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that the bopd figures quoted are Gross figures and only 65% is attributable to Bayfield
by 200bopd/month. I wish RRL could achieve that. A good RNS in my view.
to= two
according to the last information issued by the gov up to the end of April, Bayfield spudded to wells using their 2 slant rigs on 3rd and 9th April. These should be coming on stream soon and could significantly increase production again. If they can do this it should move the sp north and they may get another chance at equity financing. Thinking of getting a few more but it is a risk. If they cant get some finance, and cant fulfill the licence obligations, heaven knows what will happen although the production undrpins the current sp, with current shares in issue. Drop in oil price not helping either. Strange one this.
I think in will depend how much they can delay their drilling and still maintain their commitments for the number of drills this year that are set out in the licence. I am surprised they are not shouting about the increased production. As far as I know we have only seen it in the T&T gov publication.
my buys showed up after hours. (In my dreams) Hope they were buys and could be Directors or Blackrock.
I am sure if they asked Range resources to lend them the cash Pete landau would stump up. They are struggling to get production up to 1000bopd in T&T. He could also teach BEH a thing or 2 about equity financing. He is the master, but does tend to screw the odd PI over doing it. Did you also see that Bayfield had 80 active rig days in April. 50% increase in production and we are now valued at 30% of what we were.
if they were not a producer then being unable to get finance would be a killer. My purchase was a bit of a Knee jerk as they do have certain commitments that go with their licence. However if they can keep stepping up production like they did from March to April I think this is bargain prices with no immediate dilution. I hope the Directors dont sell at this price but if I had 30m shares as they have, still worth selling at 10p.
they are not doing a placing at this price. They should delay activities until they can increase production and fund that way as the original plan. I just bought a few at 15p. They are producing at least.
just another note as a reminder that the Directors shares can be traded after July 18th. 1 year after the Aim listing. They have a lot of shares as well. I really dont know how this will pan out over the next month. Very disappointing but the production figures are good. It will depend on the level of dilution that may take place.
Still have a reduced holding. Need to see the financing solution. However production up in April nearly 50%. So not all bad news. http://www.energy.gov.tt/content/Consolidated_Monthly_Bulletins_Jan-April_2012.pdf
So its back to the relative peace and quiet of the old timers. I am still here and unsure exactly what my next move is. I had an e-mail saying the final results should be out by the end of the month. I am no chartist but have taken to using the macd along with the smoothed stochastic. I have found the combination very useful in stopping me buying back into falling shares too soon. You are correct the daily chart has levelled off and the divergence is reducing. I may get some more to trade but these charts are more helpful on heavily traded stock, this isn't really and the sp seems to have a mind of its own. I am really waiting to see what the brokers will try to do for the financing. I am hoping they may want to pump it up prior to fixing a placing price. We will see. Holding a big loss here at the moment.
should be out at the end of this month I am told. Not sure if that will help but hopefully it will tell us a bit more on the finances.
Yes they did respond yesterday, but just copied the RNS to me saying most of the answers were in there. I assume the new broker announcement yesterday was to facilitate the equity financing. A placing at a discount to this price would not be good news. Still holding myself as I cannot believe that on one poor result of a partially complete drill the company is now wort half what it was. No spare cash to top up, and wouldn't anyway. All seems a bit strange to me.
As below, this confirms additional equity financing will be required to complete the drilling programme. Just hope its not at this price. http://www.firstenergy.com/UserFiles/File/BEH_LN-GEC-TO12.pdf
I hope so, but i would like to see their final results. The half yearly report came out on the 30th Sept and I would expect the full year by now. It was one of the questions I asked them via e-mail at the weekend. In fairness in the half yearly report, which is up to 30th June they said they were fully funded for 12 months. It looks to me that they are trying to ramp up production (they are behind their targets) so that they can primarily fund from there. Hence the break in exploration drilling until 2013, after the next drill in Q3, to allow production to deliver the income to minimise any cap raising/loans etc. Could do with a bit of a bounce tomorrow..
didn't pay 35p for 250k. Nice buy though, think a few more may appear. Bloody bargain.
perhaps the company are buying back the shares they placed on AIM at 60p. Good business but dont think its allowed. I do find this frustrating, oil explorers that are underpinned by producing assets should be a safer investment. I really believe the sell off is due to the fund raising mention. This was not meant to be necessary at this stage.
The trouble is with these directors they have got so many shares, over 30m a piece. I was surprised they bought more when they did, but as they cant trade their original holding yet, maybe they wanted that flexibility. What I find difficult to comprehend is that the original placing was at 60p, the previous low about 44p so everyone is selling at a big loss. Hopefully most of todays sells are from the short termers that just joined for this drill.
until I break even but Vane is my best performing stock today. By a country mile.