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I have to agree with the sentiment being expressed this morning. I understood the drill was fully funded by PMO, and no additional funds were needed. In fact, we were told it was fully funded. The CR is partly to look at other opportunities as I read it. This appears to me to be particularly disingenuous. We were told it was fully funded, and the biggest drill in the world in 2020, and we all relaxed. then this comes along. Surely this is not last minute idea. I want out, but I am too far under water. First chance, I am out!! Wonder what PMO think.
Good morning Spinefx,
For clarification: Please understand I am certainly not implying or suggesting this is what you are recommending. The comment was not directly related to your post . The reason I added the comment is I have seen this sort of post many times on this board:
"You can always sell" or similar. Never helpful.
I was anticipating a comment of this sort in response which is why I mentioned it.
Good morning,
Following up on the comment by Spinefx regarding cash. I dread clicking on the BB, wondering if the lights have finally gone off. We were waiting for a FO which would change everything. Since the day before the FO announcement the SP has dropped by more than 29%. Our hard earned money is slipping away as we watch. Comments suggesting we can always press the sell button are unhelpful. We are all under water. Cannot understand why PMO would not inject sufficient cash to keep us going. Perhaps they are waiting for the lights to go off, which I assume makes things simpler for them going forward. I make no apology for pointing out the salary paid to DW and others has not dropped by over 29% in a matter of days. Not de-ramping. Sharing thoughts. Very, very concerned.
becoming increasingly concerned about this situation. I have a question which are not rhetorical. I really would like a poster with a better understanding of what is going on than me to help. I cannot fathom it. Sleepless nights, wondering what I will see every time I click on the BB,
Why,when the FO deal was done could DW not secure sufficient funding to keep the door open up to and after the next drill??
Possible answers I have mulled over myself:
PMO lack faith in DW
PMO lack faith in 88e
PMO are waiting until the money runs out and the lights go off, and can then move forward without their FO partner
All of the above/none of the above
Good morning,
£152,000 in three buys yesterday. Share price goes down
FO RNS 22/08/19 Share price has dropped 22% between 21/08/19, the day before the FO announcement, and this morning.
Defies all logic. Laws of supply and demand, and normal trading/investing behaviour appear to have been ignored/abandoned. Cannot understand it. Cannot explain it. Very worrying
Good morning sbrown36,
I agree there are some large sells. I am wondering if it is unhappy investors, or people taking a small profit from yesterday. The ratio of buys to sells yesterday was 12:1, which leads me to believe it was perhaps taking a quick profit, even if it was a small one. Opinion only.
Reading the post suggesting we would be lucky to get $1m left me cold. I hope I/we have not waited, in my case, years for $1m. I would be bitterly disappointed in DW if all we got was $1m. The free carry is great, but it is not a ROI, which is why I invested in the first place. It is investing. I am not attempting to trade on the spikes and dips, and potentially timing it badly. $1m would hopefully not be a sum requiring the time and effort which has been put in by all parties.. A Tier 1 would spend $1m on paper clips every year.
Good morning,
Continuing to wait very impatiently for the FO. Hopeful but nervous is probably a fair description of my feelings. Have read the latest RNS again and I am hoping another contributor, or contributors, to this BB can "translate" something for me. Does "scheduled for June 2019" mean a definite conclusion by 30/06/19 at he latest, or does it means it is only anticipated and could therefore be pushed back again??
Good evening,
I am trying to understand the thinking being employed by Tier 1 oilers, and I hope more experienced posters can help, if they would. The best time to buy is when the price is cheapest, if you understand the risks. The risk here is higher, but we are in the oiliest place on earth, we have a huge acreage, and they will have thirty years to maximise their return. Waiting will therefore cost Tier 1 oilers more money. Have I missed something??
Did I hear this conversation? did it ever happen? did I dream it? did I imagine it? Who knows!!
Transcript of a conversation overhead in a bar in Deadhorse, between two real estate salesmen
“How is business?”
“Never been better!!”
“Have you done a big deal?”
“I have found a punter who buys leases on chunks of Alaska”
“Tell me who it is!!”
“No chance!!”
“Why is this person doing this?”
“Says they will find oil underneath”
“Have they extracted any oil?”
“No!! Nothing!! absolutely none!! Not one single solitary drop!!”
“Why do they keep doing it, are they stupid?”
“Stupid? Absolutely not!!”
“Why do you say that?”
“They find other people who give them money to buy the leases, and pay them huge salary to do it”
“Why do people keep paying for no results?”
“Beats me”
“Do you fancy another drink?”
“Good idea. Send your new best friend to the bar. Bet they come back with three empty glasses!!”
Good afternoon,
I am in agreement with several of the comments expressing dismay/disappointment at the news today. I also agree with Brombarb, whose posts I always read with great interest, and whose insight is very valuable, we are not trapped. However, being 75% down on my investment, I feel trapped. It is a big loss to walk away from.
I have been a LTH for over three years, believing in DW and the BoD, and in that time my investment has gone down in value by 75% and DW has pocketed $1.5m in salary.
Good morning Jiddy,
I have to confess I cannot face reading it again. It makes me feel so angry when I do. Please let us know if there is something good in there. At this point I am having to try extremely hard to moderate my language, which I will always do. However, I invested believing it would have a rather more positive effect, both financially and psychologically. Good news please!! I am not claiming to be mandated to speak for any other investors, but I think we really need something positive. Based on what is happening to the SP this morning, the info has been missed by the market, not only by us!!
Bitterly disappointed by the latest RNS. Have said before end of 2018 became Q1 2019 and the FO is now targeted for Q2 2109. Have previously suggested the word "ongoing" is suitably vague for certain purposes, and "targeted" fits the bill equally well. I am so weary of this share, but I am well and truly under water, and cannot get out without a loss I do not want to think about. Perhaps negotiations will "ongoing" and it will be "targeted" for Q3 2019. This is not my specific area of expertise, but in all my experience in other areas of business, negotiations cannot be described in such a way as to provide nothing more than a target for completion. The deal is done, or not done. People do not sit on opposite sides of the table indefinitely. A decision is made and acted on. Interested parties have had access to the data room for months. The talent and expertise required to bring this to a conclusion is available. We are in the oilest place on earth. Prove your worth DW.
In common with many other LTH, based on what I am reading, I am living on my nerves. End of 2018 becomes end of Q1 2019, becomes whenever. It is now being suggested any deal may already have floundered. Two things:
I sincerely hope not for all LTH and other genuine investors.
Assuming it had floundered DW would have had to make some form of announcement at the time. It could not be announced at the AGM. Price sensitive info to say the least. The other concern is the word "ongoing" can mean anything, and if the negotiations are, at some point very soon, described as "ongoing" it could take longer than it took the fossils to turn into the oil in the first place. While it is "ongoing" I am not the one earning the salary which has been mentioned many times.
Becoming worried/disillusioned in equal measure. End of 2018 became end of Q1 2019, which has passed. Watching for the ANN or RNS but I cannot help feeling it is either not going to happen at all, or will be delayed again. I was anticipating something both positive and concrete at the AGM, but I am concerned there may be some vague promise or suggestion with nothing definite.