The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
They do have a $1M contingency fund. So are probably covered. Also may be able to recover a share of the extra costs from the partners as per license terms from any revenues generated. Also on a more positive note TLP 101/102 must be 10 years old, so well past their prime, and may not be indicative of a new well in terms of production..
AAOG have definitely had more than their fair share of problems, but majority are self inflicted and have cost the shareholders a lot of money. I was an enthusiastic holder here for a long time, with £40K invested, but sold up in the 12's, (at a small loss even) Decided it was far too much of a 'one trick pony', and that the management have not been that trustworthy, or that smart.
In particular, DS kept up the pretence that SNCP would pay its' share of the drill costs for far too long, -must have known they were broke, and that the original admission documents reveal that AAOG was always liable for the full cost in the event of non-payment.
Belatedly admitted the funding requirement, telling everyone they were over a barrel, which tanked the SP and led to highly dilutive discounted placing. Had they raised earlier, IMHO they could have got a much better deal. (Why keep up the pretence of seeking alternative funding arrangements etc etc, when 9 times out of 10 you end up with an equity raise.)
Even now we still do not know the official flow rates of TLP 101/102. If they are not reasonable, then that is at least one course off the drill menu. Also where is the new license? I know Africa does things slowly, but it leaves room for doubt about dodgy dealings when it comes to money.
Only people who seem to have benefited at all from AAOG so far are the placing holders who were walking away with a quick 40/50% profit. Remaining placing holders are probably pretty spooked by now, and will be happy to off load at much less profit, so cannot see price bouncing back to 12p anytime soon. Not enough interest from the 'herd' to absorb sells.
I am sure if they find some oil, ( and I hope they do) all the above will all be quickly forgotten, but unfortunately track record to date ain't that brilliant. But certainly hope for current holders sake that all works out well. GLA
A 1/2 of a 1 % Yee Hah. Don't blow your giant profits too quick! GLA!!
bit sneaky...after hours update. Disappointing..... their only jewel now would seem to be the new veneer factory. Also can't see them maintaining an AIM listing for much longer, seems little point when so little trading, and costing 200k odd p.a..
But price static/rising? For once it might be true to suggest .....'big order being filled'!
I think we have 14m to spend from the cornerstone investor, I would call that quite a lot!
Interesting...., ' first acquisition' is Indonesia after all. Yet Friday tweet about Malaysia. Could be another on the cards shortly then?
PETRONAS, short for Petroliam Nasional Berhad (National Petroleum, Limited), is a Malaysian oil and gas company that was founded on 17 August 1974. Wholly owned by the Government of Malaysia, the corporation is vested with the entire oil and gas resources in Malaysia and is entrusted with the responsibility of developing and adding value to these resources. Petronas is ranked among Fortune Global 500's largest corporations in the world. Fortune ranks Petronas as the 75th largest company in the world in 2013. Fortune also ranks Petronas as the 12th most profitable company in the world and the most profitable in Asia.[
Coro going for a RTO no doubt!
Buys and sells all mixed up today. My buy earlier @3.73 shown as a sell.
Well you are right. Was mine actually. Definitely a buy 73,717 @12.48p. Been watching this for a while now, and it did seem as if the MMs were intent on walking the SP down for some reason.. I am hoping this is the bottom now for KOOV and that things will begin to pick up.
Glad I stayed away from this one. Feel for those who bought in on the spike tho'. AIM casino at its very worst. Would suspect the MMs had some knowledge of this coming, hence the constant price drops and massive spread, unless it was as some suspect due to distressed/forced seller offloading. They do have other projects etc, but India was the big prize.
https://www.infield.com/rigs/coslforce-jackup-60654
Is old news or just wrong?
Must be due by now. Some big buys over the last few days.
This is not as mad a notion as it seems. Suppose you had taken part in the placing, but the Sp then falls, locking you in. So open a large short position ( actually several, below the reporting threshold) , and then proceed to dump your shares to depress the price and hence make your money back/profit from the short. Cannot see placing holders selling at a loss, that is just not their game.
Yes a complete waste of 8m dollars for a hopeless failure! A useless CEO who has never achieved anything in the oil industry! 94m shares in ii hands, (presumably they did no due diligence at all before investing!)
What a load of cxxp!
Funny how the de-rampers only ever appear on red days. Pretty suspicious!
Best sort out 'appraisal' from 'wildcat' aye!
Fundraiser.....totally agree, been watching this for a while now. Very illiquid ..some days no trades at all, and a couple of days ago the spread was 27%! Think the MMs are deliberately discouraging any trading while waiting for the Indian news. High risk/high reward, but GLA
Bought a few here this morning. and was also watching the AGM presentation from June 2018. It seems the Indonesian situation is well known about, but as James Menzies said, it seems to be more specific to the larger Co's who have held the licenses for a long period. JM mention 'Total' who had a licence taken back after 60 years of production!). So may not be all doom and gloom for the smaller players. Here's hoping for some news in the near future.....!
Been watching for a while now, wondering about jumping in, but it seems that the MMs are currently intent on walking the SP down, and no amount of buying is stopping them. Have seen the same done on other shares. Only reason I can see for this is that current markt cap with new shares in issue is too high for comfort and they are readjusting accordingly. Definitely don't seem keen to have the 15p placing shares dumped on them. Keep watching for now.....GLA