How can you believe anything they say? Any company listed on the stock market CANNOT be honest when things aren't going well, it just trashes the SP. They always lie, hide things, exaggerate things. Max is no different. How many of Mike Youngs predictions have come true? Just listen to some of the previous telephone conferences: "we believe we have a significant find at ASK", "Uytas is huge", "the company is at the point of a transformation", "SW will give us 10,000bpd". It's just lie after lie. So now they say NUR1 *will* be drilled and you believe them but I don't know why...
True, but they are still negotiating and they have re-affirmed that the deeps will take place. Now a waiting game.
4p is a certainty imho. However 8/10p could just as easily come along - wait for the opportunity. Like I said I saw the same with HAWK when they were producing 200 barrels a day. We have atleast 4000 barrels a day and this is being increased as permits and wells are brought online.
That's about right, his dream of a takeover hasn't happened, 10p hasn't happened, 8p hasn't happened, 5p hasn't happened, now 4p hasn't happened. Good luck mav you need it. I said 1p looks like it might happen ...
Nah, depletion to pay the debt won't take 15 - 20 million in 2Ps. As far as the shallows alone go most likely Max will be acquired or merge for a premium with somebody who will refi the debt with a line of credit or just pay it off. Plenty of Asian companies who need the reserves. They are buying undeveloped fields right now for close to full 2P prices.
Based on the shallows alone, we are nothing more than a debt repayment vehicle to lenders, it will simply pay the overheads and general outgoings, but will never generate anything substantial that we could class as a investment. Mike Young lead us a stray, 12p alone for SW, UTS, etc....always Jam tomorrow and we these low hanging fruits were never quite as good as he lead us to believe. Nur-1 has a 71% chance of failure, added to a 42m overspend and massively incompetent board, who have already said they do not have the money, resource, or technical ability to complete this well if it was a success, we would have to give it someone else. we take half a decade to bring anything online, revenue, flow rates, production all down. we ramped up our drilling campaign, and actually dropped our 2P...quite incredible...so you expect the 2P to rise with less rigs? after 2015 we have no acerage, or money to buy anymore. if by some fluke we get nur-1 going again, someone will take 70-30% split as operator. we have had stuck tools for nearly 2 years on Nur-1 and zero interest in helping max finish this drill...yet some clowns think Dragon oil want to pay a 850% premium to get this well completed.
"The only event that offers any significant upside now is a successful result for NUR-1 and we all know how likely that is (very unlikely)." It's just as likely as when we originally invested, and still likely enough for Robster to buy back in the other day. In oil exploration terms it's a decent enough CoS to get us all here in the first place, the main difference now is that success will reduce our losses rather than make us a profit. " Really can't think of any reason to recommend investing here when there are other companies that have much better prospects and much less risk/downside" Which is why Robster bought back in? "Max may not even be able to fully make their debt repayments let alone service the full debt" - I think it's almost definite that Max can repay the debt, just with a probable late start or reduced installments and not quickly enough to for the SP to help us long term sufferers. 4 years maybe. This is AIM, it's a bit like a casino.
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