RE: Mike 27 Mar 2014 19:56
Hiya betts :) I hear what you are saying about the gamble of whether oil would be struck in Puntland.... Yes, it was the idea of finding oil there that got many people involved in RRL and to hit a duster is fair enough - I ( like most ) can handle losing money if it's my own fault ( a stupid investment or a duster - that's the chance you take ) but there is more to it than that with RRL.... It's the deliberate ( imo ) misinformation coming from the BOD that's the main problem...Even the Punty duster was spun out ( we have a working petroleum system RNS ) - so mates can get out ? ( and we'll leave aside the pictures that were published of the rig in Puntland on World Stocks - along with correct drill depth ! ) before the ( exact same ) picture appeared on the RRL web site - Clearly - price sensitive info is leaked ( on a regular basis ) T+T - this was bought from SOCA - ( another incestuous relationship if you see who is / was on their BOD at the time ) who never managed to hit a target or make a profit from Trinidad - now RRL are the same ! But not to worry say RRL - just a few teething problems ( two years in and they have the same or lower bopd than at the start )... Placings ( T+T ) to fast track Herrera's ? Never happened and where did the money go ? and I could go on and on and on..... Loans to Conti Coal which is hard to tell if it was paid back ? Loans to IOP ( PL's mate ) which frankly, are not going to be paid back (imo) while RRL takes out Wonga loans and issues shares like confetti ? ( whilst not informing the market - man, that is about as bad as it gets as it means there was NO CHANCE of an sp rise while all those shares were being issued and us PI's didn't even know how long it was going on for ( roughly 1 billion extra shares or 20million shares issued each week in the last year ) OKAP companies owing money to IOP ( say IOP but OKAP say different ? I'm talking about NKWE ) so it makes you wonder what the "loan" of $8 million to IOP from OKAP / RRL was really all about ? ( whilst RRL have no money to invest in Trinidad ) etc etc.... As far as I can see, no PL company has done well and every time without fail, PI's have been royally shafted.....Even Texas - PL was telling everybody it was worth $200 million ! now they can't even get $20 mill ? Georgia - another story and so it goes on.... Every RNS talks about " the coming weeks " and there are always rainbows to chase.... What's different here ? I would urge everyone NOT to take my word for it but to DYOR.... Sincerely - Good Luck All :)
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