Rocketing this morning on a superb upgrade !...

bit like watching paint dry ...... shall watch the cricket instead :-)

RNS at 18.05


Highlights

· All flow test regulatory permissions now in place following review by the Health and Safety Executive ("HSE"). Work continues to "complete" the well as a potential oil producer to be followed by a rig-less flow-test, encompassing multiple Kimmeridge zones over a total aggregate perforated section of 926 ft.

· Preliminary log interpretations indicate that the extensively naturally-fractured Kimmeridge section is oil bearing from around 3,800 ft to below 5,640 ft measured depth ("MD") a vertical section of around 1,330 ft. This observation is in accord with the mobile light oil recovered to surface in cores and recovered from drilling fluid, together with wet gas shows.

· An application to extend the exploration/testing phase for a further year to 15 September 2018 has been submitted to West Sussex County Council ("WSCC") with a decision expected in September 2017.

Other Business
The Company notes that SCDM Energy, the French owned oil and gas exploration and production company, has increased its holding in the Company to 174,954,179 ordinary voting shares, representing 5.03% of the issued share capital as of 25th July 2017.

The Company has also received notice of the exercise of warrants to subscribe for a total of 40,625,000 new ordinary shares in the Company (the "New Ordinary Shares"). The Company has received £325,000 in respect of this exercise. Application has been made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 4 August 2017.

Following Admission, the Company's enlarged issued share capital will comprise 3,520,759,100 ordinary shares. The Company does not hold any shares in treasury. This figure of 3,520,759,100 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

http://www.moneyam.com/action/news/showArticle?id=5608560

relative gibberish but i guess good news for those who hold, depending on their entry price

Oil is there...light oil...good...it looks like it will flow..how much we don't know...but the amount of oil in place might be substantial by the looks of it...at a guess...in excess of 500 millions barrels...perhaps a billion over the whole area...I'm guessing...not bad an rns...with first flow test to follow...what we do know is that there is a lot of light crude around ....how will the market respond ?...this is looking not too bad...

Up 21% pre-open

Might hit 10p plus today...oh boy !...

congrats to all who hold though i see sp is well of its morning high .... now 7.60 vs 9.25

Yes...it shot up for a few mn before hanging around 8...now 7.6.....still...flow results still to come....

The problem is that the RNS doesn't contain the info which the market is waiting for, so it's possible that the sp will settle back again.

One to monitor as much as possible this share....

You had seen both RNS releases from yesterday had you, Harrycat?

Ah, maybe not. Checking now.

Yep, nothing there I haven't already seen.
SDCM have increased their holding......BB1 ready to flow test....what more is there?

i know nothing of these matters, but the key para to me looked like .....

The flow test programme is specifically designed to gather further supportive evidence that the Kimmeridge contains a continuous oil deposit, with mobile light oil and which can flow to surface at commercial rates and in commercial volumes.

that is to say, as i read it, that a true flow rate and other important details have not yet been established

Precisely.

Ready for rig-less flow testing. That's what I was waiting to know for sure.

Yes, but might be a while yet and data will have to be verified by an independent agency.

the brave will continue to hold all they have
the prudent may deem it wise to bank at least some profit at least for now

You can have just a short term flow test...but (I'm no expert but because it's onland and right in the middle of a lovely area : the regulations concerning the flows are perhaps much stricter and also the fact they don't want to establish a flow that lasts just one day and peters out afterwards...(reminds me of Hardman resources off Mauritania...they established 75000 barrels per day...and then when production started : it went down to 13000)....that sort of thing...

cynic ..i bank profit but buy back later at lower price so gathering more shares