Member Info for Phoebus

Based on his comments £5M or 3% dilution at the current SP should be enough to see ECO funded for 5 wells. Peanuts.

Gil said recently it will cost $7M for the first well and $4.5M for subsequent wells so ECO has enough cash for 3 wells plus around $4 left over, so by my calcs they would only require another $2M to fund a fourth well and running costs for another 12 months. Such a small amount would be bought up in a flash and remember the last placing was done at a massive premium. Didn't you hear Gil's recent comments or have you just sold and want a lower entry?

They were fully funded before they did the second surprise placing last year as well however. News sent everyone reeling.

and we're getting very close to the level of previous placings. Seller clearing or something else?

I wish they wouldn't, but how many times have MATD disappointed investors. If everyone is buying whilst transfixed on the high COS, surely it makes it easier for them to do a placing. Nothing wrong with keeping the coffers filled, just makes it difficult to for us to gauge the appropriate level of exposure. SP action is very reminiscent of build up to last surprise placing IMO.

Delfrog, II has not included WTE shares due on market in a couple of weeks which will increase figure to 64.77M shares. See this RNS:

https://investegate.co.uk/westmount-energy-ld--wte-/rns/proposed-repayment-of-loan-notes---subscription/201902270701022030R/.

64.77M shares x £0.11/share = £11.01M market cap. Not sure what you are asking as regards Africa Oil.

Well another promotional RNS this morning and yet SP fails again to break 6p. Still nervous we may get a placing to fund extra rig and 2020 program.

Forget about WTE, it appears to be at whopping 100% premium to NAV.

ARG 1M shares x 3p = £0.03M
ECO 3.125M shares x 100p = £3.13M
Ratio 1.2M shares x 65.82p = £0.79M
JHI 2.21M shares x 69p = £1.52M

Total NAV £5.47M against market cap of £11M. I doubt its net cash position makes up the yawning gap. Whilst it offers a nice spread of Guyana exposure for LSE investors that can only get direct exposure through ECO, it looks to be a very expensive choice. Surely it's far better to just buy ECO shares direct.

just popped up.

More detail than I had previously I mean.

Having looked at it in more detail I reckon PIRI's ECO investment has fluctuated as follows. 2017-02-08 bought 3.125M shares. 2017-10-31 held about 1.93M. 2018-03-09 added 1M. 2018-10-31 held about 2.15M. 2019-01-08 held around 2.15M. ECO shares plus £780K in cash gives NAV of around 4.5p/share at the moment. Is that about correct?

100p is totally insignificant and meaningless to the TSX though. Selling has been lacklustre and danger of another move up once LSE closes is very real.

no doubt due to their stake in ECO. Current SP is 3.4p and I reckon their NAV is about 4.5p now.

Should be hearing the results of Exxon's latest Stabroek exploration well Yellowtail-1 very soon. Someone posted Hess as stating Hammerhead appraisal was next, so more ECO related drillbit news could come well before Jethro-Lobe even spuds.

100p breached on TSX with 23K+ in buys. Almost 102p. Excellent.

Note than TSX appears to have opened an hour earlier today. Clocks must have gone forwards over there.

Looking good.

How about a petition to ban petitions about banning short selling?

BTFD

Yawn... MMs trying to use gap up to TSX price as an excuse to try a shake again. Very small sells by the look of it. I'm expecting similar SP action to Friday with a dip and rip back to TSX close price.