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If that seems a little harsh on Mitch it is not intended to be. Mitch came in less than a year ago and has been working hard to sort things out. However the company may just have been saved from oblivion but the very long duration of the low share price will now be driving investors away without attracting new investors. His recent visit to Egypt to improve relations there, the improving situation in Morocco and the possible impending farm out in Tunisia may all be good but the share price has shown a recent blip upwards to a lowly 4p on 5th February followed by the now inevitable sink back the current 2.5p. The market needs to be convinced.
Mitch went to see the Egyptian authorities recently. If he got assurances at that time he should make them known to investors and the market. SB may have been a trouble maker but there are some court cases with disgruntled previous employees. If those cases are genuinely insignificant that should also be stated with evidence of their insignificance to investors and the market. The current share price is around 20% of the relatively low figure of 12p to 13p less than a year ago and little over 5% of what it has been in 2005. This needs action now.
Well the Court cases didn't materialise and I never believed SB and his obsession with them. The problem here is CASH or perceived lack of it and short to medium term funding. The market is worried about the possible need to raise cash from shareholders. I agree that Morocco looks sound but we are unaware of the situation re cash owed from Egyption Government. The life saver here would be Tunisia and its encouraging the discussions on farm out continue. Mitch, we know you read this board, please try and allay investors fears. .
This share price has sunk very low and stayed very low since the middle of 2015. It really is about time some confidence was put back into the market for COP. There was real concern in mid January that this would go the way of some other smaller oil companies. It hasn't happened, yet. But the very long period of such a low share price is a real concern. To the extent that some are pulling out of COP, even at substantial losses to the seller. The gas production in Morocco, oil and gas in Egypt and the situation in Tunisia should create confidence in the market. It isn't happening. Why not Mitch?
I have checked the Major Shareholder page on Morningstar website and the 2 million sells last week were Aberdeen Holdings who have reduced holding to 3.08%. Still over 3% hence no RNS. In the meantime some decent buys today so far.
You may feel an email to Mitch Flegg coming on. :-)
Well no more big sells today Stockdale so maybe a one off frustrated investor, as you said. We really need some positive news here to alay possible fund raising fears. I want to hear more on the Egypt situation ie exactly how much is owed and what are the repayment schedules ? In the meantime Tunisia farm out discussions still live and they will depend on short to medium term oil prices.
Just someone losing patience. This share price has been down for many months and I think there are some who are just walking away.
Someone reducing here. 2.2m shares sold within 24 hrs. Watch for RNS
Lots of words and promises but little action so far. A freeze at January production levels means a continuation of production exceeding consumption. But COP is really reliant on internal problems within Circle Oil getting sorted. No further word on the court cases which have held down this share price for months. They need to be dealt with and removed so investors can see a company in good shape which is worth investing in.
More to do with the oil price this morning. Meeting between Russian and Saudi ministers about oil production cut has pushed up the oil price.
The way the share price is going are sure signs that it's heading towards 6p.
I assume that all the 2.89 trades are buys not sells ?
The news lines are pushing the buy ratings. Not having much effect though. There should be some more news soon. Whether it is 'imminent' or not I am not sure. There has already been good news which has largely been ignored, except for a small spike of the share price above 4p last Friday. The oil price is up 4% and COP is so way down in value you might think the latest news in Egypt plus the 10p gas contract rate in Morocco and all the other things Mitch Flegg is dealing with would have some positive effect on the share price. Instead it is still down below 3p.
and oil, this is showing positive signs and good buying today,,,new imminent
The whole market is down. Money is flooding out to who knows where? Gold? Under mattresses? COP may benefit a little as Circle Oil is getting back on it's feet with Moroccan gas and Egyptian oil and gas, with the latest find in Egypt - as long as they get paid for it. So COP is a good bet for at least a small amount of any portfolio. Good chance of a big rise with little downside risk. The oil price has already been factored in to the share price and they are getting $10 for gas regardless of the market price.
Don't be fooled by the 'buy' / 'sell' indication. They are often wrong. The share price and spread figures have fallen back so there must be some sells.
all buys this morning. something is brewing
12% up now.get in !!
on the move now
2.75 to sell now and 2.9 to buy. somethings up
broker rec yesterday. some sneaky buying this morning already.. is the financing sorted I wonder
Reiterated buy yesterday at 10p. Despite RNS worries re funding.
Still a bad day again Stockdale. We need more positive news and perhaps a suitor who can spend some money to take advantage of the obvious potential. I feel sorry for the current BOD as they have inherited debts from the adventurous previous CEO and CFO neither of whom did us any favours. I believe that once oil price stabilises we will see some take over activity in the O&G industry and COP must be an ideal prospect. In the meantime good luck to the present board who doing their best.