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Surely the negativity is v much justified.
Yes, it looks as though the co could see itself into a position by Q1 ‘22 as a debt free company, but at the same time will likely have no more oil production.
It will basically be a company with no debt (hopefully), but equally no revenue, so it will be like starting from scratch again, looking to discover commercially sound, oil bearing assets. Why would that be worth nearly £100m? Depending on cash position at the time you could be lucky if it’s worth £10m. That’s a long way down from here.
I witnessed a lot of people sell out on the initial reserves downgrade, from trading in the 5's & 6's the day prior, losing life changing amounts of money. I have to admit, even a couple of months ago, I didn't foresee HUR trading back in the 5's as a possible outcome.
Woohoo, 60 centimetres of Li, jeez, glad I sold mine when this bagged.
Hi Nick,
It's straight from the horses mouth so to speak.
DM told us the window is until November for the geophysics in his interview here:
https://www.youtube.com/watch?v=ueHOzTvA8oM
He specifically says this in his answer from 4 minutes, 30 seconds.
Best,
Nate
Vol. Sold 790,476
Sold Value £64,313.98
Vol. Bought 426,331
Bought Value £34,941.68
Nothing else to be said really. £35k of buys all day and the people here are all jumping up and down talking about leaks and fastening seatbelts. Give over, it’s looking increasingly likely that we’re stuck in single digits now until Easter next year. That’s the reality.
I would love to be able to say otherwise, but it’s not looking very likely that we’re going to see those geophysics trucks rolling up before the November rainy season now, is it? It was my mistake not taking the profits when they were there, and now like almost everyone here, I’m underwater. But, let’s get real, David sold us all down the ramp river, we bought it, and now I will be amazed if we even see the geophysics before the turn of the year. Don’t forget, our best case scenario was for shallow drilling with a water rig in the rainy season, but no geo’s means not even the shallow drilling. It could be Easter before we see anymore drilling.
I’m not in a rush, and happy to sit it out until whenever we can get our act together and organise further groundwork, but it would seem we couldn’t even organise a pi55 up in a brewery at the moment.
Best, Nate
I’m hesitant. It seems that every time we take on a new project, we have a little spike and then fall back to where we were within 24 hours. If we break the mould then great, but I’m not getting my hopes up, yet.
Good post Hairy.
Ironhide,
II's move money around all the time to balance risk for their monthly and quarterly targets. They're clearly not going to sell out down here. One could be confused for thinking you were attempting to spread FUD. Just a thought of course.
Best,
Nate
Well, at least it explains the reason for the drop here. Hopefully they finish shortly and then fair value can be established.
https://www.londonstockexchange.com/news-article/COPL/holding-s-in-company/15129619
We've had a bad couple of weeks here but the chart looks promising to me now, and I would suggest that we look primed to bounce off the 200dma. Also, I've been running buy quotes here all morning and there are tons of buys being marked as sells. The LSE buys v sells ratio for this stock is a fallacy. The MM's have had their fill for a fortnight now, but the tide looks like it may be about to turn.
Yep, just seen that. RBC increasing their holding. Looks less because of the dilution but it’s an increase of overall shares. Good news. That’s HSBC & RBC both increasing their holdings since re-listing. Even the II’s think we’re stupid cheap just now. Time to add another chunk this AM before the 0.3’s & 0.4’s are history.
Looks like the fall isn't finished yet either
52% spread. Just wow. I mean, how on earth is there any benefits of them being listed, at all? Nobody wants to be involved in a set-up like this, ever. Bizarre scenario.