Member Info for BarkingCrazy

News is not that good to me. I would much prefer to gain a larger % than the $10m repaid especially if there going to pay back on the never never drip feed. How on earth are the going to pay their share of the ongoing costs for 104 and topside enhancements.
This payment is a stall tactic re the licence negotiations and you can bet they won't be in a hurry to cough up any more. In the mean time we have to fund the whole thing and give them a free ride with absolutely no risk. Retaining 100% of revenues to clear the loan gets you your money back but also means you have to shell out in the first place.
So no I don't see this as a positive and despite premarket whoop whoops the SP action thinks likewise.

No I haven't opened a short, I detest the whole principal. If you read my post I have a 500k long position.

Well this just my opinion observing trades over past couple of days but I think a placing @ approx 8p is on the cards. Lets hope the money is for a stonking acquisition in which case SP will quickly recover.
I might well be wrong but theres to much selling going on in reasonable sized chunks.

Not expecting anyone to agree and not deramping as i still hold my 500k shares but with all the potential this company has theres something pulling it down and for a reason.

I get the feeling the acquisition factor is still very much in play and that its the funding of this thats holding the SP back. There are folk that know whats going on and playing the market in anticipation.

In the Mengo, which Sefton believes is a relatively safe bet, careful optimisation might offer the opportunity eventually for between 8-10 wells producing about 400 barrels per day each.
Production of that magnitude, ie 3,200- 4,000 barrels a day, would make a ‘nicely profitable’ oil business.

I'd much rather they drilled 8 - 10 wells into the Djeno and produced 40000 - 50000 bopd. Seems a bit strange to give above quote as only 1 sucessful hit in Djeno will produce those figures.

Blimey Tiptop your such a ramper. the reason the SP hasn't risen today is that 103c will not generate enough cash to pay for 104. Then it's a gamble as to whether 104 will produce the holy grail of Djeno @ 5000bopd. If it does then all bets are off and its 50p minimum but if it doesn't 101 /102 and 103 ( once flow rates reduce) will just about keep
the lights on.
As history has shown any perceived good RNS is always heavily sold into so you might as well wait until results of 104 and if good buy on the dip.

Johnhenry I think if you should re read my post I have mentioned 101/102. Yes I do understand field development but true success will only come if Djeno prduces from 104 and subsequent wells.

Seems pretty obvious to me why the SP is cooling off once the initial surge has died down. Folk are getting all excited by the 1500bod. Yep thats great but with a steady decline to just 400bopd starting in 14 - 18 months (of which 56% is only 224 bopd to AAOG) it's a bit of a short lived situation.
This puts alot of pressure on 104 producing from Djeno and with flow rates @ 5000bopd. This is the true prize and to my mind will be the only thing that really makes this SP take off and keep it's gains.
The income over the next year will help fund 104 but I can't realistically see it covering all the cost together with the needed topside upgrade. Also think we won't see a rig sourced any time soon and will be surprised if 104 gets started this year.
101/102 still only produces less that 50bopd with no mention of when, or if, water injection will take place and license news is always just a few weeks away. I think this will not be sorted until 103 is in production when all the facts and figures are clear.
So despite encouraging news today in reality its still 104 that holds the key as everything else just about keeps things ticking over.

If this is true that would be excatly my thinking as per my post this morning, forget new assets get on with 6 drills here and have many thousands of bpd.

Folk that topped up or invested for first time on the recent rise between 10 - 16p are going to be very wary of being caught out again. I could kick myself for not selling @ 16p and buying back in now as i could have had 300K free shares.
With recent news and snippets of what to expect this Share price should be trading in the 20's but instead the morning after what seems some pretty amazing figures being talked about at the presentation we are 1.0% up with a poultry volume of 2 million. Something is holding this back!!

John Henry makes a valid point. DS has said no placing on 103 which you would hope not as we have just had a hefty £6m raised for it. However, as most seem excited by the prospect of an acquisition and as over £300 k of the last raise was for DD on a new asset theres a pretty good chance one may happen. So we need to pay for it and that will be more than likely a placing.
I agree raising money for an asset it different but the fact remains that when go round with the begging bowl those you ask want to be sure they aren't going to make a loss and thats why most placings are at a discount with the participants forward selling way before it becomes public.
I for one would rather they postponed thoughts of new assets and concentrated on getting 101/102 and 103 up to full flow rates and use that cash to drill 104. Hopefully 104 will hit Djeno with 5000 bopd and maybe even more riches in the lower levels. We then wont need to dilute anymore as placings or the threat of one are always going to hold the SP back.

Edit - Make that 2 now with a delayed report of a sell!!.

What ever you think about Reabold last nights presentation hasn't exactly lit the fireworks. Just one report trade in the first hour and a half!

So closed down, how could that happen chaps. You really do need to try harder.

No not me but folk continue to sell which does seem a bit strange at this stage.

500K sell

SP fell after last presentation as expectation outstripped delivery. I can't imagine anything new coming from this so don't get too excited.

Well despite non stop positive posts all weekend and numerous claims to be topping up first thing Monday we have a poultry 500K volume in the first hour and a half. CPR is some way off IMO and license will also take a while to negotiate so can't see much happening for a few weeks.

Selling pre bell what does that mean chrishutch?

Can't see it, as we tick down again!!