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Last post: jdosso, 14 Jun 2024 22:53
Granted... stupid statement and absolutely nothing!
For the record, I'm not on the ship but I don't have a motive to making spreading idiotic statements.
What’s labour got to do with our assets ? lol
With all due respect I think someone is deluded.. If RNS isn't released on Monday, this is going to touch all time lows. If RNS is released at 7:00 it better be good, otherwise you'll be sitting on a sinking ship.
There will be no administration or suspension unless they want take this private. Extraction (co owned by AK,) has offered fund at 0.50, at the very worst they will reduce the offer price. They have shares at 0.75, administration. would be like a Turkey voting for Xmas. Take no notice of this lot, BarnetPeter didn't know the windfall tax applied to UK O&G.
Started: toploadermike, 11 Jun 2024 19:38
Last post: Foot101, 13 Jun 2024 10:59
Lets wait and see , hopefully some more news soon haha
Hi Ed,
Yeah you are right, it was still a very good deal for the price we paid.
Just been unlucky really, hopefully the new work that is currently being planned on the blocks will help solve the issues and production can start next year.
They must feel they have an excellent chance otherwise the consortium would spend more money on the project?
Let’s see what happens
Thanks Nige
Good morning Nige,
Easy to say with hindsight, but they got into Angola on the cheap and more than likely thought that Tobias and Galinda would provide first production. Not the case so far, but Brazilian gas production has been talked about for about a year or so. They do need to take their time too and get the right assets. fingers crossed they'll get something over the line this year.
Regards,
Ed.
Morning Ed,
Great post, thanks for posting the other company examples.
It makes you wonder why they didn’t take the existing production route initially?
Would have been a low risk option and they could have built up funds to buy other assets later?
Let’s see what the next move is, hopefully not too long to find out?
Thanks Nige
Luke,
Absolutely, these guys currently leading the company have been very successful.
Nige yeah production base would steady the ship for sure. Well some of the companies I mentioned, like SRSP for example had next to no funds, but contacts with AFC and Trafigura etc. They managed to acquire an interest in OML 65 Nigeria and finance the workover programme with other people's money, Now also apparently have acquired Tunisian production with offshore development potential and are pending completion of BP operated blocks in Angola with Etu as a JVP. Or another example SQZ managed to secure the mature Erskine field from BP in the NS for circa $21m, between the effective date and the completion date the field had pretty much paid for itself. Like I3E, SQZ then also acquired further fields through debt. So it does happen, Mr Karam etc has been associated with a lot of African banks etc. Even little TRP is apparently trying to secure bank funding in Cameroon for its appraisal drilling.
So we can just wait to see what scale/quality of assets that CRCL can get and how it would be funded. All those mentioned above were for thousands of boepd, doesn't need to be on that scale to make a difference to our £4m cap.
Regards,
Ed.
From unicorns and glory to .... well, dead duck!
And where are the Brazilian assets they keep promising? or is it possible that repeated reference to mythical Brazilian assets is just a carrot on the end of a never ending piece of string!
Well it's great to see the rise continuing ... let's hope it keeps going ...GLA
Bit Sarcastic Foot101
Come out ART, we know you're lurking.
The word hopefully is back
load up everyone lol
Another rise ,lets hope for some good news
GLA
Started: wilburylover, 10 Jun 2024 11:51
Last post: HD73, 10 Jun 2024 17:07
I always assumed it was 'kids' on trading platforms with no fees building up their portfolios (albeit slowly) with leftover pocket money.
I always assume its people trying to generate volume of trades to attract attention, but not sure in honesty.
Why are there so many small trades as most are worthless.
Sod off then, no offence.
Page 18 of the Feb 2024 presentation.
https://www.corcelplc.com/wp-content/uploads/2024/02/202402_CRCL_InvPres-1.pdf
- Complete well testing of TO-14 and then TO-13 (FAILED)
- Securing first oil and long term data collection with early production system (EPS) (FAILED)
- EPS brings cashflow generation in 2024 (FAILED)
- Work with operator to begin KON-12 exploration and development programme (NOW require $2MIL as per License terms)
- Establishing operator infrastructure in Angola for Corcel to operate at KON-16 (NOW require $2.8MIL as per License terms)
KON 11 are effectively dusters.. they cannot get the wells to flow in their current state. May need to resort to side tracking which means extra funds...
