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Glad bought this morning... ..oversold recovering
Yeeeha!!!
Could well be marching back to the 24p it was. The 24p was after any RNS that could affect price so logically the dive from 24p to 14.5p was triggered by the big short which, as the sp has risen 12% today may have been closed.............
Massive oppertunity to make a load??
All IMHO.
Big rise today, next week steady climb, this should rise like tullow oil has done, touching near 30p next Friday,
If shorters have closed their shorts then good for us, but in case if they have not then they would need to buy back these shares to close their shorts and that bodes well for us.I was surprised that they increased their shorts, their plan was simple open a short position dump loads of shares in market , which would cause an inevitable drop in illiquid share like this, when you see a rise dump some more, panicking investors would compound this drop and then close your shorts by buying back cheap shares.
Correction. Was 24p on 8th June before beng shorted.
Up 16% suggestes shorter has closed?
All IMHO.
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Shorters need to close their shorts and tide seems to have turned around.
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Good time to load up IMHO.
Regardless of dividends returned to shareholders over the years, the longterm performance of the management in relation to SP has been very poor. The recovery in the brent price shouldn't be ignored and is making the current SP look cheap in relation, though I would say that as bought yesterday and the day before.
and looking to go higher IMHO. massive benefit to Pharos of course! Good time to get in IMHO. Short Co. may close out giving the sp a massive boost. **** the sp was 24p !!!!! just 10 days or so before the shorting Co got some****.
All IMHO.
Looks like the seller is cleared, this is going to go up fast, 25p -30p next stop
Successful shorting relies on exploiting ill-informed and fearful investors, perhaps now not so many left here
cutting supply and boosting the oil price we are likely to see opertunist bids in the oil sector. Just saying!
They increased the short. Probably monitering this site as well to see what we say.
What I would like to say ends with the word "off" and the first word starts with an F.
I have faith in Pharos plus luck would have it that Brent is up again, spot price $40.65, or CDF futures $41.44. A fer cry from the $21 Brent dropped to.
All IMHO.
Evidently confident as they increase the short to.91%
£40k buy just after hours, suspect that's a proportion of the short being covered. Disappointing for those spooked into selling, but that's AIM
Digging deep through previous years results , I have found that losses stemmed from costs asspciated with egypt assets purchase and tax due from production, finance costs were 5.5 millions last year. Add drilling compaign costs to that and a clear picture emerges.Gary Newman has covered this company on *************.They acquired Egypt assets for 136 millions and in their last annual reports they indicate that they have spent 180 millions on egyptian assets so if 44 millions must have been paid in terms of costs associated with assets purchase and tax due from production, 5.5 millions were related to finance costs.Company wanted to increase production and initisted drilling and workover compaign in egypt and that must have cost them 20/30 millions.In last financial report company indicated that their total assets were worth about 600 millions and even if we apply 50% discount to that then 300 millions is five times today's market capital.I suspect operating costs in egypt are not as bad as some are making out to be and almost 40/45% production came from these assets and despite that total production costs were 10 dollars per barrel.
Company lost money in Egypt lost year due to drilling compaign in Egypt as plan is to explore and bring new wells into production so that overall production could be expanded . So depending on your view you can take it as an investment.Overall production cost is 10 dollars per barrel according to last set of results and Egypt 2c resources are estimated to be 23.3 mmbb for which company paid 136 millions in 2019 and undertook drilling programe to increase number of producing wells. It still has cash reserves of 58 millions .Not to mention of licenses and concrssions in Israel.Even if Egypt assets are worthless or uneconomical as some people are suggesting , 13 millions in cash and vitamese assets , plus explration licenses and concessions are worth much more than current market capital.Drilling compaign in Egypt was going to cost company money but that is an investment every producer makes at yhe start of cycle.
There is no evidence that they are losing money. They are a very low cost producer in Vietnam and given that 50% of production this year is hedged at $53, then Egypt losses would need to be astronomical to An overall be loss.. I think that highly unlikely.
Can see this really starting to fly, big profit taker gone, catch up time
Pharos Energy PLC on Wednesday expressed disappointment after a significant number of shareholder votes were cast at its annual general meeting against approval of its remuneration policy.
"In the context of approval of its remuneration policy, and the director salary and fee reductions announced on 12 May, the company is disappointed at the vote of 20.79% against resolution 3, the advisory vote on the directors' remuneration report," said Pharos.
Millennium Capital Partners
I think they notify market three days after closure/opening of short positions , so I am assuming that they went short earlier than reported date.But these lot dont tend to have short positions for a long time.