YouTube channel also appears to have been added to the website today
as has the LinkedIn page and twitter.
They are also now on instagram - a few minutes ago they had 4 followers, now 12.
I think it is a case of "Standby for Action!"
Matters progressing at Companies House
Until yesterday Iconic Labs was only following Liam Harrington and Jono Yates on Twitter.
Today they followed another nine
Make of this list what you will.
Anyone care to suggest a theme that links all these?
Filings at Companies House suggest legacy issues are all but sorted, because they wouldn't be taking ownership of the subsidiaries if they weren't.
Looks like matters are continuing to develop and the remaining Widecells companies are being brought into the Iconic folder -
Haven't posted on here for a little while, but I remain a committed shareholder despite my absence of posts on here.
However there are just a couple of matters which I feel, need clarification, because people keep posting about them and what they post isn't strictly correct - I believe. And it makes a difference.
Well TLP101ST, which at present is our only producing well does indeed produce from the Tilapia field 1.8km offshore.
However TLP103C did not target Tilapia, but was essentially a vertical well, and drilled (almost) straight down. This is obvious from the measurements in the CPI summary released several months ago. This was confirmed in the last RNS and the accompanying well plan on the AAOG website
This shows that the intended sidetrack will terminate at 2,900 metres depth but only 375 metres horizontally from the surface drilling location. Effectively the targeted Djeno reservoir is directly beneath the pad.
This is my interpretation of where the bottom holes are (to be) located relative to the pad
AAOG may indeed be drilling "offshore" but in this case offshore is into the surf line next to the shore. Quite why DS was so keen to bang on about "1.8km offshore" for the best part of 3 years I don't know, the only hint that TLP103 was vertical, prior to the CPI report, was one line in the 2016 prospectus concerning the intended drilling of the well.
Whether they have now decided to "come clean" because JB drafted the RNS, or whether they are now more confident of beating the Chinese whose licence area is located only 1km from our pad I'm not sure. I guess theoretically the Chinese could drill right on the edge of their (and our) licence area and, to quote irishmouse "steal our oil", depending on the extent of the Djeno reservoir. All Chinese activity (which is only an exploration and appraisal licence) appears to have ceased in October 2018, which coincided with a dark stain around 1km in length appearing next to the pad "BN" - possibly evidence of some form of accident at that pad, which may have delayed or scuppered their plans for further drilling. On the other hand their E&A programme may have terminated at that time in any event.
As to recent activtiy at Tilapia this picture
shows (on the left) a composite of July images, and (on the right) an image taken on 3rd August 2019 . Containers - offices and accommodation - showing as "white blobs" present in early July have been removed by 3rd August. This coincides with SMP taking possession of the site around mid July - so presumably they have taken back all their equipment including the rig which we had retained.
These give a better view of what appears to have been removed
If that is true then IMO the likelihood of ever needing the EHGOSF funding becomes significantly less as other funding streams will become available.
If that were to be the case then the need for a further significant issue of shares also diminishes.
Iconic Labs now being followed by P&B social on Twitter, only the third "professional" follower thus far outside the company.
Maybe linking in with them.....
Appears to share Totum as a client with Social Alchemist.
"The question is why did the unilad guys not take a better route to market."
They could have done of course, but DS was already involved closely in Unilad from June 2018 onwards.
This was a week after AP's judgement debt was confirmed on Appeal, and which really hammered the final nails into the coffin and set Unilad on a downwards course from which it was impossible to recover.
So the situation in which the Unilad guys found themselves, jobless and companyless, EHGOSF with a worthless company on their hands and DS in the middle, really guided them towards Widecells.
I'd say with that last 10M at 14.06 that is 240M done!
Of course, if the big sells continue, they they are obviously being churned or I've got it completely bonkers wrong.
Wouldn't be the first time.
(Even as I type another 10M goes through - so maybe just ignore everything I write, eh........)
Agree partly with what you say.
The further dilution, if it happens is clearly a worry. Confetti shares are never good.
But Linton Capital (DS's outfit) have bought, somewhere around 0.30p - looking pretty sick now admittedly.
Reputation in tatters? I'm not so sure - DS's reputation certainly is looking very battered at the moment from a shareholder perspective - he looks to be taking a bit more of a back seat at AAOG, and maybe here also. The "surprise" legacy issues are a concern, but in total appear to be less than £1M, not chicken feed, but also not disastrous.
The other guys, the "techies" - well their financial reputation is not great, UniLAD effectively went bust, but people aren't going to be hiring them for their financial acumen. They now have others to look after that aspect of matters. At the end of the day they turned £200 into something worth £30-£40M in 4 years - mistakes at the outset led to the ultimate demise, but hopefully the legals will be done properly this time.
At the end of the day these people can do marketing, you don't get consistently the highest ranking in the world on facebook by chance.
That is what people will hire them for, not whether they missed a bit of DD, or trashed a partnership agreement.
Ignoring anything less that 5M it looks like we've had 110M block sells today.
Of course it may not be all EHGOSF (or even most, but I think it probably actually is) and they may even be selling in sub 5M lots, so it looks like they've got rid of around 50% of the 230M just this morning.
Very roughly they may have got rid of around 80M on earlier this week, so if (and it is a big IF) it is all them then they may be 80% out already - hence another reason for the share price collapse.
And the Deed of Settlement may have been last Tuesday (not Monday) so possibly Wednesday for RNS's.
They get the shares on the 6th day after the Deed of Settlement is entered into. if that was last Monday they'll get the shares next Tuesday - so possibly several RNS's that day, one taking up the 237M followed by whatever they have sold down to by that date.
Aside from the 5% they never hang onto them for very long and get rid asap.
It must surely be EHGOSF forward selling, which has always been their trademark.
They are getting around an additional 240M shortly, they agreed not to sell below 5% around 6 weeks ago but they already had sold down to that level, around 70M, at that time. So it appears to me that they aren't precluded from selling the 240M. Correct me if I'm wrong.
Someone once worked out that around 10% of total trades were their sells, on average, so we probably need a total trade of around 2.2bn from last Monday before they are back down to 5%, which of course will now be around 82.5M. At this rate it won't be too long. It appears they may have gone through around 85M of the 240M just this morning.
OI'm not actually convinced the EHGOSF funding will actually go through in the end, it is 3-6 months away and a lot can change in that time. I suspect it is only a backstop to allow the purchase deal to proceed, and other funding may be available within that time period, depending on how things develop.
Records show that UniLAD managed to run on standard bank finance.