short selling is utterly out of control. the ability of a tiny minority to destroy 5 or 10 years of a companies share price growth ( and work/ progress ) , and put tens of millions of peoples livelyhoods at risk.
never thought id see RKH back below 10p. why would RKH go bust with no debt and the market cap almost equal to cash? thats before arbitration result whch could inject another 40 million +. 30% of Sea Lion and the entire FOGL portfolio also. ( i used to hold FOGL and RKH in 2009 - ( bought it around 12p i think in 2009 but sold at 40p before the big multi bagger )
if it were down to me i'd consider merging Char with TRP. TRP have a cameroon drill they are looking to fund with an 80% COS in shallow water targeting P2 Reserves and 8000 barrels of oil a day. Char should have the cash to fund a large portion of this drill. Their other offshore interests are aligned - Namibia etc. Whether the 2 CEOs could agree is another thing. J Asher owns 27% of Tower. Char dont appear to have any near term production options in this new landscape.
Unless rocket is just another in along line of trolls.\, can someone explain to him that when the bid ask spread is >5% on a smallcap stock that the share price will then rise and fall by that amount + a little bit more day to day. If the 8000 bopd is achieved mkt cap will probably be 50 million+
Chariot oil in the same boat. had 12 million dollars in cash from july results last yr + low commitments. no debt. Not sure exact figure now but 4 large offshore blocks all with seismic done and multiple hundred million bbl leads & prospects identified in for almost 0
I follow a poster named Jimarilo on Advfn. posted a link this am to a conference in Oslo. Azinam Petroleum presentation yesterday , mentions PEL 44 - right above Chariots Block 71 . Suggests potential to create a 5 Billion barrel oil province eg. Guyana
someone posted this on Eco Atlantic thread this am... Not just about Namibia , theres an hour long discussion with reps from the 5 Krg companies
https://sb1menergyconference.com/program1
HTTP://media-exp1.licdn.com/dms/image/C4E22AQF3IV_pv0waaQ/feedshare-shrink_2048_1536/0?e=1585180800&v=beta&t=Z4aZzEUTwBPDaSaPjdGD-lmtukonJtv-GlsLPvlfiBU
interesting link from Jimarilo on Advfn. shows Welwetchia and also Chariot Oil prospect S didnt drill through Aptian seal which may have Oil reservoirs underneath
HTTP://media-exp1.licdn.com/dms/image/C4E22AQF3IV_pv0waaQ/feedshare-shrink_2048_1536/0?e=1585180800&v=beta&t=Z4aZzEUTwBPDaSaPjdGD-lmtukonJtv-GlsLPvlfiBU
interesting link from Jimarilo on Advfn. shows Welwetchia and also Chariot Oil prospect S didnt drill through Aptian seal which may have Oil reservoirs underneath
TRP have the near term 80% Cos low risk path to production. Char have cash . however it would impact on JA's 27% share and control of TRP. Char have about 8 or 9 million in cash I believe and all Africa focused. Some synergies in that they also hold a large Namibian block with seismic done. It would be one way of progressing the Thali drill . Whether the TRP and Char Board could accept the dilution of their respective influence and stake is another thing.
pity about the further delay which will prob mean the SP stays in a range between 0.4p and 0.6p for another while . but plenty of positives from the update as follows
80% chance of success for the 18 million barrels appraisal - rare to see COS at over 65%
8000 boepd if brought online might mean TRP retaining 50% so achieving 4000 boepd would prob justify a mkt cap of 40 million+. Trinity Exploration produce 3000 boepd net and mkt cap is 33 million. Jadestone energy who have a serious management team , operate a relatively small mature oil field but are valued at 320 million and are at about 14,000 boepd
Njonji is only the beginning - the remaining prospective resources on the block add up to 110 million barrels from 4 or 5 other leads. Then there is deeper stuff
the Deep Toe thrust Anticline is shown on the cross section on page 21. the Cross sectional diagram through the Idenao lead showing a potential 1000m deep anticline is fascinating as I for one am familiar with the CEOs previous role in another Oil microcap. The anticline looks well defined
Farm out discussion with a number of parties - Perhaps its the deep prospectivity show on slide 21 at < 2000m ( Zafiro / Alba play ) that is of interest to one party rather than the appraisal opportunity at shallow depth
Alpha and Gamma are very large in surface area. Delta is with GBP now i understand. 1 Billion barrels + in each
360 million barrel resource lead on the slope part of license - usually minnows get the near shore stuff but the particular shape of this license allows TRP to access the outermost targets with the Majors. ( See Guyana for example - the Prospects furthest out go to Exxon , Total , Apache while Eco and CGX get the smaller leftovers nearshore )