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Rxdav - Nothing missed... At the time the OO was announce the SP was over 5p and I don't believe anyone anticipated that it would be at this level once the OO was released. It would not make sense for anyone to take the offer when the current market price is under 4.25
There is however a good chance that we will be over 4.25p before the 23rd May at which point the OO will be more attractive. All we need is positive news or something as simple as well test equipment has been ordered or has arrived this week and we should breach those levels comfortably IMO. Until then we will most likely float around these levels
Slight correction, 25% holding in Balcombe.
Angus are majority holders for Brockham, with a 65% stake, I can see why they would have prioritised Brockham regardless of licencing.
If we flow 1000bopd at Brockham Angus get 650bopd. We will need to flow 2600bopd at Balcombe to bank 650bopd for Angus
Thanks gmed... That's what I was trying to articulate, unfortunately, the only term that came to mind was 'held back'... That being said (and trying to remain politically correct)... The price movement today correlates more closely to the volume then it has done over the past 2 weeks or so IMO so hopefully we should see a more accurate reflection of the volume in the SP moving forward...
Didn't say anything about "tree shakes" and "letting their mates" "shaking out the weak" etc etc' and I partially agree with your explanation of how MMs make their money. The only slight amendment I would make is that volume is a contributor to how much money they make, the real determination of their profit margins are derived from the spread. This means they benefit from volatility (although there is a slightly higher risk) as they can increase the spread significantly.
My observation of the price was solely based on the fact that, although the buying volume has been higher than the selling volume on a number of occasions, the price has continued to drop. This, IMO, is not generic behavior which is why I used the term 'they have let it go'. Otherwise, you are right, I do not believe the term exists in the trading/financial world.
Dont think its being held back IMO. We just haven't seen the volume to take it higher than it is yet. I would also expect some mild consolidations at this levels and resistance. We also have a gap to fill between 4.40 and 5.15 but a positive RNS would push us through nicely.
I would like to believe that the BOD are getting on with it and have 'analysed' the situation with the partners with the test equipment already ordered and the next news being 'well test equipment has arrived'.
Now that they have let it go and with 538m shares in issue this will move on much less volume. We still have a gap to fill but its nice to finally see some upward movement. TA courtesy of Lakshmi_888 is definitely worth taking a look at...
https://twitter.com/Lakshmi_888/status/1128190774108147712
The SP will start moving on much less volume now, if we see the same buying pressure as we have over the past couple of weeks expect this to move north fast. Throw in a positive RNS and is back to pre placing levels. Looking forward to tomorrow's open... Until then, it's GOT time
I believe the below two are sells as that the price I was being quoted for a dummy sell at the time, however, there are some significant buys that outweigh them going through at the moment.
May 13 2019, 13:55 3.89 400,000 3.80 3.90 Buy £15,540.00
May 13 2019, 14:29 3.85 850,000 3.80 3.90 Sell £32,725.00
BigBear2 - Agreed, although I do not understand why/how the share price is being walked down?! i.e. The last 9 or so trades have been buys, yet the buy has gone from 3.89p to 3.88p and this has been the case over the last 2 weeks regardless of buying pressure... Madness..
Although I partially agree, I wouldn't say we are in the exact same position as December... There have been a number of variables introduced since then that would have impacted the share price, although, I would have never thought to this level! These are (but not limited to)
- Placing to raise more funds
- Perforated zone being smaller than the original due to water isolation
- Introduction of an ambiguous investment in an unknown company
I do also feel that although they have done better at communicating with the market, if their communications had been more concise the first time around then we would be in a slightly better position with regards to the SP. That being said, even with the above I would have still expected this to be over 5p... Our time will come, will just have to wait it out :)
Mr008 - We have overcome the obstacle which made the company 'quietly optimistic'.. This has now shifted to completely realistic as the water has been isolated successfully.
RealAnalyst - I believe its the ambiguity in this statement which may warrant confirmation:
"We will now analyse the results with our partners before proceeding to the next stage which would involve bringing on site full well testing equipment and commencing flow tests."
Unfortunately it doesn't state when this so called 'analysis' is scheduled to take place or what it is they are actually analysing. From a project management perspective its not uncommon to have a touch point meeting scheduled with the relevant stakeholders upon completion of each milestone. That being said, the fact that they needed to analyse the information with the other partners before ordering the well testing equipment indicates that there is a unified decision that needs to take place IMO. Alternatively, they would have just said we have now ordered the test equipment in line with our schedule and will be meeting with the partners to analyse the progress to date.
https://twitter.com/angusenergyplc/status/1126823749905465344
"To clarify the RNS regarding Brockham:
"Under EA/HSE/OGA regulations, hydrocarbons are not allowed to be produced to surface at Brockham from the BRX4Z well without adequate process / well testing equipment in place."
https://twitter.com/angusenergyplc/status/1126823804087558144
"Once the well test package is in place, a flow test will be carried out and only then will we know if BRX4Z will flow commercially.
All we can say at this point is that we are very happy to have successfully isolated the water from the well."