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and a fairly steady share price so far this morning. There is almost certainly some shorting activity here, and it may be early days, but as good a Monday morning as could be expected.
We need a moderately good RNS in early October. 151 and 141 flowing would be good. Any news on Yelemes would be helpful. Some flow, even if as yet uncommercial, on the deeps would be great.
Bought a couple of grands worth at 1.80 this morning, given the poo poo day we have had this could have gone down a lot more.....
Same. The shorters have a short attention span and will get bored and close by friday and move on. Operation wise they have tenders out in excess of $2mil. So things moving on the ground. Plently do with 8 shallows and 4 deep wells.
If covid gives us the excuse with the kaz state to delay drilling obligations then I take that as a positive. No point in drilling A9 until we have flowed existing deep wells or found a partner.
143 flowed at 1000bopd intially and 144 at 700bopd. They sustained these rates for a number of months.
I'm hoping the same from 151 which will give us the much needed cash boost.
Adrianz, re the gas on 151 as this is the top of the structure it could be a large deposit with migrated gas from lower and sides, under the flare licence could the problem be that they cannot flare it all without breaching the point of Gov't fines ?
Never seen this one before in an RNS - any views ?
I've learnt not to deduce anythng technical from what Clive writes. It's always wrong. They have an annual quota for all 20 wells to flare. We'll be ok as there is only 3 this year.
The question is can they flow it? Probably. Their team has a pretty good shallow track record not just on MJF but on Yelemes too.
If not, as you say, plop.
If people are selling at 1.60 what price did they buy them at ????
The ones selling are not losing a lot to be fair, wrong time to sell, if this drops to 1.5 there will be a flood of buying imo, me being one lol
gritster, it's short sellers ... they control the price and the narrative now.
Ok Ad cheers.
I'm longing for this shorting to be over. We were last at this share price when the oil price fell through the floor. Clearly the sp is currently all about the interests of the shorters and nothing to do with the actual value of the share. Irritating, but nothing we can do about it - we just have to wait for them to go away.
I am sure shorters will be burned away when the news breaks about the deep well which has been seen flaring for a while.
Is it possible to short shares like this ?
Where is the evidence this has ever been recently shorted ?
When I was with IG, you couldn`t short anything
with a m/c under 50mil, even then they were picky,
might able to spread bet?
put a sell order on all your shares for 20p. depending on your broker that will take your shares out of the lending market.
RE Gas and Clive's statements - good point's i'll ignore the gas flare.
MJF they are the nuts of a crew, they understand the geology, very good COS on each drill, 151 could be a dud as can any well, in which case 1p ... imagine buying these at 1p ... lovely business... back to reality unlikely with heavy hydrocarbon shows ... could see this bounce back to 3p .... could ....
And if you like near term shallow quick drills with good COS then UJO is a billy bargain today ... rig is on site - 2 weeks to drill it plus an extended well test on their last drill that was meant to hit just oil but instead hit 25 m gas and 40m of oil .... so need different kit to test it on .... thought I'd throw that one in here .... too much gas to flare off at UJO so they are looking to produce from it ....