Member Info for Cebo-456

Sapote-1 studded 28/29 Aug and was scheduled to take up to 60 days, including the P&A. So news could come anytime and those on board, certainly the drilling crew, will have a very good idea on how the drill went. Hopefully when they release the results they also give us an indication of the oil type etc.
My guess for results is Monday but may well be an intraday RNS, particularly if it looks like news is getting out.

I don't see Well results officially arriving before Monday - what will be interesting is the trading patterns here and at ECO, which may suggest that news has started leaking out. Could be an interesting couple of days.

I don't see Well results officually arriving before Monday - what will be interesting is the trading patterns here and at ECO, which may suggest that news has started leaking out. Could be an interesting couple of days.

Slightly early for the Sapote-1 drill results official announcement, although unofficially the drill crew will have a very good idea how it went. Worth watching ECO as well this next couple of days. Maybe not as tight-a-ship as they would like.

Just catching up with the posts on this board and apart from the hilarity factor, it is quite shocking how many really do not have a clue what the Redacted Manufacturing agreement means. Some obviously do not know difference between CE marking for professional usage (which the Company can do themselves and then register) and CE mark for home use which need to be reviewed by an external body. Investors should realise that the 374million contract is to produce an approved test for the DHSC which the DHSC have selected - this is not the ODX Visitect test although the Visitect test may be available for future DHDC purchases. Ignore the muppets asking for MHRA approval, only the DHSC can ask MHRA to approve a test, not individual companies. ODX now have the capabilities, infrastructure, equipment, scientific staff (and agency staff if needed) to produce 2 million tests a week. They are already producing CD4, ADC19 and Visitect tests and are providing cassetting and pouching services for Suresreen (which are not part of the advanced payment from the DHSC as some muppets have suggested on here), they are ticking over nicely, are well financed and ready for the big one, if and when it comes along. I may be wrong but I still expect HUA to land soon - because the goalpost changed, ODX had to both change the collection method and widen the ulilialstion study before submission Jul/Aug - so 2/3 months seems about right if fast tracked. It is also anyones guess how long the FDA EUA process will take, but again this was delayed because the FDA required in-country studies but could/should arrive soon.Ignore poster like Twatcher, Gary, gravychain or whatever he/she is called - those guys a low level attention seekers at best - Twatcher trying to prove some some of credibility by posting buys of a few k shows the pathetically low level he is dealing in, although everything is relative I suppose. Anyway, my advise is to ignore all advise ;-) on those boards including my long down out ramblings above, and do your own research.

Schlemiel, I think that is highly unlikely, the collaboration you suggest would also be totally against MAR regulations and would leave themselves open to SFO action. None of the parties are that stupid - although arguably Maris and Chaffe participated in worse with the Bondholders.

I still find Maris and Chaffe's positions untenable. If they had taken on a policy (as was advised and suggested to them) to buy some of the Bonds back when they were trading at less than 50% of face value then the Company would have saved 10s of millions$. If they had not opted to try and give the company to Bondholders after deliberately (in my opinion) destroying the SP then that would have saved another $18million costs. Their arrogance and incompetence could have cost anywhere in the region of $50million ++++ . I do not see how they can retain their position on the board going forward and hope that moves are in place to find suitable replacements in the near future.
Above is only my opinion.

Hull,
Picking up another 1.5% of shares on the open market to now hold 26.68% is a substantial increase and well worth noting, - particularly as it starts to get interesting/complicated if they were to hit the 30% mark and be subject to potentially having to make a mandatory cash bid for the remaining shares - without backing or a buyer (which is possible) CRS are unlikely to be in a position to do this themselves.
They may also want that extra couple of % leeway to pick up any on any dip before hitting the 30%, or may continue to buy when the volume allows.

And why wouldn't they - with oil price at a seven year high and every chance that we shall see news shortly of a forward work plan for next year as well as news on the BW FPSO extention, it probably was a "no-brainer" for them.

