Member Info for Phoebus

A couple of chunky 100K buys just popped up from around 15:50. Nice.

They'll want a nice high price too.

Nearly there. 25c.

Actually i misread, BP's par value is in USD so it's lower than CLON's par value.

There is no placing announced at 0.25p. As I said already, the 0.25p reference is just the PAR VALUE OF ALL CLON SHARES. If you look at the full name for any share it contains a reference to its par value. The full name of CLON shares is, 'Clontarf Energy PLC Ord 0.25P'. Ord means ordinary shares and 0.25p is the par value.

https://www.investegate.co.uk/CompData.aspx?code=CLON&tab=fundamentals

BP. has a market cap of £82B and its SP is 420p, but guess what its par value is? 'BP PLC USD0.25 (BP.)' Yep, same as CLON 0.25p. Doesn't mean BP is going to raise at 0.25p.

https://www.investegate.co.uk/CompData.aspx?code=BP.&tab=fundamentals

Note also this line, which also featured in the acquisition RNS.

'As per the terms of the purchase agreement, the Company has agreed that in the event of a commercial discovery being declared at the Sasanof-1 well, it will issue an additional 150,000,000 new ordinary shares of 0.25p each in the Company (“Ordinary Shares”) to Western Gas Corporation PTY Ltd (“Western Gas”) with a maximum value of €8.7 million, being 80% of the market capitalisation of Clontarf Energy plc (“Clontarf”) on 6 May 2022.'

In other words, the market value of the 150M shares payable to Western Gas Corporation PTY on issue appears to be capped to €8.7M beyond which a more significant re-rate would mean a lesser number of shares would have to be issued. This implies a ceiling SP for full issuance of €8.7M x 0.8556 (EURGBP) / 150 (shares in millions) x 100 (convert to p) = 4.96p.

Seems clear to me where they anticipate the SP going.

Note also this line, which also featured in the acquisition RNS.

'As per the terms of the purchase agreement, the Company has agreed that in the event of a commercial discovery being declared at the Sasanof-1 well, it will issue an additional 150,000,000 new ordinary shares of 0.25p each in the Company (“Ordinary Shares”) to Western Gas Corporation PTY Ltd (“Western Gas”) with a maximum value of €8.7 million, being 80% of the market capitalisation of Clontarf Energy plc (“Clontarf”) on 6 May 2022.'

In other words, the market value of the 150M shares payable to Western Gas Corporation PTY on issue appears to be capped to €8.7M beyond which a more significant re-rate would mean a lesser number of shares would have to be issued. This implies a ceiling SP for full issuance of €8.7M x 0.8556 (EURGBP) / 150 (shares in millions) x 100 (convert to p) = 4.96p.

Seems clear to me where they anticipate the SP going.

'AS OUR SP RISES, we plan to use our paper as ammunition to create shareholder value.'

Reckon they are expecting a massive rise in SP. If they don't pass this then they would not be able to take advantage of a major increase in SP to raise funds, which would mean their hands are tied in the event of a major discovery. Seems like a sensible move.

The director also have a huge holdings here, so they will not want to dilute themselves unnecessarily, which also suggest as higher price as possible for future funding.

Moreover, the meeting is not until next month and the drill should already be well underway by then, so any further funding should be some way off.

'AS OUR SP RISES, we plan to use our paper as ammunition to create shareholder value.'

Reckon they are expecting a massive rise in SP. If they don't pass this then they would not be able to take advantage of a major increase in SP to raise funds, which would mean their hands are tied in the event of a major discovery. Seems like a sensible move.

The director also have a huge holdings here, so they will not want to dilute themselves unnecessarily, which also suggest as higher price as possible for future funding.

Moreover, the meeting is not until next month and the drill should already be well underway by then, so any further funding should be some way off.

Just to point out the 0.25p is just the par value of CLON shares and nothing to do with any future financing.

They don't have to do anything Dav.

All ECO shares held by AZINAM appear to be subject to 6-18 month lock ins. Good show.
https://www.londonstockexchange.com/news-article/ECO/tsxv-approval-for-closing-of-azinam-acquisition/15448056

Next we should hear about the closing of JHI deal, which is due this quarter. Hopefully we will then get our first peek at the Canje CPR and prospects map. Should be big. Can't wait.

Rollover or perhaps a bed and ISA there. Not directly relevant to us, but good for sector sentiment, Brent is roofing it today BTW.

And Brent is roofing it again.

Note that the drop in cryptos occurred at 13:30 GMT when the latest US CPI figures were released showing greater than expected inflation and increasing expectations of rate hikes. Gold, oil and equities were all hit simultaneously, but are rebounding.

Big moves in Terra and LUNA.

https://www.zerohedge.com/crypto/stablecoin-terra-collapses-digital-bank-run-founder-outlines-path-forward

To be honest, the Mentorc field looks like an extension of Sasanof. Would be great to see a vertical seismic cross-section of them side by side.

And for newcomers, the seimic map showing the location of Sasanof in relation to the Mentorc discovery.
https://cdn.offshorewind.biz/wp-content/uploads/sites/6/2021/12/29173509/Sasanof-amplitudes-on-merged-3D-seismic-showing-Mentorc-Field-and-Western-Gas-Sasanof-Prospect-outline-Source-Western-Gas-1024x582.jpg

No problem. But remember, the market can do anything.