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Be interesting to see if folk hold off in the morning hoping to get an even bigger bargain or whether 0.5 is January sales price, all the way back up to 0.75.
Looks like it bounced back up to 0.7 pretty quickly. I nearly had a heart attack!!
It might be 0.7p to buy if you want to but it is 0.47p to sell - and probably less in the morning.
Looks like Google has an UT
It closed at bid 0.45 /ask 0.50
Why on Earth do the company post things on social media, when they know they are about to drop a very nasty RNS just before market close - erodes any remaining trust.
Yeah I see it has corrected. My Trading app did the same, back down to 0.5. Not too good.
Derry I do feel for the person who scooped up another 500k shares and the trade executed a few minutes after the RNS was lodged - really bad timing!
If they have bad news to give, I get that, but don’t hype the market up only hours before you give your shareholders less than pleasant news!
They did this with the peaker plants and battery metal projects a few years ago.
Well they haven't said that it doesn't flow - or not in plain English - but then they certainly haven't got it to flow as yet, despite trying quite long enough. Maybe in another 3 or 6 months they will work out how to get it to flow.
It is a complete and utter farce.
Yeah I remember to my cost! Thought it would be a different story this time as SK was an absolute thief and had confidence in these guys.
Hopefully a blip, but not sure I can take much more of this.
Sadly like RGM in different clothing
The share price was around 0.25p before the drilling started and it looks like it may test that level again tomorrow.
Yes I remember you and still see some familiar faces(names)on this board.
Happily I sold out the vast majority of my shares some time ago, I have a very very small amount here purely for interest.
I wouldn’t have the b&115 to have much in this company now; we seem to have completely pivoted our business model and picked up new ‘assets’ for peanuts and it felt like Groundhog Day. All the while, we have a financial backer, willing to keep pumping money into the company at double the current price - nothing is ever that easy or straightforward.
No doubt someone will twist this around to make it look like everything is okay and it is still going to flow. It might - but then I may well wait to see confirmation and flow rates in black and white before chucking any more in here.
The whole thing has stunk the whole way through as they have taken so long to drill 2 very simple 800-metre-deep drills and then carry out a simple flow test. So far they have spent just a week short of 7 months to do just this.
As I have said several times along the way, I hate to think what sort of a bill CRCL and the other partners will be sent for 7 months work. It will be huge.
Also we don't want to expect to hear anything from Mr Karam - he is far too aloof to waste his time speaking to shareholders so it is now back to a game of trying to guess exactly what the f*ck is going on.
I similarly have a small position compared to some on here and have averaged down significantly over the past year and only need 0.85 for break even, but had hopes of much higher.
Still don't think 1p is completely out of the question, however it looks like it is going to be a slog.
I hope you get your 1p Derry!
I remember an article on the coming years ago talking about the value disconnect and wanting 13p (when we were at 1.5p)
Now I see some on here hoping to achieve 30-50p in the next 18months?!
What will be will be, but as another member has said, if they’ve taken 7 months to drill 800m holes and the license/holes were picked up on the cheap, perhaps it was known by other oilers that this isn’t producing anymore. The fact they haven’t come out and explicitly said that in the RNS doesn’t mean it’s not a duster, they will probably give that news in the autumn, before announcing another plot twist
Goodness me I wasn't expecting a late RNS, have read it several times today so far. Its a hard one to interpret for sure. They say they're having difficulty flowing TO-14 yet are competing the well not abandoning it? They continue to test the most productive zones, the well testing continues and they haven't started testing TO-13 yet, weather delays etc. They're also progressing the engineering work too. As well they retain their position on the recoverable from the field. Its just a pity they didn't mention how much of the well had been tested and how many of the "productive zones" remain untested. It leaves more questions than answers compared to prebivous releases. But reading it several times suggest everything is still ongoing at both wells.
Regards,
Ed.
Ed.
Good to see you comment this morning.
A number on Telegram have commented on the bad timing of the Rns . A little under 30 mins from close of trading. Also like you said they should have expanded more on operations. But a number said it was oversold yesterday. Its unfortunately another wait when most of us expected quick movement during 1st quarter. I topped up just after 8.00. Only 100000 at 0.48p. Im gonna see if they reported it as a sale of buy.
Keep posting please.
Yeah maybe they released the RNS at 4pm on Wednesday night, because it is actually good news for the market, and everything is right on track, and they are just allowing all their friends to get in on the cheap before this rockets to 36p.
Certainly not good news.
Morning Ed,
It was a shock to that kind of RNS for sure, no one saw that coming .
Considering work is ongoing and they still have to test the other well, it seems an overreaction to me.
The market cap is now only £8mill .
Thanks Nige
Morning Sienna,
I even said yesterday with the declining volumes of trading on the run up to Easter I wasn't expecting an update until next Tuesday. Imo they should have held off as the RNS is inconclusive. It suggests they need an engineering solution to test the most productive zones in the well so testing is still ongoing. They haven't said specifically if these engineering solutions include a sidetrack, if it were mechanical failure or a well integrity issue. RNS is very vague, but it sounds as if there are still untested zones down there for whatever reason.
They currently have £9m in undrawn notes and are in the process of selling those Ni assets so still remains cheap in my view currently. The fact that they're still planning on well completion suggests its far from over yet and the market sure does like to overreact at times. They should have really held back under the cover of the operator until they had a clearer update of what is going on.
Regards,
Ed.
Is that Sonangol's friends?
Or were Sonangol asked (nicely) by Corcel to bring out a progress update on the well testing late in the day and to make it a very confusing and poor update 'so their friends could get in cheap'.
Some bonkers posts and theories here.
ART you might not have noticed that my post was entirely sarcastic! And I was humouring those on here who seem to think all is rosey and nothing could possibly be wrong here.
Sorry Sniper88.
I did not read that as being sarcastic though I can now when I reread it. To be honest there have been far too many bonkers posts here since the RNS was released to know what is going on.
Maybe posters are just being sarcastic when they post that they are 'buying more' or 'topping up', etc, etc
No worries, I genuinely don’t feel like many here can see the wood for the trees.
IMO the RNS was deliberately vague to tick the ‘updating the market’ box with ‘we might have a problem’ but confusing enough to be fooled into buying more in the hope that they interpret it the way the main market is clearly not…
8M market cap isn’t so cheap if you have licenses no one else wants, dry wells and have a board that pumps upbeat and confident news coming soon on social media, only to deceive them with the real ‘bad’ news, hours later. Each to their own I suppose, but how people have money in this stock the equivalent value of a nice detached house, boggles my mind, they must know what we don’t