I like most things about this share, but I'm surprised it's not moving faster ahead given we are in a market sweet-spot and most definitely swimming down stream. The longer Burundi radio silence continues, the more I'm concerned George has something unpleasant to tell us. He could easily update the market without damaging his negotiation position or revealing any sensitivities. The SP is reflecting this uncertainty. It's time for an update.
Good appraisal of the situation LW. I feel in the absence of any detail from the BoD you have to assume the obvious; no potential farminee /investor was sufficiently confident in the data, (I think someone was, hence the overconfident comms in Jan-March...or was that just marketing). Subsequently you have to recalibrate Anchois as a higher risk project. Char ran out of money and options, so to keep the business afloat they had to raise more cash. The rest is all talk and packaging until proven otherwise. Reliably Malcy turns up on the scene to bolster the new story and SHC is remarkably amenable towards the massive dilution, I’m afraid trust, integrity and confidence are in short supply to say the least. Well done in getting mostly out when you did. I wish I could say the same.
Not me. The board in my view are utterly untrustworthy. Their primary skill would seem to be making sow's ears look like silk purses, smug in the knowledge there will always be a queue for a potential ten-bagger. Their technical ability to detect hydrocarbons is woeful and have a record of repeated failure for every well they have spudded (and as for the independent verification of resources and resource upgrades...) They communicate vociferously when they are trying to sell something then disappear directly afterwards once they've got what they wanted. Last time we were told there were people falling over themselves trying to get in on the action; upstream, downstream, middle men, financiers etc....only to discover no-one wanted our tarted up Repsol hand-me-down, not a soul. Now we are told these geo-geniuses want to go it alone....on a well no-one else wants to touch, really! You couldn't make it up....actually that's not true, someone did.
You are so full of it, public school tw*t. Thank goodness I sold a quarter of my holdings this afternoon. Wish I had sold the lot. I will be reducing down to 10% tomorrow. Yes I will solidify a very large loss but I will gain my sanity. I’m sick and tired of the endless hope and b@ll**** over the last 10 years.
I did read it Mr ST. A very interesting and informative read. It makes sense of why we have get to where we have currently got to re: radio silence and backtracking of SP. Thanks for the effort you put into tracking this stuff down.
I've never seen CHARs volume so low for so long. If this was my business and I could see such significant shareholder dissatisfaction in plain sight, I would seek to redress it, unless of course I was trying to conceal a problem or an alternative agenda. C'mon CHAR, talk to me. Where is this period of frequent news and updates! Are the promised deadlines still intact?
I'm pretty sure they thought they had something in the bag, hence the over confidence and hubris in early March. They even got Malcy in on the act, as well as a triple visit to the studios of proactive investors, in the short space of a few months. It would seem that is now off the table and the CHAR BoD have scuttled back into their safe room to mull over plan B or is it D, dunno, I'm losing count.
I agree PoD. I'm not so concerned about a single trade, it's more to do with a lack of of a market update. It would help to understand whether this is a renegotiation of rates or something else. There was even mention of RBW short-changing the B. government. This specific accusation should have been addressed by now.
I beg to differ TB. That was a relatively large trade. We are now in the 13p range. The communication with shareholders has been poor. In a market that is making headline news on almost a daily basis, this radio silence is doing nothing to attract new investors or generate confidence in existing ones. I fully understand the need for time to renegotiate etc but the longer it goes on without the simplest of updates the more consideration is given to darker outcomes. If it was a negotiation for new rates based on concentrate percentages, surely a simple statement could be released to that effect, without interfering with ongoing negotiations and sensitivities.
In the last 3-4 months PRD have gone up about 400% and rising. CHAR have gone up about 20% and falling steadily for the last two. This would seem to contradict the CFOs over the top confidence back in March. Pretty misleading tbh.
I’ve had this in the back of my mind for some time. We are not the only potential source of gas for the kingdom and it’s growing power needs I see this as our biggest potential threat. Morocco would be overrun with gas if all the various projects come in. In reality they are probably going to go with the ones that present the best options and of course, with options comes negotiation leverage. Selling surplus gas will come further down the road I would imagine. Not an option we want given our cash position. Our boys will need to play a good game to come out on top.
BRV. I don’t see why you see it as a positive that so many shareholders felt the need to speak to the company directly. I see that as a point of failure and concern. I’m not aware of anyone speaking directly to the company. We all spoke to their PR agency who’s brief is to look after the interests of their client. They are being paid to do that. In addition, if the CFO has the time to redirect my email to their agency, he could just have easily answered my simple questions. I listened back to the most recent public communications by the CEO and particularly the CFO. His insinuation of immediacy is palpable. This has now proved to be hot air and a case of celebrating too soon. I applaud positivity but this was over the top and really rather misleading. Reading some of the bb posts around early March after three rapid visits the the studios of Proactive Investors we were all pumped up with hope and planning how to spend our wealth! I got suckered again. Thank goodness I didn’t buy any more or advise my mates to.