Morning Rivendell. I'm not in here anymore but saw your post. Other companies are currently drilling in the area and a find elsewhere might add some value to tepet's remaining licences. Bit of a long shot though IMHO. Also, the exploration licence extensions come up early next year and I believe a condition of the extension would be an undertaking to drill more wells (requiring more cash). I recall reading something about it in one of the company's investor presentations on their website. http://www.offshore-technology.com/news/newsgenel-energy-starts-drilling-on-sm-1-well-4332260
If you are passing by, this one has been very quiet recently but could be worth a look. It floated at the start of the year and reports H1 for the first time on 28 Aug. Bod policy is to pay a dividend starting in 2014. Some stats for those looking for the first time: No shares approx 350m Revenues: 2011 106.9m 2012 142.6m 2013 184.3m Profit: 2011 23.2m 2012 48.6m 2013 69.4m Everything you could possibly want to know about GMS can be found in the floatation document here: http://www.gmsuae.com/wp-content/uploads/2014/03/Prospectus.pdf
Yes, I'm out but watching out of interest and in the vain hope there might be something to salvage. The Aussies seem to think there is something in the TPET and Galp wording of their RNSs. Perhaps there is some circumspection about giving too many geological details away to competitors. If there was evidence of oil, even if non commercial, it would add to the value of the remainder of the exploration block.
Black frost: im sorry to have to say this but i rang company again and asked why suspension. DW said there was a cost overun and he dosnt know how much cost overun will be. when i spoke monday i was told cash levels were as per quarterly. im pretty gutted to tell the truth. tpt might end up with 0-10 million cash after suspension. david dosnt know either. its pretty disappointing. And 2 posts later: i agree DW said rig went 4 days longer than schedule. im still stunned by this. the operator has to be fudging the figures. how can you send 20-30 million over budget when there are no operational issues. i hope tpt just dosnt pay up without a major look into the expenses. it just dosnt add up. http://hotcopper.com.au/threads/but-dw-said.2333255/#post-13784944
Sorry, GSR, typo.
I should add that these AIM natural resource companies are not for the faint hearted. I sold out of GSE this morning and an hour later they were down 30%. Talk about a close shave! Might give AIM a rest for a little while :)
Kind words, Jonah, I'm glad you can be phlegmatic about recent events with TPOT (thanks Chavinon made me laugh). Good luck, mate.
Thanks for the clarification, Harry. We will find out soon enough. One thing of note that I seem to recall is that their exploration licence for the Tarfaya block has to be extended early next year. I am slightly hazy, but I think an extension requires a commitment to drill within a certain timescale. They only just cracked the timeline for the current terms of the licence with the TAO-1 well. We shall see.
Sorry, Harry, are you suggesting they might drill the third prospect in the TAO-1 well (called TMA)? I thought the well was going to be P&A? Or did you mean a new well on one of their other prospects (like La Dam for example)?
By the way, thanks for posting. At least I know now I'm not alone!
Yes, the trading is very strange. We've had day after day of buys with little movement. It's almost as though someone in keeping it in the range 155-160p. I'm hoping the update at the end of Aug will allow the sp to break out. If not, I may take my money elsewhere as we do seem a bit stuck and I'm starting to lose my patience!
Those trying to day trade a technical bounce have missed the boat. It happened briefly yesterday. Can't think of any other reason to buy this ATM.
Cheers Robin. I'm fine thanks. No longer in here and tbh it's quite a relief. Good luck mate.
They hit the bb en masse, talk down the share, then buy, then try to drag in other investors by talking utter rubbish about directors buys, and what great value and as the day ends they all sell whilst still talking up the share (3p etc) then they move onto the next share. Hope nobody was taken in. Not a whinge, just an observation on day trading and the risks to those that are not as nimble. GL to those that made a 20% profit today.
I'm sorry about your mum. I too planned to sell some on a bounce before spudding but missed the boat at 18p by being too greedy! As a result I was a bit over-invested but I didn't bet the farm on it so can be slightly phlegmatic!
They will have some cash left. The amount will depend on the final bill for this dusty well which finished early. They have a 25% interest in several other prospects in the Tarfaya block including La Dam, Zeus and Little Zeus. They will almost certainly need more cash to fund another exploration. IMHO a CR is unrealistic at current price considering that offshore Morocco confidence (and in the company) will have been dented. So I would expect further farm out arrangement if they can find someone to partner. I am not aware of any other exploration interests elsewhere which is why I sold this morning. Good luck those trying to trade this but i think we may see sub 2p today. Residual cash will amount for little if you haven't got anything to do with it. Admin costs will eat it up over time.
Thank you so much for that post AdJshares. On an otherwise dark day that made me chuckle! Double Rec if I could!
Good luck guys. Sorry it worked out this way. We can all drown our sorrows later. Meanwhile, I will pluck up courage to tell the Misses!
About to recommence in Aus. Ann just in.
I wonder how much the drill cost and therefore how much cash is left?