Member Info for ramerci73

Some things just don't change. Stockbuyers miserable existence must now be more bearable following fall in share price today.

I'm still here. But I am not commenting so much now due to other engagements (nothing to do with stocks or money). I have the grandchildren over with me for the past three weeks. They only went back to Ireland last Friday and to be honest I need a rest after that. Also I was becoming annoyed by the utter horse manure posted on this blog lately. COP on paper is a good bet. In reality we wont know the exact financial state of the company until the interim results come out. Possibly Friday? All of the negative talk here is not only annoying but demoralizing and I would rather not read any of the rubbish talk.

You make a good attempt at English, I'll give you that. You do tend to misspell words, but at least you entertain the board with your rant............. Comical Ali. Where you come from there are a lot of dry wholes?????

Couldn't agree more with you. I have now stopped posting on this forum as the only people posting here at the moment have either no faith in the company or spew total horse manure. This is a good company regardless of bad news lately. The 30% success rate comment is typical rubbish from a totally antagonistic poster. It now costs just 2/5 ths of what it did to drill on land two years ago. Our Management team have had the good sense to quit on drill projects before past mistakes were repeated. This is a good sign.

Sick of this run of problems now.

My bad. But at least it has bottomed out now.

Yeah

Who knows. But it has to bottom out somewhere. Doesn't make sense at all.

What you are describing is known as short selling or shorting. Management can do nothing to stop it if it is happening except report it to the market regulator's. However, when a share is shorted there is a pump and dump strategy employed to briefly raise share price before quickly selling all of the stock you are holding. By that rational, in the case of COP the shorters must have unlimited resources. That or they are amateur market manipulators.

Write an email and express your opinion

Dear Stockbuyer, Did you email management to get the definitive story about the court cases. In earlier posts you claimed that there are seventeen cases against the company and that COP had already lost one case. I pointed out that you were not supporting your claims by providing facts. I asked you to email management and report back to us here on this board. You did neither. Here are some of the facts: earlier this year Circle oil fired the country manager (read between the lines) and set out a course to restructure operations in Morocco. This restructuring involved renegotiated contracts in certain cases or where that didn't work termination of contracts. Legal advice was followed in each case on a case by case basis. Some of these suppliers took exception. (Not seventeen ) and chose to pursue legal action against COP. Two of these cases were recently dropped following independent advice from the individual party legal representitives. Others have chosen to continue to pursue their claims despite independent advice to the contrary. So far COP has not lost a single case. Through renegotiated contracts and cost savings COP hasade significant savings. Clearly the old system had grown lazy and used to easy money. Now COP run a tighter ship and have a much tighter grip on things.

With the interim results due very soon I look forward to seeing what changes the new management team have effected over the past few months. I know it is not really long enough yet (to be fair) to actually see the full effect of any changes but at least we will have more information (data) on what is happening at the coal face as it were. What are the new targets, has gas production increased or remained stable. Have new injector drills been undertaken to bolster production in Egypt. How is the Tunisia deal progressing. And I like so many others hope that the new management enact changes that will start to grow share price rather than reduce it. Lack of information and news on developments has long been touted as the main cause for SP decline. Falling oil prices and the (erroneous) perception that falling gas prices effect our returns, when in fact we are insulated by long term contract price of $10 per mmsf. Of course oil is a much more lucrative product and our oil wells in Egypt have been producing close to 10k bopd for some time now. I believe that the production rates were estimated to fall to somewhere in the region 7-8k bopd short term before two new perssure assist wells were drilled. It will be interesting to see how this is effecting us as it generally costs us roughly $10 to recover one barrel of oil from our Egyptian wells. Which is pretty spectacular as it was costing PCI $24 per barrel a year or two ago (although they were recovering oil from a sea-based oil-rig and not from a land based platform so the costs naturally were considerably higher

Good man TFMonty. Always one for throwing in your two-pence worth. I take it you are not invested here. You must be the darling of shareholders everywhere....flitting in and out throwing in your negative comments. Excellent work. Well done....bravo. Now go back to watching cat videos on YouTube.

Why don't you ask the BOD for those answers and then get back to us here. I know management cannot comment or influence share price through this share forum. RNS is the only way other than the company website and oil mags to pass on information. If the management could comment on court cases, if there was anything to say about them I sure that management would have commented. But you said that Circle had "lost" their first case. Where did you read that? Talk about jumping to conclusions. Secondly you said that circle oil had seventeen court case against it by former employees and that we found out about this in 2015. Where was this published? Seventeen is a pretty specific number.... I am sure you didn't just make it up!!!! You are correct about the bottom line, nobody wants to lose money. But misinformation is one of the causes of that particular event. Perhaps you are correct about the above facts, but I pride myself on my research and cannot find any reference to seventeen court cases or even a loss of a court case in relation to circle oil. Are you sure you are not mixing up one of the contractors being up in court against its former employees. In that case that particular contractor is an individual entity and bears individual and separate responsibility for its actions. But you are muddying waters by suggesting that Circle oil is implicit in such cases. Representatives of COP may have been called as witnesses???? perhaps that is where you you made a link????

