Good post. I think he has day enough time eg 2 years to find an asset, two years to let us know what's been going on and has been getting paid too much for doing too little. His stance has always been to conserve cash but has never gave us a strategy. what will happen is an institutional investor will come on board and we won't have the % of shares to change anything. 20p will never happen here in my opinion as puntland is a no go.
Firstly OilRiches, I do think we will sell Georgia barring a 11th hour hick up, Range want rid of it and we will follow, IMO, I also hope we do as it will put us in a very good position. Somalia is effectively currently worthless by the city and anyone, unless we can find a group of self harmers to go and drill there, by the sound of it its borderline suicide and also very grey as to the validity or future validity of the licences. In my opinion we will see a boost to 5-8p on sale of Georgia, based on cash in the bank. Secondly, we will see a boost on new asset purchase or farm in, and indeed if this is a credible asset it could be a very big boost maybe circa 15-20p plus, but I would me mindful that after a significant increase GB has said he will raise more cash as he did in Puntland.
My personal stance is that I will stay in my spread bet and pension until we get a boost from an asset purchase, hopefully sell before fund raising, but NOT wait for drill results,( as I am currently doing in Horse hill - will be out soon) - the big question mark as HH68 says is just how long will that asset purchase take, has he got something lined up that he could not disclose to the group?
The other question is has GB just sweet talked the group as Tom Winnifrith warned on share prophets? I think we need as an action group to decide whether we are happy with his responses or whether we need at least some action still? Talk is cheap......
I think you make a valid point. i am sure its a smokescreen to buy him time. overall if he puts so much due diligence into his investments what went wrong with puntland? We may have invested Â£15million into something that we have never had an interest in.
That's all well and good, but what was said about GB and his cronies taking a pay cut until the company improves and what was said when it was put forward that he would be ousted if we dont see results soon?
Short term this share is all about Georgia. Advanced negotiations to sell the asset (may still not happen of course). If it does go through share price should see a decent rise from these levels. Medium term a new acquisition to get the market interested again. Medium/Long term Puntland, depending on political resolution between Puntland government and SFG. This share has enormous upside from these levels, due to the relatively few shares issued, however this is going to take more time and even more patience!
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