The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Petrodollar - say no more - wink wink...!!
Important Caveat: I don’t consider myself a TA expert but IMO, you may be right about the seller having exhausted and the hard bounce back up.
Willibobs excellent summary and can I add one to your list of research and who you believe with interpretation - let’s face it the bible is interpreted in many ways and I see no difference here apart from the content therein... I note a better degree of balance from the so called bashers and trolls with Jono and maybe one other with a sense of caution and challenging the company all be it constructively and with balance.
Anyway it’s a waiting game now but I suspect we will see more news even as early as tomorrow...
In other thoughts looks like our seller might be done soon... I’ll have to consult with my tea leaves and see what they say... any Chartists have an opinion as we bimble around this SP level?
The difficult part here is trying to decipher the potential cryptic in relation to if or not BPC found enough evidence to tempt a major in to bed for a P2.
The RNS suggests they did but others are very wary of years of carefully worded RNS's prior to another share issue.
I understand that but it comes down to your own research, who you choose to believe, and if you think the SP can recover to either hit your current average or surpass it.
Personally I am of the same train of thought as Tiburn, Egg, Star, and Petro with regard to the working petroleum system and the reluctance of BPC to just walk away. Why not just move on if there's no oil there?
Although that is my personal view I still read and sometimes agree with points raised by those with an opposing view. It's good to have balance and I don't agree with blatant ramping with no rational.
I do have a few on filter but that's not because I disagree with everything they say it's because of the way they say it, and especially if it's repetitive, just got boring. Even more so when they aren't even invested!
Anyhow I decided I may as well bring my average down as I believe we will see 2p again by end of 2021. Purchased 975,000 earlier and much happier now with an average 1.6 rather that 2.7 as before. Was it a smart move or was it just the gambler in me trying to recover some losses? I'd like to think it was an educated gamble based more on what we don't know at this point. Hopefully the next few RNS's will remedy that. Good luck with your investments whatever you choose to do. It's time to take the dog out before I go and deliver the vaccine at one of the mass vaccination sites.
Sonagol farmed in to Melbana's acreage in northern Cuba. It is hard to know how large they are but maybe something similar?
My view is mid tier is better. We need someone with a sense of urgency to develop the project, not a company so large, with so many projects, that they won't really care if this takes another 5, 10 or 20 years.
BWDIK
I suspect a mid tier producer. Houston is full of them, worth anywhere between $500m to $5bn. Won't be anyone like BP and won't be Chinese (I think the Americans would be able to stop that). More than the precise terms, they need someone who can and is willing to advance the project. IMO.
Would anyone hazard a guess as to what company is looking at the data, I'm assuming it's an American or Chinese oil major?
Zag is right - the ultimate target was and is always to gain a commercial oil strike.
However, BPC have never said this would be achieved in one drill, hook up an FPSO and away they go. Its an exploration campaign, not a single battle.
Its why they had 3 drill sites marked on the B Structure, Perseverance 1, 2 and 3.
Its why P#2 is constantly referred to.
Its why they bought two well heads.
They plan to be at point in this campaign, not sell control to a Major - they just need the cash to prosecute and there in may lie the issue - Majors would want overall control, Potters is not prepared to give it - some accommodation needs to be reached.
Another aspect that I keep going back to is this:
"Hydrocarbons were encountered at various horizons, indicated by elevated gas chromatography readings detected continually during drilling, generally increasing with depth and through the deeper Aptian reservoir column in particular. Oil was identified from high oil saturation values from logs in a number of reservoir sections thus verifying the existence of a working Lower Cretaceous petroleum system and reservoir quality sequences in the Aptian."
So this may not be break even 200m barrels commercial, but presumably may have some reserves that may be associated based on the" high oil saturation values" - 100m barrels?
They could not call that on Feb 8th and needed analysis to confirm.
Its a somewhat different picture if this may be the case -
" BPC found 100m barrels, we know where the majority of the oil could be with far greater accuracy now, P#2 drill position has been adjusted based on this detailed analysis."
Once they complete the analysis then the data room becomes very interesting - Majors stated interest already utterly outweighs negative opinions on this BB - if the negative camp think they know better than multi Billion cap industry players, then what can you do?
That activity is encouraging but of course not a proven deal yet - but does the fact Gneiss are on board to manage the interest not even give them pause for thought ?
If not, why not?