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Well despite the cockups etc I think (I hope) they will get there, if the oil is there and is of the quality they have stated it would be foolish to give up and walk away, I have worked on projects where despite bad management poor decisions and being overridden on decisions that have cost time money and caused ultimate frustration we have got there in the end. As I said I have faith in what’s in the ground not in the bod, I’m just hoping that they can get it out of the ground on a sustained flow. The problem is it all depends if the people with the money decide to pull out if they think it’s costing too much, damage limitation and all that. We will see... had enough of a rant for the day going to watch and hope
Ben, well a little insite in to what they are planning would be nice along with a bit of truth. (Just a tiny bit that’s all we are asking) As for reality yes the reality is people look at the price and instead of going with what’s right they try to cut corners (just look and the plethora of car manufacturers being ousted and having so many recalls) it ends up being false economy in the end. Not just costing money but also time and patience. Well we will see, let’s hope that they will get them flowing soon.... now where’s that paint I have to go watch dry
Anyway regardless, back to the original post I agree with cc’ original post that they should of proofed up the shallows first then on to the deeps they would at least have a revenue stream to then allow them to do it properly. And yes would like to see this higher than it is after being here now for 6 years. The only positive I can take out of it all was I manage to correct my position when I stupidly spiked my self and buy in lower when they have botched up bringing my average right down.
Fk, I already know the history! I also know about many other drill sites across the world, my dad was an oil and gas engineer, and I am too. So know quiet a bit about it I have worked in subsea, on projects like shah deniz 1 & 2, Moho (Congo) in recent years. Thing is you bring history up, your meant to lean from that. The fact is there is no excuse for the errors made first one round never mind second time round and then perforation errors. I’m not comparing this to other aim shares as they have nothing to do with the point, that being that it has been mishandled whether that’s from the top down or bottom up, it’s the bod who are to answer and they have done a poor job at that. Also without incident? Are you for real with that statement? They have botched them on multiple occasions, side tracking and then botching that side track again? And that’s not the information they are telling us! Mud being wrong, coil tubing getting stuck and probably the wrong type. Underpowered rigs, not ordering things to site. The list goes on. Unless they can get a maintained flow test (continuous!) it all means nothing. That’s the prize. And as I have said the bod need to either listen to the engineers and allow the correct equipment, mud etc. Or if they are the ones messing up sack then and hire decent engineers.
I have been to their web site read all the articles, RNS, etc... at the end of the day he and the directors are not engineers. They are “money men” successful or not. I would too put my trust in those working on site, the actual site engineers, the problem being is that the engineers on site seem to have ballsed it up so many times. Now we can ask the question is that their fault or does the blame lay further up the chain, such as who decided the type of Mud to use, who decided on the under powered rigs, coil, etc? And if they decided or where they pushed to the decision, like I have witnessed on lots of jobs by the money men who poke their noses in to the engineering side of a project and chose the options that weren’t recommended by the people who are qualified? Or is it the people that are qualified making **** poor decisions and miss informing the BoD of the right way to go?? Either way it is the BoD fault and they should of sorted it along time ago! As for the calm we have been saying that for years now not weeks not months.. hence the comments on here. As I said my faith is in what’s under the ground (if we have been told the truth!) not in the bod. We will wait and see, I’m placed and have been now for years so. Will carry on the long, long loooonnnng wait to see what happens.
What would be the point in opening a short? Or going long for that matter? The share has been stagnant! Secondly have I said that the company will hose dive? Nope I have nearly agreed with cc’s comment that instead of fumbling along with the deeps they should sure upthe shallows that will flow allowing them to be sold at international prices and then they can use proper equipment and proper companies to sort the deeps! You have mentioned many times that the management are not stupid etc etc, fair enough they have made lots of money, but they are not engineers, and in my experience money people tend to make monumental cock ups when it comes to engineering decisions. This board so far have complelty messed up on numerous occasions m, my faith isn’t in them but in the fact that there is oil in the ground, I just hope they have managed to hire decent people on the ground to get the job done and sacked the people who have messed up time and time again with the deeps.
Have to agree with you cc, you sure up your investment then the deeps are a given as you have the funding without having to go down the lines of loans/dilution etc. I mean I would agree with fk if it was a quick turn around and a rush to get that £2 ... but let’s face it no rush with this share.
Fk now i have to point out your blatantly wrong on purpose or otherwise, about the flow rate of A5!! it wasn't flowing it reduced down from 3500 to 1000bopd whilst they where trying to do the 90 day flow test and then stopped testing, their reason being that they wanted the best results and are blaming the drilling fluid. Hence Coffes comment stands! A comment like that is just misleeding at best. We dont know the flow rate until it has completed its test!
Fk, the side track isn’t complete until the mud is removed! We all know what has happened in the past regarding this matter. That including other negatives 1.4m loss for the year... so as I said it’s still a non starter RNS. Until they say we have started flow tests and then results we will see no movement.
Haha, yeah as Sankeys said he judges his buys based on FK’s ramping oscillator.... made me laugh that! Yeah it will probably go up to 11/12p and then be back down to 9/8p again. So probably good to buy in now and sell when it hits the 11/12 as predicted by the FRO.
Take the tube then one every three mins... if this drops in to the 8p mark I may have a top up... In all seriousness the company seems to have a lot in the ground it just is badly managed decisions have been awful from the get go. And they do seem very slow on the uptake to lean from them.
Wow pretty much everyone feeling how I am underwhelmed, I was thinking of going down but as fizz has just said they never seem to keep to anything they say unless it’s some arbitrarily task that has no real implication on the company... might go to ascot instead..