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I tempered my frustrations by reminding myself that I was continuing to hold until 2020 + regardless , that is my plan so its a short blip/delay in the overall scheme of things. We will eventually make excellent returns on this investment , it will just take that bit longer to climb up the SP hill., GLA
Trellis35 - I totally agree with your sentiments on MWG track record but I do think he made a valid point that the announcement with inevitable share price drop opens us up to a predatory low bid . I question the timing of the announcement , they could have delayed until after OPEC meeting and nearer to festive period which would have minimised the SP drift between now and FID , that pigging run failure has a lot to answer for as the 3 month schedule delay has pushed us into a volatile POO and general market malaise !
The vultures may well start to circle given this further delay and decrease to a derisory 30m mcap
Interesting times ahead , what would the BOD accept at this stage in terms of a takeover offer ?
OG has announced this morning that the core project for the two phase development at the Blythe and Vulcan hubs is now technically ready to enter the execution phase. However, due to current oil price volatility and capital market conditions, which are ‘not conducive’ to delivering financing before the year end there is to be a further delay. Accordingly the company has received the OK from patient lenders LOG to use part of the Harvey loan for ‘corporate and development purposes’ and will refinance the loan when Harvey comes to be drilled.
The company say that this delay will not be long and that the financing, both equity and senior debt, should go ahead early in the new year. The good news is that this project is without doubt full of merits on both an operational and strategic level and should be able to achieve funding from appropriate markets when the time comes, the bad news is that having telegraphed this the company may have built in a discount all of its own making. Given that the project does have considerable appeal and that after today’s price reaction its market cap is only just north of £30m, the company itself must have attractions as a target for a corporate keen to pick up an oven ready SNS gas project with all the benefits that brings. Shareholders in IOG have been patient and rightly so, the management is doing a good job with the project and should be rewarded one way or another…
A further £10k top up for me as these levels as I fully expect newsflow to commence next week , GLA
Trump should for once in his life should engage brain before spouting , if the poo creeps down any further his own Oil industry specifically in the Permian basin who are already bottlenecked on pipeline capacity will be getting very close to zero profit margins ,their ROI is already under pressure as they need to improve infrastructure eg roads, water and pipelines so they need POO in the $60-$80 price range to survive !
They may well have a strategy to have a consistent newsflow between now and year end , there is a lot of updates pending and maybe they have a surprise in store which will re-rate the SP to a more realistic valuation .......fingers crossed !
Oh great the resident Ronnie Corbett!
1.5 m shares bought after hours , is this the MM,s dragging down the sp for their mates ! , more bought than sold at close and down over 5% , what a disgraceful piece of manipulation.
Top up for me this morning to bring down the average , still in the red but we are heading in the right direction , this is my long term share so will be adding at various stages. GLA
Wow , time to dismantle the kitchen sink at these levels !
With fieldwork resuming on Dorothy this month and VM stating in last interview of the massive drilling campaign to be undertaken early/mid 2019 do we expect a funding announcement when they visit in November ? , Im interested to see if we get a similar SP hike as SOLG have with BHP , in alignment it would be nice to see SP Angel issue a broker note to summarise the world class potential in IRR , hopefully we are going to see a coordinated approach to get the SP re-rate this Qtr, it is long overdue given the vast survey work carried out to date on our ever expanding Province scale portflolio
600T
Fully concur with your thoughts , Im hoping for a decent SP rerate on FID/FDP announcements, IMO the derisk to the Project will far outweigh the dilution, fingers crossed for that and a decent Harvey appraisal result , there is then a 12 month period where we await the next catalyst but I expect IOG to provide regular Operational updates on the fabrication progress and if it is to schedule this should help maintain the SP through 2019 though I hope to see some M & A activity / licencing round acreage procurement/third party tarriff to spice up the SP into 2020, its all coming together very nicely and I am in for the long term.
Willu - You need to add Goddard Pop up to the main structure
Contingent Resources in main structure of 1C/2C/3C:54/108/203 BCF[1]
Prospective Resources in adjacent ’Pop-Up’structures Lo/Mid/Hi: 42/73/121 BCF
Total = mid case is 181 BCF which equates to 183m NPV10 , a further good news story , GLA
I gained a lot of confidence from the interview, dilution is going to be minimal given the senior/junior/offtake mix and it is pretty much in place.
I expect a substantial rerate to 100mcap post funding/ FID news this quarter prior to any dilution , I don't expect dilution to occur until w,e have made substantial progress in fabrication as I expect the debt/offtake mix to be utilised to pay fabrication costs , happy to be corrected as finance is not my forte.
Toro
Good point - Where is the SP Angel Broker Forecast , all my other holdings have a continuous stream of Broker forecasts and updates after every RNS. SP Angel have contributed zero at this point so about time they stepped up to the plate and deliver on their remit as NOMAD.
I would also like IRR to update the presentation on their current roadshow with a slide on 2018/2019 planned activity and summarise where this takes us to in the 4-5 year roadmap that VM talks about.
Question for the mining experts , who are our peers when VM talks about wrt where we should draw a comparison to for an appropriate SP level ?
Frustrating times but I just keep reminding myself of VM interview where he states Ghana lithium is potentially 500m to 1 billion mcap and that's just a small part of the 11 x Province scale acreage so tenfold increase just on Ghana , then theres Dorothy !
I'm intrigued what he has in mind to get the SP rerate by end of year , patience required , keep hanging in all a matter of when not if .
All
Thanks for the comments , I take the points about the roadmap given the nature of mining exploration , taking SOLG as an example they went down the MRE route that did not have any real posItive impact to the SP until BHP appeared on the horizon , can you imagine what our SP would be if we did not have our backers then they came in at this point and bought up the majority of the shareholding , the market does not give us any decent cudos in our sp for our majority shareholders backing , its all very intriguing but when we least expect it we will commence the SP rise so I just treated myself to a top up this morning given the 3% drop , good luck to all
Bozo
I HAVE a shareholding but mining is not my forte, three observations
1) Our province scale acreage is so big we never get to the point of declaring anything as commercially viable
2) It's a nightmare trying to buy any decent share quantity to the point some investors will just move to something else on their hit list
3) Where is the 3-5 year roadmap , we need to produced one and taken it on an investor road show, there needs to be a major investment in selling IRR to the market , having our major investors in place sometimes feel like a drag on selling the company , Its almost a very complacent attitude with a lack of any urgency or energy to drive this forward to the next level , I welcome any comments as I intend to be here for the long term but do get frustrated like everyone else.