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Looks like it could be...

LOGP is always likely to be more volatile than PVR but yes I think PVR could be higher than it is. The SP was higher before druid/drombeg with no signed farmout back then, so I think there's plenty of upside even before drilling commences, which is probably roughly around your 5 April date

The one comfort is that COC will want to make money out of this. And, as they're a hedge fund (as opposed to say a private equity shop) I think..i hope..that there's less chance of them taking it private, because that would slow down the process.

oh yes and I have a holding in PVR too so safe to say I am fairly overweight on barryroe!

Thanks JH that's useful. I never sold out so have been sitting on a paper loss for a while, but managed to average down and now my break even is the current SP. I think LOGP deserves to get into the 15-20p range, simply based on comparisons with other companies out there (and that doesn't include any upside from drilling) but equally if this got into the 10-15p range I would probably think about selling some then. I will think about adding more if this drifts to 2p because I can't see it lingering at that price once we get into Q1/Q2 2019.

Is anyone else having trouble deciphering the company's 'message' at the moment? I find it hard to extract what they're actually saying in these recent RNSs. On the one hand they say that the appraisal drills did what they set out to achieve, we have a significant resource and so on, but on the other they say it wasn't quite as good as they'd hoped and the development plan forwards might need to be altered. I'm finding the message really vague at the moment, there's no real optimism but there isn't pessimism either - it's a kind of apathy in the middle. Perhaps that's because we need more information and direction from our partners and they're not giving it. All just seems a bit strange to me. I thought COC/the new board would have a bit more thrust about them.

JH, I know you've been posting here for a long time, if you don't mind me asking what is your exit price? I've held since the pre-well test days and managed to average down since then, how far will this ride back up do you think?

Is this about to pop??

Why is a court ruling that this goes to arbitration? The job of a court is to make a decision. Doesn't make any sense.

Don't know why but I love LOGP, just have that feeling it's gonna come good from here

This company is a joke. Shareholder value? Yeah what's that

Does anyone know why ASX gets suspended whereas the AIM listing isn't? Seems ridiculous that we can be exposed to a drop like this. I think it stems from slightly different rules.

I always thought that BKY was relatively derisked, this is the sort of thing that usually only happens in emerging markets, have to say I'm quite surprised!

totally agree Phoebus and I'm afraid boomboom I totally disagree. Why on earth would the board raise money now with the SP at 2p when they can wait for the drills to near and raise at multiples of the current SP. I just don't buy it. 7 months is a long time and with the backing of Brandon Hill I'm sure they wouldn't want their own holding to be diluted at these level when it's entirely avoidable!

This dispels any rumours of a cash raise. Funded for another 8 months, or about 11 if the remaining warrants are exercised.

That takes us well past next year's drilling, by which time the SP should be significantly higher. Any dilution from a cash raise then will have significantly less impact on us current shareholders. Seems like a good clarificatory announcement today from the board.

I'm assuming this SP is fairly below COC's average as they were buying into the mid 30s.

Good news then that a) we are unlikely to be sold on the cheap and b) they will be working hard to increase the SP from here. Admittedly a) and b) are kind of the same point.

It's almost like these drills have been treated as exploration drills, but without the rise beforehand!

Strange that the market attributes almost zero value to the barrels of oil already in place, but I think either way when we get this drill out of the way fair value will start to correct.

You have a good point JH77, but if they push the SP into double figures then I will forgive them their shouting matches!

now it's PVR that needs to play catch up of LOGP.

I think the reason for the relative quiet here is that we're all in this before the herd arrives.

I've seen countless 4x or 5x baggers in the past (whether justified or not) and LOGP hasn't yet been one of them. But there's not reason to me why it can't be. Everything is stacking up in favour of us early holders. Taken a few years of downside i'll admit!

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What does everyone think - slow start followed by a blue Friday? Surely people on the sidelines will want to take a position before the weekend. If people are waiting for a lower entry point I can't really see good reason why this will retrace.