Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Thanks, earache, for putting in all the hard work - I'm afraid I only took a cursory look, got as far as reading some posts that CPI were a bit dodgy/useless, and posted some basic information on here yesterday. After reading your analysis, I agree, I'm not sure we'd want much to do with CPI as an outfit - unless SG can pick it up as a distressed asset very cheaply.
Regards our bloated board, and our recent payment of $500K to get rid of the CFO, I just wondered how much it would take to get rid of most of the board - only 3, perhaps 4, have any contribution to make - the other 5, or 4, are deadwood - but just how much would it cost to kick them out? I got the impression that SG was the tea-boy, owed his position to the BoD, and wouldn't be making much effort to kick them out or stop them sucking blood out of the company. No salary reductions for Covid-recession, no serious G&A, capex or opex reductions. That, and the coming quarterly report, did for me.
However, I noted that the SP wasn't drifting lower, that there seemed to be a large buyer in the background, that there may be something in the offing with the CPI rumour, and nipped in on Monday to pick up a few at 19.3p.
Fingers crossed.
Note: there has been little upward movement in the TSX: CPI share price since April 24th.
https://condorpetroleum.com/news/condor-announces-2020-first-quarter-results/?pg=1
.....The Company is discussing a farm-in with an interested party and the intent is to drill the side-track well in 2020.
Note: I can see no statement that says the Turkish Assets are up for sale?
https://condorpetroleum.com/investor-relations/corporate-presentations/
ORTAKOY (GALLIPOLI) PENINSULA NW THRACE BASIN
OPERATOR
Marsa Turkey BV 100% wholly-owned subsidiary of Condor Petroleum Inc.
RESOURCE
Natural Gas
WORKING INTEREST
100%
AREA
110 km2
LICENSES
(2)
SEISMIC (ACQUIRED 2011 & 2013)
472km – 2D
15.8 km2 – 3D
DISCOVERIES
5
POYRAZ RIDGE
STATUS
Producing 1.5 to 2.0 MMcfpd
PRODUCTION
On stream in December 2017
PROSPECTIVITY
Large prospect and lead inventory.
First-mover Advantage
– Discovered “new” petroleum system
– Proven “new” Miocene – Eocene play
– Proven thrust-fold trapping system
– Repeatability with near-field prospects
https://condorpetroleum.com/operations/turkey/
Condor Petroleum, through its wholly-owned subsidiary Marsa Turkey BV (MTBV), has a 100% working interest in two adjoining production licenses located on the Gallipoli (Gelibolu) peninsula in NW Turkey, lying within the SW extension of the prolific gas-producing Thrace Basin. The company has since proven the area it to be an emerging high-value, low-cost play with significant development and exploration upside. Key to the commercial metrics of the project is the 36” Inter Turkey-Greece-Italy pipeline which transects the Ortakoy license. The Poyraz Ridge gas field has been tied into the ITGI export pipeline via a 16 km tie-in and is now on production as of December 2017. Gas sales are marketed via a top tier mid-stream company. The Poyraz Ridge facilities have been designed to handle up to 15MMscf/d.
Earache, is this your post on Condor (1st June) coming in?
I thought it looked a real possibility; and wouldn't object to SG spending money on a project of this size (as long as he didn't overpay - something I've expressed concern on before).
Thanks Earache, onwards and upwards from here I expect/hope...
Spread now 20-22p
Volatile trading in Canada yesterday, hitting 44 cents (26p) and settling at 38 cents (22p).
I should go back and read thread back much further to find out why Dickson mentioned at all.
Thanks for the info.
(At least SP has a pulse now regardless!)
I think the original post referred to TD Securities buying (not Teddy Dickson - whoever he is):
Our history is closely tied to The Toronto-Dominion Bank, one of Canada’s oldest banks, whose story dates back more than 150 years....
To mark the start of the 21st century, we acquired market leader Newcrest Capital, expanding TD Securities’ capabilities to include institutional equities, including equity sales, trading, research, underwriting and distribution services for institutional clients.
Today, TD Securities is among Canada’s top-ranked investment banks and we’ve led some of the largest and most innovative deals in Canada, the U.S. and around the globe.
*tied / not tired
Morning all,
Bought a few of these a couple of months ago as I liked the discount to cash/no debt, reversion to 100% after equi exit.
I was probably going to sell around breakeven as patience was running out and felt funds tired up here were costing me probable profit elsewhere.
However...
Read some interesting rumours on US billboard. Only rumours but if in fact Dickson (a supposed billionaire) is building a stake on the other exchange should finally start to see some interest here and discount to cash narrowing.
If you want to check out rumours for yourself go to stockhouse bullboard
Hi, earache. Yes, still looking in now again, but not much to report.
I expect the Newlands are rueing the day they decided to sell TXP. That, and JSE are my biggest holdings currently).
Talking of JSE, they did exactly as you advise - and got rid of their TSX listing this week - the downside being you lose quarterly reporting (but that was a negative for JSE as liftings and production change too much in a quarter - giving a false and too volatile perspective). For VLU it would be good when they want to be a more grown-up business (and provide dividends), but for now their following is largely in Canada than the UK, so they need to up their game PR-wise in the UK first imo.
Condor looks interesting - I'll have a better look this weekend.
Price here still steady at about 19p, despite the selling.
Good luck.
Looking at Wentworth Resources yesterday, I noted that the companies were in a very similar position (except we have the 20tcf play in addition). The LSE WEN bulletin board gives you some of the shareholders concerns over the management, as I think we have here. This did not stop David and Monique Newlands taking 3% in WEN. Perhaps they are our large buyer?
Or perhaps it is someone setting up for a low-ball takeover which I mentioned in my previous post?
Any thoughts?
Since the results almost every reported trade has been a sell near 18p. But the MMs have not moved the price down. The MMs still make it difficult to buy at 19.9p. My guess is someone is quietly accumulating a significant amount at 19p.
Anyone else noticing this?