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Fully funded, no dilution, back up to c 2p imho
.....and nothing happening for at least 18 months
Same for most oilers yet they are off to the races and mostly with wrecked balanced sheets and no decent prospects. Excellent prospects and fortress balance sheet here all sat at net current assets per cash per share. If they can go boom this can go supernova. BTFD This is a major gift.
At the minute it’s just a cash shell. Better prospects out there short/medium term. Oil industry is wrecked at the minute and drilling wildcat wells is not the bravest thing to do in the current climate. Hope SP sustains this level but PIs will become bored of lack of news, little volume on day to day trading and the the SP will suffer. Hope I’m wrong.
The negative arguments are the same as those on the JOG board before it did 140% off net current assets per share the other week. No drilling planned there either for a while.
Near term catalyst will be licence awards. Be interesting to see if they get the one they applied for with the “international operator”.
Phoebus- JOG own 120million barrels of oil..
140m.
Exactly. Cluff have zero
And now compare CLNR to most of the rallying shyte on AIM. It's way better from a prospectivity, drilling and balance sheet perspective. This is a gift of an entry point as the sector recovers. The fact that there is so much pessimism and disbelief is usually a sign writ large that it's time to back up the truck.
Probably the same over at UKOG this morning.
I'm more than happy to start building my position at these levels. Once it start to move it will go in big leaps and there will be little stock available.
Hope you’re right. That’s what folk thought at 2/1.8/1.2p
CLNR wasn't at cash per share then and sector wasn't in recovery mode after a huge collapse. Way better value at these levels.
Guys, are we happy now that they explained the reason for the office move? Or do they need to bring back Sooty and Sweep as IR contacts?
Can't get quote for more than £1K at 0.7p.
remember they don't have a partner, we do. they depend on higher Oil price to justify viability and have, as yet, an un-quantifiable funding requirement for infrastructure and production platform.
They will only be spending money for the next 5 years until 1st Oil and then cash surplus in 2026 and we are where we are (SP)
It is good to see we are making admin and operative savings, just a pity the Execs have not volunteered a pay cut as many other Execs are doing including Shell's CEO who is taking a 50+% pay cut
gloster a simple sentence added to the original RNS ( Office move) could so easily have avoided the sarcasm!
Sorry forgot, Shareholders don't own the Company and are not entitled to know.
Bought a small handful at 0.77.
GLA.
Just seen the rns pretty much as expected really
Dewar forget it
Selene the can well and truly booted down the road
But 2252 looks to be a goer as the OGA will hopefully put their foot down and make it happen as per the licence agreement
I think we have hit the bottom for now
The only fly in the ointment is the prospect of another placing with permission granted for yet more shares to be issued
I was worried you were in Woking with your pitchfork and torch Mike.
That’s the part that unsettled me too but I’m just pleased nothing has changed with our partnership with shell, undoubtedly our biggest asset.
Very unlikely they will place until shares ramp higher as drilling approaches and this will be mulitples higher by then. Plenty of cash in the bank for a long while yet.
Phoebus /purple
I thought the same at 2p