Liquidity13 Jan 2023 11:33
Very liquid market. 1m a side ! 4.402-4.51p. Great to see this liquidity and maybe more players entering the game. Still have sellers, 750k in 2 trades, without them we’d be heading to 5p.
Just a little recap re Q1 planned or should I say ‘expected’ activity.
802 side-track result month end, early Feb
Shallows - update on 141/142 and 145 workover. Also 155 spud.
Deeps - A7 well resumption and A5 side-track too when 802 rig relocated
Rust bucket ? - 2023 season to start when N Caspian is ice free, end of Mar, early April so not much time to get it chartered.
Good to see Divi no 3 although I maintain that they should’ve held off until they were stronger financially. Some would argue that they’re taking cash now as MJF flow rates will deplete so take it now . Our HMHG/Cappa asks the question why now as opposed to spending it operationally or introducing share buy backs ? Fair questions and one I can’t answer at this juncture. Casper are stating they’re fulfilling pledges made to x shareholders within the CP/WCParty and maybe they’ve waited enough for their ROI. I still don’t get it as why wouldn’t they wait a little longer for the shallow production to build or success on the deeps ? I thought they had the CE deal in the bag when they announced Divis, at this stage, obviously not.
I am one of the few LTHs in from the beginning and obviously still see the upside but after 15.5 years of investment, I’m very cynical or should I say wary of this management team. Dropped the rose tinted glasses sone time ago but still hope that they come good this year and as I see it, they’ve never had a better chance.
Upside outweighs downside significantly and that’s why we’re invested in a high risk AIM stock which almost went pop in Covid, survived the Kaz riots and now Ukraine war.
The opportunity is still there at BNG but if they fail on the deeps, they’ll continue the journey with Block 8, another KO asset and probably reinvent themselves with wind investment should the OE venture not deliver.
Feet firmly planted and not getting carried away, YET. Q1 should be full of news flow, hopefully the positive kind, assisted by continued Divis, fingers x’d.