Member Info for ART123

I think the best approach is to claim to not have noticed or read the RNS and to see the drop as an unexpected buying opportunity - and by the way, that is me being sarcastic.

The only guarantee here is that we will get weeks and weeks of complete silence.

I'm surprised that they didn't just buy SED out of administration for the obligatory 1 rupee. That would have made good financial sense.

Https://twitter.com/CorcelPlc

Https://www.corcelplc.com/

https://www.corcelplc.com/investors/regulatory-news/

Maybe posters are just being sarcastic when they post that they are 'buying more' or 'topping up', etc, etc

Sorry Sniper88.

I did not read that as being sarcastic though I can now when I reread it. To be honest there have been far too many bonkers posts here since the RNS was released to know what is going on.

Blimey, who needs to average down. I got out at a small profit yesterday anyway. I certainly won't be buying in again unless they can produce some half-decent flow rates.

Is that Sonangol's friends?

Or were Sonangol asked (nicely) by Corcel to bring out a progress update on the well testing late in the day and to make it a very confusing and poor update 'so their friends could get in cheap'.

Some bonkers posts and theories here.

What a thoroughly splendid piece of news - welcome to the world of electric rickshaws.

Yeah, and someone asked the question a while ago about the costs of getting into production as outlined in the Presentation. The plan was for 14 wells at a total cost of $ 28 Million - was that net to CRCL or the total costs? I noticed that neither the 'resident expert' (who seems to have gone missing all of a sudden) or anyone else bothered to answer such a stupid question. The answer however is that this is a cost net to CRCL with each well costing $10m. Not that it matters much unless they can get these wells to flow oil as production plans will be irrelevant.

Personally, I won't buy back in here unless they can get this oil to flow.

According to the Presentation these wells are costing up to $2M net to CRCL per well so they will have some serious cash to find. The EXT Loan Notes are the only source of funding at the moment and they are convertible at 0.8p which is probably going to be considerably higher than the share price. So the question is where are they going to get the money to pay for all this drilling and testing.

Maybe just give it another couple of months and see what they can come up with.

Yes, I forgot about the conditions for Jennings to sell the warrants. Nevermind they only cost 0.2p.

I think that most posters here were expecting it to flow, though there was always a huge variance in the predicted rates.

It looks like Jennings are going to be the only winners here with the guaranteed purchase of their now converted warrants.

No doubt someone will twist this around to make it look like everything is okay and it is still going to flow. It might - but then I may well wait to see confirmation and flow rates in black and white before chucking any more in here.

The whole thing has stunk the whole way through as they have taken so long to drill 2 very simple 800-metre-deep drills and then carry out a simple flow test. So far they have spent just a week short of 7 months to do just this.

As I have said several times along the way, I hate to think what sort of a bill CRCL and the other partners will be sent for 7 months work. It will be huge.

Also we don't want to expect to hear anything from Mr Karam - he is far too aloof to waste his time speaking to shareholders so it is now back to a game of trying to guess exactly what the f*ck is going on.

The share price was around 0.25p before the drilling started and it looks like it may test that level again tomorrow.

Well they haven't said that it doesn't flow - or not in plain English - but then they certainly haven't got it to flow as yet, despite trying quite long enough. Maybe in another 3 or 6 months they will work out how to get it to flow.

It is a complete and utter farce.

It might be 0.7p to buy if you want to but it is 0.47p to sell - and probably less in the morning.

Operations Update:

"Testing of the TO-14 well continues following significant weather and equipment-related delays earlier in the year. Reactivation of the fractured carbonate reservoir has been challenging, however there is continued focus on engineering solutions to flow test the well from the most prospective zones identified during the drilling phase.

Continued engineering work is being conducted to identify solutions to flow both TO-14 and the yet untested TO-13 well. The Operator is following through with the completion program for both wells with continual updates to the program based on new information obtained with progression of the engineering work."

It doesn't make any sense - none of it. It's just garbled nonsense.

What a disaster. And I saw it coming the way they took so bloody long to drill a couple of 800-metre wells and then to carry out a simple flow test. It doesn't look like they can get it to flow at all - but then the same bunch who took that long would hardly be expected to get any oil out would they?