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The CPR in October followed that up with a 25x increase in recoverable reserves. Auctus' valuation of 16p covered only one out of eight potential gas/oil bearing sands, and less than half their total acreage. Their unrisked NAV is 66p. This is surely why it is taking so long to find the right jv partner.

Anyone would think from the price action last couple of days that zephyr hit a duster. Nothing could be further from the truth. Just a reminder and for anyone new, little Zephyr is sitting on a huge resource - this is what NETL (US Dept of Energy) reported last August when it revealed that they had 'cracked the code':

A research and development project managed by NETL with the University of Utah and industry partner Zephyr Energy plc has unlocked the potential to produce significant volumes of natural gas and oil in eastern Utah’s Paradox Basin, providing the nation with a new source of plentiful energy from a region rich in hydrocarbon resources but challenging to develop.

The team used the results of the studies to design two horizontal wells (State 16-2 and State 36-2R). Building on earlier successes with the State 16-2 well, the more recently developed State 36-2R well is projected to have an estimated ultimate recovery of up to 6 billion cubic feet of gas and 160,000 to 240,000 barrels of condensate (a very light oil primarily used to make fuels such as gasoline).

The well is producing from all three reservoir zones of the Cane Creek reservoir, with forecasts suggesting potential well performance that is comparable to the top 6% of hydraulically stimulated horizontal gas wells across key lower 48 onshore U.S. plays.

The U.S. Geological Survey estimates mean undiscovered recoverable oil and gas resources from the Cane Creek play of more than 1 billion barrels of oil equivalents, making the development of these sizable resources an important step to maintain U.S. energy dominance and independence.

Great summary Adon

Watching that interview again, I thought it was perfectly good. Katie might be easier on the eye, but would she or anyone else have extracted more info from Colin? I don't think so. Anything of note is out of his control or commercial in confidence. Had he said 'we're in the final stages of selecting a jv partner' life would seem sweeter now. But what he did say more than hinted at a very big deal in the making.

And i thought the malcy interview would be a price catalyst! it was, just in the wrong direction. Yet we have three wells ready, billion dollar partners and a huge resource. The potential size of the prize is what is taking the time, both on the Enbridge regulatory/inspection front and with jv partner negotiations.

I read it differently. Malcy less obsequious than usual, Colin more serious and much more sparing with 'near-term/imminent' trigger words, key milestones in Enbridge's hands so the only news of note he might been able to impart, eg jv partner, was off-limits. What more was to be said, apart from geopolitical chit chat? Bloody frustrating all the same!

An excellent point that Colin knows he is in a very strong position. vast and growing acreage, massive increase in recoverable reserves, experienced and respected team, big players alongside, serving a hard to access market with big demand drivers from AI data centres etc.

At 25.17: 'we're going to have a large drilling programme coming up' Note, not if or when we find the right partner - he clearly sees that as a given.

No RNS was always going to mean the interview could never be more than an operational/progress update. I had hoped he might hint at a farm-in being close, but what we did hear - this is bigger than we can handle alone, serious players - multi-billion $ companies and the govt - are all over this, that a large drilling programme is coming up, and that this is a very good time to have western gas assets. I liked the more serious tone.

More serious in tone from both sides, in a good way. Current valuation supported by non-ops alone. 3 wells ready to be tied in. Size of potential volumes means very careful prep. farm-in not imminent, but gas contract may be. those are my very quick take-outs

Going to take a look now

Nice work Risky! what is giving you so much confidence this morning - apart from the sun actually shining at moment?

Interestingly timed post from Brasina. I take it you think we're heading into stage 3 territory? I personally think we're still in the accumulation phase. Malcy can be over-enthusiastic in his targets, but when he set a TP of 20p last May his caveat was 'and this may be conservative by a country mile'. At 4p the ascent has only just begun.

Fair point Nelson, but a bit of foreplay is customary before the seminal moment.

I think so too. with malcy under NDA or, better still, the interview itself takes place after market close today.

And yet the buying continues this morning. I wonder which of the news items we're expecting (apart from a jv/partnership) are obligatory RNS jobs and which (like that very much market-moving tweet) might be considered operational updates, so fair game for the interview today?

It's a relief to be at 4 now with news about to break rather than the 3 we were at only 5 days ago. Gives us a realistic springboard to 5.

Perhaps more significant than the NED's buy was the fact that he also moved everything into his SIPP, shielding from CGT?

The share price may be 3.5 at the moment but that's misleading. buy price has jumped from 3.7 to 3.9 suddenly, after a cheeky 1 trade. lunchtime RNS? who knows?

I agree in principle Baldeagle, but the daily interest and excitement here is because it feels like we're at a key point now in what has indeed been a 5year+ journey