RE: £225m Market Cap, £225 to Charity5 Nov 2020 12:09
Jim - Irene didn't say Saffron 1 would be a duster she opined that no oil would be produced - as the company has advised oil continues to be sold from it as recently as a couple of weeks ago Irene was clearly wrong .
Unlike dross and some of the other trolls, who sometimes come up with challenging arguments, Irene usually snipes from a distance and relies largely on hot air - the one time she actually put her head above the parapet was the Saffron sweepstake. That drill had been independently assessed at 45% COS and had 4 targets in an area known to produce oil ( it actually leaks to the surface and pools in some parts but the shallow producing strata don't usually have much pressure so shallow drills usually have to be pumped soon after drilling and ultimately water flooding needed to maximise extraction) - so chances of nil production were pretty remote - the other trolls knew that hence the circa 25 bopd consensus.
Selecting 0 bopd was a troll wind up to highlight Irene's contempt for the project and the assets - shareholders knew the prize was to unlock the fold in the deep target - the drill failed for technical reasons but the offer from the drill team to go again, at their cost, showed the confidence of the professionals actually on site! That confidence was responsible for more than doubling of SP post drill, even though actual production fron Saffron 1 has not been hugely significant. The drill was, therefore, a success for shareholders and a failure for trolls - in particular Irene who, in addition to forecasting no oil from the drill had regularly questioned any association the SWP had with the Gulf Of Paria adjacent huge discoveries which are mentioned in the BPC August 2020 presentation!
Many people might read the BPC August presentation and decide it's not for them for valid personal reasons - those people normally just move on to the next investment that better suits their objectives - they don't usually spend years sniping !
There's no downside to trolling - ultimately if they are discredited, like rossannan, they can slink off, tail between legs ( there's no clamour from readers for their return as positive investors don't want to waste time on space wasters !) . Irene will disappear when SP improves or there is success with P1 or ' ex-CERP ' portfolio until then posters will continue to highlight her ignorance, the latest being no understanding of Takeover Premiums ( I think she may have googled it subsequently! ) .
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