Your not alone Rot, and sure if you sell the price will rise x10 probably within a week. Prior to this downward trend in the market as a whole I could see a number of oil companies in AIM of differing sizes and stages with a MCAP of cash X5, here that would be very nice hell cash x2 or x3 would be a bloody good start.
There is nothing certain but this the best prospect in my portfolio at the moment.
I like you feel as though we have been duped at the very least, and whilst investing in this company pre Sapele1 and hade a relatively small investment, what has followed can only be described as a living night mare, and I agree it has always been my decision to buy these shares, but this has to be put into perspective as I like everybody here invest with the thought of making profit, So Sapele 1 invest, news oil shows early on invest again more oil deeper down(we are on a winner share price soars) flow test worse than thought have pumped in to higher pressure fluids then going for the big one Cretaceous (share price still rising) then second big blunder 15,000 psi pressure surge, haven't got the correct equipment to contain pressure, plugged and abandoned. Right then we are now promised we have Tiger by the tale (Kevin Hart) Sapele 2 and 3 to go for , and here we go again Sapele 2 oil again mega depth of meters of oil column (we are onto a winner) no does not flow as thought again too high a pressure fluids pumped into well bore, resulting in sacked operations manager share price falls( promised we have now got this drilling now sussed share price around £3.00 yes £ 3.00 from around £4.00) drill Sapele3 share price falls quite a lot now ( do we average down? stupidly we did) get into oil zone another RNS we have now encountered good quality oil and drilling deeper, raise funds, then nothing and I mean nothing, no testing no flow tests9oh yeh it was we have the wrong equipment again to high temperature this time ) from what I can remember, numerous letters wrote to Hart, I still have the reply's, (don't worry everything rosy we have a world class asset, share price below £1 then we get told right lets go for the low lying fruit (time to top up me thinks ), our last well to be told we are our own worst enemy's as we have got more Hydrocarbons than we thought,( could you really write this) share price now 60p and still empty promises from Hart and his band of brothers, Well we all know where we are now, Just pointing out how not to invest, I have lost all faith in this company now and really hope Hart can do something about this totally dreadful situation I and many others find them selves in, some people might say why not sell what I have left, well its worth about 20% of what I have invested through out the years, So basically it would be suicidal to do this , but on the upside if I did I am sure the SP would rise. Time for action from the CEO and Board. Rot
David, like i say - if i were Kevin why not just buy back all the shares and delist from AIM, and they would still have several million left over to spend on drilling. In all seriousness though it would be nice to buy a percentage back and establish a strong base above the 45p placing.
Thanks HKRBob yes that makes sense, I also believe that we applied for an EA for blocks 5 & 6 and did not get them, and that might of been part of the delay in the approval process.
The question is if we got another Exploration license for these blocks, what would be required with regards to appraisal wells and how would this be funded, because I assume the cost will be in excess of $50M.
I assume also that the additional appraisal wells to be drilled in block 7 might give more of an indication as to whether Blocks 5 and 6 are worthy of further exploration, and I suppose it is possible that if they are deemed to be, then Lukoil and New Age might perform a similar Farm Out deal on these blocks under an exploration license and get a much better rate because they will fund the appraisal wells? I cannot see why else Bowleven would want to apply for a new PSC, because the last thing they want to do is commit all of their new found wealth to drilling very expensive appraisal wells. If they did we could end up in a very similar position with regards to waiting for another EA and Farm Out deal to go through to refinance them again!
Lukoil are farming into the full Etinde permit (All 3 blocks). If the deal was finalised tomorrow they will have block 7 with EA and blocks 5 and 6 with an exploration licence that runs out in a couple of months.
My understanding is that the EA when submitted was for all 3 blocks, but the EA was awarded for block 7 only - This was known prior to Lukoil signing, so there will be no adjustments to the deal and no problems with them on this.
The exploration licence for blocks 5 and 6 (as we didn't get them included under the EA) are due to expire on the 31st December 14. At this point Lukoil lose their percentage in blocks 5 and 6 (as do ourselves and NA).
I assume that this is all part of the deal with Lukoil and New Age that they back off and let us apply for a new exploration licence for blocks 5 and 6 and that should everything go to plan we get 75% whilst NA get 25%.
Everything getting hammered at the moment, they really need to pull their finger out or the good news is going to give us a 100% lift which will probably get us to 50p whoopee doo, remind me why I invested 4 years ago on a dead cert, really wearing thin now promises around every corner with every bit of news only it never happens. Lets hope we are at the end of the line for bad news. gla
And KH still has a job and whats more him and his buddies will carry on collecting their vast salaries without any questions asked about their sub standard performance. Any good MD/CEO would not have sat back watching the PI getting shafted. I would love to know what RH brings to the tale!!
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