Should read - their lats RNS was badly written (not CPR)

Who is the "we" that needs a new CPR.
CPRs are only as good as the info you feed into them as we have seen with the previous two, and are only useful if borrowing money or selling the Company - and even then most suitors will have their own guys validate reserves and resources. The last thing the Board should be doing is wasting a few more million on a CPR at this stage after wasting nearly $20mil on trying to give away the Company to the Bondholders.
I also think that Chaffe and Maris have overstayed their welcome, they must be now on borrowed time, and should walk or be shown the door. Their last CPR was yet again badly written focusing on the unlikely worst case scenarios and both were at the helm in trying to give the Bondholders 95% of the Company - they need to now go, in my opinion.
The Oil price is already higher than most could have hoped or predicted and all indicators suggest that this will only go higher as demand outstrips supply - goes to show how cunning and underhand the bondholders were when trying to take over the Company and how unscrupulous, and possibly illegally, the Board of directors acted.
So no more wasting Money on CPRs, I would rather see the money spent on an investigation into the NEDs that resigned and Maris/Chaffe (who should sisign) and get some or all of the 20mil back through Hur's insurance.

Paddy, I disagree, confidence was never lost in Petrofac, they are also a lot leaner and meaner than pre SFO investigation and Pre Covid. They stopped Dividends, streamlined Operations, reduced wages with even the Directors agreeing a 10% cut so will come back a lot stronger. I believe that this Company has huge potential to "build back better" than before, they are also well poised to pick up a lot more renewable project contracts going forward as well as the lucrative O&G contracts.
Prtrofac has always been a hard one to value and todays news isn't easy to pin an accurate value on either without a lot more info. What is obvious though, is that Oil and Gas is and will be in high demand and the price for both is and will reflect the high demand. Projects have been deferred and delayed but cannot be delayed indefinitely without having a huge impact on production and safety. Petrofac are well positioned to benefit from this and I suspect that they came to the right deal with the SFO at the right time to take advantage of the market.
The SP was £17 a few years back and £10 before the SFO started sniffing around - it would take some serious contract wins to get anywhere near those levels but I still think that £4 a share is a reasonable expectation next year, maybe sooner.

Huge, and one of many contracts that could be announced Q4 now the SFO have released the chain.

Snapper, you are wrong again. Your posting history shows that you have called this wrong on a near daily basis for many months now. You called the date of the court case wrong, you called the fine wrong on so many occasions, you called the SP direction wrong on a near daily basis, you are now calling this wrong. Not sure if you genuinely are stupid or trying to manipulate others (nor do I really care) but judging by your history I think its probably both.

Snapper, your post below where you correctly say "I have no idea" is the first thing that you have called right here for a long time. Your posting history also back up this statement.
You called the date of the court case wrong, the fine wrong, the SP direction wrong on almost a daily basis and now the status of the investigation with the SFO - wrong yet again..
So congratulations on getting something correct - you definately " have no idea"

L2 shows someone just bought £140k worth of shares. Large buy for private investor, more likely II.

Snapper, your posting history show that you have embarrassingly called this one wrong at every turn, and you continue to do so.
I have a short to medium target of four quid which I expect to see at some stage next year, possibly a lot earlier with the right news. We know that shorts have closed since the Court action and apart from ones linked to a hedged long position, I expect them to continue to do so before the SP goes higher. I also fully expect to see both retail and II's take longer positions once the day and swing traders have had a go.
What you post (and myself and others for that matter) will have no influence on the SP direction - posts here may influence a few to sell, buy or hold but anyone trading based on posts from people like yourself who constantly call it wrong, deserve all they get.

Correct, The directors and any PDMR will be unable to buy shares on the open market as this will be almost certainly a Close Period. Yesterdays announcement was part of their package, closely monitored by Petrofac's Rumuneration Committee who now take external advice to ensure they comply with MAR etc

If the hearing has finished, then it looked like it really was just a formality and the Judge will have given guidance on when it will reconvene (Monday if thats the case) to quickly sum up and announce the fine and any conditions etc.
The direction of the SP this afternoon and first thing Monday will depend on how the big players think the hearing went, some may take an early position before the award, others institutions will probably have to wait until it is announced before taking a position- just in case. Any shorts not hedging long positions may reduce today, Monday or over a longer period. No one on here really knows. For me I will ride this out for a while yet and see where the SP ends up.

100mil would be a great result with both parties walking away happy (particularly PFC), but as they say wtfdik. Bear in mind that some were speculating that it would be in the region of billions a couple of years back - and the SP reflected a lot of this fear at the time.
Its not as much the fine that has been keeping the SP down, its also the inability to forward plan and win contracts with the court case dragging on and on.
I think there is a lot of money waiting for the court decision, not just retail investors either.