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Hi all,
While the SP action was certainly enjoyable today (for once), has anyone tried selling / did dummy sells? I couldn't get a guaranteed quote for anything over 1k shares with a dummy sell, my broker is IG. I wonder if anyone else had the same issue today? Basically I'm wondering whether it was a glitch on IG side or there is no liquidity.
BR
LR
Hasn't even reached the previous all-time-high which was October 2021. My inner wishful thinker says "surely this has a much longer way to go". Yeah, there may be placing fears, but are how much damage will a placing do, to a company that just received an FDA approval? MC is still micro for all intents and purposes, looks like too many folks are just away on vacation, and the market has got to catch up to this.
This message aged well!
I think if PG starts selling this will drop like a stone, as it would be a worst sign imaginable. I recon he must buy to send a signal, assuming he has cash - which he should. I have to admit, today's news feels like second, maybe third worst sign imaginable.
Personally at this point for me this is riding on hope at this point more than anything else, but also I am damn curious as to how this will pan out. The disbalance between the potential and reality is stunning, there has to be a mix of an extremely incompetent management team and bad luck for this to go teets up in the end.
I think the game at PRD is far from over, but so far we had a very unlucky month, I would even say dream shuttering month at the hands of the BOD with badly timed, badly worded RNS's. What remains to be seen is whether this was just naivete by the BOD in the way they handled release of news (possible) or whether this was a poor attempt at trying to put a positive spin on a bad situation (also possible). I personally have no idea, it could be either, time will tell.
Hoping for a good outcome in the form of realised value here.
We'll find out soon enough. Today's RNS states his remaining interest as 2.5m shares.
He still holds 2.5m shares.
We don't know if he's retiring, we don't know why he sold down, we don't know what's going on behind closed doors - without an explanation from the company either in a form of an interview or further RNS all we can do is guess.
One thing for sure - market doesn't care much for uncertainty, and instead of doing something to mitigate what is already enough uncertainty, the company delivers this gem today.
It could be that RP urgently needed £200k for whatever one can urgently need £200k, but an explanation (and an extended one) covering what the goose is happening at PRD would be nice about now. Assuming of course such explanation doesn't confuse things even further.
I believe the only thing that would turn this fcukup around sometime soon is the word "discovery" and PG buying at least the amount of shares RP sold, paying his own cash.
I think at the moment (not denying potential value here) the most two pressing questions are: how low will this go before an (inevitable) correction to the upside, and how will PG handle this from now on?
I guess time will tell, popcorn on standby to see this unfold.
Probably Paul selling his own shares to part-fund Mou-4
I don't believe they have said that, but it seems this way from the two RNS's. This is the impression I got because both RNS' mentioned wireline logging and new CPR (respectively), but both weren't clear about when this is supposed to happen.
I am just putting two and two together and assuming that one will aide publication of the other.
Having said that, I can't see what's the harm in publishing analysis of wireline logs, now that the drilling operations are finished.
Hopefully it won't be too long now anyway.
And we are now at m'cap of £20m.
Sure it's not inconceivable for sp to fall further, but I do begin to wonder how much lower can it fall before things will reverse (which is inevitable imo). There are companies out there with way worse situations valued at multiples of PRD and alive and kicking.
Will be topping up when some cash will free up, genuinely wondering which price we will be at end of the month.
Good day everyone.
A question to those with the knowledge of the industry if I may - it seems like PRD doesn't intend to update further on MOU-1 but rather would look into issuing an updated CPR based on the wireline logs. Would anyone with the knowledge of the industry say this looks like a likely scenario or am I way off the mark here (if so, why please)?
Best regards,
LR69
Hi GHR,
Hope all is well!
Black Swan you say?
Superstitious types would call that an omen of bad luck. Would you agree or disagree?
BR
LR
Guys thanks very much for your response, appreciate it!
Hi everyone!
Could someone please direct me to info source regarding where does PRD source its CO2 from in T&T?
Trying to understand the costs involved,
Best regards and thanks in advance
LR69
Might as well add to the banter.
Looks like AMGO's lawyers really ckoced up in court. As someone else (rightly imo) put it here earlier, they never mentioned the fact that shares used to trade at circa £3, and that bondholders can pull the plug should they choose to. FCA's argument that the shareholders benefited from a recent rise is cute - exactly for the same reason. AMGO's counsel could have parried that argument with a simple reference to a daily chart: sure, those who bough in after mid February had a nice return, but what of all those shareholders who bought in 1, 2 years ago, or at IPO ?
The idea that shareholders should participate is a joke considering current market cap of the company and uncertainty around its liabilities - who in their right mind would subscribe to a placing, should there be an attempt at one? Not to mention the fact that shareholders are participating by ways of profit contribution to the Scheme - money that would otherwise have been paid out as dividend.
I don't think the BOD had much choice with suspension: they had to request suspension tomorrow, and they had no way of justifying not requesting lifting of suspension today. They could have, I suppose, streamed the court hearing and kept the share trading yesterday, but should they have done that, I think the damage would be way worse than today.
I think it will take the judge some days if not weeks to reach the conclusion, but I really have no idea what prolonged effect will silence have. If I had to guess, I'd say SP will keep sliding for the next couple of days reaching 11.5p (today's low and 61.8% retracement level off the recent highs), but after that - the longer the silence the more sp is likely to recover - pretty sure market will assume that the longer it takes, the more judge digs in to available information. But I guess time will show soon enough.
I sold off about 70% of my modest holding this morning just to be on a safe side, so need this to double to recover my losses, that's assuming the remainder of my shares don't get wiped out entirely.
I agree with Isa's assessment that this is 50/50, and we're completely at the judges hands and competence of judgement (accidental pun there).
I believe is a tactic by the board to pressure the judge into approving the SOA - logic being, shares will drop in value, thus rendering the argument of recent gains less potent and suggesting that a raise wouldn't be an option as things stand.
Drule, before anyone gets excited about anything untoward going on because the short and this update, do look into the background for this short and what has been published recently by the company. In short, the Lombard Odier short was done so that LO can get cash before the warrants are settled.
And from today's update (19/04/2021):
""Production over the period from 1 January 2021 to 31 March 2021 reached an aggregate of 152,673 boe net to Echo, which included 17,814 bbls of oil and condensate and 809 mmscf of gas.""
152k barrels of oil equivalent net to Echo over the first quarter. If they manage to at least sustain this over the year, this implies revenue if circa $30m in 2021 alone, if I'm not off.
Now that the warrant shares have been listed, what happens with the LO short?
Under normal circumstances, a shorter would need to buy shares from market to return the "borrowed" shares and thus close the short position. This won't happen here from what I understand, as the shares were issued to LO via warrants. So, assuming they want to close the short, they'd just have to "return" the shares to however they "borrowed" them from. But, since it was, most likely, a naked short, technically, these shares were never physically borrowed, and likely were sold on margin. This leaves me potentially confused about what happens to the shares now listed to LO, should they want to close their short?
In the event someone knows how this technically works please let me know? I am sure everyone else on this BB would love to know too.
I'd add - usually when a short is closed by a shorter buying shares to cover, the price bounces. What I'd like to try and understand, is what potential impact closure of LO short may have on this stock, given the circumstances.
BR
LR
Scarface, TXP is a brilliant gem, had stunning fundamentals as far back as 2017, took f'ing ages to materialise though. Haven't done sufficient research into ECHO yet, but it certainly does seem to have some strong potential.
Sure as hell hope the invasion doesn't take place...