Member Info for Phoebus

Market cap down £1M on £10K net selling which looks like it was all by one individual getting cold feet. Brandon Hill, LC Capital, LOGP directors, Andrew Mackay and many PIs with big holdings don't appear to have sold any LOGP shares lately and nor do Pageant or Goldman Sachs over at PVR. LOL.

PVR holding steady. Looks like a single seller here closing a small position. Last day for submissions is tomorrow, so hopefully we should get the site survey permit issued soon and then APEC can clear the funds and get the ball rolling. GLALTH

If the chart doesn't show copy the URL into the address bar and press enter.

Here's the TSX price action adjusted into pounds. You can see that aside from the early May spike the action has been far more stable than on the LSE. The SP has also been consistently higher than the LSE for a very long time and has in fact been nowhere near the current LSE price expect when the placing was announced and for a single trade on the day of the May spike low before instantly vaulting significantly higher. The TSX SP shows a very steady climb over the last two and a half months and looks about to make another move towards the all time high. Makes perfect sense with this peach of drill programme rapidly approaching.

https://c.stockcharts.com/c-sc/sc?s=EOG.V%3A%24GBPCAD&p=D&b=5&g=0&i=t0592307258c&r=1560183669688

at 91.12p.

Nonsense. The price drop has nothing to do with any investigation or any so called Hammerhead delay. The investigation is focussed on two other blocks and Hammerhead is running to schedule. Investors are not spooked at all and the near 92p price on the TSX only underscores this. The discrepancy between the two exchanges is due to the fact that the placing shares can only be sold on the LSE and not the TSX as I've already pointed out. As the price has dropped on the LSE long term investors have decided to derisk ahead of drilling and latecomers have been squeezed as their positions have gone negative. Selling because the price is going down, a self fulfilling drop. Any talk of a fundamental reason for the drop is complete BS. What happens if Hammerhead-3 reports a thicker than expected sand package, results towards upper end of estimates, reservoir filled to spill or Hammerhead is announced as the next Guyana development after Liza. All of these bits of news are quite possible and could hit at any moment. Anything like this and we could gap past the TSX price in a heart beat. If you look at the price action on both exchanges, which seems more natural based on what is unfolding right now? It's not the LSE. GLALTH

No. They're not worried in the slightest. Folks are selling because the price is dropping as a few derisk. The Canadian's clearly don't give a toss with the TSX now 25% higher! Pure comedy gold.

22% spread now. You would never guess HH-2 and 3 results were around the corner.

Time to ask Gil what's up with the mismatch.

91.5p paid on TSX, a full 19% above the LSE price. It's ridiculous.

An explanation of traps:

https://www.spec2000.net/03-8struct4.htm
https://www.spec2000.net/03-9strat4.htm

CPR indicates that those are the key risks as I mentioned the other day. It also assigns a 100% chance of hydrocarbon charge at all of the 15 prospects in the CPR. When you consider that the trap and seal have been good at no fewer than 13 of the 15 targets on Stabroek I'd say the chances of a discovery are exceptionally high. Also today's RNS suggests we are fully funded for a total of up to 8 wells. This is about as far away from a binary bet as you can get for a maiden exploration drilling campaign. The RNS also states, 'our focus is on near-term oil production,' and given that I fully expect ECO to be taken out before it goes into production I read that as expect a takeover bid quickly if drilling is successful. Bidders will be lining up. Happy to hold a big chunk through drilling and onwards to takeover. GLALTH

When the RNS was issued regarding the payment delay, I wondered if it had been issued on a technicality to give PVR's auditors the clarity they needed to sign off on the accounts. The very next day we got another RNS stating the issue date for those very accounts, which strengthened my hunch considerably. All of the big investors both here and at LOGP appear to be firmly in place and everything is still to play for IMO. I reckon Exola, APEC and the authorities are all on the same page regarding the site survey permit and provided there are no more spanners in the works this week APEC and Exola know they will get the nod and work will begin almost immediately ready for the Q4 drill window indicated in the June 5 RNS. GLALTH

I agree Uracca. Delayed 750K buy just reported.

Yep. Still very low volumes here. No indication that any of the main players here or at PVR (Goldman Sachs and Pageant) have sold anything. The two largest LOGP holders own about 50%, the chap in charge of the last Barryroe campaign has over 3% and a whole host of PIs have stakes of 1% to 2% or more. This share has an extremely small float once all these shareholders are taken into account making it very hard to buy or sell and leading to huge overreactions in SP. If the worst happens LOGP would revert to a 20% stake in Barryroe, which at the current enterprise value equates to less than 15p BBOE for LOGP's 69 MMBOE 2C recoverable share of Barryroe, which is stunningly cheap. If we do get the green light this will have been an epic buying opportunity and I would expect the shares to do 100% plus almost immediately with a target of 10-20p as drilling gets underway. Remeber at $5/BOE LOGP's share of Barryroe without any upside from the planned 5-7 well appraisal and exploration programme is around 20p/share. GLALTH

Confirmed on phone. They can't do quote and deal at their end either! Claim limit orders are working, but none of mine are. Pathetic. I have a lot of deals to do this morning so not pleased. Well done Barclays.

Anyone having a problem with Barclays website this morning. I can't place any trades. Thanks

10.63p paid on TSX.

:)

Chillax. There's enough space for RBW and MKA.