Member Info for Burt2000

£30k a month would certainly drive me to turn it around ;-)…..if they are keeping the lights on is expect them to take a pay cut or freeze for a while otherwise the little cash that’s left will be gone in a matter of months

Let’s be honest at 0.5p or thereabouts the bad news is already priced in. The market thinks it’s doomed hence the SP being flatlined last Thursday and Friday. The only thing that will make it worse and the shares totally worthless is if they say they are going bust and winding up the company, then it really is lights out. All depends on what the board want to do and how much drive LP and Co have to turn it around.

Where would the money for a sidetrack come from though? They have no money left.

If there isn’t an RNS by Wednesday I’ll start to get properly ****ed off them. That would be 1 week. There should be at least some sort of communication stating that even if things are ongoing on the background that they are working to a solution or exploring options etc. Either that or a plug and abandon RNS. Being kept in the dark like this is even worse for those still in and nursing big losses.

It sounds to me like there may have been a bust up between Peterkin and Cook when they got the result. Seeing that CVN are now talking like they dont give a **** and they are walking away, so it could be messy hence the silence from both parties regarding an RNS, there may be legal obligations that need to be ironed out and it all depends on what was written in the contracts. Peterkin maybe had got the rage as CVN supplied the data which is clearly wrong somewhere. I hope we know soon enough one or the other. Time to earn that £30k a month LP!

The most helpful post on here in days rather than the madness that has been occurring. Hopefully you get a reply at some stage.

*suspend

They have been posted several times already. Obviously quite a few in here want to see this die. Have a thought for those on here who are sitting on massive losses. Until the next RNS all of this is just conjecture. The best thing they could do is I spend this stock and this bulletin board.

And I hope he reads this board or someone on his super experienced team does. Maybe he will keep tabs on his ego next time and be a bit more modest about things.

Agree 100%. It has really put things in perspective reading this board over the last few days, it’s hard to believe some of the losses people are sitting on right now. I hope it can be turned around for them. If there is nothing in the way of an update between Monday and Wednesday I’d start to get angry as it shows blatant disregard for the share holders who are waiting for some sort of update or explanation as to wtf has gone wrong here.

I’m still smarting over Peterkins ****y attitude in his interviews. We only plan for success (yeah look where that has got your company?) Me and my team are so experienced bla bla bla aren’t I just brilliant attitude. He pumped this to high heaven and sucked in a lot of investors with it. Ragin and very sorry for the people who have lost big.

No RNS from Carnarvon this morning in OZ. I’d say they are still logging and working things out. No news is good news eh?

Interested to hear the next chapter in all of this. I don’t think it’s over. Even if worst case there is 1-2 million barrels extractable that could be $80-160million worth. All depends on what the flow rate is too.

@Torreaguas where did you get the 12 million barrels of oil figure from lol. It was a 12 metre gross column that was intersected. There’s no mention of any amount of oil yet. It could be 5 million barrels it could be 500, nobody knows yet so best not the throw numbers about that aren’t verified.

They will struggle massively to raise funds. Even to get a raise if say 5 million would mean massive dilution and another 1bn shares added to the pot. And that’s at a price of around 0.5 pence per share. Given the SP at the minute a placing would probably have to be at much less than 0.5p to generate any interest.

Champagne on ice, we only prepare for success, we are so sure of ourselves because we have all these years of experience…bla bla bla. Yeah right Peterkin.

Totally different company though with more than just one asset to fall back on. I do still think yesterday was a big overreaction though. Typical AIM

Well if that’s the case and it’s not viable then so be it. They would need to get their skates on and give the shareholders the info on the other projects in the pipeline. My question is where does the funding come from to buy into the other projects.

It’s a pity the 80m number was talked about so much . If they had not given a number and said nothing just announced a 12m column and now assessing data the SP would be a lot higher than it is now. The cpr was wrong.

That’s the thing, the 80m column was expecting to yield around 32 million barrels. 12m is around 1/6th or that so if there is still 5 million barrels there and it’s a big “if” that they can get even half of that out that’s 2.5 million barrels at todays prices of around $80 a barrel (possibly higher as the year goes on, talk of $100 a barrel possible later this year) that generates $200 million. Is that still economically viable? Only the board can decide that and I may well be way off with my figures. It’s 50/50 right now and until we get and interview I wouldn’t give up hope yet. I’ve seen other oilers pull back from the brink over the years too.

Yes, an oil column has still been encountered albeit a lot less than they had bargained for. The question is what will the data say in terms of barrels of oil in place in the 12m column. How much is there and what is it capable of flowing. This is what will be the deciding factor in whether to continue and extract or plug and abandon. The next couple of days should give us a clearer picture. I managed to sell literally on the bell at 8am and got out at pretty much break even but I have dipped my toe back in again with a small amount this afternoon to see what happens and will probably buy more tomorrow if it drops further. This doesn’t necessarily mean the end.

It may be irrelevant but that article is 18 years old and 12m in one discovery can be very different to 12m in another, who knows what will happen, let’s see. You Pay your and take your chances.