Member Info for Phoebus

No. The CPR is specific to that block.

Look again at the GBP CPR announced yesterday. It was NOT good news. Highest COS of any of the propsects was a dreadful 12% and the COS of the others was so low they are essentially just leads and not even worth mentioning. A big dissapointment after the wording 'greatly improved the chance' in a previous RNS. No one will want to drill GBP acreage unless the COS is increased significantly, so 3D will have to be done first. GBP can't afford 3D and who would want to farm in and pay for it when there are much juciers licences on offer in Namibia alone. Even if there was a farm in it is likely GBP would only get carry on the 3D and not drilling as the 2D results are not good enough to justify a decent offer. Unless there is a discovery adjacent to the GBP acreage I think the licence is a dead duck and so is GBP. The correct move was to sell into the news yesterday. Given the point in the market cycle GBP may be better off mothballing operations in Namibia and using their cash to seek opportunities elsewhere.

Market was not interested in GBP either until last week despite being sat at cash per share. Folks who bought in despite the lack of interest made big profits there this morning on CPR news. Same will happen here next. Time to lock and load here.

Very dangerous to trade the swings here given the large spread and lack of liquidity. Assuming a sell off on CPR could be a very costly mistake. Seen plenty of CPRs ignite long term monster rallies. Low market cap, high cash per share, Nambia drilling in 2018, soaring oil price and perky sentiment across the sector should help drive this much higher and CPR should fan the flames. Very little downside at this market cap IMO.

Agreed. Loads of cash per share, major CPR update due and first industry wide drilling campaign for ages in Namibia about to kick off. I will not be surprised to see this at 15p or �30M market cap within the next couple of months. GLA

Thanks for such a swift and knowledgeable answer.

�4.42M / 44,204M shares x 100 = 0.01p. That's 77% below the current buy price of 0.044p! Surely that will create some drag on the SP.

with 40% COS. Perfect entry point. GLA

4 months after changeover and there are still login issues? That's incredible.

I was unable to cancel an order on Smart Investor the other day due to the cancel button disappearing for an extended period. Has anyone else had the same problems with the platform? If so what browser were you using?

Cheers Tiger. Seems I picked a very bad time to have a break. Missed about £50K here and elsewhere since yesterday morning. Can I ever get a break? Perhaps I should take on a member of staff, it would be cheaper. LOL

I on the other hand am on holiday for the first time in two years and have only just noticed. Having waited for this news for over five years I am extremely angry to have missed it and I'm sure I'm not the only one. Could they not have waited until next week at least?

This may have a lot to do with the general market conditions. Almost every oil related stock is collapsing and crude has started an ominous sell off this week combined with a huge drop in silver, copper and gold. Yield curve is still flattening. The danger with ECO is there may be a major market crisis before the drill gets turning, so holding for a drill in 12 months time could be a rocky road indeed.

at 0.374p

Agreed. Actual offer increasing for my 2M.

and the buy liquidity dries up again, yet MMs are happy to take 2M off me in one chunk above mid price. Very good sign. Expecting a second wind into the close.

appear to be real time. The fact I can't even get �500 on quote and deal would seem to confirm this. Looks like time to load up as liquidity allows.

Agreed. Most won't have managed to get in on the first move due to the thin market. MMs kindly just let everyone it. Volume already highest for several years.

A 65% pullback in just a few minutes. That's ridiculous.

I'm also expecting a much large field size. Combined with the cash per share, depressed market cap and tight market, Sundagas news should see the SP explode. GLA