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Edgar - 'no reason given for the move' - I wonder if ARA might have some insight into the decision.

I don't pretend to know the decision making structure of the TZ government, but give n the apparent lack of any movement whatsoever on Ruvuma since the summer (happy for this to be proved wrong by Santos..), is this guy part of the reason? Seems plausible.

That was a s**t quarter for ‘shareholder value enhancement’, something Santos alleges is one of his aims. I can’t wait to see the spin he puts on the next quarterly ops report to account for the last three months of radio silence - build up expectations and deliver fokol.

Maybe he pulls a rabbit out of the hat and buries the bad news on NYE, don’t think that’s his style but then again, was prepared to give him plenty of slack on other issues.

No doubt ARA have him on a petty tight leash in terms of what can be released to shareholders, and the leash seems tighter than ever. My biggest concern is the size of the resource , as highlighted by the 3D survey, has caused the government to reboot the whole negotiation process. And for those who claim that can’t possibly happen, nah, TIA..

JPM view on Hammerhead deal + what follows:

Taking the combined cash and Crescent Point equity proceeds of

$11.26 and $4.00 per share respectively implies a combined price of $15.26 per share that

is a 4.3% uplift to yesterday’s US NASDAQ closing price for Hammerhead. Most of the

24% uplift captured vs the 30/9/23 that is mentioned in the RSE statement reflects the

increase in the Hammerhead NASDAQ share price that was up 22.6% from the 30/9/23

close to 6/11/23 close. We estimate that exchanging for the cash and Crescent Point shares

results in a 1.5% uplift to our live RSE NAVe from $16.31/1,327p per share to

$16.55/1,347p per share. But while the uplift to the live NAV is relatively small, this is

a strong result for RSE, in our view.

Hammerhead listed via a SPAC combination transaction that completed earlier this year and Bloomberg Finance L.P. says Riverstone Holdings LLC owned 81.6% of the overall Hammerhead shares. In this context we think

capturing an uplift to yesterday’s close and monetising the Hammerhead holding far

quicker than we expected is an excellent result for RSE overall.

RSE shares have re-rated this morning to 700pps (@10:00) at the time of writing, up 9.2% from yesterday’s close.

We think this largely reflects the potential for an expected return of cash to shareholders

as mentioned at the end of RSE’s statement. At the current share price we estimate RSE

trades at a headline discount to NAV of 48.0%, but deducting for the listed holdings and

net cash (now 72% of NAV combined, pro-forma for the Hammerhead disposal) this still

implies a 170% discount on the remaining unlisted assets.

This calculation becomes a bit less meaningful with such a high proportion of NAV in cash and listed securities but suggests RSE still represents good value at the current share price. If cash is returned at

a price close to NAV then shareholders could effectively realise some of the discount to

NAV and this may occur as soon as early 2024 if the Hammerhead disposal completes in

December 2023. We are Overweight

Peak capitulation moment? Feels like it, healthy in a bizarre sort of way, don't suspect Santos can justify not updating shareholders on progress by the end of this month or early next, suspect there will be a news release very soon, warts and all. Frustration levels must be through the roof..

Nesty, unfortunately for ATM shareholders, there has been a lot of style over substance from AV in the 5 years i have been invested. Fluffy tweets without facts and evidence of how those long awaited goals are going to be reached, and when, don't count for much in this market.

I'd personally be much happier if the next big announcement was an agreed sale of ATM at a realistic price. I don't have much confidence in them arranging the finance necessary to get to levels of production needed to justify a share price north of 25p in the next few years, their track record in this area is poor.

I'd love to be wrong, and I doubt AV's ego will allow for such a takeover, but as a pretty dispirited shareholder since late 2018, i would happily take 20p for my shares right now, leaving plenty of upside for a bigger operator who can finance the expansion internally at lower costs.

Nice breakout to post-covid high, targetting £3.25-3.50..

Given their comments on the RNS confirming the sale, strong likelihood that it will involve a significant return of cash to shareholders, esp given that committed funding to existing investments is only c. $6m..?

As of 30 September 2023, REL's published cash balance was US$127 million. Following the expected completion of the Hammerhead transaction in late December 2023, approximately 43% of REL's net asset value is expected to consist of cash. REL is currently exploring the most efficient means of returning its excess capital to shareholders (while also taking into account the anticipated on-going requirements of its other portfolio companies) and will make a further announcement in due course.

