Member Info for Phoebus

Looking at the last balance sheet and adjusting for admin costs and placing CLON appears to have a net current asset position of around £2M. So what's the extra £16M for? Their Ghana licence is still not awarded after many years of waiting, Chad is an MOU with no apparent action and the Bolivian assets appear to have been dead for years. So that leaves £16M already in the price for this new asset in Australia. £2-3M into £16M does not compute.

For the same market cap as CLON you could for example buy ANGS which has actual production with significant cash flow. I note CLON directors have huge numbers of warrants here exercisable at 0.25p.
https://investegate.co.uk/clontarf-energy-plc--clon-/rns/issue-of-warrants-and-rpt/202201121640012637Y/

Looking at the last balance sheet and adjusting for admin costs and placing CLON appears to have a net current asset position of around £2M. So what's the extra £16M for? Their Ghana licence is still not awarded after many years of waiting, Chad is an MOU with no apparent action and the Bolivian assets appear to have been dead for years. So that leaves £16M already in the price for this new asset in Australia. £2-3M into £16M does not compute.

For the same market cap as CLON you could for example buy ANGS which has actual production with significant cash flow. I note CLON directors have huge numbers of warrants here exercisable at 0.25p.
https://investegate.co.uk/clontarf-energy-plc--clon-/rns/issue-of-warrants-and-rpt/202201121640012637Y/

1p is £162M market cap. UKOG would need to make a major oil discovery to justify that. There are companies with huge oil reserves that are nowhere near that valuation.

Horse Hill, which today's RNS relates to only has 1.3 million barrels net 2C in the Portland, plus 1.4 million barrels net 2C in the Kimmeridge. Infill drilling of the Portland looks likely, but Kimmeridge operations less so at this stage. Meanwhile UKOG's 2P oil reserve is only 120,000 barrels. Far cry from 10bn.

https://investegate.co.uk/uk-oil---38--gas-plc--ukog-/rns/annual-review-and-accounts-for-ye-30-sep-2021/202203250700069823F/

Gosh, I'm SO impressed.

I know it's been a long wait, but I don't see that at all. We've now had 4 step-out Cretaceous discoveries as far south west of the main trend as our Orinduik Cretaceous prospects with two more spudding soon, Beebei-Potaro-1 this month and Wei-1 in July. The Cretaceous discoveries are getting ever closer and and further inshore. Read across so far ECO couldn't be better. The majors are exploring in a systematic fashion and it will be our turn again on Orinduik soon enough.

I know it's been a long wait, but I don't see that at all. We've now had 4 step-out Cretaceous discoveries as far south west of the main trend as our Orinduik Cretaceous prospects with two more spudding soon, Beebei-Potaro-1 this month and Wei-1 in July. The Cretaceous discoveries are getting ever closer and and further inshore. Read across so far ECO couldn't be better. The majors are exploring in a systematic fashion and it will be our turn again on Orinduik soon enough.

https://investegate.co.uk/borders---38--southern--bor-/rns/production-licences-extension/202201311615192023A/

Their 3 licences that is PL018, 019, 020.

I agree Mannan. In effect it's going up because it's going up. Unless BOR can somehow wangle a farmout, which I think is very unlikely, then it's effectively worth next to nowt. Their licence runs out in 7.5 months if I'm not mistaken.

Completely stupid. BOR is not worth more than RKH.

Sea-bob is next new drilling target.
https://oilnow.gy/featured/sea-bob-and-kiru-kiru-are-next-targets-in-major-12-well-stabroek-block-campaign/

With the epic number of discoveries right next door and oil around $110, I can't believe we're still just over 30p. Our Orinduik partners Total, Qatar Petroleum and Tullow spud Beebei-Potaro-1 on the Kanuku block this month and this should inform their choice of drill target for Orinduik which is due shortly after. Time to get this show on the road.

Excellent results. Monte Muambe is shaping up very nicely indeed, yet ANR remains at a ridiculously low market cap. This should be several fold higher already, but sadly any price discovery has been killed by the Aquis listing. Most people are not aware of the exchange, many can't access it through their broker and those that can will be put off by the complete lack of volume.

Christian, the current SP is more a reflection of Aquis than ANR and you should take that into account when negotiating the IPO price. Ignore the false price signal and city spivs looking for a cheap entry and stand by the quality of your asset in which you are the largest shareholder. When the LSE listing comes, this will reach a much bigger audience with unfettered access to the stock and the volume will pick up very nicely to support a much more appropriate valuation. All the best.

Thanks dprussky. I'm a bit sparse on my reading of ASX and TSX announcements. Need to pull my socks up. :D

Thanks dprussky. I'm a bit sparse on my reading of ASX and TSX announcements. Need to pull my socks up. :D

Pardon my ignorance. Are you suggesting Origin is looking to farm down?

WSBN is not 10 km from Havieron. One of their tiny licences is about 20km away and Red Setter is on the opposite side of Telfer.

Would be nice if we could get a bit of clarity on timings though. Far too vague.

I would have thought it was anticipation of Fouke #2 flow results driving this.

Thought I'd binned P already. What nonsense. In he goes.