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Are we sure that today's biggies are actually sells? Tried a dummy buy before these trades (not in the same volume!) and was also offered 18p - and I also note that since the big action, two PI type buy trades have been transacted at 18p+ - hardly the normal reaction after heavyweight Sells??

Try and keep politics off the board boys. Its an unwritten law of posting etiquette - we have enough on our plate to discuss the main subject without that nonsense.

In yesterday's heavyweight trading sessions, as trellis noted it was encouraging to see the Madrid based investment arm Azvalor & subsids increase their holding up to over 7% or 24m shares. They espouse an eco-friendly mantra and look to be reliable backers as we proceed to the fulfillment of project IOG. Meanwhile it appears that LOG's disposal agenda - encouraged of course by the administrator - is creating two levels of market at present, one for PIs at around 19p to buy, and for institutions who are able to digest massive tranches a discount of 2p. Same old eh?

That ghost looks slightly more spooky than Jacob Marley's if today's reaction is anything to go by. The takeover by the BH company was always my likeliest option, if only 3rd. best on a recent post by GGIS, who knows the company as well as anyone. They could easily retain key technical personnel from IOG to run the show. But these very hefty trades are hardly in line with an orderly withdrawal and if continued are very likely to diminish the glow effect of anticipated good news next month.

I make you right - just did not expect such massive sizes of trade, which are always sold at a large discount. Makes for a buying opportunity once LOG are cleared out surely?

There certainly has - or already placed some time ago? 1.5 million @ 17p - how long have they been hiding that one?

GGIS - it certainly does - and the whole board are indebted to you and Sailor for your technical commentaries - particularly at this most interesting time for the IOG project.

Many thanks GGIS for great detailed account of the drilling process at Harvey and the resultant financial implications in the event of success. Just one question - if the well is P & A after the assessment process, and is located 14km from the Thames pipeline, when does the process of connection to the pipe commence, and how is it done? Also, does the gas supply run continually along the pipe from all wells, or are they linked to feed the pipe one at a time until exhausted?

Excellent RNS today, and agree with viti that the bod are switching to dynamic communication mode, with clear and precise short and long term timelines given to all vital developments in the project. Certainly a lot more interesting than the endless and tedious wrangling over loan repayments on here, with some forecasts on SP differing dramatically from the Brokers considered estimates. A thank you to Sailor for his updates on the technical movements at Harvey - always a fascinating read for the O & G uninitiated - so sail on please!

GGIS - very good summary of our current position, and I go along with your positive view now that we are substantially de-risked and moving towards the final phases of the project. I am no geologist, but the alignment of Harvey with other highly productive gas sources gives rise to an optimistic anticipation of drilling results - and the subsequent effect on SP. I believe that the fulfillment of loan obligations is already factored in to the current SP - otherwise why the modest levels when measured against the obvious potential here? GLA

If so, what sort of news? Seems odd that today's heavy lifters have totalled around 5m + Buys if you include the "unknowns" as likely Buys - and no movement in the SP. With all the ifs, buts and maybes over convertible loans and warranties, someone somewhere is showing massive confidence in this company.

trellis - takes a big man to apologise - so fully accepted! Just a point about WB - his interest in the North Sea oil and gas resources has been well documented, so I would say that the most detailed due diligence has been directed at IOG before CalE committed to the 50% input. Today's trading reveals more strong interest whilst the SP hovers at this level. Tight spread indicates that all trades above 18.70 are probably Buys.

trellis - not sure why you addressed your lengthy post to myself, as you were never in focus when I referred to de-rampers and their endless search for further skeletons in the IOG cupboard. Of course you are entitled to all your views - whether negative or mildly positive. Not sure what the "blind faith" reference is all about either, as I have been an investor here for a number of years now and it is all based on detailed research and close monitoring of developments.

Great stuff Sailor and GGIS - fascinating to read the progress on this exciting phase of the project, and eager to pick up the developing story as it happens!
I am also learning to ignore the poorly disguised de-ramping noises from those who have a dramatically reduced opportunity to find skeletons now that Bacton, Funding and Harvey have been solved in rapid succession!

has taken a serious hiding over the last few days - all triggered by the falling pound for UK based companies. With annual divi due to be declared at the end of this month, surely a strong buy at this level?

It is a relief to see that we have finally tidied up the issues relating to warrants and options and all the intertwined scenarios that could or should take place. Perhaps we can take a breather to celebrate the arrival and bedding down of the investigating rig at Harvey - although good results, we are told, will result in a "wall of sells"!! Since we are all getting into the forecasting business, it would not surprise me one little bit if the Berkshire Hathaway company and good old WB did not swoop for the remaining 50% of IOG in the not too distant future. I wonder what that move might do to the SP?

butd - that's a badly written post which is impossible to understand. care to have another go in layman's language?

butd - it's a strange pattern so you could well be right with a 19.74 Buy to follow.

A dummy tells me that the "unknowns" at 19.75p are obviously Buys. A total of £171.8k puts a rather different aspect on the trading pattern so far. Plenty of willing IIs out there.

I think trellis's point about CalE and their strong investment is the most influential factor in the LOG options scenario. Sure, they will have to be met at some stage - but as we now stand it is hardly punting to assume a much more favourable return in the foreseeable future? There are still some lumpy buys being made to counter the sells of profit-takers, and I cannot imagine that investors of this magnitude are unaware of the LOG imperatives.