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As usual a lot of the 'sells' are actually buys.
That was when the oil price was much higher. COP has been 12p to 13p at current oil price levels. Mind you that's quite an image: old nick and the tooth fairy!
All sells and perhaps some profit takers. I e mailed the CEO again last evening and as always, received a prompt reply. He confirmed that his meeting with Egypts Minister for Petroleum was productive and although the details remain confidential, Mitch is optimistic about improvements in payment. Mitch also confirms, as I suspected, that the extended pipe line to Kenitra Central can be used for new clients. All looking good to me apart from share price
Once upon a time when the Tooth Fairy lived the price was north of 40 pence. Oh to be there once more !
If you read the December update, it states they are seeking a solution by the end of Q1, so unsurprising the discussion is ongoing. Knee jerk yesterday was over done imo.
Good RNS. But over a year of doldrums for COP has resulted in a lack of confidence and another sharp selloff yesterday with a 29% drop. This needs to have some confidence in the market so it can progress back to the 12p to 13p it had been. It's a long way to go and without confidence and further good news and marketing by Mitch Flegg it will take steps forward only followed by profit taking.
There must be an arrangement between both companies re the extended pipeline as COP have stated that they will now look for additional business in central Kenitra. The increased gas price will set the tone for renegotiating existing contracts. Re Egypt, we need to know how much is owed and what repayment schedule is in place. Mitch was in Egypt last week !! Re the debt, if Egypt can be resolved it will help. Finally, discussions still ongoing re Offshore Tunisia . All in all not a bad RNS
I am not concerned about holding this Company's shares. It has a great future and I am impressed with CEO. It is the financing of our debt which concerns the MMs. The slow/ late payments from Egypt are also a big burden. The latest RNS is good news re gas sales at a good price but we will not own the pipe so presumably cannot use it to supply others. SBS Porcher make sanitary products, shower trays and toilets etc, 500,000 per year. 0.35 mmscf/d at $12/mscf is about $1million/year. It all makes us more attractive to larger Companies looking to make aquisitions.
MMs maybe dropping price to encourage selling if they have a big buy order to fill? Seen this many times before in other shares.
I don't know, but the fact that discussion still ongoing is not good imho. we should have finalised by now but it may mean that IFC wants us to show "liquidity" such as small placing?? anyway, I don't know. but am surprised with the huge % drop today. am in two oilies, PTR and COP at the moment, though only small amount. larger holdings in JLP and XTR
is that the under lying message?
perhaps, those in the know are selling as they suspect maybe some placing will take place? I am surprised the discussion with IFC is still ongoing, i would have thought it has been finalised by now.
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agree... this is crazy. I'm just watching in amazement!
more gas. more deals...why the drop
Good find steelwatch1 - the article as well as the oil and gas. :)
more oil and gas from this field. It a huge cash cow. and at an operating cost of $4.4 per barrell..
lots of trades and bid/offer changing very quickly, both ways. The share is back on radar again with much greater greater volume of trades and that is a good thing. Lets hope for positive finish
Why are u worried. Little down for now will much higher later.
Yep, drop back down and friday will be a random memory
Just before the Monday open this is the first time in a long I have been interested in the direction of COP. I will probably be disappointed again .....
Sound's offshore Italy licenses are literally dead in the water, unless they can get a permit to drill from land and deviate under the sea bed. I'm not holding my breath on that one. I don't see them getting together either. I just watched Malcy's interview with Mitch Flegg and he seems like a solid CEO who won't be panicked into distressed sales like Petromaroc had to.
2 onshore & 1 offshore, but as a shareholder in both, I don't see them getting together. Incidentally, SOU has 2/3 offshore licences.
I see that COP's Tunisian assets are offshore. James has said that Sound are an onshore focused company, so security situation irrelevant.