Member Info for malrees

Just caught up with Saturday's Paper

"Steifel analyst David Round has forecast an adjusted pre-tax (2025) profit of $83m (£66m) for Jadestone". (FT Saturday 22 Feb).

I have been patient, but today's RNS is enough for me to have decided to complete my averaging down. I now have a decent six figure holding at 24.25, which I think will serve me well over a two year view.

Perhaps we shouldn't forget that once Egypt is sorted (if?) then we might see concentration on a new fdp to write back as reserves much of the Vietnam assets which were removed. I know this company from over 20 years ago and the Chairman used to be good at pleasant surprises for his fellow shareholders. I have only a small holding now, but it was a 10-bagger+ for me once!

DireEmblem,
Your understanding is different from mine.

Can't help but wonder at what price Trice sold his 26,000,000 shares.

March 2017
Dr Robert Trice, Hurricane's CEO, commented:

"This is a highly significant moment for Hurricane and I am delighted that the Halifax Well results support the Company's view that its substantial Lancaster discovery has been extended to include the Halifax licence. We believe that the GLA is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf.

The discovery of a 1km hydrocarbon column at Halifax validates the efforts the Company undertook to acquire the licence and drill, test and log the Halifax Well through the winter months. Given the positive well results, the Halifax Well has been suspended to provide the Company the option to return to undertake further testing as well as provide the option to deepen the well and thereby establish a definitive oil water contact.

Pioneer appears to be the only COSL rig without a current contract and seems not to have been used recently. Can someone knowledgeable say whether it is a suitable rig for HUR work WOS? COSL do have a reputation for putting in low quotes.

Daltry, I think if Stobie had been honourable, he would have bought a shareholding once he had raised the money. I see no evidence that he believed the story he presented during his trip maround the US.

Daltry, as someone who lost a similar amount of money to you, albeit I didn't get involved until Feb 2014, I now see it like this:
Trice and the then board knew sometime early on that the reserves as published in the CPR were wildly optimistic. They nevertheless set out to raise the money they needed, by avoiding detailed discussion with investors and instead constantly referring to the CPR and concentrating on the interest rate and putting into escrow the first 2 years interest payments.
None of them put any of their own money into the shares, but rather awarding themselves well in terms of income including free share awards.
I should have seen the warning signs when the Chairman resigned, followed by the Finance Director. I was however also misled by the new Chairman putting in some of his own cash, how foolish of me.
This has been by far my worst investment in over 50 years and yes, I am very bitter about it.

Aduk
Halifax is P2308 not P1368

Aduk
When are you saying HUR relinquished P2308 Halifax?

On 11th March 2020 the OWC was being defined by the HUR geologists as being at 1678TVD. This occurs in a paper filed at https://onlinelibrary.wiley.com/doi/10.1111/bre.12448

By that time there must have been a Board battle going on, yet The subsea geologist remained onboard for a further 6 months. Could have been a Notice period. Anyone throw any light on this?

Clare Slightam had been with RT since 2005. She was co-author of some of the Lyell Papers. The model of the Rona ridge subsea geology which has often been used in presentations and publications was hers. Her work has been totally rejected by the new Board even though some of it had already been proved up by earlier drilling. Clearly untenable for her to stay, but she probably knows as much as anyone about all that has gone on. It now gets interesting to see where she and RT emerge next.

That should have said £1Billion MC of course!

threeput
Do recall that when the MC was around £1m, there were many investors who put in amounts like that based on the published reserves.
There are several who have lost more than £100k investment here, even though most sold at about 10x the current share price.

Keepwell
Irrelevant in this case.
Remember that Trice owned a much larger share of the original Company and you'll be able to work it out.
We have no idea whether the sale was of his shares, but let's stick to basics of an IPO.

"Bransonbull
Trice shares did not cost him cash, so no cash loss if he has sold."

I should have added:

The present Chairman did, however, pay over 40p/share for his own holding and stands to lose about £150k at present prices, rather more than his remuneration .

Keepwell

"Flynch, shares now belong to the company.
You are right, an RNS will be issued if such a transaction has occured."

I notice you have only been here since July, but that aside, will you please set out your reasoning for your statement please?

Bransonbull
Trice shares did not cost him cash, so no cash loss if he has sold.

Apache
Trice did sign a NDA