FOGL RNS dated 02/02/2015 mentions Scharnhorst could be oil,...."Fault Block Area, South Falkland Basin, Southern Licence Area
Work on the Scharnhorst North prospect has continued, and this has been based on detailed seismic amplitude and AVO studies. In light of this work, FOGL has increased its mid case gross resource estimate for the Scharnhorst prospect from 188 to 355 mmbbls. Detailed seismic analysis has demonstrated a subtly different seismic response to that of the nearby Darwin condensate discovery, which could be interpreted as an 'oil' response."
In the preliminary unaudited results for the year to 31 December 2014, the Chairman's Statement refers to farm-out talks,the bit that caught my eye was this,... " In some cases, farm-out talks advanced from technical to commercial discussions. Unfortunately, these negotiations ended before a deal could be secured, either due to a change in the potential partner's strategic focus or because terms fair for both parties could not be agreed."
From this, it looks to me that low ball offers have already been turned down,..... along with our acreage, cash position & yearly spend, this leaves me comfortable buying at these levels.
Let me explain , IMHO our bod wouldn't sell the company for peanuts . That means if anybody wants to buy us out they would have to buy shares in the open mkt which would push the price up dramatically . It just wouldn't happen !!!
If Bor wanted to sell out for peanuts they would have done so when the share price was at the bottom or when Argos got shafted . Don't you think that they have had low ball offered already ? Because I think they have for sure !!
The price of oil is rising now after hitting the bottom at $27 , its on $47/$48 now and it will only keep on rising because there's not enough new fields to cover demand . That's why oil will rise to $150+ within a few years .
We have enough money to ride out the storm like Wraith has kindly pointed out and our chairman understands this . Wehave seen the worst and now the good times will be back , all we have to do now is load up and be patient .
The share price will soon catch up with our strong fundamentals (Darwin is robust and technically sound ) , when it does all of us will be very well positioned .
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