Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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As mentioned before, I'm holding my shares, as for me too late to sell what I have left; thankfully I took an amount similar to the capital invested out, but have lost the large amount of profit, but this can happen in this sector. I look at this now sadly not ascribing any value to Buffalo, clearly happy if this is not the case, and in essence as a shell with a little cash left and would hope at an advanced stage of closing a production deal funded via say debt, equity swap and possibly a small cash raise. If this does happen, as our mcap is only around £6mio, I can see ADV moving back to say 1.5-2p as a start and higher thereafter. The reality is this is just a guess at this stage and nobody really knows, we have to wait and see what happens.
the company has not stated its over
The Buffalo-10 well is being drilled offshore Timor-Leste in the TL-SO-T 19-14 PSC in which Advance Energy holds a 50% interest.
where in the rns does it say its over or a duster
I can understand where SI is coming from as i'm in the same position which is why I'd like to know where the timeline is with the other projects. They were in advance stages, so the funding may have changed IF Buffalo is out of the picture but not impossible as many companies in the O&G sector start out this way.
I still have no issues with the BoD, they worked from dataset, (which I still can't believe could be so out), and the independent analysis done through DUG with the 3D Seismic on an existing producing basin.
As SI states, another funding/funded project and we're back in the game and yes 1-2p very possible.
It doesn't say it's not commercial or a duster in the rns, the well isn't finished with and so we could see the biggest sp turnaround in years.
Let's wait for the next update to see the full picture here as imo this is inconclusive.
Deltalo
Derampers don’t care because the price is on the fall. So they are taking this opportunity. Talking down more so they can get in at lower price
Also I do believe this is the risk/reward Align were referring to, as in reference of forward path for other projects....either that or they know more than us and have comms with the BoD.
yes mannnan,maybe calamari boss is loading uppppppppppp!!
at this price can not go much wrong now!!
6mil mcap?? with 2-3mil cash in bank!!
and a well which could start generating some revenues??!!!
Leslie Peterkin, CEO at Advance Energy took the opportunity to give an operational update on progress at the East Timor Buffalo Field spud to London South East investors. He was disappointed to tell our Natural Resources audience the rig has been slightly delayed and is still with Jadestone, but happy that it will happen and that it will go well and will almost certainly be commercial when the well is actually drilled. 'Technically it is as good as you get' said Leslie.
Advance Energy was created by an experienced team of oil and gas specialists in February 2020. The first acquisition for Advance is a 50% farm-in for the B10 well on the Buffalo Field on Timor-Leste, an island close to Indonesia and off the North West coast of of Australia. Advance raised £22M pounds for the buy-in in April. This shallow water drill is in a previously producing field and has the potential to produce 40,000 bopd, 50% of which goes to #ADV.
Leslie Peterkin the CEO joined us live from Geneva on the evening of 16 November to update us on the latest news from Buffalo.
Worth noting to all newish investors.. No one comes on these messaging boards to tell you the price is going down or going bust unless they want it to for personal gain!
yeah i used to fall for that when i first started sold at a loss because of the deramps and panic sold then watched it multibag on many many ocasions
Think Align are buying more in the lows here, as they were after more than 15M yesterday but broker could only fill 15M. Someones buying in 500K/1M clumps in the 61 range. MM's will keep it here until order is filled.
Australian-listed Carnarvon Energy (ASX:CVN) is excited by its projects in the Bedout basin offshore Western Australia following a disappointing drilling result at the Buffalo field offshore East Timor.
Referring to the recently drilled Buffalo-10 well in East Timor, Adrian Cook, managing director of Carnarvon Energy, told Energy Voice that although the campaign result was not what they had hoped for the company is now ready to turn its attention to their immediate projects in the Bedout basin.
Does ADV own any equity in Carnarvon company as a whole or was it only in 50% of the buffalo project?
Clearly if ADV holds equity in Carnarvon this has value, but even if only in the project it would be interesting what the terms of the farm in contract are. Surely Carnarvon cannot simply walk away.
Well I got hammered on the SP on Tue like many others.
What prompted me to rebuy 100k (shares not ££) is we have to accept there are no ii buyers: but 2 billion shares have changed hands.
Now maybe this is tinfoil hat but is there a possibility of a gambit at play? Company insiders knowing the SP will tank, 3rd party buys happening, then a 'its not as bad as we thought' RNS dropping and there's a rubber band rebound?
I'm not saying there's anything dodgy in that ; it was ADVs prerogative to be as vague or explicit In the 1st RNS as they wanted.
They're understandably gutted there's no golden goose, but playing the medium term game buys them time.
As we know from politics when you're explaining your losing so no immediate follow-up RNS isn't unexpected.
Any positive news WILL result in a bounce back in SP.
In the first 36 hours it was only cowless village idiots with 3 magic beans that would really have been buying this.
So applying the wisdom of crowds theory there have to be a lot of ppl who suspect there's something semi positive coming to shift 2 billion in as short a time.
Then again, I don't have a cow so I could be part of the 'bigger fool' brigade... Again :/
@amin yes mate. I will wait til see how the land lies before i get back in.
I didnt post on the day cos it become a troll fest..
Ive reviewed everything i did with my investment and time here and i must say i would do exactly the same again.
Absolutely gutted it didnt work out for us all..
sellers running on fumes now.
@jezz...good luck pal, i lost well into 6 figures.
time to get up and move on
I hope you and your family are well
The chairman and ceo have subscribed for £0.43 million of shares pursuant to placing.. Loads of skin in the game..
Adv paying up to 100% of b-10 appraisal well at $20m plus securing funding for 100% capx to 1st oil..
Knowing Leslie he's probably got his flippers and snorkeling gear on and is looking for this oil as we speak.
8 wells were successful of the elang reservoir..
@amin.. Thanks mate ive been kicked in the teeth a few times on AIM over the years and invest a bit more cautiously these days. This BB as been one of the best ive ever been on with some excellent posters so not only gutted for myself also gutted for others who have lost money. Just hoping they can turn it around for everyone still down here.
My dry January ends tonight :-)
I wouldn't say this to anyone in general, but scum like you muscles12 deserve to lose your cash, u might be gutted, but that's the best bit of news I've heard here today. The quicker scum like you lose all your cash, the quicker you'll be gone from here and getting back to your job in lidl lol
they had skin in the game but peterkins salary alone is 30k a month
the total boards salary is 400k a year, they still owe cvn about 3 mill aussie dollars, they probably have enough enough money for 1 years wages then its shell value. thats 0.5 mill
do the math, do not listen to idiots
cvn have walked away
its over