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It was several years ago, a few of us still invested were there.
It sparked the research into the background of what they are up to.
Back to the real world, I wonder how the drills are going, A5 sidetrack news soon?
Load em up, if you look at the chart in the run up to 8p, we had a very similar drop back to this level, lets see where we are this time next week, spring is here, good drilling conditions lots of non CA's items going on
BM,
That is true several years ago.
No, it's a GM in the real world.
Bm,
Is this the general meeting where Clive Carver stood at the lectern and told investors they would stop releasing so much info in their RNS to put off investors complaining and moaning to him and some of the "London traders" from trading?
True, much going on and we may disagree about the priorities but the company are at least showing a flexible and proactive approach to monetisation.
Ultimately for us (mainly in the dark) PIs, it's a question of whether we have faith that the Concert Party know what they're doing in their ultimate goal of a significantly higher valuation and subsequent cash in. I suspect they would be bemused by some of the hands-wringing going on here. I also suggest iif anyone's got genuine concerns then they have an opportunity to air them to management in London at the GM on 25th April at 11:00.
There’s loads on this quarter and YES, get on with drilling success on all existing operational activity and there’s loads as we know. CE cash should be getting nearer I’d deal concludes. The sp should be rising on anticipation of a hectic q2 so STOP the distractions and get on with the job at hand ie producing oil !!
When are we going to see any progress with the drill bit ?
Roxi sold Galaz for $100m. Much that their share was less for their % ownership, that’s what the sale price was. Was it fair value for the acquirers ? No but it was to Roxi (Caspian).
Bought 3AB with allocation of c 150m shares @ 12p and zero to show for it.
Bought the CE for $24m and another 160m shares @ 12p allocated. The initial build/fit out costs were $200m so we could argue this is a good deal but as yet it’s washed its face with one health and safety assignment.
Block 8 @ $60m could be a great deal but we won’t pay that price if it’s a duffer. We’ve paid the initial $5m to meet drilling commitments and then $5 a barrel on all production to the seller. I’m not unhappy with this as there’s minimal dilution ie the initial commitment.
West Shalva @ $5m ? No further commitment if no oil found but I don’t want them to but this asset at a 5% dilution at 4p. Wait till they get the sp up to double figures by converting existing assets and then buy it with petty cash as opposed to dilution.
I’m not saying it’s not a good deal, I don’t know but one thing for sure, they need to follow proper regulatory process to assess fair value. They need to appoint new NEDs as per their communication.
They don’t need this now. NO MORE SWEETHEART deals. Get on with the job at hand ie VALUE CREATION for long suffering shareholders !!
The info given in that rns appears highly misleading and should be clarified!
West Shavla is a small and cheap to purchase prospect.
The Neds and Nomad can look all of this info up online or they can ask the Directors to hand over proof of title and financial chain and then see if this is a "value transaction"
Ned questions.
Block 8 -
When purchased
How much paid?
West Shalva
When purchased?
How much paid?
How have the values multiplied for Block 8 on back of a casp $5m loan into a $60m purchase price?
West Shavla -
How have the values multibagged into a purchase price of $15m with no work being carried out?
Why did the RNS state oil seen seeping out of the earth, actually mean that the new purchaser of the Block complained to the Government that a dead camel was found at an abandoned well that had leaked water and oil, the assumption being that the camel had drunk the contaminated water and died!
The info
I will add, that is the view of the many shareholders that I liaise with. I appreciate it may not be the view of all but one thing for sure, they need to recruit NEDs. They’ve stated they would so get on with the process, will it change anything ? who knows.
As posted, I’ve asked shareholders to contact the company to ask for clarification and the recruitment of NEDs. I’ve sent a few notes and the latest to understand how this WS deal can be passed and who decides that this is fair value ? Some of us are really interested in seeing this company deliver !
Clive,
So Gaffney Cline told you it was a realistic price - fair enough, so why not publish their guidance in the Circular? Surely shareholders would like more of an independent validation than "we're telling you"?
