The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Who put 50p in the idiot....
"Of course, the usual crew will ramp this to death and the usual succours will buy more shares at a premium but then who cares? Not me anymore."
You're a bitter clown.
I agree with you Ed ...it's all good for the company and shareholders...
I just saw your post of 16th ...where you said the PUT option was another sham ..so to speak ... Iwill expect that when the oil starts flowing ..that you will indicate its only dirty water ... your some clown ...whoever you are ....GL... to all positive posters ..
RL,
Yes, it shows that our largest shareholder EXT wants to take themselves right below the automatic bid limit of 30% holding. They're also willing to do so at a premium to the current share price of over 100%. So clearly they see large upside on these Angolan assets. Likewise Geraldine sees upside on her 0.5p placing purchase of £200k. Not overly surprising though as the Angolan assets aren't priced in here at the moment given the tiny £6m cap. Hopefully get the results from TO-13 in the next few weeks.
Regards,
Ed.
The transaction shouldn't affect the share price at all. The only difference is that Jennings are not now going to sell 99 million shares on the open market.
Of course, the usual crew will ramp this to death and the usual succours will buy more shares at a premium but then who cares? Not me anymore.
Dodgy on.
I'm delighted we have you on board ..... so a major shareholder, who you have just indicated 'SILLY' is willing to buy nearly 100m shares at a premium to yesterday's closing price of 230% is doing it just to keep the price from falling .....well let's wait and see...
Reminder that the put agreement notified as being exercised in today RNS is priced at 0.75p (more than double the current SP). Bodes well.
https://www.lse.co.uk/rns/put-agreement-s6l802y7ukvxqcw.html
Not really. It is just the Executive Chairman buying more shares at a premium to halt any further decline in the share price due to any overhang. Can't blame R Jennings though as the shares only cost him 0.021p and now he has offloaded the lot at 0.075p when all he would have got on the open market was about 0.025p or less.
I would rather the share price go up as a response to flowing oil rather than silly director's buys.
But then you all know my opinion here anyway. And dream on, but it won't do you any good.
RJ ALIGN. LOL
Am I right in thinking that the RNS out this morning is a very positive step for the direction of the company. I would expect a very blue day .... GLA
The next update should be much quicker providing they learn their lessons from the last well.
Luke. Not a lot of interest at the moment..just 1 buy. Thats even less than I hold!!! We need some momentum going with a good PR and Media push imo
Will be interesting to see how many get in here prior to the results being released ?
We expect them to start the tests on TO-13 this week ? hopefully to report great flow results in a 2/3 weeks ? then revert back to TO-14 and hopefully report similar ? I dont think they would bother going back to T0-14 if they didnt know they could overcome the previous obstacles ?
Also we now know from last weeks RNS that our new Director, ex Chevron Oil, Geraldine Geraldo, put up £200K last week to buy in at 0.50p per share and other Investors added a further £1 million plus at the same sp of 0.50p, so they are all very confident of a marked increase in our sp imo ? GLA
Well not alot happening here, and I can't see any news this week coming .... hopefully I'm wrong ....
Hi Dan,. TBVH, we drilled to a specific depth based on data mapping for a reason. The reason being was to take advantage of latest perforation & extraction techniques that were not available when Petrofina were on site, not to mention the advanced data mapping technologies, oh so many years ago. The conversation between BoD and Sonangol obviously was to take advantage of the entire column.
To me it seems that Sonangol may have gone too 'gung ho' into the perforation of the previously never encountered sections lower down, but the plan was always to perforate IMO, they just didn't expect the increased water influx. So I believe when they return to TO14, they'll have to plug/seal the lower section and clean out any remaining fluids and perforate the top sections.
Good evening Ed,
Thank you for your valued opinion. If you read between the lines it certainly appears that corcel/extraction are confident of a significant sp rise. In my opinion to show that level of confidence suggests they know what's gone wrong with to14 and either how to overcome it or how to avoid it happening with to13. You wouldn't offer to purchase shares at a significant premium if you were at the mercy of the geology. I believe it was bladey who came up with the theory which certainly holds some weight.
To think that one of the biggest O&G players in the world have messed up on what should be a straight forward drill is quite surprising but these things happen.
I don't know why LSE mess around the punctuation!
good evening,
thank you for your valued opinion. if you read between the lines it certainly appears that corcel/extraction are confident of a significant sp rise. in my opinion to show that level of confidence suggests they know what's gone wrong with to14 and either how to overcome it or how to avoid it happening with to13. you wouldn't offer to purchase shares at a significant premium if you were at the mercy of the geology. i believe it was bladey who came up with the theory which certainly holds some weight.
to think that one of the biggest o&g players in the world have ****ed up on what should be a straight forward drill is quite surprising but these things happen.
Is there a connection between the Put Option and the TR1 seller today??? Put Option announced that brings volume followed by a TR1 from a seller with a spread betting account. Could this mean the spread betting account holder sold into the volume created by the Put Option RNS?
Good morning Dan,
Well we only have limited information to work on. So we don't know if they took open hole samples before casing, we also don't know if they did sidewall coring before casing and testing. So is it possible that they have hit a water filled compartment in the deeper part of the well, perhaps. Water zones in a well, once identified, can be isolated and plugged. So yes what folks are describing does happen, we currently don't know how much of the 80m has been perforated to date. Wells are tested from the bottom up as its fairly straight forward to isolate and plug off lower sections while continuing to test upper sections. Clearly TO-14 is unfinished business otherwise they would have just plugged it now rather than return there after TO-13. Nitrogen is used in clean up operations, so it will be interesting to see what further updates come from both wells. The fact that Sonangol want to return to TO-14 after TO-13 is certainly positive.
The company does remain optimistic and positive given recent statements
15th April
"our ongoing optimism regarding the reactivation of the historic Tobias field in Angola."
28th March
"we remain positive, knowing we have encountered oil in the well and don't yet know its ultimate commercial prospectivity."
Its still a case of wait and see, we still don't know why Petrofina only produced from the top 8 metres of TO-4. There will be lots more news to come and hopefully we won't have to wait as long to get the flow test results from TO-13.
Regards,
Ed.
Sorry meant perforating!... not drilling!
@Dan, yes! perforated an unknown/unproven section, got inundated with water infiltration which hampered further perforation in the upper area of the column. Lack of details in the RNS to me suggests this as I've never seen such an detail'less RNS after a attempted flow test... They defo buggered something up in TO14 works.
Like I said, will attempt TO13 without repeating same mistakes in TO14 and perforate historic sections and prove up flow rates. I believe plug and sealing sections can only work going from bottom to top and hence what they were attempting with TO14, unless I'm wrong and someone will correct me on that!
Will come back to TO14, plug and seal water infiltration section and then re-test upper oil sections, IMO... after TO13 successfully starts flowing oil!
Would this explain the reservoir re-activation issues?
Thanks Ed.
Not sure about Ed, but my belief is they screwed up TO14 by starting the drilling too low down in the column which probably intersected a serious water section. They should've started at the top section from historic production data. I reckon this is why the testing took too long trying to control the water situation!
I reckon they'll start at the top section for TO13 to avoid repeating the water issue from TO14. Which means the testing should be faster, (he says.. lol)