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The 2D v 3D acquisition has been well debated with numerous questions asked at previous FSC's. A quick search will show how expensive 3D is to acquire and the length of time it takes. Off course, the team would rather have years and the whole license shot in 3D/4D but the trade off is always £££. The fact is we are constrained by time and cash, we can drill a dozen exploration wells for the same price of 3D. You can have all the seismic data you want, it doesn't come with any guarantees, that only comes with poking a drill into the reservoir. Lets get a few TCF's under our belt then shell or whoever can shoot whatever they like including those pesky ducks. All theirs for the small price of £5+ per share.........Tick-Tock.
that is factually incorrect.
there is plenty of cash in the bank IF SOU had thought 3d worthwhile.
they didn't.
Lm2, the area is to big for 3d and we still be shooting, let's see how good this high def 2d is along with aero grad, the team are bullish and schlum are still sticking with us
Sorry to say but no 3D on TE-9 TE-10 or TE-11.
Only could afford 2D
You try telling that to those that loaded up in the 38s this am
Wow, which rock did this idiot crawl out from under. Poor fella. Desperately seeking attention. Why don't we all ignore him and hopefully he will dissapear back to oblivion.
Still not exactly encouraging is it....the drill bit is turning and share price still in the toilet and dropping
Ffs we aren’t down 6% only 2%.. we opened above 38p which was an after hours price on Friday and not the closing price... hardly any movement in comparison to Friday... chill already
Down 7%?! I need to stop checking share prices.....brutal is correct. ffs.
no dont think we have done any 3d
How is this a wildcat drill ? I thought we had all of the 3d siesmics in place to ensure a very high prob of success...
SO Many thanks for your comment/explanation at 13.05, which i found very helpful Thanks D.
At this price I don't believe we will see any more share sales from JP. He alluded to this in the FSC. This also says to me we are valued less than we should be regardless of TE9 outcome.
Ouch!
On success of TE-9, I suspect JP could sell more (maybe another million?). I cant see him selling if it fails, but would be seen as 'allowed' if the success is there.
You heard it here first!
Geordie Dave
Del- JP trading plan has the stated aim to equalise his holdings to ensure that around March next year, he holds around the same amount as he did back in April before he sold 1m shares. The aim is to hold around 3.1m at the end of this period.
When he sold the 1m, he dropped to 2.1m physical shares held.
In September he sold enough shares to exercise his options of 1.25m and cover the tax and NI on that exercise. He sold around 840k shares to cover, resulting in an increase in his shareholding of 410k to around 2.6m shares held. There was no physical cost to JP for increasing his shareholding.
Given that he has 3m options available at the end of March 2019, he could sell almost all his shares now and have zero risk through the drill (as suggested a few times ;) by 250). We can only wait and see what happens, but right now the reduction in risk for JP is relatively small, only just over 15% in physical shareholding terms.We can only speculate why the reduction is as it is now and accept the plan for what it is.
For me at least, if JP's plan doesn't sell any more shares prior to TD, then it points to the plan having a more strategic value than a simpler binary risk reduction. I'm sure many of us want the flexibility to sell at different point if we are to drill TE9, TE10 and TE11 and any offers/agreements we get during this period could be complex.
SO Re your coment, JP increasing his holding recently , I would be grateful if you could expand further Many thanks D
Quite amazing. Are "LTH's" so insecure about their holdings that they jump on to anybody who says anything remotely negative. Even if that negative post was clearly taking the p.ss out of our Lycra clad bb friend who changed his view by 180 degrees based on nothing more than the views of his "chum"? Unbelievable.
I believe partridge was being sarcastic given 250's about turn ;)
250 stated that TE9 was a wildcat drill based on his own definition. Other definitions from Schlumberger etc disagreed and as confirmed at the DD, our drill could not be classified as a wildcat.
The trading plan is an interesting one. JP sold 1m in April and increased his holding recently. Unless he sells any more up to TD, it's not quite the derisking that has been suggested by some on here. Although clearly there is still time.
Do you not listen Partridge this is NOT a wildcat drill. I believe Malcy went through this lately the difference between Sound drill and a WIldcat.
Get your facts right before posting.
A wildcatter is an American term for an individual who drills wildcat wells, which are exploration oil/gas wells drilled in areas not known to be oil/gas fields.
Given the amount of data we have acquired I think it's safe to say this isn't a wildcat well. Exploration-yes, appraisal - no, development - no.
this is NOT a wild cat well.
you are materially wrong regarding chance of success.
the stated cos is greater than 30% (which is as good as exploration wells get).
you are either really thick or trying to cheat hareholders out of their shares. which is it?
Partridge are I high?