Go figure, it is a binary bet. Do you research.
Jdosso, no agenda in your post is there? Lol
This looks like a typical coordinated ploy to pump SP before the inevitable dilution.
Significant funds will be required to continue in Angola and line the pockets of the top heavy management.
Better hope CRCL honour their side of the deal with respect to the Mambare sale to release some equity
Started: Luke1, 4 Jun 2024 17:14
Last post: Edgein, 7 Jun 2024 15:13
Afternoon Nige,
Yeah hopefully they'll have the dual focus on some Brazilian assets soon. Production would come in handy, sooner rather than later. Others can certainly acquire good assets, AET a good example for Angola. So down to Mr Gilbert now to get us some production from one of his areas of focus. This crazy low valuation won't last forever imo.
Regards,
Ed.
Well its good to see the rise ... lets hope thios may move back up towards .3 soon...GLA
Champagne ideas!
Afternoon Ed,
Great posts today.
I think it’s good that they are looking to diversify into other countries.
We have been very unlucky in Angola but hopefully with a bit more due diligence it will work and be profitable in time.
Share price has fallen a long long way but there’s life in the old dog yet.
Let’s see what next week brings.
Thanks Nige
Yes Ed very true. The new team now have a fantastic opportunity to show us what they can do in my opinion. Onwards and upwards . Very tempted to load up more at this price . Gla !
Started: TK44, 7 Jun 2024 14:59
Last post: TK44, 7 Jun 2024 14:59
*top of the spike
.
The Company is also looking at further sources of capital which it will require to continue these developments. More dilution to come ?
Sorry KON and not KUN...........
It is what I said the other day before various posters argued that the company was either going to go into administration or Karam would take the company private. To repeat:
"Corcel will stay afloat all right. Karam and his Italian partner at EXT will make sure of that as they both have very deep pockets (as they have shown so far). But there won't be a buyout as they will just get an exemption from having to make an offer when their holding exceeds the limit, which is I think 30%. There are many companies on AIM where the Chairman or even other companies own up to 60% or 70% or more of the shares and have no obligation to take ownership."
I can't see much point in continuing to chuck good money at KUN-11 and KUN-12 though KUN-16 looks hugely exciting but will need quite a lot of funding. As for new prospects, they will cost money as well and CRCL does not have a lot of that and they can be a bit iffy as KUN-12 has shown.
"Meanwhile, the Company intends to host an investor event covering its current plans and strategy in the near term, with further details to be provided."
had a week to update on this?
The Company is also looking at further sources of capital which it will require to continue these developments.
Hmmmm…
Started: barnetpeter, 4 Jun 2024 18:08
Last post: barnetpeter, 4 Jun 2024 18:08
Someone dumped 7 million for 7K. Could have got £100 thousand for them a month ago.
Started: Siennaj, 4 Jun 2024 16:55
Last post: Sniper88, 4 Jun 2024 17:05
Unfortunately there have been warning signs for quite a while
On this dire situation?
I simply cannot believe only 4 months ago AK was talking about a future unicorn and now on telegram there talk of suspension etc etc
It's diabolical!!!
Started: Benchwarmer, 31 May 2024 17:10
Last post: Siennaj, 3 Jun 2024 19:15
Rockland. The "experts" on Telegram reckon a buyout is definitely not on the cards. Possibly Antonia has told them that cause I'm sure there's more than a few leaks with certain people in this bod!!!
Today this hit the lowest price ever. I am guessing the price will break below 0.1 on the way to 0.05. My advice is not to throw good money after bad but that’s for you to decide. People were rushing to add at above 0.2 and so last week are down even more. Nothing much left here and that’s it. So pleased I sold a load at above 1 p but most of profit gone now.
SP71 - yes we need to understand what has gone wrong here and what the plans are for share recovery .....
if they intend to drill again ,how are they going to fund it....
£80K .... buys and sells today ... not alot of money even for a tiny company ...I am sure from memory that there are posters on this board who have invested alot more than this in the company ...so it is crazy that this share should have fallen so much ... well who knows we might just get a turn around in the next couple of weeks or a bid from AK and co. GLA..
