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toro - have said virtually the same text to Megla for her enquiry - and also agree in essence with your future strategy, although we should not be all heading for the exit at the same time! You may be right about the Bid, but I am not so convinced about the outcome of this one with a BH company so intrinsic to our fortunes.

My minimum price estimation is based on the original ball park numbers for bcm of gas in the IOG wells at around 40p per therm as the existing price at the time of quantification. Any more detailed estimates are, as you say, "playing around with numbers" and of course, with future timelines. Sorry I cannot be more specific as a lay person where all the technical aspects of O&G are concerned, but good luck with your investment.

Megla - size of individual wells resources once confirmed would obviously be a factor, but as with Elgood, a slight reduction in volume is comfortably offset by soaring gas prices. Whilst these are expected to remain high and even higher in the winter period, it is an impossible calculation to make accurately at this stage. Imho it is not unreasonable to put a bottom market cap of £200m on this company once first gas is achieved and a regular flow introduced to the pipeline.

Day summary 200k Sells 260k Buys and little tick down

Busier day today now rising half million shares. True spread is 21.63/22.03 suggesting that "unknowns" of 147k are Buys and 90k @ 21.99 the same. With profit taking we may settle for a week of status quo unless news arrives.

With the squeeze from Russia likely to continue, reckon these may rise again for winter demand - some analysts predicting 140p per therm. On acquisitions I would not be surprised to see AA launch another bid for IOG who are moving towards first gas from their SNS network of wells on their fully owned Thames pipeline to Bacton, with an offtake deal in place with Gazprom. They are still way below their true NPV and a Bid in the 35/40p range might well get consideration.

With the late "unknown" being almost certainly a Buy on the tight spread, totals would read more accurately as 227k Buys and 195k Sells. A lot of media misinformation about net zero prospects and scare stories ref O&G companies are not helping our cause at present. Whilst we mostly know the score, general private investment punters are currently afflicted by nerves and an inclination to believe every negative view imho.

Narrower spread at 21.8/21.9 after some lumpy sells early trading - another buying opportunity!

Thanks for the link GG - some very telling stats in this article, and can only send the IOG story and SP in one direction. Narrower spread just now with a nice few PI type Buys on the list and over 22p registering on the Bid - which is now due for some uplift. A good report on the spudding of Blythe will surely enhance the movement northwards.

toro - I have been banging on about better PR for a long time now, since the days when the only announcements were basically negative ones. By that I mean properly co-ordinated PR events aimed not just at the technical and O&G media, but at the mainstream press and broadcasting agencies. Timing in this, for maximum effect, is crucial - and the first pre-requisite is to have an eye-catching flag to wave, and then wave it for a mass audience. Right now is such a time, with the news on co-operation with Genesis to install technology to dramatically reduce carbon emissions from IOG gas being so much in tune with the growing national debate on the subject. Accompanied by a punchy video to underline the effect at a proper media junket is exactly what is required - and yet another flag-waving moment should be planned for first gas in around 3 months time. For modest funds required for such exercises - please apply to CalE Finance Director.

Two late Buys explain the earlier mark up of the Bid, which closed on 21.12p Sell and 21.42p Buy. Getting a warmer feel to the investing flow here - which is certainly not before time. Should be a positive week after today's strong RNS.

scenario on the market - made a small Buy at 20.95 - but can sell much larger quantities at 21p!! Bottom line to that is they want your shares!

Excellent content in today's RNS with successful spudding of Blythe Well - efficiently carried out and on time - and in Hockey's words "integrates the learnings from Elgood", which is an important observation. High Fives all round in the operations room, and deserved congratulations to all concerned - IOG management, sub-contractors etc. Not easy in the current environment, and we await the news of resource estimates with optimism. GLA

toro - think they must be listening as all Buys so far this morning. Only a trickle but isn't that how most floods begin? I am diving down the back of the sofa again before they move the spread.

Miles out on trade definitions again today with actuals being 280k Buys and 105k Sells. Nice to see buyers creeping back at this level and no surprise against the backdrop of news. How is progress going at Blythe marine observers?

Whilst gas prices remain at the present level - and with Russia putting the squeeze on supplies to Europe, that looks set to continue right through the winter and beyond - it would take a strongish bid to meet the real valuation of IOG. You may well be right that CalE are poised to do just that - if it happens I have always made them favourites for the initiative. Very good point about the "vilification" of fossil fuels by media and the eco warriors regiment having an adverse effect on substantial new investment. However green or blue the product is claimed to be by IOG, its the fashion and its woke to knock it, with perception rather than hard scientific and economic fact winning the day. Good link from GG on a very focused article in the FT. GLA!

How do they actually suppress a share price Monkeys? And LOG admin can't be that desperate or they would have sold by now?

"at the mercy of the market makers" is about right. You will have noticed that on the day of the RNS on Elgood results being released, the MMs dropped the sp some 10% before trading even began, thus putting a negative spin on the news. We all evaluated the botttom line to include much increased gas prices as nothing like bad news! Had they done the reverse on the release of yesterday's game-changing content we should have been marked back up to around the recent highs of around 23p? The mystery remains for me as to why there are so many sellers after a real blockbusting RNS - certainly not for short termers with so little or no profit to be made from trading. Unlike gator, I have no qualms whatsoever about engaging Gazprom as a major customer. They are the dominant supplier of gas to world and European markets and would naturally wish to consolidate their supply service to the UK market also, and I regard the deal as a feather in IOG's cap. Putin may well play political games in the Euro zone, but his policy with regard to Gazprom eminence will surely stay unchanged. Brokers in terms of speed of movement are about as swift as the Galapagos tortoises, so their re-rating may be a while coming. Meanwhile toro I think your reading is sound, and we will now await further well development news and the great event of first gas to see some real advance in sp and a new era of income at a better rate than originally forecasted. Putting the sums and the realistic prospects together I think 30p is a rather miserable target - and possibly below the figure that the LOG administrators have in mind?

toro - all logical deduction and fully agree with your estimates. as you say, reality must kick in at near future stage.

Just what the doctor ordered! Gazprom is the icing on the cake. With their huge reserves, they must have been suitably impressed with IOG resource and deliverability to the UK market, and price futures are spot on. Onwards and Upwards for the project and the SP!