Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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The only think Graham and Majid have proved “good” at so far are a bull****ting about chances of success with mostly other people’s money and diluting.
Agree this is a good punt below the instis buy in price but how can you get serious about fundamentals for a company that was “pleased to report” on the huge waste of funds on liberator.
Price action punt, buy below placing price and sell above. If you lose due to holding for too long then you can’t say red flags didn’t fly.
Sorry to Long term holders and no offence either but after bod messed up and rewarded themselves with options at zero it far far too early to say they have been “good” at anything yet.
They do have John Woods (think he was Ithaca?) but I've always got the impression a lot of the overly bullish stuff was pushed by Majid and Graham previously. Hopefully that will stop now and they will focus more on the operations than the promotional stuff. They won't be the first to turn things around with a change of strategy and geographical location, if they do manage it - I3E being a great example (screwed up in Indonesia, then bought North Sea assets at just the right time and price).
I thought Graham`s brother was going to OP`s ?
Cant see them let loose in the NS again. Who ever comes at Serenity will be operator surely ? Did they drill S1 in the wrong location I had no idea.
They drilled Serenity too close to the edge of their licence area - although the real test there will be when they drill further West and determine the reservoir thickness as they move away from the Tain field boundary. In terms of Liberator, they were too optimistic in their interpretation of the data - the CPR highlighted the risks of the impact if the vertical data was even slightly out, and if the structures identified were actually below OWC. There wasn't a lot of leeway from OWC to the top of the reservoir/sands structure, even at the 'high' points on the seismics. It is something I still kick myself over as I'd read all of the CPR and the potential risks, but still invested based on what the company stated themselves, and the potential for near term production (rather then the pilot/appraisal drill we actually ended up with). I was also swayed by the fact that they secured a junior debt facility, which is almost unheard of on AIM for this type of drilling. I see potential for a turnaround though if they've managed to do these deals at what turns out to be a very good time and got a bargain as a result of the low oil prices - providing of course oil price recovers to a reasonable degree over the next few years. Buying a producing asset at the right time and price can work out very well for small resource companies if they're lucky with their timing.
@garyn. Didn't they get Serenity wrong because the OGA are pushing for maximum economic recovery from the smaller oil wells? As for Liberator, isn't the geology a dog's breakfast?
I was expecting to have lost all my money in this share. So maybe they haven't done so badly considering?
I think what they actually need is someone onboard as well who is much better at the operations side of things - basically an operations director. Majid and Heath seem to be good on the funding side of things and doing deals, but I'm not convinced by their ability to run and manage producing assets - or even the drilling side of things, as we saw from their handling of Liberator previously. Not many could have raised the funding that they have, and from the sources that it came from - but they did screw up the North Sea drilling (including Serenity by drilling where they shouldn't have done!).
Why would you want Majid leave
Would have no complaints if Majid left the scene and John Festival stepped up.
Yes with G Heath running our end and his brother running the Canadian end this could easy be 2p in the coming years