Member Info for Phoebus

Placing done and testing to look forward to. I can't be the only one that's waited till now to back up the truck. Looking good for a sharp rally shortly. GLA

Generally I'm very positive on LOGP as should be evidenced from the detailed research I've posted on here previously, however the risks have increased significantly over the last three months and we should at least factor them into our calculations. An Tasice's actions are frustrating particularly as they could push Barryroe drilling to the other side of a major market event. The main risks are now market wide IMO and reduced equity exposure is only prudent at this stage. Nothing wrong with trading a few though so long as you keep a close eye on it.

Except they couldn't have placed when it was 1.8p as they didn't have the authorization. That was granted on Nov 22 at the last AGM so they can place away. They placed just prior to drilling last time around and I expect them to raise this month I stated a while ago. With drilling close, the window is closing. Best take every funding opportunity available in this terrible market environment.

An Taisce v Irish Government re Barryroe. From PVR 2018-12-28 RNS:

'BARRYROE - POSTPONEMENT OF WELL-SITE SURVEY
In November, an application for a judicial review was taken by An Taisce against the Minister of Communications, Climate Action and Environment ("the Minister") and the Attorney General of Ireland, challenging the legality of the permission granted to EXOLA to conduct well-site survey operations at Barryroe. This matter between An Taisce and the State has been subsequently adjourned until January 15th, 2019.

As notified by RNS on November 30, 2018, noting the potential delay and uncertainty that such a review could have caused, the Barryroe Partners took a decision not to act on the well site survey permission with immediate effect. As a result of this voluntary decision not to act on the well site survey permission, EXOLA elected to postpone the planned well site survey for Q4 2018. Accordingly, EXOLA will now apply to the Minister for a new permission to carry out well site survey activities as early as practicable in 2019. '

So proceedings only a week tomorrow. I'm also worried about possible further action on various other issues which could see things delayed again. 2018-11-30 PVR states '...An Taisce sought to challenge by way of Judicial Review the process by which permission for the well site survey operations had been granted by the Minister, AS WELL AS RAISING OTHER ISSUES relative to environmental assessment and compliance with EU law. '

Who knows how long this could drag on. Unlikely An Taisce will have started a fight unless they want to make it as messy as possible for all involved. My fear is the drilling gets pushed back to the other side of the next global financial crisis, which looks to have started already with the yield curve now inverted for the first time since 2008.

LOGP will also need more funding to keep the lights on as current funds were only enough to see it through to a little after the earlier spud date. That said, previous funding by the two corner stone investors suggests it could be achieved with little downside. However, if the global crisis continues to accelerate this could get evicerated along with the rest of the market. Best to remain a bit cautious especially with market wide liquidity drying up and drilling still a way off at best. GLA

Has the market forgotten? SP will be hit hard IMO.

popped up there at 43p. Quite a flurry of buys this morning. Looks like the SP is bouncing off the lower bound of the trading range. Don't forget TLW is hosting a Capital Market's Day next week, so I'm expecting we'll get some updates regarding Orinduik. including drilling plans and release of their Orinduik CPR. CPR may contain figures for the tertiary targets and read across from Hammerhead and the other Stabroek discoveries. Could really rocket the COS and P50 figures. Should be an exciting week ahead.

I would like to know what the article says. I tried to subscribe to their site, but it didn't work. Anyone know where I can get a hardcopy of the newspaper in the UK?

Some unusual pricing this morning.

With low liquidity and very few shares available MMs need to work it hard ready for the big rerate that's coming. Got to earn a crust somehow.

Why the hell is this dropping? Market cap £1M, cash in the bank and an excellent well result.

just popped up there.

Bid drops to £1.9M market cap. Unrealistically low. LOL

and they've just raised over £600K in cash, so talk of 2p seems daft. They had no problem raising at 8.5p the other day more than 400% above the 12 month low. I see no reason why they won't achieve a similarly well priced placing next time around. Despite the massively overdone 50% drop on Friday exacerbated by panic selling and an iliquid market, I expect this will settle in the 5-6p range once folks reassess and realise that with 100 MMBOE plus in the mix the current market cap of £2.5M is simply far too low.

That's absurd. Mega overreaction due to the liquidity alone IMO so it should bounce very fast. Good chance to get in for those that thought they'd missed the boat when it hit 14p.

only £2.85M! Major overreaction. Resource is not going anywhere.

Only 10% or so over cash per share, major net 2C with excellent flow rates, huge exploration and appraisal on block in Tanzania, drilling of Chikumbi-1 planned within the next few months, partner AEX shares surging, yet still the muppets dump below the recent placing in which the BOD took a big chunk of shares. It's ridiculous. Market cap should really be around 2-3 times current levels IMO.

Although the overall P50 figure has actually dropped compared with the June figure.

The price fell from 4.1p due to actual selling on the ASX, yet we've been marked up 25% from that level on the LSE on basically zero buy volume, whilst the ASX price has stayed rooted to 2.65p. The awful market making has all but killed any interest in the shares, which is sad and not what we want two weeks before the BOD gets the nod on a 25% dilutive placing. If they dropped the spread and lowered the ask in line with the ASX it would encourage some actual buying and help get the placing away.

on the ASX where there is some actual trading volume with the SP now nailed at a low of 2.65p. Meanwhile the LSE market makers raise the ask to 3.28p on zero volume or sells! AGM sign off for a major placing is now only 10 trading days away. Rather than ramping the price on phantom volume, perhaps if they made a proper market and tracked the ASX price action or reflected LSE trading more closely the LSE market makers might actually generate some buying interest and RMP could avoid placing at a major discount, which is looking increasingly likely thanks to this diabolical market making.

in two hours on nada despite having no farm out, no drill partner, no drilling cash, no rig contract, no drilling schedule little time left to actually drill, no reserves, no discoveries and no other assets. Amazingly it hit £122M million in August, nearly 7 times LOGP's market cap on rumour of a farmout, yet it was a dud. Just image what will happen when the pixie dust gets scattered here.