For Amigo to come up with a plan here, I think it will have to tap shareholders for more money for restructuring or liquidate the company. Doesn't look good - my first buy here was around 74p, then at around 11p. I kept missing the rises and panicking on drops. When it was 6p I didn't have the courage so lost out on its recent climb too. Now its at 9p I still can't bring myself to get involved again, especially as the risk seems even higher now. Good luck all and be very careful with the amount invested here. There are other shares out there with better prospects now... IMO
Director buys are good sign at any amount, they too are looking for a return here.
I can see this reversing pretty quickly as it was undervalued at 3p and now it can be bought for under 2.5p
The risk increased a little here when Moftinu 1008 had water at the lower level - this makes me uneasy about Sancrai. I can't shake the feeling that there is a tiny possibility that drilling into water might happen again - although I know the field is a few kms away.
Has anyone else had this thought?
It's the only risk I can see here, everything else looks to be low risk and producing as expected.
I wouldn’t even call them a series of historic failures - just very unlucky series of events that would have impacted any company, not bad decision making or poor management, just bad luck and all in the past now. Looking ahead, this is now a debt free producer with a roadmap to increase production. That’s it.
my thesis hasn't changed, this remains a debt free producer with sensible low risk plans for adding to production numbers.
Oil and gas prices heading up.
Share buyback approved.
Spudding next month in a similar field to Moftinu at Sancrai, road being built to site as planned.
Approval for pumps in Tunisia from the partner, just need more clarity on when that starts to lift oil.
Patience here.
This is a debt free producer now on sale at a low price.
The special resolution to buy back shares was passed 100%, so it could start any moment. I don’t think they need to RNS the start of buying but they will report purchases later in updates.
It means that Serinus can transact in its own shares - usually buying to support or raise the SP and within the limits set out at the AGM in the special resolution. They can't go crazy buying up their own shares to raise the price, they can only pay within a certain distance of the mid-price (10% ish). The advantage is that they can help to support the price if it seems too low. Like right now!
Hopefully as it's been approved, they'll get cracking and help get the price back towards NPV.