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bobbbyr,my thoughts exactly, they have good ibes re campo limite and prefer to spend their time and money increasing production rather than go chase "trasformational" coal seams. Steady as she goes will do for me.
Fwiw the way I see it is that they know what is coming with Campo limite and Santa Cruz assets in general short term and maybe want to make the cash available to quickly get the well online and increase revenues as quickly as possible then let CGC continue the work on TA then we jump back in in due course. IMO! I wonder what they have in mind with another acquisition. It wouldn't be mentioned unless they have seen or progressed something!
Agree. For those who averaging below 4p, there is a good chance of hitting some profits at some point. Entering the current price with production in place is a great opportunity. This is now new company. My isa averaged 12p and I know I will never be that back. However my trading average is 1.15p which I beleive will be in profit soon.
and your own advice trellis is to talk down a company you claim to be invested in !! ergo you either want this to fall having missed the opportunity to trade from .4 and cut your losses or you genuinely are talking down your own shares which could be a sign of a self destructive personalty? Its what compulsive gamblers do .. they gamble to lose because they enjoy the hand wringing and self loathing !! true look it up. You are a puzzle ! 15 p very unlikely any time soon so either cut your losses, average down or wallow indefinitely! those are the choices of bad business decisions. I just took a 5k hit on costain because i got it wrong offset by a 4k profit and a free carry from amigo where i got it right! Its the game we play.Have to say that @ 15p chances are you have not got a massive holding should be easy to average it down should you wish too.
Ny had an average of 14p now down to 2.1! Mine about 1.2p, your choice what you do!
Trellis have you not thought about averaging down.
I too had an average of 14p but have now managed to get that down to 2.2p which I am very comfortable with.
Mr “I’m a poor investor” surfaced! Go spend your time batting for the 350 gang! Who invested and drove sou sp to near on a billion without a sniff of oil or gas! Sell out and move on, change the record!
We are not in a great position but MH pulled the reigns in! No choice on the matter or we would be gone!
Trellis whilst I see some kind of logic in your way of thinking it cant be denied that echo are moving in to a different direction.
Echo's focus now is low/med risk rather than going balls deep in 'high risk, high reward'
Lets be clear they haven't pulled out of Tapi, merely stepping aside until the 2nd drill is ready.
There aim is to increase production on what we have to generate better revenue now to make echo more cash positive..... I see no problem wit that.
PA seems to be the main focus now and I really feel that one has good potential.
Lets see how we do on these workovers and then judge how echo have done.
oh and trellis " This is not smart business it is a disaster" Seems to me your business acumen is a little lacking based on past dealings so what makes you qualified to pass judgement exactly ??
Trellis...I'm on the fence. I don't like it, but the optionality is still there and if there is a major find at TA and the certainty levels are high, won't we be able to secure some level of financing easily specifically on the TA interest....ie to fund the buy-back and whatever other future expenditure it may need?
Trellis take your bitterness out in Sound as that is obviously where you were bent over!! You are not invested here so you are being negative about a company that is transforming its business model. I can have some sympathy for you, but not a lot, as you are dealing with aim and by default it is a den of dishonesty. I actually believe in this company and the board which is why I am here.
unbelievable your still here trellis ! its usually the climbers on ya trellis ya cant get rid of not the trellis itself !
joe ! we are not saving anything if as i expect we go ahead anyway EXCEPT unforeseen extra expenditure twixt now and then !! Thats the clever bit maybe it will amount to nothing maybe it will save us millions but it will definitely make budgeting easier !!!
One option MH could have gone for could have been dilution, but he didn’t, he restructured our position on TA. Cash is tight as we know! Is for most businesses at the mo!
Job I agree. But what about those historic blow outs? I was genuinely excited about that area.
And I didn’t think that $36k a month as too bad....about a grand a day, not saving a lot.
The market has already written of TA by evaluating ECHO at 5 million : for a company with a production of over 25000 bpd. I don't think there will be change to SP negatively. If it's anything, it's a positive news. Option to exposure of a few TCF for a small entry fee. This is now a completely new company.
I can’t see this being anything but an exit from TA. Hopefully I am wrong, but given all the time they have had to interpret the seismic it is disappointing that at this stage we withdraw.
Looking back at the “time with team” it sort of makes sense as JB has continually avoided being specific about the western cube.
Yes, on the face of it it seems like a win-win situation for us. However , I think it’s likely to be our exit. I wonder what the draw would need to be to get back?
With no upfront cost and an option to enter for 19%, it's almost like a free carry. It's a good business in my opinion. We can use the money to advance our workover in the short term while keeping the options to get. Back into TA.