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We would all feel happier with a share price over 5p, it would settle the nerves and make holders more patient for the ultimate deal, whether we get that depends on the Fwiji drilling results.
The normally cautious and controlled CEO suddenly switched into a very bullish CEO on the investor presentation, they then followed that with very bullish snippets of the call on Twitter., finally we get a very positive update potentially comparing Fwiji with Sentinel. All that builds expectations on the drill results, investors rightly are expecting something special.

If the next drilling results are poor then the share price will be hit hard. However, if the next results confirm all the Arc positivity then I could see the share price rising by at least 50%.
The current market cap of circa £40m is ridiculously low and even with a 50% rise at £60m, do any of us think Nick would sell out at that?

If drilling results confirm the hype then I expect the share price to rise significantly. The market is depressed but I think that will just increase the interest in a good story, the share price should already be higher than it currently is.

do your own reseARCh (the clues are there)

Exactly, between now and a deal being struck is obviously the time when Arc need to have cash.
It is fair to assume all outstandng warrants will be exercised at some point, far better to have them converted now because as you say this just adds funds to the company.

We all have different views on this board on how this will pan out. One thing is certain is that we all needed an update, just to let us know what the delay was and how things are progressing.

In the event we got an excellent update explaining exactly where we are. It is clear they think they might have found what they are looking for, something with similar characteristics to Sentinel.
With the global market sentiment I still didn’t expect great things share price wise today. This RNS just confirms what we thought and tees us up for the assay results.

From a personal point of view I am far happier tonight, I expect drill results as good as we have seen so far and hopefully better. The positivity keeps on coming and thus far I have not heard anything that increases the risk here.

I am very encouraged by the developments at Fwiji -not only is this the first time we have found this area to be mineralised, but more importantly the carbonaceous shaleunit is analogous to the host unitatFirst Quantum’s Sentinel Deposit, 50km to the south east of the Kabompo Dome.

Analogous - "comparable in certain respects, typically in a way which makes clearer the nature of the things compared."

This probably explains why Nick was so bullish during the investor call. On the back of the Anglo agreement, the first impressions of Fwiji appeared to look very similar to Sentinel.

The current valuation is ridiculously low given the story that is unfolding. One decent set of drill results could well be the catalyst that lights the blue touch paper and attracts the herd. My view is the share price will re rate on good drill results, it is frustraing that Covid has kept us waiting but surely we should get something next week.

Added again today taking my holding over the one million share mark.
Not worried but my flatulence has increased and I'm sleeping with one eye open!

A positive broker note should have generated more interest than we got.

It is just my view but I think there are two problems here;

1. Negativity breeds negativity. The share price has been depressed for so long, potential investors look at the fundamentals and think they look good (as we did) but they look at the turnover of shares and the lack of interest and come to the conclusion, something is wrong here.

2. Secondly promoting internally was a big mistake. When a company has gone through a period when trust is lost, they need a new proven CEO to come in and take charge. He/She makes the statement that mistakes have been made, they will not be repeated and this is a fresh start.
Mark Reid was the co partner of Paul Welsh throughout his tenure as CEO and he should take some of the blame. They went through a big recruitment process and decided that Mark Reid was the best man for the job. He has never been a CEO before and probably thought he would never be one.
Whether you think Mark Reid is a good CEO is pretty much irrelevant because SDX has always been a partnership, initially PW and MR, now MR and NB. For all financial pundits to promote the No2 just sends out the signal that it is business as usual. All the issues and concerns they had with PW are still here with MR. He has never tackled the PW issue in any interview or presentation. He was in fact silent for almost a year before he finally did a presentration.

In conclusion, potential new investors look at the last 18 months and think if the story is so good why is nobody buying and institutional investors think nothing has chabged since the PW days and we can't trust the management, the result is the total apathy that we see in relation to SDX share turnover.

Thanks Tigris for the details

I found the link but you have to upgrade to read it
https://*********************/companies/uk/oil-gas-e-ps/sdx-energy-plc/research/auctus-advisors/sdx-energy-plc-aim-sdx-initiating-coverage/72_68c55350-c5e2-43a5-a37e-efd25425a695

Have you seen it? What does it say?

The year to date share return -31.8% and no new customers signed up in Morocco in 18 months, well done lads!

