RE: Macy's Article8 Apr 2020 21:37
for the record bedex I looked at FRR at a somewhat higher price and walked away from it, feeling that it was not for me - never looked back at it again.
In my view, block spent $3m on two drills - 38 and 51
they have done at least $2m on upgrading facilities
they have spent out on a 3d survey and bought and EPF with gas processing facility.
and wages and admin.
whilst I did expect a bit more than £2.76m left, I wasn't expecting it to be significant at this stage in relation to the amount raised.
As the georgian govt rules on flaring impede progress until such times as the gas production facilities have been fully installed and become operational - I had pushed any expectation of any real progress to later this year and am adding a couple of months to that due to covid.
I bought into block initially in jan 2019 and booked substantial profits selling the lot at 15.66p in the may - I felt it had become toppy for where they were in the grand scheme of things.
I reopened a position, once the stock had collapsed down by over 50% from that level, with an expectation of holding, supporting and adding to it, over a period of two to three years. I am about 7 months into this new position.
I take very little notice of CEO sales pitches and simply look at the projects, balance sheets, rns's etc and take a view on things myself. It helps me avoid buying in, when CEO's talk of "best well in 50 years etc" and getting spiked.
If they announce a fund raise and I think the terms are ok and I believe in the projects then I will be supportive of the raise and most likely will buy in, however, if not, I will cut and won't post here again.
we all take our chances and I generally buy when a company is having issues, as the stock is usually in the gutter, along with sentiment - it does mean I must have a fairly good idea on whether they can overcome their issues or not, as the risk is greater, but then so are the gains when it goes right.
each to their own eh!!
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