STOCKHOLM, Nov 6 (Reuters) - Swedish payments group Klarna said on Monday it has posted an operating profit of 130 million Swedish crowns ($11.97 million)in the third quarter after years of losses. ($1 = 10.8645 Swedish crowns)

Agreed, another hurdle cleared, opens the way to 1.40+ in the short term, and plenty of +ve news to follow..

Oct 11 (Reuters) - Exxon Mobil's mega $60 billion deal for shale rival Pioneer Natural Resources could be a catalyst that will drive further consolidation in the U.S. oil and gas industry, analysts said, as they zeroed in on a handful of likely targets.

Dealmaking in the U.S. oil and gas patch has picked up pace as producers sought to replenish their inventory after years of under-investment.

The Permian Basin, the top U.S. oilfield known for its low cost of extraction, is seeing a consolidation with more than $26 billion worth of deals this year before the Exxon announcement, as per Rystad Energy data. That is more than double the entire value of deals signed in 2022 for the region.

"(The Exxon transaction) is a positive read-through to the sector overall, particularly the Permian Basin players," said Gabriele Sorbara, managing director of equity research at Siebert Williams Shank & Co.

Rivals will "step up to try to compete with Exxon", Sorbara said.

Future buyers are likely to be among Exxon's closest big rivals in the Permian Basin such as Chevron and ConocoPhillips, analysts said.

"Chevron seems the most likely to respond with a transaction of its own," said Andrew Dittmar, a director at consultancy Enverus.

The most-prized targets for Chevron could be Coterra Energy or Devon Energy, he added. Chevron had $9.29 billion in cash and equivalents at the end of June.

Others mentioned included Matador Resources, Permian Resources and Diamondback Energy

Interesting views of the new lithium pilot plant. Is the airstrip new or has it been there awhile?

AV ran on so no time for it, perhaps there will be at the end of the overall presentation.

It was the usual presentation, lots of historical stuff, years of experience, great team used to big projects etc etc ...absolutely nothing about the current state of production, recent financing, projections for future growth, other than some big ambition statements. AV's presentations haven't progressed much in the last 2 years, and they still lack any kind of forward looking guidance on potential revenues and how they'll be financed. I was disappointed - an audience such as this want more then historical facts and broad growth ambitions - it needs detail. Sadly lacking again and a wasted opportunity - the article listed below was more informative.

AV is presenting at the H&P energy transition seminar in London tmrw - hopefully some news drops on the lithium pilot plant, even better, that he's accepting a bid at 25p..

Bojo the clown? Really, who cares..

ATM have been visited several times by EU politicians - they are definitely keen for ATM and Namibia as a whole to consider supplying Europe with essential raw materials, rather than jumping into bed with China whish has practically 'bought' supply from all the other countries in the region. I wouldn't be surprised if there are a few EU based outfits in the Barclays review.. https://www.eeas.europa.eu/node/429735_pt

Agree taufour, spot on!

ATM have had a weak finance strategy from the outset - relying on a high tin price to generate free cash, tapping mates for expensive equity and loans, incremental and expensive finance packages that take a year to put together etc etc... It's why, despite the growing conviction of the scale of it's multi-metal resource, that the share price has yet to reflect it's potential value. There is still no certainty that the finance will arrive - the main difference between ATM and many other miners with much greater market caps, despite even earlier stage production, is the lack of clarity on finance. Unfortunately, in over 5 years, the penny has not yet dropped. Hoping the Barclays input rectifies this, but i'm not holding my breath.

Feels very technical, short players targeting 30% downside from recent peak, looks like they,re covering now if that was the case. Nothing in recent trading statement or AGM results to suggest a significant deterioration in operations, thin float, nervous hands, profit takers, probably scrambling back in now..

Sparky - if, as they state in the RNS, that the tender offer (if taken up - they don't mention the 'if') will be accretive to the NAV, why would you want to sell shares at a current 44% discount? especially with some decent performance from the traditional energy companies since the end June NAV date?

Using a large part of their cash holdings to do this suggests the investment managers don't have line of sight on good new investment ideas for the portfolio? Or is this part 1 of a staged, gradual wind down of the whole portfolio and return of cash in full to shareholders. The RNS isn't clear on either point to me. I'm holding though..