My interpretation on reading the RNS was that Landau happily paid Forest Gump for 3P figures so he could use them in his spin and rampfest. This lot however seem more sensible and won't pay for something they don't immediately need.
This is an interesting article about how oil reserves are determined and might go some way to explaining why the 84% change is quite misleading due to how the numbers (3P in particular) are acquired.
Why Do Only Some Companies Report 3P Reserves?
Proved (1P) and Proved plus Probable (2P) reserves are commonly used throughout the oil and gas world, but 3P reserve information, Proved plus Probable plus Possible, is relatively scarce. This is due to basic reporting requirements set by governing bodies. In Canada, for example, companies have to report proved (1P) and proved plus probable (2P) reserves under NI-51-101 regulations, but 3P will only be reported if the company chooses to do so, as there is no legal obligation. This means that the cost of having oil and gas deposits evaluated by reserves engineers for 3P reserves can be weighed up against the overall benefit/potential investment a company will get from publishing the findings, to see if it is worth carrying out at all.
Therefore, many companies will not report their full spectrum of reserves under all classifications to the investment community unless they see a benefit of doing so. This balance between cost and benefits is also a reason why many companies will only give 3P reserves for certain fields, focus areas, or prized assets – paying for assessments of deposits you aren’t going to develop any time soon is not required.
Yet we are supposed to have three new Wells pumping new oil by the end off this quarter with only 2 day left in Q3 disappointed that we have not had any news on any of the Wells as all way thing seem to drag on and on its been a long for meny here, but surely news has to come Soon!!!
Celtic, not wanting to get personal but how long have you been citing manipulation. Is this the same person(s) or are you suspecting new masters.
I hope you get and take onboard my comments over the posting of manipulation and buy recommendations.
As for your financial position, I appreciate its a personal stance.
Like I have said before. Think what you post, as the old saying goes "sh*t sticks" so your posting of manipulation to support the drop imo makes my shareholding appear less attractive for the reasons previously mentioned.
Lets hope the financials don't air any skeletons and show the progress we have been making.
Ps will post about the waterflood update tomorrow.
People only tend to manipulate shares where they feel there is something to be gained such as a recovery. As for why I haven't further increase my holding, simple economics, not that it is any of your concern of course.
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