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Hmmm...I didn’t spend millions of dollars on my central heating
Bring wells back online after a extended period is not as straightforward as it may sound, even more so with low flow or induced wells. many will require swabbing to determine size and type of pumps that will be required which in most instances requires a workover. some of the wells may indeed have built up more pressure during shut in and will be easier to restart.
How many times does your central heating system require some work on it after it's been idle for the summer.
Diggit, while i agree with what you say about MHs lack of operational experience i would say this is the operators job, also our junior partner Interoil have plenty experience as do the current operator Selva Maria Oil SA, Interoil have applied to the Argentine government to take over as the operator of the Santa Cruz field and that should happen later this year, i am all for them taking on this roll as they like to keep their investors informed.
However i would disagree there was ever a 15 day workplan regarding the workovers, the 15 day workplan related to bringing the ten wells shut in April last year back onstream, nowt at all to do with the workovers though some of those wells may be included in the workovers.
Each workover should take no more than 10 days. Great shame we do not know when the workovers started but i should think they started around the time the pipeline works were ongoing, hence thinking we should have completed several workovers by now
The_Linns...any thoughts from you? No information on the 15 day workplan for the workovers when we're I think double or triple that. My core concern on Martin is his lack of operational experience...I believe his financial experience was useful in the bond restructuring but that doesn't count on the operational side. It appears very naive to have gone out indicating a 15 day workplan if it was unlikely and difficult to achieve. Quoting specific days is never really a good idea unless there is very strong certainty. To then go silent leaves us pondering how difficult things really are or how messed up things are. Or is he just on holiday so isn't working...
They released the workover RNS June 8th last year, i an just curious as to how many wells will be worked on in the coming weeks and when did we start the workovers, if that must be communicated via an RNS then where is the RNS.
Also in the June Q&A last year MH was asked specific question, would an RNS be released after each workover or on completion of all workovers, if i remember correctly he inferred an RNS would be forthcoming after each workover, i tried to double check his reply but the June 2020 Q&A is not on the site, infact a few of the Q&A sessions are missing, i had copied it but seem to have "misplaced" it when installing my new laptop.
They cannot state it on tweeter without first releasing a RNS as it is price sensitive
The_Linns, a very reasonable synopsis of ECHO and their situation.
As always lets hope MH is reading and understanding the investors feelings towards the lack of PR / news.
Even a brief twitter update stating how many wells are to be worked over and an estimate of timescales would appease many.
Echo have a great opportunity here and we (as in my family office) are certainly going to wait to see what the Interims show as surely with the improved Gas/Oil economics, Echo shouldn't be far off being able to report a gross operating profit after cost of sales.
After the years of mismanagement by the previous crew, Echo appear to be in a strong position both operationally and commercially. I was (and still am) very pleased that Martin has taken the CEO reigns of Echo as we need a CEO that is financially disciplined and ensures financial discipline and prudence runs through all strands of the company. There has after all, been far too much wasted money in previous years. Martin is proving himself in this regard and I greatly respect that.
But we need to see Echo embark on a really thought through and sustainable PR drive. They have a great story to sell, but they’re not doing it at the moment and we can all speculate as to the reasons why and what the real constraints are. But by any measure, the market cap for Echo is simply ridiculously low, but that has been driven by low trading volumes, so it’s no surprise.
We’ve seen before and recently, what happens when momentum shifts, and I hope we’re on the cusp of something very different here and when even the hint of a monk’s fart of buying pressure returns, we’ll start to see things move and quickly. That’s why we (as in our family office) are still holders, maybe a touch less strong as we once were, but still firm believers and we are actually still accumulating as we believe Echo will have their day and the current share price presents (in our view) an opportunity.
But Echo need to prepare and work hard to realise their day. It must be underpinned by steady & strong organic growth, no hype, but sell their vision to the market and get the market to sit up and take notice, get some analyst coverage, when they've had those meetings, get some more analyst coverage and fire Vigo Communications if they’re not up for the job for the advisory services they provide.
It’s a shame the Lombard Odier short happened when it did as they killed off the momentum with this stock when things were getting interesting again. It will come again though (I believe anyway). The financial noose has been removed, some would say kicked down the road for 4 years, but 4 years is a lot of time, and if Martin is true to his belief and strategy, then the debt should be much easier to service and repay in 4 years time.
My advice to Martin and the Board, would be to listen to what their existing investors want to see, how past failings have hurt through debt burden/unnecessary dilution, what to do to get and keep existing and loyal shareholders on board, anticipate what their future investors expect, and if necessary replace existing PR advisory with a market leading PR firm and one that has already earned their stripes and central London location!
Agree Joelebeau.
But if an update is being made for the business plan what better time than this quarter once we know how well the wells are doing and what production is. Let's not forget this year had a fair amount of restructuring done.
I am with everyone that the lack of communication is frustrating. However, no point losing it. I still have faith that this will come good.
You are overthinking... the share price is just drifting on lack of news / PR / clarity, primarily due to atrocious communication from management. We should have at least a high level view of a plan (short/medium/long term) for turning on production / workovers / testing / exploration.
Just something to chew on over the weekend. You will remember i posted saying the board might not be releasing good news. Now how about this for a QUnon.
When Linns stated he and his family were thinking of selling their shares, what if they are waiting for those shares to come onto the market. They could then snaffle them up and make a huge profit when good news released.
I don`t normally think this way but this share has dragged me into this frame of mind. Time for a break. Have a good weekend all i`m off to the pub.