Member Info for LONGWAIT

It's definitely good news for LOGP in that it should improve the chances of a farm out for Barryroe.

Latest news: http://www.proactiveinvestors.co.uk/companies/news/173992/northern-petroleum-looks-forward-to-italian-exploration-as-shell-advances-community-engagement-efforts-173992.html When you say Bush said production would be 300 barrels per day, I recall that two or three years ago the figure of 450 was mentioned. Have they really never reached that level?

20 bagger + on great deal 10 bagger on bad deal 0 bagger on no deal

Well done, fmfm. I sold all my shares a couple of years ago. I don't recall what price I got, but it was a lot higher than now, maybe 9 p. I would not consider buying back unless a farm out were announced.

I think the fall in the share price merely reflects the fear that no farmout will materialize.

Does the fact that institutions have been buying mean they have inside knowledge? Or does it mean that they are positioning themselves to profit from a farmout or successful drill at Druid? They certainly cannot know whether Druid will bear fruit.

In fairness to TOR, fmfm, whether a farm-out happens is not in his hands: he can hardly force someone to do a deal with him. My concern is that even if Barryroe is a valuable asset, no farm-out happens this year and the shares plummet. It may be that the Druid drill will make or break PVR.

Are you sure, Early Bird, that the $3 per barrel valuation is standard?

Are you sire, Early Bird, that the $3 per barrel valuation is standard?

The Chinese talks took place years ago. Someone saw an old undated report about it and mistakenly thought it must be news. There is simply no news about Barryroe.

Are you serious, Pageyboy? Do you really think Keith Bush could answer our concerns? Do you really think he could provide a convincing justification for the size of his and other directors' salaries? I sold my shares in this company long ago. When I first expressed my fears, when the shares rallied to 20 p, not one contributor responded here.

Yes, Red, and that s why I will not invest in this company. There are other oil companies that are worth investing in and I don't see why I should help keep this gravy train running. My guess is that the share price is being supported by the oil price.

Well, an open offer to all qualifying shareholders to buy 1 new share for every 7 shares held is similar to a rights issue of 1 for 7. And it's only about a year since the company had a rights issue. And what is the purpose of the company raising this money?

I note that the share price is barely above the level it was at when the company announced its previous rights issue just over a year ago. Maybe it's being propped up to suck in more cash.

I did post here a few months ago, on response to another poster's enthusiastic post about the company's revenue. I remarked that the revenue was going straight into the directors' pockets, re-iteratg what an earlier post had noted about the size of directors ' salaries. I don't know why, but both our posts were removed. I note that some other oil companies have recently raised cash for the purpose of drilling new wells. Not so Northern Petroleum. The stated purpose is 'in order to finance general working capital requirements.' That is clear confirmation that the company is 'living beyond its means.'

How do you know OP won't go to $30 and COP to 5p?

Well, if he has good news, then he should be averaging down again soon, but I won't be.

I know the feeling and it can override one's better judgment. The problem always is that one doesn't know what bad news could be around the corner. On the face of it, with 3p per share in payments from the Egyptian State and about 3p per share in annual earnings, as well as sizeable estimated reserves, at 10p this share is a bargain. But who knows?

I agree with you entirely, unless people are taking notice of target prices. I cannot see the purpose of targets. The brokers have no idea even which direction a price is going to go in and, if we are to be honest, most of the time neither do we. I remember Malcy predicting a big rise for LOGP when it was 40p and obviously undervalued. Now it is 5p.

Well, when it comes to eating words, you must have severe indigestion by now from PVR.