Member Info for Simon_Said

... What?

Explicitly mentioned to several of us by several of them! They can't guarantee it but all said it was extremely likely to be imminent.

Institutional investors and funds have due diligence rules. There has to be a minimum set of rules to protect their clients. A research note from a well-respected institution like Cantor Fitzgerald is essential. This is also why the brokers note is important the other way around - Cantor can't just ramp away, they trade on their reputation and if their research notes were perceived as advertising without honesty, they would lose their research clients. The company were saying to us at the event last week that they think Cantor may have been waiting for clarification on ED funding before recommending the share to their clients, which makes sense given the risk of dilution that was present before the True deal. To the questions around when II's can buy, they are buying on the open market so can buy whenever they like. But in reality a high-quality research note will be needed.

Like any normal listed company, the share price will now start to respond to revenue figures, and thanks to True we should see these drills expedited and our minority stake will start to pay in much more quickly. We should see increasing revenues in successive results RNS's going forward, a huge moment for any small cap company which very much speaks to market. No longer a paper tiger! DTU will feed into this and become, I suspect, another regular revenue deliverer, feeding into juicy results RNS's. I suspect a licensing of the tech to someone like CalFrac with an upfront payment and ongoing royalties rather than a full sale, but that's pure speculation. In terms of more near-term headline-grabbers, I suspect they'll be looking to secure and shout about the next ED land grab sooner rather than later. Without the True deal, that announcement would have been welcomed, but plagued by fears of a huge placing to pay for all the drilling and development work. But now, with a revenue-positive, non-dilutive model established for field development, further acquisitions can be more readily modelled into projected revenue. Again, very market-friendly. We've never before been able to effectively project how much anything HNR do can generate in terms of revenue, but we now know. That said, the next development area ought to see a higher carried interest, and we'll be able to play with that figure in our projections.

Lots of trades going through around the mid or just above. My little top up today was apparently the only one at full ask! You lucky sods.

Hi Dan, been a while! Let's hope all the buzzing around was worth it, on both!

If there were nothing to report there would be no need to extend the date of the wrap-up. Clearly something specific to announce.

Well that's interesting...

Positive for HNR or negative for True is the key

Ah I see what you mean iWant. Fair enough, I agree. What made me suspicious was the price action itself - it wasn't that gradual. A few days with a few punctuated trades taking it up, rather than a gradual dribble in. It seemed like a rush for something. Anyway the price is still depressed, and I remain a buyer when possible as long as this is still under �2. The current price represents a woeful under-projection of future growth.

Fantastic questions Noodle, I concur on all listed. Regarding your last question, I'd advise contacting Eric Boyle, as he is a co-founder and from my conversation with him the other day at the event, London listing was his idea. He's London-based and very personable and chatty, so definitely the one to go to for that. Top bloke.

Why? It has barely moved, just in a trading range, and volumes are tiny, even combined buy and sells. It would be a very strange 'flip' given the Bid has been in the low 60s. Evidence-free assertions. There is nothing going on here, good or bad. We await news of how the placing proceeds will be used.

Not end of Feb, Weapon - the placing shares didn't clear (i.e. Reabold didn't have the cash) till 19th March. So it's only been just over a month. I'd love to see asset news soon but in fairness hasn't exactly been an age.

It wasn't for 'no reason' - there was a large unexpected placing which the market didn't like. Are you new here?

*institutional purchases, not purposes. Typing standing up on a train...

Mole we are at cross-purposes here. You're talking about institutional purposes already in action, whereas I'm talking about ones that haven't started yet but likely will as a result of the meetings the team are having in London this week.

Firstly it's not being held back, the market makers have no part in this. Secondly there is no issue with reporting. It's not one trade. The broker gets an order, say for 100k shares, and they'll execute that in chunks of say 10k at a time, gradually. This is quite doable as private investors don't hold shares long and though the free float is small, it is constantly refreshed (bored punters, holidays/new cars etc). This is why when we see TR1s in these companies, they're often a surprise. The shares were accumulated gradually in separate trades by a broker.

The low free float won't stop them - that's what brokers are for! They put orders in with bounded price limits, and the broker executes the order over time in chunks. This is normal for any volume buyer in smallcap shares. To be clear, I explicitly asked the company about this in-person last week. The insti's will be buying on the open market, no placings or other methods.

To your latter point, the Cantor note (which I expect imminently) will make the rounds around their research clients and we may not necessarily find out here immediately. MIFID II regs. We'll get to see it because somebody always ends up leaking those things, but it may not be immediate! Doesn't really matter though - the important thing is the note will carry weight with funds and institutional investors, and we need them to buy in here to get the share price to start making progress.

Seen a few posts like this today and really don't understand them. What were you expecting? This new deal is complex and has split opinion, even those of us who broadly like it by-and-large didn't expect it to cause a roof-raising boom. The big increases here will come from institutional buying (closely linked to the coming Cantor Fitzgerald research note), further land acquisitions in East Denver, DTU contracts and Helios updates. This deal makes the company safe in the long term and takes away fears of placings. It's not the kind of deal that makes shares re-rate, but it's not bad either.