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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??
I think we'll be pleasantly surprised sp'wise this week tbh... Not sure about news though, but hey, U never know RockLawn!!
Can we expect a bit of news this week ... and a reise in the share price??
Yes Ed agreed. And I suspect that there will be a fair few piling back in next week at the start of the new tax year ?
Hi Sienna,
Did take some time off over Easter for sure, but otherwise patiently waiting for the flow testing of these two wells and beyond.
Regards,
Ed.
Ed.
Good to see you here.
Thought you were taking time out!!! Ha ha
Smkr,
Yeah it looks like the 4m at 0.39p was the last of the cheapuns. Hopefully Sonangol will progress with this engineering solution and get the flow tests for TO-14 completed. As the interim results suggested all still in play at the moment:
"TO-14 currently undergoing flow testing having encountered weather and engineering delays, testing work continues on the well with oil encountered and ultimate commercial prospectivity is yet to be determined."
Regards,
Ed.
Perhaps you are right...I don't know ..are we in a closed period during testing or are there other issues regarding share buying ...
Taking the option via a related party before results was questionable. A direct purchase now wouldn't be allowed would it?