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These go back in the bottom drawer for me , could be long time before we go past 0.5p
if nothing good come from TO-13 then company will have to back to drawing board
The thing is that if Sonangol can get T0-14 to flow at around 50bopd then that would be around 10bopd net to Corcel. That would be a good result and very positive according to many of the posters on here.
Morning Nige,
I sure did, hope you did too. I agree, they'll see what happens after they test TO-13 and take it from there. They could potentially sidetrack TO-14 towards TO-13 or towards the eastern flank, it would be much cheaper than drilling TO-15. But like you say we'll have a definitive conclusion to TO-14 once the return to re-test likely over the summer.
They didn't have to place at a premium, they could have done so at 0.35 or even 0.4p. To raise at such a level suggests that they're still positive on the outcome of these wells. Even Sonangol hasn't given up on TO-14 yet, they must think that more nitrogen stimulation it may still flow at commercial rates. TO-13 was described as the cornerstone well of the EPS when it was first drilled, so lets wee what happens there in the near term.
Regards,
Ed.
In that case the others are probably glad they didn’t win the bidding.
The more I re-read the 2 RNS's and the more I think about it, the more ludicrous this 'premium-placing' looks. Does the management and EXT think shareholders are completely stupid?
What is going to be the difference at TO-13? If TO-14 is only flowing water with traces of oil then you can more or less guarantee that is the state of the whole field. After all, TO-14 was the 'stand out' well from the whole field flowing so we were led to believe as nearly 10 times more than the other 6 producing wells. This is just not going to happen.
The premium placing was obviously done to stop the share price from completely collapsing but it won't stop it from collapsing over the coming days and weeks.
I see that the market has seen through this ludicrous, dodgy premium placing already as the share price is down by 10.96%.
There is a time and a place for premium placings and it is not when they announced a failed flow test.
Morning Ed,
Hope you had a good weekend.
I was going to ask you about the warrants, 1p seems a quite a premium figure really and gives a high level of confidence?
It feels like they have done this to give them some time?
Hopefully the plan is to get TO13 flowing and in the meantime develop a plan to fix TO14 and return to it later in the summer?
What do you think?
Thanks Nige
Funnily enough, I haven't lost money on this as I was in right at the beginning of the Angola operations. I have just checked and my first buy was on 25th August 2023 at 0.247p.
I might appear to be a bit p*ssed off because I was just expecting a good result and the share price to go to 2p or 3p or even 10p for a massive multi-bagger and a huge pay-day but that just hasn't happened (so far at least. Bring on KON-16!)
“ Meanwhile the reason no one else wanted these ‘cheap’ historically producing oil fields is….”
there was around 11 bids for the field directly under our 12 where the lead runs into from ours on map on a presentation. Aet got it. I’d say others are and were interested..
Yeah, another 6 months down the line and they will probably still "remain buoyant regarding the ongoing potential of our Angolan interests in the Kwanza Basin" even still with nothing to show for it except daft premium-priced placings.
ART -get some help, I've lost money in the past but this won't help you
Well they were clearly trying a nitrogen clean up of the first well and did get water flow and oil shows. They must still think they can get something from it as they'll return after testing TO-13. Be interesting to see what the flows are like on TO-13 as its a possibly undrained area of the field. Be interesting to see what the results of TO-13 turn out to be and what more they do to TO-14 to get it to flow. They may even return for a sidetrack depending on the results of TO-13, that would still be cheaper than drilling another well close to TO-14.
Interesting to see the raising at a premium too and the company's overall take on Tobias and the rest of the assets, seems they're still buoyant on the outcome with the fund-raise at at 37% premium and the warrants set at 1p per share.
Regards,
Ed.
Anyone lured in here by this dodgy placing is going to get what they deserve. Dorgy, dodgy, dodgy!!!
Dodgy placing at a premium largely by dodgy EXT (which is half-owned by Karam). Over half of the sum is coming from the directors.
A clear case of attempting to cover up the bad news with a light covering of jam.
So the original field flowed at a maximum of 17,250 bopd, of which TO-14 - which now appears to be officially empty of flowing oil - constituted up to 12,500, which leaves the other 6 wells flowing at less than 1000bopd each. I won't be expecting much from CRCL's 18% working interest, if it flows oil at all.
Oh dear, what a mess!
Meanwhile the reason no one else wanted these ‘cheap’ historically producing oil fields is….
I guess these are the answers to “something going on” behind the share price last week lol
Operations have been ongoing now in Angola since the beginning of September 2023. That's over 7 months and this was always going to be a massive operation with no expenses spared by the state-owned oil corporation. I tell you now, CRCL will be facing a massive bill for all of this drilling and testing and one thing is certain and that is that the longer this has dragged on, the bigger the costs and the bigger the bill net to Corcel.
ART - your clairvoyant - there's your answer to current finance situation and possibly explain sp demise?
they've fund raised at 0.50p so I'm thinking there must be upside at these levels???
2nd RNS .. premium funding from them again..
Corcel plc, (London AIM: CRCL), the Angolan focused exploration and production company announces the completion of an equity placing including a significant further investment from the Company's current majority shareholder, Extraction Srl ("EXT").
Highlights:
o Completion of a fundraising of £1,299,750 at a price of £0.005 per share, reflecting approximately a 37% premium to the most recent closing price, with one for one warrants at £0.01 per share
o Placing includes follow-on investment of £500,000 by current Cornerstone Investor Extraction Srl as well a Corcel Director and several additional institutional investors
Nobody cares what you think ART. end.
Here's my comment: production was halted in the 1990s when the oil ran out as the well filled with water. Nothing much has changed since then - though there was one theory floating around that the field was going to mysteriously refill itself with oil right to the brim and then reflow in tens of thousands of bopd - but it looks like that was just a theory.
KON-11 well T0-14 appears to be dead -and that was always the hottest of the original 7/9 wells so that in itself is not a very promising sign.
Plus the cost of all of this drilling and testing has to come into the equation at some stage. According to the latest presentation, each well is costing $2M net to CRCL, so there is already an outstanding bill of probably around £6M that will have to be paid at some stage. How are the finances?
Besides who takes 2 months to flow test a well? The answer is no one. Sonangol haven't got a clue. Testing takes a week or two.
They move to the next well site rocklawn. Fingers crossed for a better outcome this time .. all we can do is wait
Any comments!
Trying to gauge potential success is a little confusing?
"With TO-13 testing shortly to commence, we will soon have an additional data set to aid in our efforts to both produce commercial oil in the short term and to reactivate and build out the Tobias field over the longer term. The Company and its technical team remain buoyant regarding the ongoing potential of our Angolan interests in the Kwanza Basin."