Didn't they estimate the 25th for the Djengo last month? We won't hear anything till Monday if that's the case.
It was in November sorry: www.lse.co.uk/regulatory-news-article.asp?ArticleCode=b2vx7cgt&ArticleHeadline=Publication_of_Shareholder_Circular
I remember an RNS in September announcing the listing downgrade. It's just that no one joined the dots at the time.
What will be will be. All we can do at this stage is use our judgement on the facts we've been presented with make a sound judgement on this shares potential. We'll all know by next week if our precious capital was soundly invested or if it was a foolish errant. It is 'squeaky bum time' and I've not risked as much as I would of liked. But I guess the old cliché '' Nothing ventured, nothing gained' applies. I'm 70% sure that we'll at least hit the target and at least find SOMETHING. But we won't know until we know. The roulette wheel is still spinning BUT until it stops spinning it could be Jackpot or Snake Eyes*. Everything else is just noise until we get confirmation one way or another. IMO WTFDIK obvs. *Well we have Mengo to fall back on :)
Up 10%.. Who's buying this?
It might drop down or stay round these levels in the short term whilst the placing shares clear but I expect it to rise after that :)
Sorry the last sentence should read 'BUT.... It IS A GAMBLE!!!'
I might be a mug punter but according to James Berwick 'we are very very good at what we do'. Disclosure.. Took took a few shares in the 8s and sold them at 11.5 and rebought half my holding at 10p. Feel confident about Djengo. BUT it IS A GAMBLE!!
Should hold around these levels until placing shares are cleared IMO. Maybe a slight drift to the high 8s. Lots of retail interest to absorb the placing shares.
I read on Twitter that David Sefton has a 'history' of screwing over retail investors. Armed with this bit of paranoia, I subsequently Googled the crap out of him and, to my knowledge this is the first public company he's been in charge of. He's listed as a director of five companies but all his other directorships have just been at private equity firms focused on the oil and gas industry. Very blue blooded and the kinds of jobs a you should expect afte a privileged private / Oxbridge education but nothing remotely scandalous. Can anyone shead a light on this or is it just noise?
The optimistic part of me tells me he's a nice chap who has his heart in the right place and is trying to do the right thing, but has little experience of running a listed company and has been blindsided by the Machiavellian antics that occur at the a rse end of the smallcap market.
Depends on the flow rates from the zones they've hit I guess. But they haven't released that info to the open market yet. From memory it was quite a modest number, something in the region of 400 bopd from Mengo and they've 'exceed' it. Plus the other zones they've hit. I'm guessing it's not 'massively undervalued' at these levels, but what they've found so far should underpin the current share price :).
It's just a gamble at this stage. If Djengo comes in then it could spike to 50p, but if not then it'll be 5p. Maybe if the R zones and Mengo collectively flow 750 - 1000 bopd then it will justify the current market cap. But saying that they'll be drilling another (currently unfunded) well straight after this one. Clarification from the board in regards to cash burn will help recover sentiment. The only thing keeping me invested at the moment is JB's previous track record. He's probably one of the best in the world in regards to oil operations and if anyone can make the impossible possible it's him.
Sold out yesterday for a small profit but put a buy order in for half my original holdings at 10p today. Looks like quite a few people had the same idea maybe. Let's hope they find some oil in the Djengo :(
Yeah the damage has been done now (hopefully)!
Yeah.. I understand the need to fundraise, but to do it in such a sly way and at such a discount really takes the cake. It's completely destroyed trust and sentiment. Why couldn't they of kept to their word and raised after the Djengo? Still, with the geological model proven accurate the COS on Djengo must be greatly increased and the rewards on offer if that comes good far outweigh the risks. Especially since my average is relatively low.
12p would make more sense I guess. It IS just rumours for now, but there's no smoke without fire. I don't like TW but he's usually on the money in regards to placing rumors unfortunately.
It's a traders market. You don't hold illiquid garbage for too long. Thought a placing was coming but not at such a discount. What are they thinking. Still in profit so might as well wait to see what Djengo holds I guess.
That's like a 40% discount to Friday's closing price. Is that the best possible deal they could get? Should learn to take profits oh well.
Well they will raise at some point. The company has been open about it. However they won't raise until after the Djengo drill IMO. For one thing it doesn't make sense to raise before hand as they won't know how much to raise and for what purpose. If Djengo is unsuccessful then they'll need capital to bring Mengo online. If Djengo is a success then they might need additional capital to drill down to V for example.
Probably DegsyAlmond!