Well this for me has to be a possibility they will be taken out. The share is now trading at below half of the book value. Very cheap even with the debts that people have rightly pointed out they are struggling with. They have a decent asset in the ground and someone will say yes please. Probably a russian oil producer.
But in to March now weather getting better well 105 on the go, 112 being tested 2 wells off line due to pumps, come end of March we could be looking at some good news. If 112, 2 off line and 105 all come good we could be looking at 700-1000bopd totol production could be anything from 3300 to 3600bopd Iam in and will stay with this share as i dont belive its all manament but a large part is due to the weather conditions. Just my thoughts dont shoot me!!
There is no bottom here. the company's running out of cash. Any funds that are coming in is being used to service the outstanding debt which leave no capital for infrastructure and hence why the oil is still in the ground and they can't get it out. Unless a farm out has been agreed the company is goosed. Going by the share price it would seem that there has been no breakthrough on this. Lost big time on this share but have to take the loss here because this could go below 2 or 3 p yet. Management have been terrible the last 2 years and shareholders are paying for it.
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