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Given the size of Brandon Hills and LCC Capitals holdings i wonder if this is being geared up for a sale. No need whatsoever to raise and the program as we know is fully funded. We are already sat at a huge discount to realised value on the existing booked resource. Those assuming they were going to raise are very much mistaken. Great clarity RNS this morning.

Rerate*

At 32p (my estimate) the MCAP would be around £41m with an EV of around £50m. That’s for a company pushing out around 2000-2200bopd at year end with an oil price around $85-90 and decent netbacks. Still think that is rather conservative given the positioning of an extended 15 well program for 2019 and that is not even taking Ortoire into consideration. Low risk targets that would exponentially relate the stock. All things considered I think my target is fairly conservative.

- 10% ownership of Barryroe after the Farm-Out (net 34.5MMboe of contingent resources (2C) with significant additional upside) - Barryroe is already a commercial oil discovery having produced over 3500 bopd in the past - The third party funded Drilling Programme will look to convert a sizeable amount of these resources in to proven and probable (2P) reserves ahead of subsequent development and production. With a current market cap of just US$20M, Lansdowne's valuation equates to less than US$0.5 per contingent barrel for its 10% ownership. - LOGP don't need any funding for the drill/appraisal as it will be paid by APEC via a non recourse loan (to be paid from future Barryroe production cashflow). Costs for APEC are estimated to be $200-250m - It is estimated that Barryroe holds between 1bn and 1.6bn barrels of oil. - Raised £900,000 at 1.30p in April 2018: "The purpose of the Placing is to raise proceeds sufficient to fund the Company's share of costs on the Barryroe Licence through to closing of the Farm-out which is expected to occur in Q3 2018 and for on-going working capital requirements to mid-2019." - 55% of stock held by major investors and 2.54,% by directors - Major shareholders are converting loan money owed to them by the company into shares. * Brandon Hill Capital converted all of their £350k loan into shares and now hold 15.9% of the company. * Brandon Hill Capital increased on market in the last week by a further 1.1% * LC Capital converted £680k of their loan into shares and now hold 29% of the company. The outstanding loan balance with them is £1,007,415 which has been extended to mid 2019. SOME CALCULATIONS 34,500,000 barrels retained. Conservatively valued $3 = £80,122,455 (13p per share) 34,500,000 barrels retained. Value at $5 = £133,537,425 (22p per share) Further reading and viewing: - https://youtu.be/5_tvnOlYYlE - http://www.providenceresources.com/ireland-celtic-sea-basin-sel-111-lo-124 - https://youtu.be/u3xdS5D1eqE - https://youtu.be/vSUg-tadkag

Sky Interview ——————- https://news.sky.com/video/ireland-a-step-closer-to-massive-oil-boost-11516568 Mirabaud research note ——————————— https://researchmirabaud.mdcie.co.uk/MIRABAUD_TD_TRACK/external/download?q=18f57a4a21d3a995fd00ef8d7b565678cd4cc4da3vHHdcKQ3D4A9LXuif%2FuG4Fm4Xnq6JIyaWLYDbwZ%2FMys9f8ORtcUFgdIwFXLGLz3YTsfckL%2FRHapywNTXI7QdNM2%2BfJHZeC%2Fm5bKP74CmgSgxdHgwBqj75Nri6mEVrnJSXA5LA7mTb%2BaQ7YKkeCGWKhwHEBu4kjcEDuv04JfCqwWkkvks%2BuSJp23HwbgSiQ4pA1KhYSLIyTEjpxXf7yUcsg%3D%3D

Constantly NT, now paying over - very difficult to acquire stock. The MMs are going to have to move this up.

Oh hello.. https://news.sky.com/video/ireland-a-step-closer-to-massive-oil-boost-11516568

So the 8th well was underway at the beginning of August which is roughly inline for 1 well per month. I’ve just checked my notes and have documented a second rig was to be mobilised however I’ve scanned through the recent updates and can’t find where I’ve pulled that from. That was what I was basing the assumption on for year end completion on 14 wells. Regardless, the next update is due anytime and I firmly believe with the 8 TXP will be already through or damn close to 2000bopd which is ahead of schedule.

If TXP get all 14 wells online before Xmas which I believe we are on track to do then production figures will look extremely attractive. Brent is now pushing $87, with that kind of mix I’ll revise my year end target from 28p to 32p. Any takers?

Looks like a background buyer is in the midst. Clear sign of position filling, fill or kill or leave an order for anything of size.

First thing, can’t get a quote for anything.

And the rewards here are off the scale based on current valuation of LOGP. APEC carrying most of the risk but given the high CoS on drill and the fact these are appriasal wells I think this could be an extremely lucrative play which at present is still very much under the radar. Excellent to find little gems, acquire heavily and sit on them.

Pushing upto $86. TXP are poised for big gains at the right time of the cycle. Perfect storm here, really looking forward to the operational update.

Needs must Babbler, constantly going to NT with a huge chunk of the stock out of the hands of the market it’s impossible to buy in size. Usual mantra, don’t sell what you can’t buy back easily.

Typically you buy value not SP but each to their own. Personally I don’t even think the real rise has begun, the valuation here for an already netted 34mbo with a fully funded and carried work program for 5-7 wells is worth considerably more than today and that is before we even look to the exploration upside. APEC have farmed in for circa $200-250m with LOGP and PVRs share on a non recourse loan. To take a sizeable risk of investment on their part they would have to have completed considerable due diligence which the average retail investor will not be privy to. In my opinion LOGP will be geared towards a takeout and at these prices it certainly won’t go unnoticed.

For holders here. From an outside perspective looking in, you’d be best calling an EGM to oust Zorbas - useless and clearly disinterested. Ever since the pump to +4p on fiction what has actually materialised and where are those who were screaming 77p? I also recall a certain member of the board claiming they would not raise again below that price - at 0.35p and in suspension, good luck with that one.

And I appreciate that isn’t accurate maths, I was speaking methaphorically..

It doesn’t matter what the share price is or how it has moved to date. You buy the company valuation and at £14m whether the shares are 2p with 620m in issue or 4p with 310m in issue it’s irrelevant.

JH77 what papers was it published in?

Have struck whilst the iron is hot. Five well carry for the partners, meanwhile oil is topping $83.