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Chuditch is 100% GCOS. The Peru block isn't - even though its derisked somewhat because it has a gas and oil target.
Why would you sell East Timor - the jewel in the Crown they have been after for over 3 years.
Best to take both forward.
Success in either will multiply the share issue price.
They have a wet season around about now. Earliest drill would be July onwards based on previous drills on the block.
No. But following the collapse of the RTO the board would have reviewed how to take the Co forward.
I think the Peru raise was due to the share price revival following the Chuditch update last week.
What was the alternative to the share issue.
If you didn't see it coming that is unfortunate, but both Chuditch and Peru needed funds in order to further there value.
The share issue is good for the company in order to increase value. Unfortunately many PIs have had their fingers burned in the process.
The share issue was set at 0.10 pence in order to get them all sold to investors. Why anyone would pay 0.13 to 0.14 is beyond me.
I anticipate being able to buy closer to 0.10 pence immediately after the second tranche are made available to the market, subject to EGM approval on 10th March. So at a date still to be specified, but a few days after 10th March.
This is my personal view and i could be way off beam.
Most of the majors have moved out of Asia, which is why Chuditch became available.
Andy Butler has a terrific record along with the Sundagas team of delivering in Asia. So no worries there.
Moreover, two directors partook in the placing which should give a clear indication of the boards perceived value.
They can't be pre sold.
The AGM may not approve the 2nd tranche.
There is no game. Any experienced investor will know that the share price will be approximately 0.10 p on the day the second tranche of shares hits the market. If its not the case with BOIL it will be a very rare exception.
I agree entirely.
That is true but 2 directors are buying as part of the placement, which suggests that they see value going forward.
Why are people paying 30% more than the placing price.?
Aden69,
If you were the CEO how would you have raised the funds to drill what is a very exciting prospect.
In their shoes I would have done the same.
It can't be a surprise surely.
And people are still paying more than 0.10 p per share. Lunacy.
No it's not insider trading. Mrs Pavisi would have the same expectations as the rest of us regarding a possible placing.
After the second tranche Mrs parvis will have less than 3% and therefore no liability to advise of any further selling - should she choose to do so.
Share price fallen off a cliff to 0.12 following the share issue RNS.
Who bought at 0.57 and held?
I did suggest on Monday that the sp would be down to 0.20 by Friday (today).
Where the sp goes from here is less certain. I couldn't say whether it will go up or down.