The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I'm in Nigoil, more than I'd have liked to pay and an anxious buy given my other losses in O&G but in never the less, hoping for a strong Q1, POO recovery and positive from ZAMA, only thing that makes me nervous is how the market reacts to SL sanction, hoping positive all round though.....
GLA
Sleeping off night shift last week and missed the boat, struggling to buy below 61.8 this morning.......
They’ll practically have to give Ireland away if they don’t get something away re farm outs in the near term, the company have absolutely failed to increase production and make any real world physical progress on any front whatsoever under the current leadership. If farm outs aren’t made Eog will be sat on a forest full of paper dreams and dwindling production. Wressle is our only chance of an increase in production near term and the reality is the chances of that happening any time soon are through the floor. Mass cull and restructure needed however it may be too late given we’ve had these majors in the room already without anyone taking our world class licences up, after a while it’ll be oh it’s just that Hugh again with his pipe dreams. My opinion is it’ll happen soon or never, and that’s when hard and fast decisions need to be made.....
On whether to buy in yet or not, few weeks ago I convinced myself I’d be happy buying in at the current SP, first half of last week I convinced myself that won’t happen (mid to late 50’s). Back half of the week down it goes, questioning the bottom now, was hoping this would be my save and grace and make up for the other oilers that have lost me money over the years. The internal debate in my head goes on, and on and on haha! GL all and enjoy the festivities!
The 3:1 sync with PMO is now broken, but PMO looks to be played, so much so I’m thinking of either taking a position in PMO or splitting some funds into RKH to take my average from 59p to 39p. Could make a great start to 2019, downside seems fairly minimal from here.....
Looks like the US are effectively robbing themselves long term, mass production funded by debt it can’t repay and flooding the market hence selling at a lower price. Just one big mines bigger than yours scenario! Sift through the nonsense and look at the RNS’s from PMO regarding progress towards FID & project sanction, the rest is mainly jungle monkeys banging their drums.....
I do carrott, however unlike you I’m not desperate. I put my money here years ago and occasionally dial in to read a few comments, one of the perks is free circus tickets I suppose, such a shame it’s the same act every time though.....
Nigoil, I’m sure it was 39p avg. I’m dubious about the credibility of this persons posts and motives however always willing to give anyone the benefit of doubt. Only an idiot would invest such a sum of money then bash a share to such a degree, say no more......
The more I think about it this absolutely has to be Vermilion, it just makes sense with them having Corrib operatorship and the position they’re in regarding taxation etc. I think this might be our last chance other than a miracle happening, hopefully a bright start to 2019 after many years of misery here.....
Like I said earlier Tacuma, crap timing by the BOD. Should have held back on placing until the outcome of farm out was known. If the funds are required for work up of licences associated with the farm out they announced as pending approval at board level then this should have been set as a condition of the farm out allowing EOG to raise funds post farm out announcement. No business sense applied whatsoever. Unless it’s a load of nonsense and the farm out is dead in the water anyway and this was the best shot. I don’t think anyone believes a word they say any more if I’m honest, if those words were whispered in an interview 4 years ago then the SP would have had a significant rise.......
From EDR site: Wressle Planning Consent Refused 28 November 2018 Egdon Resources plc (AIM:EDR) advises that its application for planning consent for the Wressle Development was refused at today’s meeting of the North Lincolnshire Council Planning Committee (“the Committee”). The application had been recommended for approval by North Lincolnshire County Council’s planning officers. Mark Abbott, Managing Director of Egdon Resources plc, said: “The decision of the Committee, whilst not entirely unexpected, is nonetheless disappointing given that the application had been recommended for approval by North Lincolnshire Council’s own professional planning officer who had the benefit of a positive assessment by specialist independent technical consultants. We agree with the conclusion of the planning officer and the independent consultants and strongly believe the new application for the development of the Wressle oil field fully and comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals and therefore intend to appeal this decision without delay. We will begin preparing the appeal documentation on receipt of the Committee’s decision notice.”
The whole process needs looking at. You can’t issue a licence, followed by permission to drill, then point blank refuse to approve applications for conventional extraction. I sincerely hope they go down the legal route with this to recover every penny spent and compensation. We’re now a one trick pony too!