Member Info for Phoebus

If only 2.5% carried then 28%-2.5% = 25.5%. 25.5% * £13M = £3.315M needed.

You may be right as the date of the info may be more recent. 2012-01-06 RNS states 'Trapoil's joint venture partners in Niobe which is a Traditional licence award, with an initial four year term, are Norwegian Energy Company UK Limited and Suncor Energy UK Ltd which is also the operator. Trapoil is participating with a wholly carried 10 per cent. interest and has negotiated with Suncor Energy UK Ltd an option to acquire an additional 20 per cent. paid working interest in the licence. Trapoil and its JV partners have committed to drill a well to test the Niobe prospect, which is mapped as stratigraphic pinch-out up dip of well 12/27a-3 that encountered hydrocarbons within sands of Late Jurassic age and is estimated as having a potential best estimate gross prospective resource of 51 million barrels of oil.'

Just done a bit more digging. Page 14 of latest presentation states well has estimated cost of £13m, TRAP 28% WI with a small portion of that carried, resources 50MMBBLS with 20% COS. My notes say 10% free carry, so TRAP need to find 18% of £13M or £2.34M pounds. From April 23rd RNS. 'Although we look forward to the drilling of Niobe and despite the overhead reductions achieved, in the absence of additional funding the Group has insufficient resources to continue operating beyond the short term.' 'The Board, in conjunction with its advisers, is urgently assessing a number of potential funding alternatives and/or asset sales.' 'In the absence of a viable funding solution, the Board considers that it is highly likely that the Company will become insolvent, and appropriate insolvency proceedings, such as administration or liquidation, will consequently need to be commenced.' Where are the funds for Niobe coming from?

of around £4M is more than justified given the risked valuation of the drill underway. That would be 2p at the very least.

Woops. That should read without a capital a. Perhaps a predator is about to make a bid.

A predator is about to make a bid. Cheap exposure to exploration upside and surely TRAP must have some tax losses allowances that would be useful for a bidder.

Time for a cuppa. 10p on my return please MMs.

9 of last 10 trades all buys.

Quoted more to sell than buy. :D

8p trades are currently buys.

Time to mention on UKOG board. ;)

I tried quote and deal within 15 seconds of RNS, but nothing available. Limit order also didn't work but managed to buy below 6.7 on first uptick. None available then until 8p plus. Serious lack of shares. GLA

Almost nobody has read the news and hardly anyone managed to buy. Big shakey to get some shares. :D

20p by tomorrow morning.

Permit granted after 3 year wait. Impossible to buy. Should skyrocket from here. :D

seem to be posting on the wring board. Ahem.

Definitely something afoot.

catalysts could be 1) update on Middleton with survey ship in area recently, 2) strategic review update, 3) a cheeky TO bid.

The fact that we're moving off the all time low and only a tiny number of trades have moved us so far means that most people won't have managed to buy in yet. Looking great!

To be honest, given the illiquid nature of this share and the suddenness of the news, we could see an epic short squeeze here. GLA