NEWS16 May 2024 01:30
We had some bad stuff yesterday which I believe is the first time since I've been here (5 years). It told us that one of the licences we got for nowt is worth nowt. We have others, also costing nowt, apart from the drilling costs which came from a raise of around £12m. So we lost probably less than £3m there. Duncan is keen to get on with the next drill asap which we should know about in 2/3 weeks. If that fails we lose another £3m. That's £6m max. out of a possible total worth of the Company of say 40p x a billion shares = £400,000,000. ie 1.5% loss in value. If the rest of the free on-shore is made up of dusters we only have Anchois plus the other pillars which is what we had before we were given the on-shore for free.
So Mr. Riskybusiness55 we are not toast, we are possible months away from finding out whether Anchois can support the average 40p valuations by the "experts" or if the experts have made some serious errors of judgement. We may find out if there is some manipulation of the sp for whatever reason - stake-building to enable a low bid for the lot perhaps.
Yesterday's news and further drop in sp wasn't exactly earth shattering but there are developing some serious differences of opinion on here which I think are due to understandable anxiousness about possible big? personal losses.
I have a lot of exposure, I think more than one or two directors, but without knowing fully what is going on I think it wise not to let emotions get in the way. I think we are in better shape than when the sp was 20p as we appear to be sat on a wealth of assets. More patience needed unless of course anyone has put in more than they can afford to lose and it is needed short term. That's rule No. 1 broken and I hope not too many of those here.
I bought some more today and I'm holding. Good Luck!
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