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I don't profess to know how the MM's and the market works in detail but this seems to be mismanaged today. For weeks this share has been dominated by sellers with no one wanting to buy while the funding was hanging overhead. With sellers in control and very few buyers, the share price has fallen day after day and week after week.
However that has changed today as the much overdue and heavily discounted placing has finally been announced. Now all of a sudden the market for this share is demand-driven with people now prepared to buy at a heavily discounted price. However, despite the huge demand and huge buying the MM's are what looks like bullying the placee shareholders into selling their not even acquired yet placing shares at less than the placing price. I just can't see why they would and how it is being done. At the very least the share price should be kept above the placing price. Very strange.
Over 1.6 billion shares traded so far today and most of them have changed hands at slightly below the heavily discounted share price. I think the buyers have done well out of this. Personally I thought it would open at around 0.30p/0.35p this morning.
I think the MM's want to slow down and use their heads a bit more as there is just no need to keep the SP below the placing price. This was trading at 1p 2 days ago and even with the huge dilution that is the equivalent of 0.28p. Prior to the placing it was between 1p and 2p with only the fear of the bottomless placing causing the increasing falls. 2p before the placing was the equivalent of 0.56p. Now the placing is done and out of the way the fear factor has gone and it is time for a more normal service to be resumed.
Looks like a leak to me. The last one was positive.
Thanks for the advice. I'll leave the door ajar and buy back in if/when the share price is back at 0.15p (provided the deal sounds like it is still on). The share price here was over 1p a year ago and 3p two years ago. It has been decimated in much the same way as HE1 and COPL except over a longer period of time. And all this FOMO scaremongering nonsense is just silly.
One day soon, and it might be tomorrow or next week between Xmas and the New Year, the share price will start to rise again. And it may surprise how many people will jump on the bandwagon as soon as the price turns blue. The direction of the herd will turn and we will get 10%/20% daily rises instead of the persistent falls.
To be honest, the Chairman's previous ideas about oil production and issuing a cryptocurrency were pure fantasy.
And, from the interview, his 'this time next year, when we are making a lot of money and we are paying a dividend and we've got no debt and hopefully when the service contracts (which haven't been signed as yet) get converted into Production Sharing Agreements we'll be the owners of billions of barrels of oil' is all getting into the realms of fantasy too.
AJMHO
This sounds like it may happen - but then it may not. Big plans but not necessarily big progress.
I can never quite make out whether the Chairman is an expert or whether he is just a dreamer, though the fact that he owns 70% of the shares himself should infer that he knows what he is doing. But then you never now - easy come, easy go and all that.
Also if the workovers are to be financed by third parties Wildcat will not be making 100% of the revenue/profits by a long way.
AJMHO
Let's get the podcast recorded and out. People still have a soft spot for Lorna and that will soon get the share price moving upwards.
The m/cap was more than £27M when the share price was 3p and that was after the rig breakdown and the iffy results from Tai-3. The same m/cap now would be a share price of 0.83p - more than a 3 bagger from the current bargain buy price. Who wouldn't buy for the chance of an easy 3-bagger!!!
500 million traded in the first hour. This won't be down at the placing price for long even today, let alone in the next week or two with all the good news due. Let's face it, the only bad news that has decimated the share price was that more funding was needed. Without that, this was 3p and heading back to 5p or 6p, especially with Noble Helium announcing they have already made a commercial discovery.
I'm surprised to be able to buy at the placing price. It usually opens quite a lot higher. Give it a few days and a podcast or 2 and the rIg being mended and up and running and preparations for spud, not to mention Noble declaring a discovery and good news about the Tai-3 and it could be trading a whole lot higher.