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Certainly not good news.
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.
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.
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.
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
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.
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.
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.
The share price was around 0.25p before the drilling started and it looks like it may test that level again tomorrow.
Sadly like RGM in different clothing
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.
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.
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.
Yeah I see it has corrected. My Trading app did the same, back down to 0.5. Not too good.
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.
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 it bounced back up to 0.7 pretty quickly. I nearly had a heart attack!!
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.