Sorry, but I dislike the fact that persons on this board, reckon they sold up and tore the company to pieces and pretty much said they would never again invest unless the share price reached much lower levels and now they are the same old optimist. I'd be cautious.
If oilriches is correct and the company's COS of a commercial discovery was only 8%, then it seems daft to spend all that money drilling effectively a duster. It reminds me of the Rockhopper days when there was a drill to find the edge of a field with the back-up that the oil may have migrated.
All along they said the well would be plugged and abandoned so my view is they found what they expected to find.
Let me get this right, some on here think the IIs are 'loading up for a return in 1-2yrs'!!! ..... Oh my!..... If I take a notebook at work I have to justify it. You telling me someone signed off £100k-£200k buys with a hope that they will get a return in 1 to 2 years!?!? Are you kidding. That person would be shown the door as there are plenty of good cherries to pick. Or even stick it in the bank!
I think there is something in the footing that we are not privy to. No one here sits on the board of directors so we know nowt! Time will tell. I'm in and staying in. DYOR.
Many things are in our Favour ...4p placing 2 months ago now 1.16p ....SC55 De-risked ... over £5 mil in Bank with Distressed companies everywhere .. II s toping up and they are not trading .. under 500 mil shares issued .. work out with the placing and directors and II s shares how many are actually in free float and with people who can or want to sell ...every buy for a good while will cause a tick up ... 2.4p would be my guess this will rest until next spike .. GLA
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