I agree a lot of money blown on a stuck drill, if we don't drill the deeps also agree the shallows will be used to repay the debt facility in place. Not good for us shareholders. Hence why the markets are keeping us in this trading range of 3/4p. Talks of a takeover are a long way off when there are still many questions unanswered. If we don't get news on the deeps soon my opinion is this will drop below 3p. Whilst the institutions are still adding is a mystery we can only guess as to why until the news comes. After 16 months or so of still holding for the deeps is it really going to happen??? The crystal ball is with the guys running the show.
why are the ii loading up here if there is no potential? henderson and ubs have been building positions even recently so they must see some value. even if they are averaging down you would think they see some upside from 4p...... I must admit that if there was not the significant amount of stock in II hand I would be gone by now.
I think without the deeps we are effectively a debt repayment company to our lenders, little incentive to invest in MXP, due to the amount owed, the amount of shares in issues, and the production from the shallows even in say 7 years is never going to set the world on fire, the licence extension is development only - so we cannot drill anymore after the expiry, unless we buy more acreage, we do not have the money for. the reason most here, and the board got involved was the lure of the big pay day from the deeps, and everyone seemed happy enough at the time that we were going for the big one, and not just drilling the tiddlers. there is a 71% chance of failure on Nur-1, so not great odds to come cap in hand to us again for more money, more dilution making us worth less, what price do they raise at? if they did say 3p I suspect we would drop to this level anyway afterwards. do we trust them with more money? 43m should of completed 2 pre salt deeps 20m per well, instead they blew it all one 3 quarters of a drill that they still don't know what to do with 18 months on.
Robster - come of old boy...lets not gloat at our misfortune, that WASABI did nothing but tank when you touted it a few months ago! we are all as bad at investing as each other, lets not pretend otherwise !!
not likely to be drilled or even if NUR1 is finished most likely outcome is duster. Face the facts people! Smell the coffee etc. We are most likely going to turn out to be a debt-mired small shallow-only company...SP to reflect this by staying sub 5p FOREVER.
That's the on going concern. If no one comes in to drill the pre salts. Where does it leave us?? Do Mxp just concentrate on the shallows. Which they should of done in the first place.. Do Mxp let the licence expire or fund raise yet again to add more share dilution. Personally I would like the fund raise option and drill it ourselves rather than a farm-in but not sure that would happen anyhow. Hit or go bust !!! As I've already written these off long ago. We're stuck in limbo till the board decide the option we take. I suppose due to a cold winter we won't here anything for a couple months anyway. Thanks for your reply.
correct..we have not heard anything yet regarding the pre-salts. we run out of cash 18 months ago on the pre-salts, if anyone wanted to farm in or was remotely interested they would have done so by now. we can only assume no one is interested. as always, I suspect if the pre-salts ever get completed, it will be us who get shafted again with another fund raiser and dilution (we already have double the shares in issue we had a couple of years ago)
then again if you listen to some we are currently in negotiations with Dragon oil about a 15p takeover yes we got the extension, albeit more restrictive than the previous licence that ran out.
In order to complete drilling NUR-1 and evaluate its pre-salt potential, the Group requires additional financing. While this project is very important, the Group does not intend to risk its valuable post-salt production business to see it tested. For this reason, the Group is in discussions with various potential partners, both financial and industrial, to find a way forward to test the pre-salt potential of Block E without jeopardising the value of the post-salt portfolio. So far we haven't heard anything from Mxp in relation to various potential partners. Am I right in thinking the 2 year extension was granted may 2013 or did this start earlier?? Would have thought news regarding Nur-1 can't be far away but at what financial cost....Gla
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