Member Info for Legalwolf

I agree KR - it's actually impossible to know when it comes to He1, which probably means it is best avoided until they are ready to actually announce an outcome. Or try to follow the largest trades - but even that is very difficult.

Skippys - are you saying this is Rigged?

Do folk think it's another one of these shakeouts, which will be fixed by Monday?

Point me to the LSE rule where it says only holders can post on a share discussion BB, and I will happily adhere to it. Otherwise jog on...

The whole sequence of events is disconcerting to say the least. They announce a seal failure at 1445m. 7 days later they call TD with only another 3 metres drilled. They say this was due to the fracture zone leading to partial losses of drilling mud, and "We are pleased to have successfully TD'd safely, and managed to address the minor issues with the rig quickly and efficiently." 10 Nov - they announce and issue with hydraulic system, which is affecting the iron rough neck. Unable to pull string out of the hole to commence wireline!

So there was an issue with the Rig, it got fixed, but then they only drilled 3 metres because of physical well conditions, and then when they decided to commence the testing, the previously repaired Rig developed a fault again that impacted the same component as before. I can understand how a repair might unravel after you think it's been fixed. However, it's their explanation that the decision to only drill 3 metres and call TD was unrelated to the Rig, that is now starting to make me wonder whether its the Rig issues that have shaped events and decision making all along. Had they drilled 100+ metres, then you might not make any such link but now...? All imo and dyor

Come on folks - we've just had another RNS about the Rig. Therefore, it's inevitable that discussion over the coming days is going to be about Rigs, and Joe is one of the (only) posters on this BB who has direct knowledge and experience of this. I'm not interested in his trading motivations, just like I'm not interested in anyone else's, but at times like this, to ignore or malign the very few people on a BB who have expertise on the key issue of the day is just plain daft.

Should be grateful he's willing to answer questions - I certainly am.

They only give half the story half of the time anyway Joe - that's standard with He1!!!

Thanks Joe - I guess they can't take any risks then and better ensure it's a proper fix. But even once fixed, I guess it will be a very nervous few days wondering whether the Rig is going to ruin everything. Alternatively, and if they can't fix it or don't want to risk it, could they contract the Marriot Rig once it's finished with Noble?

Probably a dipstick question this, but I know nothing about drilling and wells, and the bit about wellbore stability made me think about it: Once a well has been drilled and just needs wireline testing etc, is the well itself basically safe and secure, or can a problematic Rig still present a risk of losing the well?

Joe80?

Dipstick (meaning) - a person who holds their shares during inevitable and frequent price falls in He1.

Both yesterday and this morning, the two largest (and both delayed reported) trades seemed to have got it spot on again, both in terms of direction of the trade (sell at the high) and its timing (just before bad news lands). Both of these trades were executed against the prevailing trend (which was going up) and the prevailing mood and expectation (positive news imminent). It doesn't prove or necessarily mean anything, but it does make you wonder? All imo and dyor

My "guess" is that it was a sell. Not only that, it might well have been responsible for stalling the rise? However, even if it was a sell, the positive aspect to that is at least it's one more big sell out of the way?

In terms of the overall price action, yesterday was undoubtedly one for the bulls. Today is more debatable, but the positives are that the price did breakout in the morning, and it is common for breakouts to retest the breakout level. I think we are experiencing this retest of 6p. If it holds or better still comes out of the traps tomorrow am, then 'FOMO Friday' is very much on. Hopefully, it won't be 'Flush Out Friday' instead! All imo and GLA

Sorry Chesh - i'll try to factor in your very low level reading ability and concentration span next time.

Joe80 - I think they would have reasoned (and quite reasonably) that rather than issue a RNS when they resumed drilling, and then have to issue another one if they encountered further problems (which becomes farcical), that it was sensible for them to just get to TD and issue a single and definitive RNS at that point. As it happens, they were right to take that approach, because they did then run into problems with the basement target and only ended up drilling another 3 metres. It would have been a farce to have a RNS to say 'we are up and running again with the drill', followed by another one VERY shortly thereafter after saying, 'we've drilled another 3 metres and decided to call TD'. Now that would have been dire and damaging. The single RNS caused a fall in the share price (before this bounce back), so imagine what two back to back RNSs would have done?

So I say it was a good call from them to wait and just get to TD (especially given what happened at TD). All imo

I've been critical of comms in the past (don't get me started on the Rig RNS again!), but have they actually been dire, or even an issue at all, during the drilling campaign itself? There's been 5 RNS since spud, and a number of tweets from the site as well. The comms have actually been fine of late imo?

Can't argue with today's price action and possible reversal on its way? It will be interesting to see whether/what the late reported trades are today, but really tomorrow's open becomes key now imo.

Yes, very true guys re the 10% moves. Definitely the way to go I guess in this market and pre-discovery. As for MM increasing Ask but not Bid, that would suggest that they are not keen to buy stock but are willing to sell, which suggests they must be net short? Or is that not how it works?

Gosh RJ - it was a light hearted joke. Doesn't take much to get you going does it? Is it because the share price is going up today and therefore your on a heightened state of emotion? Take a chill pill.

No one is better qualified than Roger Jolly - he deserves an award from the LSE (or free premium membership for 12 months), for policing this BB over the last 6 months, with the unwavering fortitude and vigour that he has done so. I noticed how he even turned on his old flame Coco the other day. As for Coco, I've had him on filter for some time now, but I'm very tempted to unfilter, as he appears to have had a conversion on the bombed out road to Damascus by the sounds of it, and it's not clear why.

I guess in a bear market the MM don't like moving prices up as much, or as quickly, because they get the most volume from keeping prices at lower levels, which then calls for retail traders having to similarly switch their strategies. I've NOT done this with He1 so far because it involves switching your mindset from the outset, rather than midway through a 5-20% swing move.