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Https://x.com/corcelplc/status/1777984873774387386?s=46
▪️ Corcel is laying the foundation for a material growth story, backed by low risk brownfield onshore oil assets in Angola and high upside transitional metals projects.
Read our full presentation here: buff.ly/3OZfjbt
Yes I am. They would have moved on by now otherwise . After 50 years in the game and the biggest Oil operator in the whole of Africa , they have a reputation to uphold so wouldn’t waste time carrying on if they didn’t think there would be huge rewards just around the corner imo.
Are we still optimistic that news flow will be positive on this drill ...or should I say oil flow ...??
Https://www.ogj.com/general-interest/article/55016979/sonangol-lets-contract-for-lobito-refinery-project
“One of several strategic downstream developments under Angola’s national plan to increase domestic crude processing capacity to help reduce the country’s dependence on refined products imports, encourage increased foreign investment, and create employment opportunities for Angolans”
Aaaand the Mm’s fishing session is complete
Yes, someone is desperate for £11K ! that holding was worth over £40K just a few weeks ago and imo expect it to be well past that as soon as the expected news drops and day now ? GLA !
Lol it goes nt for more than 4.5 grand of shares and people sell on them dropping the bid 😆
Bladey,
Very true, they're a large very successful company. No one will know more about the geology of Angola both onshore and offshore than Sonangol and absolutely it continues to be positive that they continue to test the well. Once they are in a position to update they'll do so. Given the drilling results of TO-14 they'll likely do everything at their disposal to get the well fully tested.
Regards,
Ed.
Sonangol has been in operation for nearly 50 years and has a wide range portfolio with all the experience that goes with it. So they know how to overcome obstacles. IF they thought flow rates were irretrievable, they're not going to waste their time and just say they working on a problem IMO, they would outright say this isn't happening!... again all IMPO!
We await their completion of works, that is all!
Guys,
Agreed. The only info CRCL are allowed to release is that approved by the operator. That's all they were able to say, did CRCL request an update on testing just to add to the interim results? Perhaps. Since the update has generated more questions than answers they could have just said testing ongoing in the results. Was the Mt Weld update put out to coincide with the Angola update? Again perhaps. We have know for some time that the Mt Weld grades weren't as good as the initial results from Canegrass for example so that update wasn't totally unexpected either. Hopefully Sanangol will approve a more comprehensive update on the completion of TO-14 once testing completes and then they can move over to TO-13.
Regards,
Ed.
Thank you smkr: at least my gut feeling was possibly aligned with others.
Yes Kenyan. When they dropped the bid earlier into high 30s you could still only buy just over 1.5m share before nt at 0.42. Right now there’s about 12 grand available then offer is up near 0.45. I feel they’re still clearing something but also it’s slowly being taken
If only I had invested into the right company and it went to 20p within a few years....I would be super happy
Hi Ed,
Thanks for the explanation.
As you say, there wasn’t much info given so hard to determine what is going on.
Dan made a good point in regards to the RNS, it did look rushed, so I wonder if Sonangol have given the company a brief update and they just used that,
Maybe it was only issued as the company had to provide some kind of update in the half year report?
The Mt Weld update was also issued same day, maybe for the same reasons?
Thanks Nige
Thanks for your view as always Ed. It's safe to say that initial update looked rushed, purposely vague and was probably written by Sononagol who have no Investors to update. We need a further update, however I suspect they will wait until the flows are concluded to prevent any further collapse in the sp if work is ongoing. The biggest loser here (we're all losers) is Extraction. with an average of 0.80. The question is, will they release both sets of slows together.
Hi Nige,
I'm good hope you are too. Good man, its always nice to get away for a few days. Well without being informed it could be anything really. Could be a well integrity issue, could be a blockage around the perforations shot to date, could be some sort of intervention (acid squeeze or the like) on the part of the well perforated, could be a compartmentalisation of the bottom of the reservoir that they may need to sidetrack to get beyond. Could be any number of issues, but without the information from an RNS its just guesswork. We certainly need a more comprehensive update at some point regarding the flow testing. People had a knee jerk reaction on a sentence in an RNS that didn't give much in the way of details. Flow testing of TO-14 remains ongoing.
Regards,
Ed.
Regards,
Ed.
Thank you Siennaj and Edgein for your responses.
I think there was a concensus last week mentioned on Telegram several times that there was a large buyer around but the feeling he / she wouldnt pay more than 0.4p. So that may be the case?
Kenyan,
They sure were filling orders last week at 0.39p, they may have more at this level, depends on if they are able to hold the price. We'll see if the price responds to buying later, we'll find out in due course whether they'll have willing sellers to fill any orders placed.
Regards,
Ed.
Hi Ed,
Hope you are well.
We have been away for a few days but it doesn’t look like much as happened.
In regards to trying to sort out the issues with the current testing, what do they mean by “ engineering solutions “
Thanks Nige
I'm thinking they are trying hard to get sellers to transfer to a waiting buyer at the 0.40 level.
Does anyone else concur?
Thanks for any replies.
Hi Luke,
That's possible, we may see some ISA loading going on here again over the next 12 months. Would be nice if we got another update on the asset sale process as we await the flow testing results on TO-14.
Regards,
Ed.
I wouldn't be surprised if we are waiting a good few months for more news. As Dan says, I'm with him that good news may not bring a substantial material increase in price. It is true that if we reach late quarter with oil around present prices or higher and production, we might make more then anticipated.
Very difficult to say Joe, there are a lot of If and buts. However going on how poor the markets are I wouldn't expect to see more than 2p with a good result. At .80 there was a good chance we'd see considerably more but unfortunately that poorly worded RNS has weakened our position.
In your opinion, if the flow tests were a pleasantly positive surprise, how far could the share price go up? Possible 10p or 20p??