Member Info for rpoodle

Crikey, I'd much rather farm down than do it through a share issuance. At the bare minimum I think Borders would need $150m for two wells (and probably much more). At 4p a share, this would require them to issue a whopping 3.75bn shares. As shareholders, we'd be diluted to near insignificance...

Traders can execute hidden orders, if they don't want the market to know what they're up to

Hi. It was definitely a buy. The red and blue are irrelevant. It is benchmarking against the closing price today. The trade was actually at 9.03am on the 12th, when the spread was 4.4-4.75p. The trade was at 4.85p, so defo a buy. Over the counter too.

Two very big trades reported after the close today--for 1m (from January 12th) and 1.339m shares (from January 11th). Looking back, it appears that both were buys. The one million share trade, at 4.85p, came when the spread was 4.4p-4.75p, so definitely a buy. The 1.339 million trade, at 5.30p, came when the spread was 5.0p-5.5p, so probably a buy. It would seem to me that someone is building a position. Which begs the question: why now, and what prompted it? This may all be a pump and dump, or alternatively a simple share price correction. But could it be that positive news is leaking? Very difficult to tell with this clandestine company, but I'm watching with fingers crossed....

Simply impossible to be sure tomkinson. Borders are such a secretive bunch, it's never easy to get a reading on what is going on. The increase could be a P&D, or it might be a revaluation (it was valued below cash for a while), or something more. Ah, the joys of investing...

It should be added that it's not all negative news about Noble pulling out. Of course, they had no discovery in the SB; Borders do have a dscovery. Equally, Rockhopper's best SFB prospect, Scharnhorst North (which has an estimated recoverable amount of oil of c.350m barrels), is only around 10 miles I'd estimate from Darwin, and they now have an 87.5% share of that acreage (presuming Edison are not pulling out). Perhaps Rockhopper and Borders could work together in securing a partner? After all, Tim Bushell (former FOGL CEO) is now at Rockhopper, and he has an excellent track record of securing farm-ins. Just a thought....

Hi Tomkinson. In its Q3 results, Noble reported that "Exploration expense for the quarter was $125 million and included $81 million of leasehold impairment due to the write-off of certain leases in the Gulf of Mexico and the Falkland Islands". They later wrote that ""Amount relates to the write-off of several leases in deepwater Gulf of Mexico and offshore Falkland Islands of $56 million and $25 million, respectively." I wrote to Rockhopper to get clarity and was told that Noble Energy are indeed pulling out of the SFB (though they are remaining in the NFB). Rockhopper is retaining its interests in the SFB until at least Q4 2017, however, as no decision on a license extension needs to be made before then.

As much as I'm enjoying the price recovery at the moment, I'm a tad concerned that Noble are pulling out of the neighbouring SFB acreage (see my post on iii). In particular, it raises concern about how ultimately commercial Darwin is, even with their claimed break-even price of $40/b. On the other hand, the news today out of Ophir is fascinating. They have teamed up with Golar LNG and Schlumberger to move forward the Fortuna project. Could a similar sort of arrangement be plausible for Borders?

We live in hope that Borders will spring a surprise here, and certainly volume is far, far above what is has been recently. But the total value of shares trade was only a bit over £350,000. Hardly dizzying stuff. Tomorrow should be very telling. I'll be watching the volume as much as the share price.

We live in hope! I bought another few last week for 1.56, which will be it for me. Article on upstream (subscription) saying deep water finds returning to investors' radar as costs have plummeted http://www.upstreamonline.com/live/1446329/field-projects-see-costs-plunge

Next piece of news will be interims. They will be released before the end of September

http://www.bordersandsouthern.com/media/pdf/B&S_AGM_2016.pdf Borders are looking to shift to a staged development by the look of things. If those price estimates are correct (initial capex of $1.43bn, and 56,000 b/d), that's actually quite competitive.

Saw this story and remembered the sad story of Kea and Puka... http://www.tagoil.com/news/tag-oil-announces-new-zealand-development-and-exploration-acquisition/

Good news for Borders. They can now in effect have their discovery license extended out to 2022 without any further drilling... http://www.fig.gov.fk/minerals/index.php/component/jdownloads/finish/33/158?Itemid=0

Cheers luckyman. It's a risky punt: condensate (white oil) in deepwater is on no one's shopping list at the moment. But the oil market is rapidly rebalancing (more quickly than I think many observers realise), so I'm thinking/hoping a farm-in deal around 2018, and drilling in c.2019. Or neither, and the company sinks into a slow death. High risk/high reward. That's why we're in the game isn't it??

I also made a further purchase today as well (another 50,000), my last one before I put them in the bottom draw. Although I managed to get a bit below ask, it is worth noting that the seller seems to have vanished for now. Very little sitting on the bid, which might explain the sudden firmness in the price.

Feels like there might be a big seller out there. That one 50,000 trade today (at 1.80p) was me, and it was a buy. It went through instantly, even though it was below the share price at the time (1.90p). Bottom draw indeed.....

Absolutely clear that Rhea is not next. During the presentation, Noble's CEO said that Rhea would probably not be spudded until December.