Member Info for PatShare

Me too Scooby, it was all looking so good, maybe too good? I was up late-ish waiting for news, must have gone to bed just before it broke so at least I got some sleep.
Got up early to do a covid test as felt a bit dodge, checked the news then felt much worse!
Covid test was neg, today's only good news.

I notice that Western Gas haven't even had the common decency to post any update of the terrible news on THEIR website, just left it to their partners - the ASX and LSE-listed parties PRM, GLV and CLON to tell all of their shareholders there was no gas at the bottom of the hole.
It was their prospect and seems they don't want to tell anyone it failed.
Charming.

@DillyD
I sold some RR at a loss when the price was falling a few weeks ago and ploughed the money into CLON, thinking I was onto a winner.
How stupid do I feel now?
Answers on a postcard to.... PatShare, No.1 Stupid Lane, Stupid Town.
D'oh!

Ok, just read the JV RNS again - CLON acquired a 10% interest in the Sasanof Prospect only, licence area WA519P, through the acquisition of 10% of WG's holding for the Sasanof Prospect, WG519P.
That means CLON could still be onto a winner should WG decide to drill again at Sasanof, maybe this drill will give them valuable geological data to help identify a better spot to drill.
So, regardless of this morning's bad news, CLON do still have a share in the Sasanof Prospect, that's no bad thing, Except they may need to fundraise again if WG decide to go again at some point.
Curiously though, WG reported back in March I think it was that the Sasanof-1 drill was "fully funded" in which case they didn't even need CLON's money, probably still have that in the bank for a rainy day.

I was of the understanding they were only JV for Sasanof-1, together with GLV and PRM, but hopefully I've misunderstood otherwise Clon had one bite of the cherry and only got the stone.
Western Gas were on to a winner though - they shared the costs of the Sas drill with 3 partners, come away with 100m CLON shares and because they aren't listed don't have to worry about their SP dropping. Alright for some.

I'm guessing the price drop factors in the 1.4billion fund raise dilution, the fact they gave £3.1m to WG and then there was no gas. The SP was struggling to hold 0.36-0.40 with positive rig and drilling updates.

Hard to stomach but hardly surprising.

*sorry, 100,000,000 shares in consideration.

Those 100m not worth a lot now. Sounds like the biggest loser here is Clontarf - they issue 1.5billion shares in total, effectively gave away £3.1m of the cash raise, and now because the SP is below .25p they can't raise again? That doesn't sound good.

They raised £3.5m but paid about £3.1m (US$4m) to Western Gas, plus 100,000 shares in consideration that were also admitted to the AIM for trading on top of the 1.4 billion issued to raise the £3.5m in the first place, massive dilution that took weeks to churn over and kept the SP down even when good news was coming through i.e. rig on way, drilling going to plan.

There can't be much left of the £3.5m raise, barely enough to drill anything I shouldn't think.

We will just have to hold on now and see what can be salvaged, if anything.

@Levs, and others.....

Hindsight is a wonderful thing because it is never wrong.

I suspect most bought in here because the news was factual; the reserve is down there and the geological surveys looked good, they gave it a 32% COS and Western Gas have a good record thus far, but always a 68% COF at Sasanof.

Had this morning's news been what we wanted - gas found - then all our opinions would be the opposite and you wouldn't be here saying "I told you so".

It isn't helpful and it isn't clever, it certainly isn't appreciated when some of us are looking at significant paper losses - for now at least - and trying to work out what to do next.

Let's all play 'opening price roulette' that should cheer us up.

My guess, 0.25 or 0.3 on opening, rapidly falling off a cliff to about 0.1. If we are lucky.

Duster = Disaster.

Sad times.

This is like getting up on Christmas morning and finding you didn't get the present you really wanted, or worse, someone broke in and stole all the presents. And the tree. And the turkey.

Yes Reece, sadly rather too much, about £5.5k, over 14% of my portfolio, definitely more than I should have but the pay-off would have been incredible too. Only myself to blame, no one else.
Very disappointing news this morning but will not panic and dump my holding - a lot of others will do exactly that and hopefully they will have better luck long-term.

Yep, ASX pre-trading opens at 7am Sydney time. It's 6:20 there now, only 40 minutes until we might learn something, possibly.

Ah, I guess not, no sign of any actual factual news yet, just the usual speculating and posting of old news :-) and some posters having a go at each other. Some things never change.

However, it is possible we will know one way or the other - for certain - very soon, I think what we have right now can only be described as "squeaky bum time".

Let's hope it's the news we all want, fingers crossed.

Good luck all.

@TreeFern

It's all latin to me, don't have a clue what's going on.

@ScarletVixen

Thanks for that, not really aware of WoW but that was strangely watchable.

What a crazy world we live in.

@ITV

There he is, back where he belongs. What a relief, was a bit worried there for a moment.

And what a comeback, providing a link to one of the best laughs I've had since my wife broke her arm last Saturday. Ooh, that sounds wrong, makes it sound like I laughed at my wife's broken arm. I definitely didn't.

Cheers,
Pat.

Oh God, is this what has become of us?

Truly terrifying.... that we may have just increased MC Hammer's royalties!

Has he taken a rig with him or just going to inspect one? Or thrown himself down a hole?

Just hope he doesn't get in the way.

To quote Pink Floyd.

It seems I'm the only one posting here now... and I'm not even invested.

Great RNS's today, pretty much tell the tale of this share's decline from IPO to now, investors buying in at 17p.

Really? Fools.

Parsley reduced to selling hampers for the Jubilee, that is not a unique business, and targeting return against advertising spend absolutely crazy unless there is a huge profit margin, which clearly there isn't judging by the losses.

Nuts.