Member Info for patrickd369

After any approval I would expect a several RNSs re the new venture, so progress in sp would be maintained after initial profit take you mention atb

of approval will drive this past 3.5p this week IMO

In or out, your choice...I dare anyone to short it

I don't need to show you anything pal.....already up thousands...

To demonstrate his absolute confidence as he knows what's going on behind closed doors..

I think not Einstein...

Sign of things to come....

...an easy enough mistake to make ...but glad it wasn't me nevertheless !!

60k paid 2.75p, very happy with that today

Bodes well ....

and down it goes !!

It would be nice to hear from COP wouldn't it ?

Are share-holders going to pass resolution & what would then happen it it were rejected ? Thanks.

paid 2.37p

Please can u post some of the more interesting stuff ?

So in taking the flak I believe that Fastnet is preserving value. If folks in Eire see value in the Celtic Sea licenses I am dam sure that if they approached Friel with a scheme to put them into another vehicle which they could secure funding for and leave Fastnet shareholders with an in specie distributed stake in that vehicle he’d play ball. As to what happens next, I happen to know that Friel was involved in getting one decent life sciences business onto AIM and right now that sector is hot. It may not say hot forever but if Fastnet did get a good life sciences business into the group its shares would trade at a premium to cash not a discount. I am sure Friel will buying in sector expertise to assist him and to throw mud in suggesting this is a Minmet without any evidence is just plain unfair. What Friel is doing is the way to create value. Admitting that you have called a sector wrong and that your current business mode; will not reward shareholders takes guts as you will get flak. So it is brave. Yes Friel has to deliver and let’s judge him on what deal he brings to the table. But he is doing the right thing. As it happens I would expect others to follow his lead. Small E&Ps were overpromoted during the bull market. Right now we are in a bear market and may stay there for many years. We are in the stage of hangover after the party where the stench of vomit and feeling of self-loathing and disgust is everywhere. So staying in oil means – perhaps years – of shares trading at a discount to (dwindling) cash. This is Darwinian capitalism. The world has changed for AIM Casino oil E&Ps. They must evolve and turn into new creatures or they will simply die a slow lingering death. I am old enough to remember mining companies being loathed in 2000 and becoming dotcoms which then became loathed and so became mining companies again. That is evolutionary capitalism and the only way to preserve and enhance value if you do not have a business that is self-sustaining and generating cash in the bad times. E&Ps are by definition not in that position. So others will follow Friel’s lead. The oil stocks hat remain in the casino will be the strongest, the fittest will survive. The rest must adapt or die.

A friend from God’s Chosen Country asks whether I should be slamming Fastnet (FAST) for getting out of the oil business. Au contraire. Yes there must be red faces at this AIM listed Irish oil explorer but I think it is doing the right thing and that more should follow. I applaud Cathal Friel for taking the flak for doing the right thing. Last week Friel announced that he was essentially surrendering his exploration licenses to preserve the $15.9 million it has in the kitty and has slashed all PLC costs getting them down to $600,000 per annum. The pain is being felt at boardroom level with the CEO among those walking the plank. Some over in Ireland say that Fastnet promoted its shares aggressively and has somehow let down investors with its decision. The case for the prosecution is thus: The current management traded on the names and reputations of John Craven & Paul Griffiths to raise funds over $50 million for Celtic Sea and other assets which Fastnet have now rubbished and abandoned. In doing so they also : 1) Potentially damaged and destroyed shareholder value or potential shareholder value that could be recovered in time, damaged other Celtic Sea operators and presumably ****ed off the DCENR given their statement. 2) Did not give shareholders a chance of a demerger of the E&P assets which could have been a solution and opportunity for a ‘new’ management team 3) Fastnet has enough funds to batten down the hatches and weather the downturn or to be liquidated and return funds to shareholders which may be less controversial but was not offered as an option 4) By proposing to spend the remaining significant funds on a biopharma deal that has been flagged by the chairman for some time, there have been some suggestions that this could be another Minmet, given some connections or have potential conflict of interests but let’s see how the EGM goes. 5) Trading on others reputations, the current management joined the oil & Gas party at the top and are now to exit at the bottom to join the biopharma party. Ends. That is a tad harsh. Fastnet has stated that its Celtic Sea licenses are for sale. But the reality is that no-one is interested in oil. That Fastnet and other oil tiddlers trade such as New World Oil & Gas (NEW) trade at a discount to cash (i.e. with their assets valued at minus something) shows that investors just do not want to be in oil right now. Even if £1 is spent on adding £1 to the value of an asset the market will value that £1 at minus something so it is insane to spend a cent on exploration. It is simply spunking cash up against the wall. I agree with the analysis of Fastnet that no-one knows how long oil prices will remain subdued. But it could well be years which means that the E&P sector on AIM is a parrot, that is to say it is brown bread. So in taking the flak I believe that Fastnet is preserving value. If folk

http://www.shareprophets.com/views/14300/fastnet-doing-the-right-thing-even-if-it-is-red-face-time

A very angry person it seems, obviously lost a lot here. But that's gone now, this is another matter. yes, a gamble if you like....but I'm more than happy to roll the dice. That's my choice.

Time will tell won't it ?