Member Info for nickphil

sorry typo: are high

I seem a lot of people are concerned that the next monthly report will be messy, as well.
Why be a buyer here if the chances for a bad report is high?
We will find it out soon. Probably (once again) next Friday?

There is no catalyst for at leat 1or 2 months and there is the uncertainty regarding the workover. How much did they damaged the wells? It is to risky to tuch it now. I will take a look in month here and after we have a clear indication what's going on with the wells.

"Best thing is CEO buying at over 20p on 22nd may when he knew output was down. He clearly sees a bright future or would have waited till today to buy" Take a look at Petronova Energy with operations in Columbia as well. See how many shares the insiders have bought, right prior Petronovas collapse to CAN 0.065 .

"I believe you mean Platanillo not Pintadillo, all operators in Colombia can face water cut issues, there are strong aquifers in operating across the oil basins, so there is plenty of water about, but they can only address a problem when they have a problem and JW has stated he expects to be successful with the remedial works. The issues could simply be associated with poor workovers, we need to wait an see." Yes. Poor workovers. And sometimes there are fatal workovers. Do you remember what happened to Coati by the previous oner? Was it Platino who screwed up because of bad cementing work in Coati during workover?

What concerns me also is the last part of the RNS: "The continuing cycle of well work is frustrating, however I believe that our understanding developed over the 11 years of production experience in Platanillo will give us success in this process, which is to be expected given the growing age of the well stock and the volumes produced to 31 May - over 10,041,419 barrels of oil." "... Is to be expected" because of "the growing age of the well stock"? Do they admit that there will be water issues now on? How severe will these issues be? I am following AMER a couple of months only, however reading the previous rns I don't remember them reporting/admitting that Pintadillo was aging and they will face severe water cut issues, no?

"The well Platanillo-6, which had been returned to levels of approximately 260 bopd post its workover experienced an increase in water cut which is under investigation" They say they don't know where the problem is.

I am not an oil field engineer, however with the information provided I am scratching my head: did the damaged the wells?

See if the low of about 18p will hold.

"Enhances net asset value but increases POO risk." Exactly taudelta. This is main the point. LEK has become a leverage play regarding the price of oil. How this will play out is everyone's estimate. However, OML 325 was for sale for a long time: http://africaoil.ning.com/profiles/blogs/investors-needed-for-opl-in-nigeria

Wondering why.

What is your estimation regarding their current cash position? Did they provide any hint regarding the funds they will need for Otakikpo phase 1? TIA

http://www.europapress.es/economia/noticia-economia-empresas-cepsa-analiza-opa-inglesa-salamander-700-millones-20140530103447.html Translation from Spanish: "Cepsa discusses the launch of a tender offer (OPA) for about 700 million euros on Salamander British company with businesses in oil development in Southeast Asia, Europa Press reported sources of the sector. Cepsa sources consulted by Europa Press declined to comment about the deal, which will strengthen the presence of Cepsa in the region, after a year of acquisition Coastal Energy ago. Salamander carries out most of its activities 'upstream' in Indonesia and Thailand, and instability in the latter country could delay the purchase by Cepsa. At the end of 2013, the company had reserves of 65,300 million barrels of oil or equivalent, of which 70% are within the proved category. The newspaper 'Expansion', which anticipates this possible operation indicates that the purchase amount is broken down at 500 million euros for the value of the company and another 200 million in debt."

Link: http://uk.reuters.com/article/2014/05/30/markets-spain-factors-idUKL6N0OF4CU20140530

Rule 2.6: "TIMING FOLLOWING A POSSIBLE OFFER ANNOUNCEMENT (a) Subject to Rule 2.6(b), by not later than 5.00 pm on the 28th day following the date of the announcement in which it is first identified, or by not later than any extended deadline, a potential offeror must either: (i) announce a firm intention to make an offer in accordance with Rule 2.7; or (ii) announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 applies, unless the Panel has consented to an extension of the deadline." According to my understanding we do not have a potential offeror who "is first identified" and therefore there is no 28 day limit.

IAE was a special case and most of the shareholders were against this TO then. At that time they were offering mostly shares of a highly overvalued company.

"a small number of preliminary and conditional approaches in relation to a potential offer for the entire share capital of the Company" It seems we might have a competition of bidders.