Somethings brewing Rigger ? 3 Sep 2010 02:30
Info for you,
The recent placings and managment buying up to 50p suggests which direction they think this one is going.
If news is coming on the 5th Sept its exactly 30days since placing news its the 30day rule that you cant release market sensitive news 5th is a Sunday so its Monday then.
The reserve report was to be "completed within 90 days" from the 7th June RNS, so that would mean no later than the 5th September ?? The question is whether they will issue an updated one with a further update for the additional find later in the year or just wait to release when they have the full findings...
If the new Colon Sand Channel produces commercially under test and if it contains 3 times as much oil as the current producing sands then we could have a SIX fold increase in reserves for Colon and a THREE times increase in P2 for PELE as a whole.
Add in the additions at Q1 and other sites outside the Commercial Zone in the LA Field, the cash flow from the pipeline and gas production start up and in my view 120p would be conservative.
Who knows the new sand channel play may extend into other adjacent blocks or even other sites in the same block as Colon which are operated by PELE.
U CAN UNDERSTAND WHY THE BOD FILLED THEIR BOOTS WITH $20MILLION INVESTMENT @ 38 - 40p AND WHY CARLOS BOUGHT A FURTHER 294.5K @ 50p (£147K)
"In addition to subscribing for the abovementioned Placing Shares, Rorick Ventures Group Inc ("Rorick"), a company associated with Juan Carlos Rodriguez, a director of the Company, has acquired 294,504 Ordinary Shares from Dignam Holdings Limited at a price of 50 pence per share"
Thanks to all posters who supplied the above comments from around the boards over the past 48 hours
Sign In
Follow the stocks
