I heard him say that too regarding 1-2 months, and I'm sure he said 3-6 weeks in another interview the very same week. In either case we're getting into the start of the possible news window and the SP tends to move ahead of anticipated news. Looking forward to the P50 and COS upgrades.
You may be right although I'm anticipating the CPR update is essentially to showcase the dersiking of the Tertiary on the back of Jethro and Joe success rather than any Cretaceous uplift from Carapa results read across, in which case it's only time dependent on ECO and it's competent person and not on the results of Carapa. If Carapa is successful I won't be surprised I we get an additional CPR update regarding the Cretaceous, which in theory would show a large increase in COS across these deeper targets also.
Based on Gil's comments isn't our updated CPR due some time over the next week or two. Should see an increase in the number of prospects, a significant uplift in P50 figures and a big jump in the COS of the tertiary targets. That all equates to an increase in baseline valuation ahead of further drilling. Perhaps this is the start of the rerate in anticipation. GLALTH
SP has done nada for eons and we get a puff piece in the DM telling us nothing we didn't know already and the shares go mental. Nice if you have a crystal ball to know what MIDAS will ramp next. Don't know how they get away with it. Makes proper research look like a total waste of time. That said, well done all long suffering shareholders.
Wouldn't surprise me if the OO gets pulled and they revert to the original placing rumoured a fortnight ago by TW in the 1.0-1.4p range. The huge volume this last week at much higher prices may well have created enough bag holders to make such a placing viable. This share has form for placing into huge BS pumps. Remember the Attorney General ramp a few months ago on a supposed deal with a major oil company. Perhaps they can float another story about a deal with a major ... Greggs for the AGM catering. I remain hopeful but incredibly cautious here.
If BPC had made a similar offer to shareholders as they were reported to have been making to bucket shops last week they might have had a chance, but 2p is an insult to shareholders IMO. Why would mom and pop investors pony up £7M at a premium heading into a risky drill program? Feels like a bagholder creation exercise to me.
That's a large PP especially for such a small company and given that it's to fund risky exploration drilling. I will be very surprised if they get anywhere near the target amount especially as the bid is already under the offer price. Could get very sticky.
Reckon this will see several large rallies today with pullbacks in between. MMs will have next to no shares and the imbalance between market cap on Friday close and value of offer is massive. SP closed at 0.14p with a market cap of £1.4M. Deal is worth £10.9M or 1.1p per share. Even the shares component alone is worth 0.6p per share.
As far as ECO is concerned I completely agree, but the wider market looks like it might be starting a major sell off ahead of Brexit. Oil has been absolutely smashed this last week and a lot of oil stocks are really struggling. US macro data has been appalling and the FTSE 100 is down hard since yesterday. The Carapa result looks to be November given they haven't spudded yet and the CPR is still a few weeks away, so the Brexit risk event may hit the markets before our next update. So long as all hell doesn't break lose it should make no difference to ECO medium term, but I remain slightly cautious. GLALTH