Member Info for Phoebus

'Adjacent block, PEL 30, has potential near term well (Osprey Prospect)'

As I said the other day, AFE has been putting this same teaser in all of its numerous company presentations for almost two years so this is clearly neither new information nor particularly reliable.

https://www.africaenergycorp.com/site/assets/files/144756/aec_corp_presentation_oct_16_2020_final.pdf
https://www.africaenergycorp.com/site/assets/files/107567/aec_corp_presentation_27_feb_2019.pdf

The latest Tower presentation does state 'Eco Atlantic/Azinam due to drill Osprey well soon'.

https://www.towerresources.co.uk/wp-content/uploads/2020/10/Tower-Resources-Cameroon-Namibia-for-AULGS-October-2020_.pdf

However it does not say they are drilling the well soon, it says are they are due to drill the well soon. The currenct phase of ECO's Cooper licence containing the Osprey prospect runs out on 31 March 2021 with a one year extension possible. It seems to me that TRP (and AFE) are inferring their statements merely on the basis of this deadline approaching and nothing more. I still believe there will be no drilling on Osprey or any of ECO's other Namibian prospects for the foreseeable future. At this juncture ECO would be wise to sit on their hands and wait for success in Guyana or third party success in Namibia and farm down of Cooper before proceeding with drilling the risky Cooper prospect. If not they run the risk of seriously blowing up current shareholder value and as Gil is a major shareholder in the company, I think it very unlikely he would pursue such a course.

https://www.investegate.co.uk/Article.aspx?id=202010221755019757C&tab=article
https://www.investegate.co.uk/Article.aspx?id=202010221756019759C&tab=article

Drop here seems senseless to me. 517KOZ Au JORC with massive near field 8.8MOZ upside, excellent grades, tiny market cap and AAZ now farming in to bankroll and accelerate the process. There are several very early stage explorers with higher market caps than this. Dalradian was taken over for x28 the current market cap of CGNR. Not to say we get to that valuation, but it is possible as the gold price is now significantly higher and CGNR's resources also look set to grow significantly over the next 12-18 months. Excellent potential here. STRONG BUY

Thanks Bhargav. My thoughts are make hay while the sun shines on the gold sector. Smaller explorers and developers in particular will be keen to push the envelope as quickly as possible during the bull market.

Glad it's not just me. I said from day one I wouldn't get fancy with my OMI investment. Was hoping to get a few freebies on the move back up to add to my very tightly held shares. I think more and more of these shares are going to be hovered up by highly convinced and very sticky PI hands. GLA

Bhargav, is there a timescale estimate for a JORC/NI and SS/PEA? I would have thought that this plus good drill results from the multiple rigs would be enough to justify a massive re-rate from here over the next 6 months. What do you think?

Added on the dip this morning. Some good looking assets here IMO and a nice low market cap even after placing.

Agreed. My pops bought 2500 shares around 30p. Must be the reason for the rise. LOL

Missed my top up. AGGGGGGGGGGGGGGGGGGH!

I watched a segment from Rick Stein's Australia the other night where he visited Tasmania. For some reason I saw the word Tanzania but read the word Tasmania! Sorry about that. Think I need a bit more sleep.

Caribbean, you make some very valid points and I agree with a lot of what you say. I do however prefer it when companies have a clearer investment focus as I think that helps create a stronger image in the minds of investors and drive the re-rate.

I've had my eye on this for a while because of the excellent looking NPV to market cap ratio, but haven't done much research yet so please don't bite my head off. Do we need to do an equity raise or not as part of the overall funding package? Thanks.

Must be Centamin.

Thanks for the response Carribean. Any chance you could flesh out your perspective a bit?

The Lake Victoria Gold transaction announced yesterday certainly looks interesting, but I don't understand how this fits with the company's other assets. Given that this transaction is so large this is effectively an RTO. Surely it would make more sense to refocus the company as an emerging Australian precious metals producer around this asset, with its interest in Cobra and the Arizona gold project as complimentary secondary projects. The uranium asset is OK for now as its a mining asset and clearly has some value, which can either be monetized or pursued at a later date. The UK oil asset though make absolutely no sense to me given both the scale of the gold interests being injected and the fact that oil and mining assets just don't make sense within the same junior resource company. Right now the market wants gold stocks and Aussie ones in particular, not sub scale oil interests and certainly not a hotch potch of ill matched assets from different sectors in one company. I know they just acquired the oil assets, but if they want to create real shareholder interest and value I think they should dump the oil assets ASAP and drop the gimmicky MetalNRG name in favor of Lake Victoria Gold. Investors will be able to clearly grasp the concept and appeal of the business, buy the shares and propel the company forwards. What do you all think?

Good post Panda. I'm very surprised this has pulled back so far given the assets. Guess it's just a function of the speed of the rise earlier this week.

And impossible to sell once again. That's three near instantaneous ramps of 20 odd percent in the last 6 weeks followed by MMs closing the door and SP crashing back to where it started. Getting a wee bit bit tiresome now.

Yep. Gold just about to hit 1 month highs. I realize we are not a producer, but rising metals prices fuels interest across the sector.

It was impossible to sell earlier.

Same here. Loads of people will be holding off buying because the price has dipped, but when it starts to move up they will struggle to buy again as the price rockets. GLA

LOL. Trust me, a few weeks is a very short time frame in mining exploration. In the twinkling of an eye OMI has gone from zero pending operations and one super major on board to full steam ahead with 2 super majors on board with multiple rigs drilling just a few weeks away.