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After a crazy 24 hours, who's still in this thing to try and get anything out of it?
Morning everyone. Yes a crazy 24 hours. For me the unexpected part was the cash levels I did think we would have more. The rest of it was it a surprise, not really. Personally I’m staying in I don’t want to take a huge loss and I would if I sold now. I think we still have some real muscle involved here that presumably did their due diligence before they got involved. Do I think we will see 50p in the next year No, do I think will see higher levels from here Yes. Someone posted yesterday and excuse me for not remembering who but at these levels a penny or two rise can make a huge difference to your losses. Everyone needs to do what is right for them. GL everyone
Solid post!
I'm on the same wave length as you. I think the cash in bank was the biggest shock yesterday. Everything else was a no brainer in the current climate.
I can't see it reaches 30p anywhere anytime soon even in the next 18 months unless something short of a miracle happens with schlum partnership or bago.
There is definitely room to improve positions as 100% penny stocks give you an opportunity to claw it back quicker
I imagine the missing money is the cost of the field processing facility required to enable production. I have been wanting to ask if anyone knew the cost of this for a while but refrained as I knew the resident ramper and his followers would have seen this as me being negative and no doubt one of those shorting bashers!! I am surprised no one else asked this question, and also surprised Bloe didn't announce how much it cost! Had they done so the cash level revealed yesterday would not have been a shock, so you cant help feeling bad communication has yet again caused further problems than being up front would have done!!
Alexa191 I could not agree with you more. At some stage this will get pumped again for various reasons so even that will give you a higher exit price than here. For me I just don’t think it will take an awful lot to get this back to 4p at some stage. Yes way down on what people hoped for I was a 20p a share man but would people take 4p at the close of today. Of course they would and that would make my share account look a lot better. So much still to play for that has been mentioned so many times. Once we start receiving some decent revenue through the gas the fear of running out of money, huge dilution etc. will change and hopefully a recovery will follow. Some good posts yesterday from both for and against sadly they get lost in the hysteria.
Spot on.
The costs wherever spent are surely justified. There's some big players in this stock as major shareholders and the board have some big weight guys in the AIM industry.
I just cant see them burning all that cash for no reason...
Maybe I'm wrong haha
I would be happy to get to 4-5p which i dont think is insane at all
SimonT very interesting point about the costs of the field processing facility required to enable production, certainly yes if that is the case it would have made a difference in my book. People were just taken aback about the cash levels and for me it was that in the main that caused the substantial drop.
Also don't forget current oil prices, as soon as the mess in the east is sorted, sp here will rise as does the price of our stored oil. How long it'll take to get back to previous highs is anyones guess tbh... depends on 2 mitigating factors, (i) Negotiations between Saudi and Russia (ii) Removal of world Pandemic status.
Bladey yes I just think at the current SP for me I wont sell but I understand why some have just not for me. As I previously said this will not take much to get back towards 4p in time and with penny shares that is a huge leap from here. GL all and stay healthy.
This is me being logical and I agree with Hustler12 too. The costs required to get any Oil to a reasonable amount seems to be off the cards now, unless the the we have another virgin mary soon.
But there are external factors that once improve will drive this back to 4-5p within the next 3-6 months. I can see why people who invested 10p or more are ****ed. This wont reach the 52 WK high of 17p anytime soon. I wouldn't be suprised if it took 12 months before we even breached 10p at this rate.
Im holding out for 5p.
Hustler12 speaks facts and his posts were lost in a thread of chaos yesterday.
I have taken my finger off the pulse here in recent months, does anyone know whether Bloe have any work contractual commitments in the next 12-24 months to comply with licence conditions?
If not they could get production up and running then hibernate on a skeleton staff for while to aid recovery!
Yes i'm agreeing with you.
I'm holding out for 4p to to salvage something
Cheers Hustler, if that is the case it's a big positive.
Hustler where are you getting your gas revenue numbers from? All I see is a gas production of 1 mmscf/d quoted which is way too small for commercialisation particularly as it will steadily water out as is always the case. For gas sales contracts you need some guarantee the gas will flow for more than a few days. I still think oil is the only hope which means a farm in to cover new well costs.
Hustler ,Yes thanks I saw the bs in the RNS I was hoping there was more info. But gas sales won’t work for long on a wing and a prayer like that. Gas production needs to be properly tested before commercialisation and the contracts adapted accordingly you can’t just plumb it into the network and hope for the best. Particularly when the water it is rising rapidly. It’s all just so shonky. Where’s the evidence from Block that the 1 mmscf/d is likely to be a) constant flow, at least for 6 months or more and b) economically viable. As I’ve said if the gas market was real then the Soviets or Schlumberger would have done it already. Gas is way too complex for Block.
24hours + on and posters are still whining. If you don't like the company, then sell your shares and invest somewhere else. If you do like the company and hold shares, but don't like the way PH is running it, then voice your issues at the next AGM. If you like the company and appreciate these are tough times - see Malcy's blog from yesterday, then this may be a good time to top up and average down. I have done so.
It’s all of the above (below) Jt thanks for the recap
Question is is the asset rubbish and therefore let’s all exit or
does the asset have merit and has been screwed up by the
Management. If it’s the latter then maybe there’s still a chance of making something here. I think the ramping deramping options to make a few bob are over for a while so we may as well look at the fundamentals.
I just don’t think gas is the saviour.
Off topic but maybe in those 24hrs + people should have been researching Pharma companies such as AVCT who today announced they were going Co-Develop Test That Can Diagnose Covid-19 In Minutes. Shares currently up 80% on that news.