No doubt about it, but on the bright side I'd rather convert my shares into paper and use them to wipe my a.rse than sell up. Granted it would be one of the worlds most expensive turds, at around £26K, but one hell of a story for the dinner table :) But life being entirely unpredictable and full of surprises I'm resolved to hang in here till the fat cow moo's !!! ATB holders and let's look towards some activity in 2017.
I have always thought, Fogl got the golden farm in agreement of the back of the Darwin result, maybe it was luck or maybe just good marketing by Fogl but they certainly called that one right good on them. I agree it has always struck me as strange that Bor are the ones with the discovery but they couldn't get the farm in (admittedly its condensate not crude. I have tow thoughts on this, as Wraith says, Southern basin is over, dead in the water (as all new oil exploration/possibilities of farm ins are really) but then again this is so low (not saying under valued) but so cheap this could be the bargain of the century....
were sold the golden goose by fogl and good on them for achieving that. bor on the other hand had more to offer with their licensesbut failed to manage the sale of the century with their prospects and now sub 2p. there have been drills at toroa, loligo and humback - promising so much but delivered nothing (yet shooting fish in a barrel). on the other hand darwin was a success, and another darwin look-alike next door . then stebbing with something there, yet inconclusive through well design issues and a similar situation to isobel #1. the marketing of bor by the directors is so poor i am not surprised its at 2p. they have the best acreage but cant see the wood for the trees.. i am so glad i sold out at 95p and hold so few now thank god for that decision.
peteb308,... in light of the fact, Rockhopper has attributed no value to the Southern licences as part of the Merger between themselves & FOGL,.... I agree it does look bleak for South Basin in the short term.
The immediate down side here at BOR was less than FOGL pre-Humpback results, with a greater upside than FOGL on encouraging Humpback results, due to the relevant Market Caps levels of BOR & FOGL at the time of pre-Humpback results, in my view.
sorry i tried to point out (at 3p sp) the downside risks.
i do not believe the full downside risk has been realised here yet.
i do not wish it on any holder, but i believe true MCap is about 50% of current cash - i.e. much lower than now . this valuation by the way is simply the cash burn of the current cash until any realistic value could be placed on the shares.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.