I am looking forward to seeing the mid-year results. Lower Capex, renegotiated contract prices for both drilling an field management and no huge write offs. Ok oil prices are down and this will effect results for all producers but gas contracts are consistent. I expect the production rate in Egypt will be down from 10 thousand barrels per day to 8k due to declines in pressure. I know that two new re-up wells were being drilled to maintain production of 10K but that wasn't due to start until August /September from what I remember. I am also hopeful on license news from our other massive oil find. And a farm-in partner shortly after. That would really be big news.

Ah yes. I see now. You are an aggreaved ex employee. By posting nonsense here, do you hope to influence BOD? You know it is illegal to make false claims against a company right. You claim COP already "lost" 1 case. Would you mind clarifyin the actual outcome. And also in terms of government approval, COP has an excellent relationship with the Morrocan government. We have a clause in our investment contract that guarantees automatic transition from 8 years to long term. So why do you poison this chat page? Your contributions read like you were abused? Perhaps you feel unhappy? But don't make up rubbish stories.

COP also share costs/profits with the partner company 75% in favour of circle. A tieback link or even a new tie-in will most certainly be shared in terms of costs and expenses, and not exclusively born by COP. To justify a 45 km link, COP would need to find one additional well with daily flow rate of 4 million square feet per day, or two wells with a flow rate adding to 4mmfpd. A sum total of 6.4mmfpd would not only finance the decision to build a link, but also generate a profit as well as service any loan needed to finance the build. It could be argued that with a flow rate of 5mmfpd and adaquate reserves from the find, that loans would be serviced and a small profit would be returned ($1.5-2 million based on current contract prices). So the suggestion that 6 successful Wells would be necessary is far from fact. Additionally how many of the court cases did COP lose......? Why didn't you put the facts in about that. I'll give you until this time tomorrow to answer that question? But I suspect most people will guess the answer, considering that this was such a non-story

Hi stockbuyer, your observations are very interesting if not badly informed. You talk about the necessity to discover 6 successful gas well's in Lalla Mimouna to make it commercially viable to build a tieback. Yet you have not qualified your statement. For example, if COP were to discover a well with proven flow rate of 4.6 million square feet per day, this would yield a revenue of $13 million per year. Which equates to a profit of $5.78 million on current contracts/ contract sharing obligations. If the discovery has a gas resources of 200 billion square feet, then the tieback is certainly viable. You sound like a person with a personal grudge against COP. Are you an ex field maintenance person?

Hi Stockdale. Circle oil have long term contracts to supply gas in Morocco at $10 per thousand cubic feet. That is a contract price and does not change no matter what the market is doing. At present as you correctly state gas on the open market has fallen to around $2.81 per thousand cubic feet. Circle oil and gas are currently renegotiating contracts as well as establishing new contracts (long-term contracts, 5 years ++) and also increasing their contract price. At the AGM this was mentioned and negotiations were going well. On top of this, Circle has been working to reduce field management costs, while drilling costs have dropped by more than 60% as a result of the general market collapse. Currently revenue from gas accounts in Morocco alone accounts for $18-20 million based on production levels of 7 million cubic feet per day. (Production levels are expected to rise to 10-11 million cubic feet per day because of new discoveries coming on-line and into production which should see revenue exceed $27 million dollars from Morocco alone. In addition to this we currently have proven reserves (across all fields) which amount to $192.76 million (based on today's prices) . Capex is a fraction of what it was due to falling drilling costs and we wont be writing off any Oman or incurring any huge costly overruns this year, so this will be positive for our financials despite the falling oil price. In summation, at 7.65p per share we are grossly fundamentally undervalued. I say this based on hard facts and not as an opinion.

Absolutely spot on. It is too easy to bang on about the positive potential of COP as a share. Especially since we are invested and therefore have a vested interest. Naturally enough I feel somewhat cheated by the downward trend in SP. I cannot explain it, I think nobody could. I suspect lack of confidence and official news have a huge effect and contribute somewhat. Share price goes up like a stairs and down like an elevator. ....to quote someone else on here. But there had got to be a basement floor. Drilling on land costs a fraction of sea exploration so the capex costs are only marginally effective on share price. Heck, all drilling costs have nosedived over the past eighteen months, so much so that the drilling industry has actually suffered most because of the drop in oil/gas prices. With so few now actively drilling there is a whole industry sitting idle looking for business. Costs have more than halved.