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Just looking at SDX Energy take on the two wells (10% ownership I believe) "Al Amir SE-23 Well: Al Amir SE-23 (AASE-23) was drilled to a depth of 9,900 feet where both the Shagar and Rahmi oil reservoirs were encountered. Log analysis indicates 23 feet of net Shagar oil pay and 28 feet of net Rahmi oil pay. The well has been completed as an oil producer in the Shagar and has flowed on test light 42.2⁰ API oil at a rate of 3,860 BOPD with 2.55 MMSCFD of associated gas." And from 27/04/16 update "In North West Gemsa, completed seven successful work-over wells and spudded Al Amir SE-23 development well, which was completed and tested at 4,080 BOE/D in February 2016; " Al Amir SE-23 brought onto production and Al Amir SE-24 development well spud in February 2016, with results expected in late April/early May 2016; The 800 BOED stated by Circle in Feb 6 seem a little under stated ?
well Peel Hunt and SP Angel ( neither house brokers) seem to think that this will recover and have done for a while now. I agree, assets value far in excess of debt and oil price now stable with most experts expecting nearer $60 by year end. I think that if sold this will have a value of upto 10p per share and a full buy out is possible here.
I am not here in a big way like some in at just under 5p but looks like this stock is dead in water no a word from management, last bit of good news did nowt for SP. think I need to wave good bye to this cash. unless someone has a positive to this stock??????????
The usual excuse elland. They have said little even when they can. The Strategic Review better be good.
I e mailed Mitch yesterday for up date on Egypt production and arrears plus pipeline extension to Kenitra. Although a polite and speedy reply nothing forthcoming whilst the Srategic Review completes. As usual PR letting COP down
Am I missing something? What's so important right now?
Very quiet now for such an important time.
The price has risen, yes. Marginally and from a very low base. But the concern with COP is the inability to move with the current good news in the oil industry. Almost all oil companies are doing a lot better with the higher oil price and with the efficiencies they have developed since the oil price crash. But COP isn't budging. It just isn't. 2.5p when it was at 13p at similar oil prices a year ago is just difficult to understand when other oil companies are reacting to the improved oil price. COP just isn't. Other oil companies have debt and yet they are reacting to the higher oil price. Other companies have there other problems but they are still improving their share prices. COP just isn't.
The lenders seem to have the upper hand currently.
If Moroccon assets sold we will lose our guaranteed income. It cannot happen. Take out Morocco with the rest or not at all. The major shareholders wouldn't vote for it. The Lenders however may do.
Unfortunately Circle Oil can't negotiate from a position of strength at the current share price. They may have to take what they can.
I am sure they are interested in the assets and pipeline in Morocco but why sell our crown jewels ? We would ideally want to sell or farm out the Tunisian assets or the Egyptian fields. Whatever, something going on here and expect an RNS soon
I wonder if sound energy are interested in our assets?
I agree with you there Stockdale. We have an ill patient here which some would have us believe is terminal. I still think that common sense will prevail and Mitch will sort it out. Too many good assets and Oil Price now well above the recent lows. I would like some more news on the Egypt repayment schedule and what is being done to clear the obvious arrears. Perhaps Mitch can up date us on this. The extended pipeline to Kenitra in Morocco is due the start in May. An up date here would also be helpful
Hi elland. I'm not really monitoring COP too closely at present. It has been in the doldrums for too long. Can't think of any particular reason. Could be a fund manager has noticed COP's low share price and has bought in. After all the fundamentals have changed little since a year ago when the sp was around 13p.
Hi Stockdale have you seen todays buys ? Looking better, I wonder if any good news has leaked ?
I sold hoping sp will drift over coming weeks as don't expect anymore news until may and if it does I be back in but if it does rise I won't be disappointed as I got my money back and little bit extra.
In fact Peel Hunt and SP Angel are putting target prices of 10p and 11p on COP. That would be reasonable considering the position nearly a year ago, despite such an apparent large possible jump in price. Mind you I don't blame John for selling. This share has been stagnant for many months. Come on Mitch Flegg extract your proverbial digit.
We need a special rns on this. With the buy/sell spread of 0.5p at this low price and 1% transaction tax this will only move back to a reasonable price with substantial good news. Less than a year ago last May, with oil prices not much higher than currently, the share price was at 13p. That puts the current blip up to 2.45p in perspective.
its crazy isn't it,I sold at 2.50 as the rns was nothing special but could not refuse the sp rise.
just to prove the power of the MMs. More sells that buys today but RNS has resulted in a 17% rise.
Well something going on in the background that's for sure,glad that sell popped up,at the end as proves all the .075 trades and above are buys.
I think RNS first thing tomorrow and positive news at that
Lets see what happens tomorrow as last day of trading before the sixteenth .