Anybody spotted any at HQ? If there is no further exploration to be done, then surely the manpower should be reduced. 10mill bboip is worth a lot of money. Plus, don"t believe for a second that the NUR1 drill is a gonner.
Not sure what you mean by the bank will end up with the assets. I don't think Max will become bankrupt and fire-sale evernything, I don't think the debt holders would want that as it's of no real advantage to them. A better strategy would be to bleed Max dry of everything they have. If they can't make the full debt repayment (a real possibility) then change the terms of the deby repayment to be even more favourable to the bank (spread the payments out over a longer period of time but with more interest overall). It's what I'd do after the final 2Ps are booked, bank will then know the asset value of Max and just suck it all out of them.
Future SP of sub-1p a real possibility and once there it won't likely go above 1p again.
Mavd, I would get out now if I were you, this will go sub 1p and there will be no way back. One can only wonder how the debt repayments are going? I remember when Max refinanced in November 2012 I was amazed how much the cash burn was a few months later. Personally I think the bank will end up with the assets in the not too distant future.
I don't see that you even really have an investment strategy. All you seem to do is, at whatever the SP is, claim that it's undervalued and it's a good time to buy. You've been doing this for ages, from when the SP was multiples of its current value.
Just to make it easier, let's not make this about Max. Let's just say it's "Company X', who have a declining share price based on bad news/bad luck/bad management/whatever. Now there's someone on the bb who thinks the company is undervalued. If that person keeps saying "this is undervalued!" all the time, unless the company actually goes bust, AT SOME POINT the SP will bottom out and the lucky few who get in at that point will probably make some profit. It doesn't show a good investment strategy or that the "keen few" know something about the company that the rest of us don't, or that they have a "gift for investment" or whatever. It just means that they kept saying the same thing consistently until it came true, which is inevitable unless the company goes bust! There has to be a bottom somewhere, ergo there has to be an 'up' as well.
It won't take much more bad news for Max to slip sub-1p and we all know you'll still be saying "buy now! bargain! undervalued, profits to be had" etc. But it's not because the company is at a turning point or that you know more than we do, it's just that if you keep saying the same thing then at some point it'll most likely come true! :-)
ASTANA, March 7 (Reuters) - Kazakhstan is suing foreign oil majors developing its huge Kashagan oilfield in the Caspian Sea, a tactic similar to those that secured the government large stakes in two of the three multinational energy projects on its territory. Repeated delays at the 13-year-old project, targeted to produce as much oil as OPEC member Angola from a reserve almost as big as Brazil's, have infuriated the Kazakh government. The consortium, led by Exxon, Royal Dutch Shell (Xetra: R6C1.DE - news) , Total (NYSE: TOT - news) and Eni (NYSE: E - news) as well as Kazakh state oil firm KazMunaiGas, may face Kazakhstan seizing a bigger stake in Kashagan or refusing to reimburse a big chunk of the $50 billion spent on bringing it onstream. The latter option is written into the Kashagan contracts. "The delay is impacting effectively the GDP growth of the country," Fadi Farra, adviser to the Kazakh prime minister, told a conference in London. "We're not talking about small game; we are talking about an impact of two to three points on the GDP of the country. Therefore a failure in pipelines, a technical issue, is impacting the economic development of the country," he added. Production at Kashagan, the world's biggest oil discovery in 35 years, began in September but was stopped just weeks later after gas was found to be leaking from its pipelines. Residual sour gas was then burnt in flares at Kashagan's processing plants, polluting the environment, the Environment Protection Ministry said in a statement on Friday. Checks showed that the volume of gas burnt in flares last September and October was 2.8 million cubic metres, exceeding legal limits, the ministry said, and a claim for 134.2 billion tenge ($737 million) against the North Caspian Operating Company (NCOC) has been made by Atyrau Region authorities in western Kazakhstan where Kashagan is located.
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