Also I don't class the NOMAD as competent to advise on deal values, only the legalese around related party transactions.
As for Shin being an independent director ?? He's the Chief Operating Officer on the Executive Management Committee. How in any way does that even start to be considered as independent?
Shareholders are not happy Clive and the message is loud and clear ie we don't want any more KO family assets until you start making progress on all the other assets. We want to see the value creation from all existing assets, there's no need for more unless of course the existing assets aren't going to deliver. I'm all for cheap assets that will return value but 3AB is proof whereby investors get diluted. We'd be onside if the current assets were delivering and I'd suggest that would be the time to do any future deals !!
You need to get impartial NEDs onboard and promptly !
Hope you rang the Nomad and asked them how that small parcel of unproven land with an oil clear up requirement was passed ...
He's shameless. His prerogative, but shameless
"there's more info out there, I won't be posting as there's nothing in it for me"
Coffeemug, you're such a kidder!
Https://www.upstreamonline.com/exploration/kazakhstan-going-back-for-a-third-oil-and-gas-bidding-round/2-1-1534617
Authorities hope the upcoming round will find new owners for four fields with confirmed oil reserves and 14 prospective acreages, varying in size from 500 to 5000 square kilometres, in onshore provinces with existing oil and gas activity including Mangistau, Atyrau and Aktobe.
The most valuable asset on offer — in the ministry’s view — is the Doschan field in the Kyzylorda region, which carries an initial starting bid of over 186 million tenge ($430,000)
West Shalva 25 km2 and $15m :) :) :)
"The West Shalva contract area is rectangular in shape and extends over approximately 25 km2"
Smarmy,
I've never disclosed numbers so you wouldn't have a clue, and that's just how I like it.
Cc, sell 7m shares, you’ve lost me there and you’ve never had 7m shares to sell ;) You’re the biggest Tommy Trader on this BB, your prerogative but it is funny when you go off on one when somebody sells a chunk . Each to their own.
Et al,
They have a load of assets that are not delivering a bean outside of the shallows which they’re possibly now selling. I don’t get that when they can build production and benefit from export prices. Maybe the deal size from any sale is far higher than my expectation, if it is, that’s great but I am concerned re where that money is spent. MJF/SY has a value I can see, it underpins the current sp. Cash doesn’t, it can be extracted or invested in other assets as communicated but if its assets like Shalva, that concerns me. Maybe it’s great but not for now, get on with creating value from existing assets. Surely shareholders will be happy to see the focus on closing out A block, NY and Block 8, we don’t need more assets at this juncture and the associated dilution.
As stated many times, the current assets can deliver a multi-bagging performance. 10 years on and not a penny from the deeps and 4 years on the CE. Lets hope that they change those stats over the coming weeks and months :)
1. I didn't sell 7m shares.
2.I flagged up they've put a piece of land in for sale that has oil seepage from an old drill reported in National press and its been poisoning local animals and the locals have been complaining about it on social media.
Bully - you do some research ... that was your mate selling ...
One of your most recent posts was this ...
"Lot of volume again28 Mar 2024 16:12
400k and 500k gone through at 4p, lets be honest not surprised at that price
Maybe some corporate action being finalised over easter? does happen"
One minute, its 42p back to double figures, 9 deeps flowing, takeover, 100m for the shallows, renting the barge, blah blah, next moment pollution, family ties, future liabilities, and the price moves down 15%...
"there's more info out there, I won't be posting as there's nothing in it for me "
Hilarious!
Mmmwwwwwaaahhhhhhh!!!!
Cut and Run and blame somebody else.
Once a used photocopier salesman, always a ...
You do make me larf CC.
Cut and run… lol
You remember the poster who used to tell you it was me selling, then some of you started DM'g me about my selling and I told you it was Smarmy?
Had one today DM me.
I knew it wasn't me ; )
For what its worth he was in an over geared position, better to swallow the loss and cut and run while you can than wait for this lot ... there's more info out there, I won't be posting as there's nothing in it for me but look behind the curtain not the sofa...