Whilst we are all suffering financially with the current share price, Mark & Nick not content with their large salaries and private pension schemes grant themselves a few more shares.
Mark Reid CEO 1,768,868 shares
Nick Box CFO 884,434

Tomorrow we are a third of the way through the exclusivity period and we are still waiting for the first drill results.
Last year we had received about 4 lots of drilling results by now and we got the last ones early December. Presumably these delays will continue throughout the season and if that is the case the EA might have expired before all the results are in.
I still think this first set from Fwiji will be good and we can finally get this share price moving.

I haven’t seen the Waha presentation that you refer to but based on what I’ve seen here, the two cornerstone investors have been invested for almost 4 years and in that time their investment has fallen by 50%.
Despite having had the opportunity for some time to buy in the open market and average down, neither has done so.
You can make of that what you will but I think it is reasonable to conclude that both companies think this has been a poor investment and with hindsight wish they had never touched it.

If you look at it from that point of view, just as retail investors are trapped holding lowly priced shares they would have trouble selling, so are our largest investors.
They hold so many shares they would have to sell to another institutional investor and there doesn’t seem to be any currently showing interest. There seems to be little chance of dividends and although PW spoke of rapid growth, that doesn’t seem to be happening either.

When I first invested here I liked the look of the fundamentals but a large factor that influenced me was the then laid down road map. PW spoke of building the company into a full E&P oil/gas company in 3 to 4 years producing 75,000 boe/d, taking the company to a $1 billion company (LOL) and then selling the lot.
That appealed to be as a sound game plan with a clear exit strategy.
That same strategy might have seemed attractive to our two cornerstone investors. As we know something went wrong and that isn’t going to happen unless we get a miracle.

Some believe Mr Menhali came onboard to make things happen but he could also have seen this as a terrible investment that he wants to keep a close eye on.
We will have to see what develops over the coming months but I can’t see Ingalls or Waha considering that SDX is a star of their respective portfolios

"They don't care about the share price. They (Waha) appear to be trying to build something with SDX. "

On the 6th September 2017 Waha took part in the $10m fundraising, that is the last time as far as I am aware that they added to their holding. Since then they have done nothing to increase their holding or done anything to change company strategy.
Yes Mr Menhali was appointed to the board in 2019 but nothing has changed since then.

I'm intrigued, what gives you the impression that they appear to be trying to build something with SDX?

You can't give these away at the moment and STILL they don't buy their own shares.
When we get another investor call and Mark Reid is asked about the share price he will say, there is nothing he can do about it.

That is a cop out they can buy their own shares, they have the authority.

Coincidentally I emailed ARC this morning because as you say it has been six weeks since the Investor call.
I asked for some clarification about the drill results because I think a lot of the current selling is caused by uncertainty. I asked for at least a tweet to say the drill results have been delayed because of Covid and that they would be released as soon as ARC received them.
They seem quite happy to tweet about the copper price but not to give some reassurance to investors about what is happening.
At the time of writing I have not had a reply from Arc but if they do give me a response I will obviously share it with the board.

"Arc's Non-Executive Directors"

Riosurfer,
"Thanks for your calculation though I thought Arc owned only 42.5% of Zaco? "
The Arc website has not been updated and as you say it shows a 42.5% ownership of Zaco.
In May Arc increased its holding in Zaco to 72.5%
http://www.arcminerals.com/news/rns/rns-details/2020/Arc-Minerals-Limited---Acquisition-of-further-interest-in-Zaco/default.aspx
The remainder of Zamsort and Zaco are owned by Kopara Investments Ltd which is essentially a family business controlled by Mumena Mushinge one of Arc's executive Directors and the founder of Zamsort Ltd and the former Chairman of Zaco Investments Ltd.

Nick Kurt Von Schirnding was 58 last month (a youngster) and currently has plenty of shares, options and warrants in ARC.
He is clearly having the time of his life but if he hopes to make us wealthy, surely that is then going to make him very comfortable.
Whether he wants to continue working until he is 70 I don't know but we all have an expiry date.
If he makes a fortune he may want to enjoy his money while he can.
I always look at the age of the Directors because I think it must have a bearing on decisions they are likely to make regarding the company they run.
I honestly don’t think Nick will retire but I do think he won’t get a chance like this again in his career and I am sure he knows that as well.