Member Info for elland

well MY AVERAGE IS OVER 10P JOHN ! The MMs are having fun with this stock. Look at the last 10 days trading and far more buys than sells with no appreciation in the price. Whereas a few sells yesterday and this morning and the price down. Infact today the buys actually are level with the sells. The price is capable of quick movements upwards however. Earlier this year it doubled from 2p on only relatively good news.

If you re read the last RNS there is an opportunity to make some gains here. My bet is on an outright sale of the business. Inherited debt from the Oman venture and Egypts delayed payments have caused the current cash flow problem. However still producing oil and as poo increases so will the receivables. Morocco profitable. Total debts at $90m and cash + receivables are a little over $30m. We need a realistic value of the assets to understand what the company is worth.

In fact with that last large buy over 800k more buys than sells

John, despite 2 or 3 large sells its been all buys since the RNS and four ar five trading days before. The MMs Holding this back. I was concerned that today there would be more larger sells which tells me that the main shareholders are holding for better days ahead and a possible take over. This must rise tomorrow

The Gas asset values will have held up well as we are on very profitable fixed contract terms with the buyers but the oil reserves will have been hammered. Its difficult to value the company without a more recent CPR which I am sure is underway as part of the Strategic Review. The financials show a large deficit between cash + recievables against debt so this will also depress the price. That said, I agree that 10p is a reasonable assumption. Although long term holders like me would still lose out, there is still plenty of opportunities to make up loses in this sector.

Of course it was. Not my best day on here ! I wrote the £ sign in error. Still I suppose it could have been a lot worse. Tomorrow could be a difficult day.

But £2.7m in sells in 2 trades. Expect to see an RNS soon reflecting a major shareholder reduction in shares. That said John I also topped up again today. This could go either way in the short term and I still believe the company will be sold in full. We do not want to just sell Morocco which is our profit centre but I fear that it will attract some offers. Sound Energy perhaps ?

But £2.7m in sells in 2 trades. Expect to see an RNS soon reflecting a major shareholder reduction in shares. That said John I also topped up again today. This could go either way in the short term and I still believe the company will be sold in full. We do not want to just sell Morocco which is our profit centre but I fear that it will attract some offers. Sound Energy perhaps ?

Sorry on Norwich and Peterbough it shows reiteration based on earlier 18p recommendation. I assumed the same. I therefore stand corrected.

Just announced at 18p. They are not in house brokers and specialise in O&G sector. Do they know something that we dont ? Is there a buyer already waiting in the wings ?

Not a lot one can say about that. Terrible financials have got worse. Previous board have a lot to answer for. I think that the merger or takeover the only options unless we can farm out Mahdia of which there was no mention.

Today again far greater buys than sells. Must be the case now for 5 trading days in a row. The big investors have remained stoic with no sells. I would have thought that they would be regularly in touch with Mitch so must believe things are about to improve.

Well Stockdale, I will endeavour too get there this yr and set off some fireworks. If you look at all the buys since Wednesday this week, I cannot understand why the share price hasnt moved ?

Hi all. Although modest trades, all buys today. I have e mailed Mitch for update on various issues. I will certainly be going to AGM this year which I expect to be somewhat earlier than last years. Stockdale, if you remember Ramerci went last year and kept us informed. Are you going ?

Frustrating isn't it. However some buying activity today looks better. This company must improve will price of oil increase although we still don't know the arrears payment situation in Egypt. Lack of news from the Board not helping.

It was a buy mine.

This has been a decent day trading. Still plenty of support here and the main investors still holding. CPR due soon which will be interesting

Agreed. A company like Sound would only be interested in our Moroccon assets. The Tunisian assets are as yet unproven and Egypt is a basket case. We need to be patient here and hope that oil price rises to plus $50 which will make Mahdia more attractive. Lets also hope that Egyptian Government starts playing nicely.

Well looking at their latest accounts its seems that unlike us they have cash and very little debt. I would hate to see us taken over cheaply but .....

It was Proactive Investors presentation not the AGM. Apologies. But the answer to the question was the same