Member Info for Phoebus

Except the SP needed to re-rate significantly with Selene upgraded to 70% COS, Pensacola P50 and COS update imminent and drilling decision from Shell only weeks away. The SP had already started to rise based on this and IOG appear to be hoping to get in before the market revalues the shares to a more appropriate level beyond their reach. Value here was never about the TO it was always about the value inherent in DELT, which is much more than the current market cap. Why else do you think IOG are interested?

Why the relentless selling? Hard cash per share floor at 0.80p, TO likely double that or higher, drilling at Selene looks nailed on meaning SP several times higher in 12-18 months. Today's SP action is really rather odd.

'Clontarf remains fully funded for ongoing activities.' Is this a joke?

https://investegate.co.uk/clontarf-energy-plc--clon-/rns/interim-statement-for-period-ended-30-june-2020/202009140700078083Y/

£0.192M (total current assets) minus £1.288M (total current liabilities) minus £0.061M (2.5 months admin) = MINUS £1.156M net current asset position!

Nah. SP was starting to re-rate due to major Selene upgrade, pending Pensacola update and drill decision by Shell.

MMs marked it down and all they got were buys. LOL

Major Thomas, I'm in 100% agreement with everything you just said. Exactly my stance also.

https://oilnow.gy/featured/tanager-1-well-voted-most-likely-to-hit-a-commercial-discovery/

Impressive.

Gap up on open, pullback, then up we go again later. Seen it so many times. Don't give your shares away.

DELT has been way too undervalued for far too long given the huge cash pile and the assets on offer. The Selene upgrade was the final straw for me and I massively increased my position as it became clear that DELT should easily hit 5p-8p some time over the next 12-18 months as Shell look odds on to drill Selene and Pensacola too if that also gets an upgrade. As far as I'm concerned the soaring SP is entirely justified based on the Selene upgrade alone regardless of any takeover offer. In fact it was likely the very thing that triggered the IOG approach in the first place.

The best thing DELT board can probably do is say nothing at least for now and let the market do its work. DELT will now be firmly on the radar of a lot more investors who will realize the excellent value on offer here and be happy to bid the shares higher from here. This will help DELT elicit an offer from IOG that is acceptable to long term holders or else help them fend of off a bid that is unacceptable. I would also not be surprised to see larger shareholders bid up the price to help prevent a low ball offer.

Hmm. I'm not so sure. This seems to be a much slower burn than I had expected. The imminent SP driver for me me was an indication towards the end of the month whether or not the major wanted to move to farm in talks on Dunrobin having completed their seismic analysis. However Friday's RNS states,

'...the original seismic field data necessary to perform specialised reprocessing has recently been located and copied and is now being validated. Once this has been checked and loaded, reprocessing work will be able to take place. ... we look forward to receiving the results of the studies undertaken in due course.'

That is seriously **** poor. What on earth have they been doing the past for and a half months? Opening a desk draw, fishing out a pen drive and putting in the in tray? Pathetic. There is value here, but sadly I think this will languish for some time yet. GLA

If you think 918g/t is pie in Clogau remember that previous grades hit 749g/t.

https://investegate.co.uk/stellar-resources--prim-/rns/further-high-grade-gold-samples/201304220700068256C/

https://en.wikipedia.org/wiki/Welsh_gold

'Welsh gold forms in veins or lodes of ore that yield up to 30 troy ounces per long ton (920 g/Mg). In comparison, South African gold ore yields just a quarter of a troy ounce for every tonne mined (8 g/Mg).'

So Welsh gold ore comes in grades up to 120 times richer than that mined in South Africa. In fact, 30 troy ounces per long ton = (30 / 1.01605) 29.53 troy ounces per ton = (29.53 * 31.1) 918.26 g/t = ALBA shareholders very rich. Simples.

Don't be surprised if they get more approaches. Selene in particular looks a Peach.

Folks will be frantically researching this over the weekend and when they tot up the assets the penny will drop so I'm expecting a flood of buying on Monday.

At current SP market cap is only £8M or so over cash for all these juicy assets so plenty of scope for a decent offer. We may even get a bidding war. Remember, IOG approach is not the first, which is not surprising as the value at these levels is obvious.

They're just chancing their arm to get in before it re-rates. Without a TO this will moonshot anyway over the next 18 months.

I guess that Selene upgrade was enough to tip them over the edge as it was with some of us. 70% COS, about 40 MMBOE P50 net recoverable to DELT, fully funded, Shell farmed in. Then there's Pensacola with CPR and drilling decision imminent, plus Dewar and loads of other prospects ... and £12M+ cash. Really an excellent share.

Second attempt at TO in just a few weeks. Shows you how awesome this is. We've chosen well here.

0.822p for £10K.

My conclusion too Disruptor. Once the last of the placing shares have cleared this will move up very quickly, especially with so much news pending.