Good Question Plumbs.
all we can do is wait,they say they will hold investor event covering its current plans and strategy in the near term
im still in shock there was so much confidence from the BOD especially the video they did
GLA all Genuine Holders ,
Started: TK44, 3 Jun 2024 08:49
Last post: Sniper88, 3 Jun 2024 11:32
A buyout of what though?
Assets they bought cheaply and now having tested them are not flowing oil?
The company has burned through plenty of cash on a prolonged drill campaign which has returned nothing of note.
It’s nice to believe they may get bought out to get your money back here, but why would there be a buyout at multiples of the current SP?
I think we will see another raise very shortly for working capital and future drills (probably have to be at 0.1p) the way the share price is behaving at the moment.
Well could we see a buy out?.....
The share price behaviour over the last week or so, suggests the company is not in a good shape.
It also suggests that the premium priced fund raises were something of a smoke screen to those who thought it was an easy 2/3 bagger from here.
If something seems too good to be true….
Rubbish!!!
Don't soft you fool. Extraction are holding millions at 0.80, do you think AK is going to let that happen?
Started: lsetown, 31 May 2024 20:54
Last post: ROCKLAWN, 2 Jun 2024 15:18
Well let's hope we get some bit of a reward in the next couple of weeks ... a buy would do fine ...even at .5por a bit more ...
EXT was going to offer up to £8 million in convertibles before recent news. That is over 2 times our current market cap.
How much cash do EXT have?
Would they still be interested in this?
Started: Foxykiwi, 31 May 2024 16:29
Last post: Foot101, 31 May 2024 16:41
No shock after the first well fails
The optimists ( i sometimes wonder if insiders) will continue to talk it up and say "lets hope for some news soon"
Still keeping a small holding here but what a disappointment Corcel have been from the excitement of Mr Karam and the oil discoveries. It did seem to good to be true.
The way it unraveled with terrible comms was equally as frustrating as I assumed the new board were better than that.
If something seems to good to be true then often it is.
Good luck to those that still have large holdings
To turkey baster.... Oh well it was only profit I was holding so I'm out as they seem to have added a bit of porky spin to it.
Started: ART123, 31 May 2024 13:47
Last post: ART123, 31 May 2024 16:20
And obviously they won't have much trouble raising more cash. They can do the same as they did last time except this time the placing, heavily subscribed by EXT and the directors, can be set at a premium of maybe 3 times the current share price.
If anyone still has any shares here - and I certainly don't - then maybe if they ask EXT nicely they will buy them at 2 or 3 or even 4 times the current price. Anything is possible with this management - ask Mr Jennings.
I expect that A Karam and his partner at EXT will pay for all the costs. They obviously have very deep pockets and like to 'splash their cash' around generously.
Hi Ed,
Yeah that’s right AK has left the door open.
I wonder if Sonangol will help with the costs, as it looks to be their fault?
Kon16 looks to be the focus now, so any progress on these 2 wells will be a bonus?
No mention of Brazil in this RNS which is odd as they said it was near term news 4 weeks ago?
Let’s see what happens
Thanks Nige
Where does it go? Almost at the end now. Nothing left for shareholders. Money will run out. No one will put in more here. May be able to raise a few thousand out of a few mugs . Expect a suspend notice at any time. We had high hopes but this one fell at the fence
Nige,
Yeah certainly disappointing compared to the drill results of both wells. But again its rather frustrating as both wells are suspended, interesting that neither are P&Ad. Mr Karam's comments are interesting. Makes you think that perhaps Sonangol took perhaps the wrong strategy when drilling. They took a long time to drill and case both of these wells, take a look on how long it takes to drill a well to this depth in the USA for example. Its not a good idea to have a well open hole too long, perhaps that has led to formation damage. Its one thing to take time to drill a hole right, but another to leave a reservoir exposed to drill fluid too as that can cause formation of emulsions and skin damage to the reservoir. Nitrogen wash might remedy that, acid squeeze might also, a sidetrack with oil base mud most likely would. Lets see what happens next in this Tobias saga.
Regards,
Ed.
