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Do we believe that was a large sell. (50,000,000). Could be somebody taking a profit if they bought a few months ago because if it was I would have thought the price would be down a bit more. Of approx 80m traded the various websites are saying circa 76m were sells. I appreciate it's an algorithm but I'd be surprised if there has really been heavy selling. If so the share price has stood up very well. Let's see where we open tomorrow.
This is why it's important.
An announcement made by the Argentine government in early July 2023 has focused attention on offshore activities. Equinor and partners have been granted permission to drill the country's first offshore ultra-deepwater well, Argerich-1, in the Argentina Basin's CAN-100 block. Most of the country's hydrocarbon exploration is concentrated onshore (with both conventional and unconventional plays), and in shallow shelf waters of the Austral and Malvinas basins. The Argerich-1 new-field wildcat well (NFW), in a water depth of over 1,500 m, will test a new exploration frontier.
The high expectations rest for Argerich are founded largely on the recent deepwater exploration success in Namibia's Orange subbasin, where Venus, Graff, and Jonker were discovered. The discovery of more than 6 billion barrels of oil equivalent (boe) of recoverable resources in the last two years in the south region of the African conjugate margin has reignited interest in the southern Atlantic coastal margin. Over the last four years, international oil companies and independents have built interesting positions in the Argentina, Colorado and Pelotas basins in Argentina and Uruguay. TotalEnergies, Shell, and QatarEnergy have all had success in southern Namibia's deepwater and are currently present in the Latin America Atlantic coast basins.
The Argerich-1 NFW is operated by Equinor in partnership with Shell and YPF and planned for the end of 2023. It is considered to be a high-impact well (HIW) with potential resources estimated at 1,100 million boe. The target is expected to be the Cretaceous basin floor fan sandstones, similar to those found in the Namibian discoveries, that remains untested in the Latin American Atlantic margin. TotalEnergies drilled a NFW in late 2016, the Raya-1 well, in deepwaters of Pelotas Basin targeting the Oligocene, however the result were disappointing. The well was plugged and abandoned after being declared dry. To date, the only evidence of hydrocarbons in exploration wells in this general area have been from shows seen in the shallow water of Colorado Basin. Argerich-1 results will likely shape exploration in the region for the foreseeable future.
Source: S&P Global Commodity Insights.
Hello Garry, are you trying to say DYOR? Also you forgot to mention that as/when the consolidation happens the share price will also increase 50 fold. This is now a very different company compared to the BPC/CERP period. This is AIM E&P it is always high risk, high potential reward if potential investors don't already understand that they shouldn't be here in the first place!
GLA
Hello Andy, the consolidation issue was mentioned as part of the Charlestown news. Nothing has happened yet and shareholders haven't approved it, but it is a condition of Charlestown being able to do the deal with CEG when they want to turn the convertible loan in to shares. Their custodian can't invest in companies with our current share price therefore the need for at least a 50:1 consolidation. Details on the CEG website under "Investors" then "Regulatory News". Hope that helps.
GLA.
Garry, you're very good at stating the blindingly obvious downsides of this or for that matter any other O&G explorer but I haven't seen mention of the potential upside unless I'm missing something. You are correct in highlighting potential issues but most of them apply to any share or investment. Most people on here haven't done enough research and their naivety is exposed in their posts. This is and always has been high risk, high potential reward and as long as you've only invested what you can afford to lose, does it matter? Rather than asking Willec about future potential oil discoveries and share prices why don't you do your own research and answer your own question? It's pie in the sky at the moment, the point being that CEG are now clearly on a pathway that is likely to produce value for it's shareholders, IMHO, the trick is to get out once you've made a decent profit and the reality is many people have already done so since last October/November during the lows even if they "only" left with 2, 3 or 4 times their money, it's already been a brilliant investment for some. Before JohnBriggs or some other muppet pipes up that has been easily and demonstrably achievable, it is NOT a fantasy scenario!
Yet again, misleading, have you no shame? There were trades at 0.29, what don't you understand about your term "the highest point in the past year" You clearly need educating you don't know enough to be participating in this discussion!
Willec, see section from the RNS, they have already stated that subject to shareholder approval it will be at least 50:1.
the Company's shareholders have approved, and the Company has thereafter undertaken, a share consolidation on the basis of at least 50:1 (this being a necessary requirement to enable Charlestown's share custodian to hold shares in the Company).
Not sure about substantial. The total trading value taken from this website is £77,807.16. Total number of trades were 42, therefore the average trade was £1,852.55. That is a long way from £20!! Who is spreading misinformation now then JB? As I've said before you are very transparent. How much did you lose due to Perseverance? Bitter and twisted doesn't cover it.
There you go Biffofalcs, JB's post is predictable and boring, tells you everything you need to know about him. Good luck with your holding, you have a decent entry price and if things go according to plan with Chevron then in 12 to 24 months time you should do well out of this. Don't forget to have an exit strategy!
As usual completely missing the point JB. The point is it has been possible to obtain a 5 or 6 bagger on this share in the very recent past without buying near the bottom or selling near the top, but lets be honest you don't want to hear or acknowledge anything remotely positive when it comes to this share do you. I suspect that anybody buying in at current prices will be able to repeat this over the next 12 to 18 months. I may be wrong or a may be correct, time will tell. You are very transparent and very funny, wrong but funny.
You are wrong, there were trades at those prices. The problem wasn't selling on the day of the RNS, that was easy, the problem was trying to buy. I personally couldn't trade online, I needed to phone the broker and it took them quite some time to fill the order. Don't let facts get in the way of a good story JB.
GG, you seem to have answered your own question in your last two posts. This share is not suitable for small retail investors who can't afford the loses, as you say it is a gamble not really an "investment". Whilst I have sympathy and empathy for many people who have suffered loses the truth is that many of these "investors" didn't do their homework and seemed to believe that it was a get rich quick scheme. This is and has always been a very high risk, potentially high reward company. Most small retail investors shouldn't be on AIM full stop never mind the O&G sector that is many times more risky. Along with you I hope that this is a success, time will tell. Some people will recover some money, some people will make a lot of money ( don't forget that between Oct 23 and March 24 some holders could have walked away with an 8 bagger) and some people will likely lose a lot of money because as per the Bahama's they will forget to sell!
Hello Garry, as you are talking about "reality" you don't seem to have considered that if we actually get to the point where Chevron drill, the CEG share price will be many multiples of where it is today based on "potential" alone. Many holders will have taken their profit and be long gone!
Koot's wife doesn't have any "free ISA shares" Irene. Are you getting confused with the pension plan in Leo's name that his wife is a beneficiary of? Leo Koot is still the owner by the way, his wife is simply a nominated beneficiary, what don't you understand? I'll try and educate you.