decent volume today and 90,000 shares purchased in round numbers including those two 25,000 trades at 77p and 80p.

You know what that means....No news, hardly any volume and a walk back down to 70p tomorrow ;-).

Well there was definitely one other today, and I’m guessing the same buyer. Both transactions were at a premium at the time.

2 Price Monitoring Extensions yet no trades immediately before or after.

Am I missing something?!

Some larger deals starting to filter through now with Waldorf/Cairn, Neo/Kerogen, Neo/Exxon etc.

Hopefully these might have a knock on effect and unlock some of the smaller deals. A bit like transfer deadline day!

Grim isn’t it!

In all seriousness could it be a leak?! Unusual to see this sort of volume with i3 otherwise.

Ok there was a spike in oil prices again but there aren’t many other companies seeing such an increase in volume today on the back of that.

There are a few other things too in addition to the strange trading patterns.

Why take on Synnove Roysland as Drilling & Well Advisor on a permanent basis in December when they haven’t signed a deal? I understand they may have wanted to consult somebody if they were analysing an opportunity but not appoint somebody to that role permanently unless they actually need one!

It’s also interesting that the website has been getting periodic updates, albeit minor. WS mentioned the ESG addition recently, and there have been others too.

It feels like there must be something material happening in the background but there is absolutely no sign of it in the share price other than what seems to be a concerted effort to keep it down at 70p.

Maybe I’m becoming too much of a conspiracy theorist too - probably just bored!

PMO have never issued an RNS for such things (for any of their license areas). They wrap it all up in their larger updates every couple of months unless it is immediately price sensitive. I wouldn’t read anything into that at all, and to be honest this was probably expected by all of us anyway.

There has been surprisingly low volume and little change in the share price of many oil companies despite the rise in oil prices.

Maybe just still an unloved sector for now but that may start to change if oil prices stay at $60+ and the profits start to roll in.

I think the dividend will make a difference here. And a Serenity farmout if they can secure one.

Was that you getting your order filled Coldjoe?

Yes good point WS. It will be interesting to see what LBE go for if they ever get a deal over the line, and how they approach the ESG aspect.

As an aside it's amazing that some people are willing to sell at 70p today when they wouldn't a week ago at 84p+.

Kistos are now up 78% on their IPO price with a market cap well above cash levels, whilst LBE are 30% below the IPO price and trading at cash.

The market evidently has more confidence in AA than HH.

You may need to break it down into smaller chunks?

Well it seems to have been a determined effort this week to push it back down to 70p again and they appear to be succeeding.

Indeed. At least they are still saying that Longboat was “established by the former management team of Faroe Petroleum plc to build a significant North Sea-focused E&P business”.

Now it would be nice to see a sign of that happening!

daveri the delay may well be out of LBE’s control but that also means that the deal(s) as a whole are out of their control as well. Nothing is done until it’s all signed up. There must come a time when they need to move on - let’s hope at least that they’ve got more than one iron in the fire because the last thing we need is something falling through after months of delays (as maybe happened in June/July last year).

I would ignore the red & blue - the direction of the share price tells the story.

Low volume though, so not a lot to go on today anyway.

Yes some fairly chunky trades went through in the first and last hours of trading it seems.

Are we supposed to believe that despite barely being willing to offer a sell quote this week, the MMs have taken on a net 23k shares over the past 3 days, including 10k in one chunk this afternoon?

Seems unlikely unless they had a buyer lined up for them, but there have been very few buyers on the open market.

Oh well, another day of waiting comes to an end! Let us know if Ms Veiberg comes back to you Mozza. Cheers.