Started: barnetpeter, 31 May 2024 11:23
Last post: DerryRhumba, 31 May 2024 15:58
So that's a "no" then, thanks fore clearing that up
When shares are being dumped at almost any price you can be sure the news is not good. The mms clearly were offered large amounts and said no and marked the price down heavily. These sort of shares are very leaky usually
Can you explain why you think this company would go into administration other than the share price being low?
Let's hope is not written off yet. Remember a new director bought 40m in the past couple of weeks at .5p ....and AK paid .75p for 99m... perhaps a buyout out by them at 1.5p ...
The SP is suggesting a strong possibility. I am holding a freeroll but I have written this off. Such a shame but thats the risk with this type of stock. Mentioned last week briefly in the press as the type of company that cannot raise in the UK and no one will partner on a JV. I hope long termers cashed in some when it hit above 1.30. I guess most will have. Once it starts to tank like this a rns often follows and it is never good news. The mm's will have a good idea who is selling and whether they are insiders. No point in my selling so will wait for the end game. Such high hopes here and I was certain it was going to 2p and then 3p plus. Wrong.
Started: cider2go, 31 May 2024 14:34
Last post: Bladey, 31 May 2024 14:37
Silly Billy, clearly not been around long enuf....
Everyone needs to report this company to FCA . People were bailing last 48 hrs, some folks had this news early.
Started: ALB13, 31 May 2024 11:48
Last post: ALB13, 31 May 2024 11:48
Been this low below before so until an announcement either way still too early to say
Great to hear from you Ed.
XFingers for a positive well test RNS soon
N
Agreed Ed wont be long now in my view. Cheers all
Thanks guys and gals, of course, its just a waiting game now to see what they can get from TO-13. Absolutely Nige, market is completely discounting all of the Angolan assets, there is more to these assets than just Tobias, even it is currently unfinished business. When investing in African based companies things just take time.
Regards,
Ed.
Afternoon Ed,
Hope you are well .
Let’s hope we can turn this ship around soon?
AIM market in general seems to be waking up.
We are a good company with potentially decent assets,so let’s hope we get better news soon?
Thanks Nige
Ed. Glad you are still here!
GLA
Hope there's a plan B ....
Nobody is going to buy at this point, 5 weeks into testing doesn't sit right.
Well this is only going down with no news ....
Last post: Dan1605, 28 May 2024 13:08
That's what I thought. If the testing had started then why not say, it's not price sensitive. 8 months to drill and test two shallow well is a shambles, Sononagol have shown themselves to be incompetent.
This testing and the company's response is a joke.
Well as you say it's a generic reply ...so there's no reading into it ...good or bad ... but they are sure taking their time in getting any results ...
I've received a reply from the company this morning, a basic, generic reply stating that they couldn't give any information outside the official channels. Interestingly that's not what I asked, I asked if the company could update the market on whether testing of TO13 had commenced. Make of that what you will.
Well still waiting for news ... what's happening to this company and where are all our posters gone to .... especially our positive ones ....
Last post: Siennaj, 25 May 2024 11:23
Joe. Meant to say Val did reach 70p a few years ago.
Joe.
For me it would be Sar and Val. Sar at 36p but recovered from 10p over a month or so ago but at one time was £4.00. And Val went as low as 1P recently. Now 3p I've bought back in modestly on both. They are both biotechs with meds etc to fight cancer. High risk.
On which companies share you want to invest with?
We don't know when it started Rocklawn or if it's even started. Comms have been diabolical and I wouldn't be surprised if the RNS to say "delays with Nitrogen". We could be a week in, we could be 4 weeks in, we just don't know.
Why is it taking so long for results ... something a miss ... who knows next week ...might bring a bit of good news...
Given up on this BOD crowd aleady. Just hoping slight rise in price so get out of this nonsense with half the shirt on my back- already given up on getting it all back.......
Started: toploadermike, 20 May 2024 07:18
Last post: Edgein, 20 May 2024 07:58
Mike,
Yeah agreed, it does incentivise management to perform share price wise each year. Shouldn't be too hard given the very low starting price this tax year.
Regards,
Ed.
Happy with that, great way to build a team at non exec and exec level.