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RRE been taken over!
Hence the rise....
Good on them.
I am almost sold 50% here a few months ago to put into RRE.
Wishing I had now. Would have helped reduce the loss here.
However easy to be wise with hindsight.
haggis_trap - I had similar thoughts, when Longwait used to mention them.... as you say, hindsight is like golf.
Easy to learn, hard to play..
Yes, RRE was a well run company.
Thinking about it : The reason I didn't invest is because their share price was quite high at that moment in time.
So the maximum upside I could see was x2 (~£1000 -> previous high of £2000).
As it happens they got taken over at £1800 / share - which some share holders are complaining is cheap.
Not least given the company was set up specifically for low oil price environment.
Looks like their board folded at first offer. The offer price is less than cash in bank.
Though RRE did have £300 million in decommissioning costs hanging over their head (for market cap of £240 million).
If HUR release positive production news then we should also see a +100% re-rate here.
was tempted with RRE too - but procrastinated and when the price went up i decided against -
Well done to holders - hoped they came out with profit
haggis- pence not pounds..... it's early for some.....
What would be seriously good is for RRE management to move over to HUR, and really get something done in terms of shareholder value increase ! I'll settle for 1800p !!
Dreaming again. I must wake up !
> pence not pounds.....
correct, excuse my typo.
I am too used to seeing HUR in single figure pence :-(
Flying it is 90% down from when they had not extracted. Flying will be fair value at 15-20p
> Flying will be fair value at 15-20p
Correct.
Interestingly RRE produced ~20K barrels per day.
Their final market cap was £240 million (balanced against £300 million in decommissioning costs)
So doing some fag packet math's HUR is certainly worth ~20p assuming no more issues with the reservoir.
Agree completely haggis and we have 150 million in cash and very low debt which is also a long term liability
how soon before this breaks double digits