Interesting... There's got to be something to be read between the lines here (by the way, for you oilfield folk, please excuse the unintended pun!), but I'm not sure what it may be.
But yet again, the newspaper is displaying its own immense ignorance (shared by 99.9% of the population) regarding oil (or gas, or geothermal) exploration. Performing a 3D seismic survey has nothing (nada, ziltch, rien, zero) but nothing to do with 'fracking' (sic). Back-of-the-class journalism there.
Just thinking about it some more, I have a sneaky instinctive feeling that if Igas has cancelled the survey (an expensive exercise) in that area, it might mean they've got enough data from Barton Moss to be getting on with, without overloading themselves with more for the moment. If that's the case, it's good news.
Don't worry. They pick up these words and phrases, and use them to impress. In reality, there is nobody in this forum who could either ramp, or de ramp this stock. To do so, as an individual, you would probably be holding a notifyable amount of stock, and you would also have to be seen as having an authoriative voice in the matter of shares. Especially the stock in question. As kenstaff so rightly points out, £1 ps is a good price to buy even more stock. Underlying this, at the moment, there must be some investor worries about Dart, they didn't have a good track record . But, logically, on the evidence and assumptions, we already have. Igas did not need Dart anyway, to turn in a profit ............in time !
TESTS to see whether the area around Glazebury, Astley Moss and up to Boothstown could hold shale gas have been cancelled.
Tesla, the company due to conduct the testing on behalf of IGas – which could have brought the highly controversial process of fracking to the area – has written to Warrington and Wigan Councils to inform them it will not be running the tests.
A Wigan Council spokesman confirmed the company had decided not to proceed with its seismic survey and it would have to re-submit its notification should it want to proceed in the future.
It stressed that it was not something that it could approve or deny, but just had to be notified of.
The letter to Warrington Council said: “IGas Energy PLC has made the decision not to proceed with the seismic survey as detailed and confirmed under said notification, until such time as a full and complete interpretation of data acquired from its recently drilled Barton Moss exploration well has been concluded.”
The councils were informed in May that they would be carrying out a ‘three dimensional seismic survey’, which also covered parts of Warrington, Salford and Trafford and were expected to start in the autumn.
Known as a seismic investigation, the survey work could have involved some holes being drilled to a maximum depth of six metres but not the kind of high-level drilling tests seen in other areas.
At the time, IGas said it had not asked for the seismic tests to be carried out.
The threat of potential works in the area, which is close to Barton Moss where IGas has been conducting studies, caused outrage.
Berghaus Don't assume that because I'm not full of the joys of spring I'm somehow deramping. For your information I'm holding about 30k of igas in my portfolio, not as much as some of you but material to me. I hold stock at various levels, topping up and average out about 1.20 Whilst I like the business itself and I think AAIs doing a fairly good job, I think even you would admit the timing of Brent Cheshire dumping stock, on the back of Trip Oil cashing in was a really poor move - great for Brent sure, quids in but dire for both igas and ordinary shareholders like us. That move IMO triggered the downward spiral, we broke out of trending up nicely to where we are now. Currently we may not have found bottom and that concerns me. I feel a vote of confidence from the company may be usefull and like you the Barton results may help the SP if they are strong, time will tell. In the meantime we need the sp to start recovering, the selling finished and some positivity around the company. What's said here positive or negative I dont think has any effect on the SP so it's not about deramping but discussing the actions of the company. My call is that Brent Cheshire was wrong to dump that stock on the open market, it should have changed hands if he needed to cash in but it didn't, it just flooded the market and caused the down turn
Yes, kenstaff. You're not the only one to have suspicions about bunnyboiler who becomes active just as SpreadTrader goes quiet! Hmm... Like you say, it's only an issue if you want to sell. I'm holding out for 250p+ when the wells are finally active. By then anyone trying to buy in will have missed the boat by a country mile! (Did I mix my metaphors?!)
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