Member Info for BarkingCrazy

Deep Joy, red again. We need a 50% rise to just get back to 12p!!

Probably the same person that was dumping 1,000,000 at a time last week when there was more volume and before the RNS which said CPR suspended.

The CPR is suspended as LR cannot complete it without data that is not available, probably flow rates which have not been tested. So don't expect a CPR anytime soon.
Funny how when the SP was @ 10p for months Tiptop kept banging on about it being held there for parity for a JV. Well that theory has been blown out the water as we now sit some 18% below that.

Or even today!

No Sardypaul I will post whats actually happening not what I can dream of happening. Yes i want 5 wells all producing from the Djeno but at this moment in time its hugely frustrating about the delays and I'm not prepared to try post things that are simply unrealistic.
If you consider honest posingt as being a troll then so be it but i can look in the mirror and no i'm not some insecure person desperately trying to ramp up my flagging investment.

No I'm just pissed off with constant delays and folk that don't seem to able to see that. I've been in this share for 3 years now, I'm well underwater and have witnessed the wrong type of pad, the clapped out rig, the way over budget drilling campaign, the April ,production plan, the twice delayed now suspended CPR and the SP slowly declining on a daily basis.
I post what I think although most on here try desperately to support their investment with rose tinted glasses. 103C did offer encouraging results which i think in the end will be the basis for a company making production , however they clearly had problem with the well particularly near the Djeno layer and were unable to reach full TD. I'm not convinced they have a stable well in 103C at lower levels and I think this is why it is taking so long to produce a game plan. Personally I would have preferred the original plan to frack the upper levels, produce and get some descent cash flow to add to the pot for 104. Drill 104 with a suitable rig and then thats the game changer and the SP will reflect it.

Slowly rising, get the feeling something is brewing.

There is no indication of farm out or JV negotiations and if that is the reason then the RNS should have been worded differently. The falling SP shows what the market thinks of this and sees it as just another delay tactic.

So Tiptop are you saying Sefton has issued an RNS stating the CPR has been suspended is an incorrect statement, if so this is serious allegation.

I guess those 3 x 1 mill trades over last few days was someone who knew CPR wasn't coming. question is when did LR tell Sefton they needed more data to produce it, not recently I bet!

Morgan Stanley you really re a glass 3/4 full sort of guy who can see no faults.
You say we have vast reserves (300mill barrels), well with no CPR we don't know that and the CPR is currently suspended. You quote 1500 +5000 bopd from 2 wells in coming weeks (lol) months. This is assuming producing from 103C R Zones and Mengo and a new 104 well. As the RNS states that have not decided what to do with 103C yet and 104 won't be drilled till next year.
No placing you say, the $650k per month won't cover the cost of a revised plan on 103C which is the route I believe they will take and certainly not cover 104 or topside upgrade,.You seem to have forgotten the BOD are lining us up for a placing with the resolution in the AGM.
There is much work to be done and its going to cost alot, the SP will not move on until production is close and thats not anytime soon.

So by the end of next week we are going to get a report that is a summary of reports from Schlumber and Nutech about the Djeno. There will be no reserves figures form other layers as these figures are presumably in the currently suspended CPR. The information given in the summary will lead to a decision on what to do with 103C which the RNS quotes "will be made in due course".
We really are kicking the can down the road here as the CPI won't offer that much info and will set in motion another waiting game as to what to do with 103C. This will go on and on and then there will be a cash call to take 103C into production and of coursee a wait to secure a suitable rig.
Ultimately this will come good I'm sure of it but I do find the enthusiasm a little confusing as we now have months to wait for production when we were hoping for 1500 bopd by end of April originally.

Well the after hours AGM RNS has certainly spooked a few 600k sold in first 8 mins.
Confidence is being destroyed by all these delays, come on get things sorted1

i thought the total time for this drill was supposed to be 40 days, that included going deeper to hunt for oil. It's nearly that time now and we haven't heard anything about the gas yet which is a bit of a concern seeing as S & S said they would update the market throughout the drill. Also SP action isn't inspiring much confidence.

Many holders are scared by the last placing offered at a huge discount SP @ 17p ,placing held @10p and DS stated in interview it was not him that sets the price but the institutions taking up the offer who naturally forward sell bring the price down.
I'm sure there will be good reasons for this request but hate the prospect of a placing hanging over the company.

Wel lthe AGM is bang on schedule, 29/6/2017, 29/6/2018 and now 28/6 2019.
Thers no way they will hold an AGM without a forward plan being released first. Only downside now is that by asking for authority to do a placing, whether used or not it will always be in the background for certain posters to speculate an imminent placing coming. This has in the past held the SP down.

I think the use of the words soon, very soon , close and imminent have been used for the past month now!!

The problem with treating shareholders like this is that it causes distrust. The result is that holders start to look for a way out and then sell as soon as there is any kind of SP recovery. Shareholders need to believe what the BOD are telling them and have confidence to remain long term holders for the greater rewards.
If Sefton doesn't turn this round we will end up with the much anticipated good news and many will bail and cap any recovery.

It doesn't matter how positive you feel about this companies future the present is really getting on my tits, be lucky to get to 12p on CPR at this rate.

Pretty sure that 1 mill trade is a sell. I know the offer was lowered to 9.2 to put this trade through but that was a quick blip down to disguise the sale. There hasn't been any sales below or even exactly level with 9.2 so I can't see the MM's selling 1 mill shares at a loss.
The other obvious factor is that the SP is down on the day and if that had been a buy then I'm not sure that would have been the case.