Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
Is CHAR leaving Namibia? Maybe there are better prospects in Morocco and Brazil.
http://www.valuethemarkets.com/index.php/2018/10/11/chariot-oil-gas-fails-find-hydrocarbons-namibia-char/
I bought ECHO shares today, having sold SOU yesterday. I prefer to listen to a geologist rather than an accountant. I believe they would be less likely to ramp the reserves (although Shell's reserves scandal makes me more cautious these days). I have not figured out my strategy yet. With SOU I was prepared to follow for the long term, with a steady rise; instead we saw a crash. Same story with CHAR. Now if I have trust I will stay with ECHO. I don't have a lot of liquidity as I use dividends from my FTSE companies to fund my risk-taking on AIM. If ECHO can maintain a steady rise until its reserves are reflected in its share price, I'll be happy to stay for the long term.
I sold my SOUND holding yesterday at a small profit, having bought at avg 13.75p. I have watched ECHO for the past month or so as it dropped to around 6p. Today I put half my available funds into Echo. The rest of my money will go back into SOU but I'll need to be convinced that it won't continue to fall.
I think the Argentinian partner CGC will keep JP under control. ECHO has dropped from 18p to 6p. Now a wee uptick looking like a buy for me. DYOR
Admittedly, I don't like big company men bringing their big company ways into wee companies.
Shell folk will remember Sir Phil Watts addressing his top management in his astronaut's suit as he ramped the reserves position.
I got into SOU at an average of about 13.5p and yesterday pulled sold at about 14.8, so a small profit for me in the couple of £100s. I'll be back in at an appropriate price and time. I'm not crying over spilt milk. Now lets go over to ECHO and see if it is time to buy.
Malcy's Blog adds little in his bit on Sound's TE-9.<br /><br />" Sound will now take the rig directly to the TE-10 site which is ready for it and the well will target a large TAGI structural-stratigraphic play with a mid-case of 2.6 Tcf GOIP. As these wells are not correlated the result on TE-9 should not be considered as any sort of indication as to what TE-10 might find. Unsurprisingly the share price has been hit this morning but I suspect that certainly at the off, it was overdone. The company confirmed today that it was still preparing for the FID for its TE-5 discovery as planned with the FEED �conducted and paid for by the Enagas Consortium� scheduled to complete around the end of this year. It is also worth noting that Sound has cash balances as at 14 November of more than $30m. "<br /><br />Malcy was talking in terms of multiple TCF a year or two back, and the share price at �1 per 1TCF. TE-9 takes us nowhere. Hopefully TC-10 will at least give us a sniff of gas.<br /><br />James also talked up the Sound portfolio in 2016 talks and interviews; "potentially 10s of TCFs" - he needs to deliver and he knows it. https://www.youtube.com/watch?v=kR09qTi6d5Y<br /><br />
" In Shell we had our own one for quite a number of years"
WT, I remember that rig. As I remember it was call "Stadrill". But I thought it was owned by banks but I'm just reading about its ownership here: http://www.oilrig-photos.com/picture/number839.asp
Its registered owners was the "Stadrill Trust Company Number 1".
"in what we call the reality-based community," which he defined as people who "believe that solutions emerge from your judicious study of discernible reality." ... "That's not the way the world really works anymore," he continued. "We're an empire now, and when we act, we create our own reality. And while you're studying that reality—judiciously, as you will—we'll act again, creating other new realities, which you can study too, and that's how things will sort out. We're history's actors ... and you, all of you, will be left to just study what we do."
I don't have ECHO yet; I've only known about them for a few months and have been watching closely over the past couple of weeks with a view to buying.
I bought into SOU at 13p and have kept them as they rose to near 100p and then went into this steady fall. CORO I have because SOU investors were allotted them.
I have the added grief of CHAR.
Here's the thing. I listen to the executives talking up their companies, exciting prospects etc, and I think some of them are out and out shysters. What should we make of some of those Weald companies for instance?
But with the Sound/Echo/Coro group, I believe we have honest people. They have also come from big outfits who might have been drilling globally 10s of exploration wells in the year. Now they are in small capital outfits and a lot hangs on just one well. I have confidence in JP, JJ and Fiona. To declare an interest I was in Shell NBD at the same time as JP and JJ and that's where my confidence comes from. I expect these small caps to give a bit of bumpy ride with no guarantee of profit from the sp; that's OK. However I'd like to see the CEOs try to protect the sp a bit more with whatever means at their disposal.
Meanwhile, I'll continue to watch ECHO, and buy when I think it has truly bottomed out.
They use every trick in the book to sucker us investors. With big smiles on their faces. Just watch some of the interviews at the investment conferences as they talk up the volumes, based on undrilled prospects.
https://guerillainvesting.co.uk/2018/11/02/angus-energy-placing-ahoy-a-cautionary-tale-of-how-*************-got-suckered/
I have SOU and CORO. I worked in Shell NBD when JP was there and he was highly regarded. JJ was also there at the time. I spotted ECHO a couple of months ago and thought I'd follow its fortunes. I treat the dividends from my main portfolio as money that I can risk. I know oil and gas from 30+ years experience (Aberdeen & International), so the sector always draws me. I've made mistakes; CHAR suckered me; 13p to 3p in a day and no hope of a rebound.
Agreed, it's a decent entry at 7.3p but except for a "strong buy" at 7.6p, none of the posters here are recommending "buy". So I'll keep watching another day, another week...
I listened to some of the presentations at one of the oil investors conferences and every one of them is hyping the prospects. CHAR overstated their Namibian prospects and the sp fell off the cliff. Will anyone believe their Brazil and Morocco will deliver?
Regarding Angus, I'm not sure what is going on. See here: https://guerillainvesting.co.uk/2018/11/02/angus-energy-placing-ahoy-a-cautionary-tale-of-how-*************-got-suckered/
So last week ECHO was a good buy at 8.5p, this week 7.5p. Next week?
I almost entered at 8.5 last week, now I see there's another 1p per share been stripped off shareholder value. For sure I will buy at some point under 10p but I'm still going to play a waiting game. I'm holding a good tranche of SOU and the CORO that we were allotted. Worst of all I have CHAR who's board were content to plead with investors for funds on the basis of dubious prospects, then letting the sp fall off the cliff.
I rarely hear the smaller oil and gas companies talk about protecting shareholder value. Yes, they are very excited about their prospects. They often pull together a strong executive team from majors and mid-caps, as ECHO has done, but when you are depending upon a small handful of prospects to deliver you need to under-promise and over-deliver for shareholders.
I am still not seeing the necessary market confidence to buy into ECHO. I am holding quite a lot of SOU on an expectation of a big future share price that reflect its resources. SOU is under-priced but still the market is not responding. No amount of sentiment will make me buy ECHO even at what appears to be give-away price.