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everyone saying its a duster a scam even im starting to gdt brain washed from here read the rns what steve says is how i read the rns.
the points are
Reservoir intersected.
Hydrocarbons found.
Estimated oil column of 12 metres.
that is not a duster
agree steve thats my point. the amount is much lower than predicted but! they have still hit oil. the numbers and a plan forward are yet to have a rns released
everyone on here stating false facts
its suppose to be an apprasial well ,not exploration...
Reservoir intersected.
Hydrocarbons found.
Estimated oil column of 12 metres.
Seems they have ticked two out of three boxes.
everyone on these boards are saying statements completly different to what the rns states
there is still oil there it is not a duster how much and is it comercial?
The interpretation from the LWD tools and drilling information is that an approximate 12 metre gross oil column was encountered. Wireline logging results will be used to determine the reservoir properties (porosity, net to gross) and to confirm a net oil column.
Agreed.
A 12 metre oil column should still have a few million barrels in place.
All reporters have to make a story worth reading so can exaggerate things isa much as they want.
An rns is the only thing that I will believe.
The interim timing was suspicious to say the least. My feeling is that it had some simple read between the lines red flags that would allow some holders to exit prior to the actual results. If this can be proved to be the case then there may be some grounds for a legal investigation imo.
still does not say comercial oil or not
Observations from Logging While Drilling ("LWD") tools have identified that the primary reservoir has been intersected, with indications of hydrocarbons as anticipated in the Elang
yeah the hyped up interims but as i have said its not over until we hear from the company and there plans imo
Garyn - do you have any thoughts on the timing if the release of the interims? I think it stinks as they must have had indications that the reservoir was coming in low to prognosis at that point.
There is never a risk free O&G drill and the lower the risk, the lower the reward. I also invested here back in September/October as like the relative risk reward as it was a lower risk well, targeting a known reservoir but it was absolutely a binary bet for the company as the downside case was effectively cash valuation of the business.
The mindless ramping that goes in on these boards is terrible and its clear from the posts people do get sucked in - I posted exactly my views on this board about the risks and to be fair it was a decent board at the time, but there were still the usual muppets telling me things like I'd forgotten about the risk of sea monsters eating the rig and such like.
I place no blame in the Board of Directors, nor RISC who produced the CPR - interpreting seismics is incredibly difficult and you never really know until you drill and unfortunately on this occasion the drill bit showed the interpretation is wrong. I do though have questions about the timing of the financials as surely by that point in the drilling they new the reservoir was coming in low to prognosis.
I have a lot of sympathy for those posters here who have taken big losses, its a very hard way to learn a lesson, but I certainly wouldn't go chasing losses. I got out at about a penny on the morning of the RNS, if I hadn't I'd probably be tempted to hold to see if they can close a new project or they can spin something out of this drill that causes a spike, but I think the chance of any substantial long term gain is negligible, its just a case of looking for a better exit than 0.55p.
Finally ignore the vultures - no one is shorting this, but there are a number of posters talking it up with complete nonsense and false hope. Possibly one or two are desperately trying to talk their own book, but the rest are traders hoping to pump it and make a quick buck.
Keep an eye on Carnarvon Energy on the ASX (Australian exchange). The news there came the night before - usually around 11pm. They are the operator and the next update will most likely be released there first as well - good chance of that Sunday night I would think.
I have just been reading some of the horror tories on here regarding losses on this dog. Like many others I felt physically sick when that rns came out 10 minutes before market open. Weird timing eh? At times like that you just desperately want to be able to wind the clock back 24h. And the results the day before with words like being at a "critical phase" and we "remain cogniscent of the risks" etc. When I read these words I didn't like them and saw them as red flags but completely ignored them such was my confidence in the snake oil salesman Leslie with his "champagne on ice". I hope he will rue the day he made that comment and it will haunt him forever. I nearly sold some on that day too but ignored my gut feeling. Anyway I lost about £45k here. About 20% of my ISA value sadly. Far too much in a stupid binary one hit wonder drill. I should have learned my lessons from the PRD drill last year. At lease I offloaded some there in the high teens before the result though. Here I held on to them all. What is really gutting is that I had quotes to sell the million shares for 5.4p before the result and was thinking gosh imagine if my finger just slipped and I accepted the quote! But I didn't. My loss here was the same amount as I put into TXP in the low teens and 20s and sold near the top which is how I got my ISA to the level it is. But it doesn't make this recent loss easy to stomach. Commiserations to all others who lost on this one and shame on the very nasty people with character flaws who are mocking. The first week after something like this is the worst but I am still smarting bigtime right now.