We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So runiing at a loss and nothing has changed in last few months
But it is Italy and the bureaucratic system
So in a nut shell - money being spent on wages but nothing has happened at all in the last 5 months zzz - Ed 's just been farming and decided in order to change the fortunes of the company he is now going to ask share holders to agree a name change to Prospex Energy ….
The catalyst is Italy, Selva - the sooner this comes the sooner the SP will react and growth can start …...
22/05/2020 7:00am
UK Regulatory (RNS & others)
Prospex Oil And Gas (LSE:PXOG)
Intraday Stock Chart
Friday 22 May 2020
Click Here for more Prospex Oil And Gas Charts.
TIDMPXOG
RNS Number : 6848N
Prospex Oil and Gas PLC
22 May 2020
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
2019 Final Results
Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce its audited annual results for the year ended 31 December 2019.
Advancing a portfolio of late stage, onshore European gas projects focused on the foredeep play
Portfolio Overview
-- Podere Gallina Exploration Permit, onshore Italy - first production at Selva gas field ('Selva') at an initial rate of up to 150,000 scm/day expected early 2021
o Preliminary award of production concession from the Italian Government in January 2019
o Post period end, formal technical environmental approval for the development of Selva from the Italian Environment Ministry
o Awaiting final sign off by Ministerial decree, the issuing of the required INTESA (intergovernmental agreement) and the final grant of a production concession from Italy's Economic Development Ministry
o Expect early discussions regarding non equity funding of Prospex's c. EUR400,000 share of Selva development costs to mature as permitting process progresses
o Updated CPR confirming reserves and additional contingent resources at Selva's North and South flanks provides significant follow-up development opportunities
-- EIV-1 Suceava Concession, onshore Romania - revenue at Bainet field in line with expectations
o Revenue in line with 2019 budgeting - higher prices offset slightly lower than expected average production of 14,000m3 per day
o Enlargement of Suceava Exploration Concession to 984 sq.km
o Bainet-2 well targeting Bainet West, a lookalike Bainet gas prospect, drilled at all in cost of EUR260,000 net to Prospex - no commercial hydrocarbons encountered
o Ongoing evaluation of the concession's gas prospectivity to determine licence extension and next drilling targets
-- Tesorillo Gas Project, onshore Spain - de-risking up to 830 billion cubic feet ('Bcf') of gas (Best Estimate) of gross un-risked prospective resources
o Multiple potential gas traps identified following reprocessing and interpretation of historic 2D seismic data
o Four promising leads identified in the northern half of the concession following integration of new structural maps and cross sections with well reinterpretation and satellite images
o Working towards decision to drill and increase stake to 49.9% from current 15%
-- El Romeral, onshore Spain - integrated gas and power project
o Acquisition of 49.9% interest in El Romeral for net consideration of EUR375,000 includes existing gas production, multiple development opportunities, and operational power station
o Significant
You are all correct, to be fair I bought into this because it wasn’t all sharp suits and ramping, it actually had substance and a good story when i’d researched it.... I can’t then be too upset at ‘Radio Silence’ ....and technically we have doubled since the depths of the Covid sell off.
send Ed an email, he's pretty good at responding... dare say it's like every other oil minnow and is being held back by COVID-19. I admittedly thought that this company would be a lot further on than it is at this point but it's still ticking over and it still has massive room to scale up. There hasn't been any bad news and for the time being, I'd consider yourself lucky for that (I certainly am)... If you can put it in the bottom drawer and come back in a few months.
Problem is that there are things to say on the portfolio in all areas but still nothing - very disappointing …...
If there nothing to say just say nothing.
'Update on Progress(if any) ????'
Maybe why no update, nothing has been happening whilst on lockdown ???
Its just so shhhhhhh quiet !!
Ticked up to 13/15 for a while ....one sell of £1,300 and we are back to wider spread of 12/15.
(Or maybe Ed / MM’s are struggling with the pudding on this warm day, and have gone back to sleep). For all our sins we haven’t got the most exciting share to while away lockdown in have we....??
