Member Info for RatHole

Technical retrace on low volume - fools no one - the trend is your friend - buy at 6p
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Never heard of him but Philip is well known and respected here in the city.
Your desperation knows no bounds it seems Kalahari.
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Philip Hadyn-Slater resigns from Fiasco - he was the guy who bought EME into the Fiasco Fiasco I believe.

Would expect now for EME to exit California.

Low volume pump today a chance for an exit pre 6p possibly - the sellers will be loving this

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I wonder where bigspike with his fracking banter has gone?
Some poster should apologise here.
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Tumble being the 'operative' word.
Here is a reality post from a former fiasco fan club member - interesting - from hotcopper in Aust.T
""I think there is more to Sacgasco than we are being told but I don't think current management is going to lead us out of the wilderness until they acknowledge the need for better promotion, get somebody in to do a reserves assessment and try to get a pot of cash to fund drilling programs that will really make a difference. An independent consultant's look at what they might have in the deep zones at Dempsey would be useful for example. The company says it is leading the way in the evaluation of the older sediments of the Basin without saying how it is doing that. In any event who would believe the company!

The revenue in the June quarter is the same as that for the March quarter so all those workovers they were supposed to undertake didn't amount to much. Makes me wonder what the company means when it says "Field activities are continuing to significantly grow natural gas production" when it is not showing up in renveue.

I remember once asking why the company didn't put out more details on their 27 wells where they were located which ones were producing and what zones they were producing from and what potential they had for a workover only to be told that they couldn't see how such details wouldn't be of much use to investors and that if they were really keen they could research the DOGA website. I just don't understand the attitude. It makes people doubt there claims. The company says detailing its leases may lead to loss of competitive advantage and consequent reduced value to SGC shareholders. Difficult to see how value to shareholders can be reduced anymore than it has.

The company says leases over mapped high potential prospects continue to be maintained and acquired but when was the last time an announcement of a new lease acquisition was made?
The comment that Sacgasco is one of the leading natural gas operators in California's Sacramento Basin is a bit hard to believe!

The Dempsey well is producing 1 million scf of gas from the shallow Kione formation on the Dempsey lease. You have to wonder why they aren't drilling more shallow infill wells into the Kione. Six more Kione wells that each produced 1 million scf a day or more and investors might sit up and take notice.

I appreciate that the management operates on very small budget to keep the dilution to a minimum and they don't pay themselves anything near peer group salaries. Moreover GJ has been masterful in managing the various JV interests and farm in deals but at some point they need to either continue as a junior eking out a small living or as I said before get some money and frac the Dempsey deeps and drill some more shallow wells targeting the Kione.

The other thing is I know from personal experience from being on the Board of a small explorer that had acreage in Texas you can't oversight an operation from Oz no matte

7.75 to sell
You are easily pleased it seems
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Gazza cheer up son.
You were not to know that 1TCF actually meant One Total Calamitous Failure ;-)
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Dineros
Technical base is 2.3c - with possible capitulation to 2c
Should reach that when the market realises that at these low flow rates, cost of production probably exceeds revenue.
This is evidenced in successive SGC quarterly reports thru 2014~2106, from a similar Forbes zone, in the same field - when, in fact the natgas price was considerably higher than that of today.
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k7 you said "The share price in this bear run will want to test new lows"
Looks like support around 6p on the chart but should that fail the next support is closer to 1p by the look.
Can you clarify what you mean by 'new lows'?
And yes any ball tearing rns can turn this around but many traders use technicals exclusively and may I add use strict stop losses whether self imposed or broker set. These are the smarties imho.
China could be a complete loss yet we will know by December.
Indonesia needs not inconsiderable cash for appraisal/development
Dempsey was almost certainly going to be tight and sub commercial as I stated pre spud last year. As will be Alvares if they throw good money after bad in my view.
EME is very low on cash - refer coming accounts for proof.
Not much to justify even the current market capitalisation - not only in my view but clearly the City's you would have to agree?
This is not rocket science nor bald position led bluster.
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Nothing is going on mate.
Sorry but that is the reality imho.
Final accounts will be out soon, maybe the printers union is shorting?
I see further to fall I am afraid but listen to bigspike and scarface if you chose.
It is your money.
Fiasco now back below 3c to sell in Oz.
6p here looks very likely short term.
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Sorry cannot agree with the 'blind faith' theory.
Set a stoploss, in every share in this case bigspike would be stopped out at 20p and could buy back at 8p with another stop at 6p that is how trading works protect your capital otherwise its just gambling and the tears are shed on sites like this.
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They have until mid 2021 to drill in China IF they enter the 2nd phase.
First phase ends in about 3 months so plenty of pressure on.
Explains the SP to some extent- I guess we will know soon enough.
Any news of the Dempsey frac bigspike?
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Sustainable economic benefit, nope. Read the 10K's
Ask yourself why they ceased fraccing in 2011.
Can you show me where SGC have stated they will frac Dempsey?
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Yes indeed Venoco conducted about 70 fracs in the basin in 2009 then down to 12 in 2010 then they went broke.
There was clearly no sustainable economic benefit gained by fraccing the forbes or guinda.
Can you point us to where SGC have said they will frac Dempsey?

May I suggest you research Venoco before shouting the odds?
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Not sure where you get the $16m from Daz but these low flow producers get killed by rapid decline and largely fixed production costs. My prediction is probably generous!
Case in point refer SCG (then AOC) annual report 2014 P&L - when gas prices were up to $5/mcf
Income after royalties $408k
Cost of Production ($250k)
This from a kione zone discovered in 2013 and flowing similar rates to the latest discovery nearby.
SGCs share was about 84kmcf so net was about $2/mcf
Interesting reading that AR and the 2015 AR - by 2016 production ceased as costs likely exceeded revenue or the zone tailed completely.
Please do some research before you make accusations of negativity.
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$3900/day less 21% Royalties, less production costs, less pipeline fees etc so best work on $2/mcf.
Remember this will 'tail' rapidly as all these kione's do - so net over a 12 month period should be about $600,000 if Gas holds $3 gross.
About $200,000 net to EME approx imho.
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Indeed didso and lets not forget that EME led many rns with '1TCF Dempsey' ramp - look back - yes you can blame GJ but there was no need for TK to ramp 1TCF which was always a 1000:1 shot at best in this proven tight play. I suspect the Asian assets are no less challenged in their own ways and hence the SP is returning to fair value
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Put me down for .05 by xmas and that is being kind
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Yes XST had these 'under option' but 'ran like hell' part way thru DD.
Admittedly the POO is better now but really the assets are rubbish imho.
Some here claim work overs have commenced. I have yet to see any evidence of this and really who cares the result can only underwhelm vs expectation
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Only 1 winner there!
What a disgrace - that's AIM I suppose
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