Hi Rivendell. Yes, and as a glutton for punishment I'm in SLE. However, if this latest discovery is proven there could be benefits for TPET as there will be increased interest in Morocco and the value of La Dam may go up so keep your fingers crossed. I haven't really been following TPET since selling but I presume there will be some sort of plan to recover some value eventually?
San Leon, the AIM listed company focused on oil and gas exploration in Europe and North Africa, confirms that the SM-1 well in the Sidi Moussa block offshore Morocco has reached a total depth of 2,825mMDBRT (measured depth below rotary table) and encountered oil during drilling operations. Preparations are underway to perform cased hole testing. http://www.investegate.co.uk/san-leon-energy-plc--sle-/rns/morocco-well-testing/201410200700116920U/ Sod's Law .... Gluck to them..........
Raising more money. This had better not be another case of the board f****** us over
12 Oct '14
"""15 September 2014 17:27 GMT The head of exploration and production for Lisbon-based Galp Energia has resigned as the integrated Portuguese company positions itself for a major upstream expansion in the coming years."" Missed this. I wonder if it's connected with the debacle. Galp was liable for two thirds of any cost over-run http://www.upstreamonline.com/live/1376738/Galp-EP-boss-resigns
10 Oct '14
Economical with the truth
Tangiers story is very similar to Desire petroleum years ago .They promise everything and leave the share holders with nothing.Strikes me there is something rotton in the state of Australia.I dumped and bought LGO
7 Oct '14
Any xplanation yet.. ??
Are there any reasons made public for the cost over-run .. ?? On 13th May Tpet raised A$5 ""The proceeds of the raising will be applied to the 33% share of any costs in excess of the US$33m free carry .... "" Presumably at that time the spreadsheet would have shown ALL costs and areas of concern and the placing was to cover all eventualities ... And yet, despite a flawless, safe drill which was completed some 3 weeks early, xtra costs were incurred which have virtually bankrupted the company. Bearing in mind that Tpet were liable for only one third of xtra costs are there any thoughts on why the costs over-ran by 10's (??) of millions of dollars. ?? The finance director left afterwards, but unless there's something criminal going on, he would not be in sole charge of access to the spreadsheet. I'm sure he didn't get his qualifications from the Tesco School of Finance so what happened.. ?? Feel free to correct / amend any errors in the above...
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