...effectively there is no market, there are no buyers/sellers and there won’t therefore be volume to help things along cos ‘Sloath,Tortoise & Sons’ have been given the job of MM’s .... and Ed forgot his haircut arranged for the spring was so he looked presentable as he did Proactive Investors ..... saying “we are undervalued and we’ll be back soon would be a start” ....oh sorry that was last years job... come on guys. Update on Progress(if any) ????
havent seen that in a long time?
are we preparing for the LOOOOOOOOOOOOOOOOOOOOOOOONG awaited update?
- if the MM's sort out a decent spread today I foresee another SP gap up and maybe even some buys at .16 …..
In terms of what might have changed since the 2018 accounts, if nothing else we should see a full year of Romania showing (via PXOG Massey). Also, it may be that the ‘accounts’ for 2019 are done and we are just waiting to see if the El Romeral transfer happens in the next few weeks. Wouldn’t be too much of stretch to have 2 versions ready to go – with El Romeral numbers (from July 2019), and without?
So we might see WGO confirm the El Romeral transfer first and then the next day PXOG drop an RNS to confirm this and simultaneously or shortly afterwards release the annual accounts? Just speculating.
It has been noted (to say the least!) that PXOG tend to restrict RNS updates to ‘material’ business impacting events or those that are market requirements – director shareholdings, AGM’s, etc. PXOG RNS’s will often follow PVE or WGO releases on ASX the night before, and updates regarding Romania are even more limited as Raffles are a private co.
My expectation (please DYOR) for forthcoming updates, accounts, El Romeral news next few weeks, Italy approvals next few months, Tesorillo update by end of year. Significant variables include, speed of recovery from ‘lockdown’ and WGO activity (already had a bid from STX – rejected). Always a chance of something emerging from ‘left field’ (as with El Romeral).
I think it would be particularly helpful to have an update of the 2018 Peterhouse report, perhaps incorporating a revised Tesorillo CPR, as well as El Romeral and Italy reserves.
GLA
EDD might as well do a copy and paste from year before as not a lot has changed zzzzzzzzzzzzzzzzzz just deeper in confetti
Early next month
Rumour has it Ed has found the only pub open on planet earth ,,,,,,in FIJI !!!
Did you see Ed blowing it ….
from a TA point of view id like to see the bounce off 0.1p resistance/support level. PXOG has been on the hellish bear trend since the start of 2018. some of us long term holders have been feeling the pain on the downwards pressure the sp has faced over the past 2years. hasnt been good but did look like things were turning from a TA point of view with a support at 0.1p and a rounding bottom until it reached the lows of 0.05p. all creating a divergence in the charts pointing that a reversal was in play. indeed this has played out and trend started to reverse from 0.05p- current levels around just under the 0.15p level. to get out of this long term bear trend it has to beat 0.15p which still hasnt done. so still technically in the long term bear trend. would be good to see that 0.1p support holding theb seeing the next leg up passing 0.15p indicating were out of the bear trend which should gain a lot of attention for those charty techy wiz kids out there!! thats unless news comes along and pushes us upwards. until then guess theres nothing to do except for waiting for it to unfold!
charts isnt everybodys cup of tea i know this. just seeing support and resistance levels in the charts im looking at. so all in my opinion of course!
plenty of news flow in coming months to substain a rerate and recovery in sp.
near rock bottom entry for new investors so plenty of wiggle room ehen it starts to move.
charts looking good (again my own opinon)
whats not to like?.... well simple current sp. but if youve been in for 3 years whats another 3 years... haha thats a joke. would like to see a profit this year!
You would of thought a lockdown RNS would of occurred to let shareholders know what if anything would happen during lockdown.
Fact Spain and Italy have started easing restrictions maybe an RNS would have been released.
Really poor form - no portfolio update RNS , No media update, No podcast update and No meaningful website updates for over 5 months is a poor reflection on Ed and the directors here - annoyingly we have what I believe to be fantastic assets which are not reflected at all in the current SP but a management team that has more sloth DNA than human . zzzz
Nowt as you can see from lack of RNS.
But it wont stop me adding another mill on the 25th
News ?????
What's happening if anything at all !
This 15s are proving some resistance.
They men't .8625
Love how they dont come to any rationale reason why it will be 8 p