lego, ER will be drilling Rhea around mid of Jan and the result will be around March (this is what has been said during the last AGM) if no delays...etc.... Money always follows the rig...Good luck and many thanks.
Argos Resources (LON:ARG) up 37% to 7.22p. Investors look forward to pivotal drilling in the coming months with farm-out partner Noble Energy. In its quarterly results yesterday, Noble revealed itself to be in a relatively healthy position. Cheers, 50p....IMHO...So DYOR...etc..Your money Your call....etc....etcc.
I meant to say that the there is no threat of dilution , hence why it is so attractive for long term and for that matter short term investors. Long term will hope for a very generous Royalty payment in three to four years time for a period of twenty or so years and short term the reality of Noble possibly buying back the ORRI and making a one off payment to rid themselves of years of dividends to 220 million shares yearly, which amounts to an awful lot of money .
Noble have announced in their latest statement along side there Israeli gas programme, the commencement of drilling Rhea at the end or beginning of the year and results by the end of the 1st Quarter. There is a full diagram of the the prospective drill with expectations of in excess of 250 mm barrels of oil. With 30 per cent COS which in laymans terms is very high. As EEghvi has commented on the FOLG board , they have probably have found something in Humpback but with the POO they require a strategy of more definite and secure and less risky exploration , hence why they declined drilling a second well in the SFB and was obliged to carry on drilling Humpback for far longer than they wished. The threat of any share dilution will make this share a favourite punt for many PI , not just the short term but also PI who take the risk of buying at a MKT CAP of £16 m, when if the drill is a success and sets off a stream of other finds on the licences area 52 prospects in all , imagine the share price at the end of March 2016. The market will at some stage cotton on to this possible gem .
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