Very good news today - confirms my best hopes - moving north

Excellent RNS on ASX.

Aussies can deal 12hours before us.

Aussies are dealing as and now.........

Have they found some gas play.

Yes found gas but not defined flow rates etc. Testing goes on into Dec.

Also another drill to start shortly, aimed to reach TD by year end.

Anyone in these? LRL have $50m in cash and interesting JV with PetroChina.

Was! Now out awaiting clarification. Also on what is going to happen with the expected second drill prospect, as plans might change depending on what the clarification of the first drill reveals......

Yep still in these!!

Net value to LRL $1bn v Mkt Cap about $50m (LRL have $42m cash). Put some in my ISA today. gla

Going up again!

What is ? :-))

After 9pm please. lol

:-0)

I have learnt you have to be very careful with your words on here. lol.
Thats not allowed a 15% rise, well done

I am still at a loss as to why Camac made "all the same excited noises" as the recent LRL RNS for their ZJS-02 and ZJS-03 wells and as far as I can see they struck on appraisal well ZJS-04 gas again....... but then they decided to flog it off cheap to LRL.

They obviously think it has a little potential, because they wanted 10m LRL shares as part of the deal (at the time worth about 1.2m GBP) as well as cash of 2.5m US$.

But if the license were so prospective why did they sell it so cheaply.... one minute saying it has up to 3TCF of gas in place which would give 300 BCF of recoverable gas, and then next minute they flogged it to LRL cheaply, straight after appraisal well ZJS-04 it seems ??




.


All looks a bit rampy to me............ pump and dump feel.

I mean, Camac drilled 4 wells and then gave up drilling ZJS-05, they sold it to LRL who have just drilled it, and made the same excited noises Camac did before.

Why are there no porosity figures in the results ? They just say "relative" high....... relative to what ? And also no permeability figures........ permeability is the key to flow.

So I am at a loss as to why so little information and so much ramping of a share in a company who just purchased the license area cheap from Camac who claimed there was 300 BCF recoverable gas from up to 3TCF of gas in place - but then after drilling 4 wells and finding gas, which was not commercial, they flogged it off to LRL cheaply ??? Who have now just drilled the 5th well.

Pointers all pointing to noncommercial flow rates ? Who knows - just it all looks funny to me.

Proselenes; I suppose Camac's statement probably explains why:


"CAMAC Energy is pleased to execute this definitive share sale and purchase agreement with Leyshon Resources for the sale of our Chinese assets," said Chairman and CEO, Dr. Kase Lawal. "In addition to providing a cash infusion and a shareholder interest in Leyshon, this transaction also eliminates the Company's future financial obligations for overhead and exploration expense in China. All proceeds and savings will be reinvested in our African exploration projects. Finally, I'd like to thank all of our employees in China for their years of dedicated service, and I wish them well as they join the team at Leyshon Resources."

Not really, one minute you are saying 300 BCF recoverable in the license, the next you drill 4 duff wells which include 1 duster and 3 with exciting gas pay which ends up as nothing - the next you are divesting of it to focus on Africa.........

No, the 300 BCF where you hold the license would be more interesting than Africa, if you really believed it held 300 BCF recoverable of gas from the 3TCF of gas in place potential.

They seemed happy enough to take 10m shares in LRL.