Crude....... You posted the following on Friday morning - "I'm still interested in the concept of 'Pan Mediterranean' - JP said we can only go 50% of the way to mid cap with our current drill program & need to diversify" I didn't listen to the con call but what I don't understand is 'mid cap status' can't be achieved with our current programme. The value of mid cap is debatable but I'm sure JP has mentioned £200M. If we just look at badile, Zibido and Laura on a NPV 50 case even if we farm out 50% and include drill costs there is the potential to easily hit £200M. Highly unlikely I know but that's not including rapa, casa, nervesa etc. Am I missing something here!!!! I wonder if JP wants to diversify because he knows although Italy could be very lucrative everything takes a bloody age, exploration elsewhere with less red tape could compliment our Italian operations perfectly.
Pne79. I am not saying sack the guy, just outlining aim in general. it is small money but don't think the funds will do much. the market wants pure exploration which sound has but can they afford to drill this?
Oilriches, that's somewhat harsh. Since JP took over from the hapless Orbell he has delivered on everything that is in his controll. He extricated us from the slow death we were having in Indonesia; he initiated our first gas at Rapagnano; he saw us through the first Nervesa well, devout together a very experienced team both hear and Italy; he has kept dilution down to a minimum & has a definite plan to build the Company into mid cap. I think he is delivering........but Rome wasn't built in a day & indeed probably would never have been built had UNIMIG & pesky local authorities been in existence!
oilriches............ I agree with the dilution but this time round it's a relatively small amount, as for sacking the bod, I think they should be judged on the 24 month plan they have in place, don't forget they won't be cheap to get rid of, especially Gerry for the second time as well.
Pne79 - none of the companies are daft and all company body will dilute at any prices to ensure a company keeps going. i remember these a few years ago at 7p and have gone through a 10:1 share consoladation and the whole share issue placing is starting again at 32% discount. Sound need to start getting results.....at work if i was not performing i would be out.....why not bod?
PNE, I don't know what you're worried about - all those flood warnings are in the South East......yikes! We had sunshine down here in beautiful West Sussex about an hour ago. I was sitting in my garden.....retreated inside now! Wifey is at some writers course in Shoreham so I am home alone...,.......but you're never truly alone with a beer or two & LSE.......& Guido Fawkes of course! I love Guido & go by the name of General Pinochet, if anyone here partakes. It's outrageous satire but up to the minute & curiously accurate on many things...........but it's mainly right wing opinion & Liberals & anyone left of centre usually gets flayed alive.............humoursly of course!
Their not daft at 4.2p, we went to 12p+ after the well tests at nervesa, I don't see why we can't be at that level after a second successful well, add to that permit awards and we know there won't be any more dilution now with casa and rapa covering admin costs soon (hopefully) coupled with some farming out to cover production costs. Once the open offer is completed I see us growing slow and steady this year on the run up to badile, I can live with the small amount of capital being raised now to cover short term costs, this is nothing compared to what Gerry subjected us but then no more please. I just hope Gerry leaves some for me cos I want to fill my boots. I'm going to make a cheeky bid for shed loads and see what I get offered, nothing ventured nothing gained.
Crude.......... I thought you would be blowing up your armbands, sun, what's that when its at home. The NW is damp, dark, wet, miserable and bloody freezing at the moment, all we need is some gale force winds for a full house.
I of course meant the wonderful Bill Bonner, owner of 'Money Week' & a very entertaining financial analyst. Everyone should at least read one of his books. Start with 'Empire of Debt' if you want an amusing take on how the US gets away with selling its debt as the owner of the worlds reserve currency. I am casting my eye around for holiday reading........did I mention I am cruising the Caribbean next Saturday onwards. OK, I hear you, I'll shut up!
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