Stagnant with slightest ripple causing exclamations of glee amoungst us, as has been the case for a long time.
Now with news just round the corner hope we dont get same oh damn technical hitch exciting news soon oh damn legal hitch etc etc sounds familiar
UEN NEED to post good results or exciting news WITH unequivical evidence to support the announcement for prices to even stabilise let alone rise by any significant margin..... If the news is a politically, longwinded, smoke and mirrors, enthusing about the future prospects once issues are addressed speech(long with nothing really being said) this has the potential to drop sub 2 pence and recovery would be miracle to any price beyond 4pence in the medium term(years not months) if at all Would then predict Predator /Speculator/ Asset stripper to (oil in ground has value too and leases are easy to sell onward) swallow on the cheap or run into the ground after wiping out any finance left in the company(at that low a price sub 2p more likely than anything.Leaving shareholders with ....................you guessed it nothing
IF all the official predictions and figures we are given are 100% correct then the company is very undervalued. If not ..............
When did I say that? If you look back at my posting history I have been saying exactly the opposite ... that this is vastly undervalued. It's a sleeping giant but not that much is happening to excite investors. On paper this looks a great stock but it's been like that for a very long time.
Do you know how much oil is being produced each day?
Yes there's lots of oil but it's in the ground and not much being produced. There is a lot of untapped potential and an aggressive and successful drilling campaign could see some of that potential being released. Then this share will begin to move.
This was the last operations update on March 18th
The workover programme continues with well #546 showing a 30% increase in flow rate to 79 bbl/d. Wells #547 and #548 have been closed down temporarily to allow for changes to the pumps so as to seek to optimise the production rates.
As announced on 30 January 2015, the refinery is being operated on a manual basis until the installation of new control equipment is completed which is anticipated to be completed in May 2015. In the meantime, the refinery is operating at full capacity and the product mix achieved has been favorable with an increase in diesel (30% instead of 20%) at the expense of fuel oil (30% as compared with 38% previously), while kerosine and gasoline remain broadly unchanged.
The Company has experienced mechanical problems in drilling well #112, which have led to damage to the column casing. It has been decided therefore to drill a side track from a depth of 815 meters. Further announcements will be made at the appropriate time.
Purchased a few more this morning, been in here a very long time hopefully this will start to turn around. Why is the market cap so low at £8m with good oil production each day. Surely we should be more like £50-75m. Debt free and lots of oil.
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