Member Info for SteveV

Hey AJEP,
I think your valuation figures hinge on P2 reserves.
i.e. at what point does Oil in place estimate become a P2 reserve.?
Often that is subsequent to a successful production drilling campaign. We are a way off that yet.

It probably won't go under 20p if someone has been forward selling a placement at 20p from the 30's
Nice little no risk earner for the Wonga lenders.

I just had a little top up at 23p.
Might buy a few more if they go lower.

Yes it is rare. Probably just get a 7am RNS UK time.

Strictly speaking their RNS didn't actually say the release on Sedar would be ON 31st March. It said it would be after the markets closed on the 31st March. (which could be anytime after).

No doubt at all we will all know 7am UK time.

If Sedar closes at 11pm Canada time(as per their website) and they are 5 hours ahead then they may still release the RNS up until 11pm their time which would be 4am UK time and still be be within the specified time frame (After close of Canada market ON 31 march 2022).

So Canada will get the RNS before us as we'll all be asleep.

We'll know first thing in the morning.

Being dual listed does seem to advantage/disadvantage one market or the other depending on news.
Surely much better to release an RNS at 14:30 when both open.

So are some people of the opinion that our CEO's main reason for buying so many shares at 34p was simply to support the share price so that a new placement could be forward sold.?

I would hope that wasn't the case.

Soss, shareholders don't lose their shares when a company goes private. The shares are the same just not tradable in the normal way on the stock markets.

Couldn't get a more basic website with so little information. BUT interesting development nevertheless.

Seems to be life left yet in FRR. Just hope shareholders get something out of it. I also had shares in GKP. Loads of oil but shareholders ended up with virtually nothing.

38p in Canada now !

Very promising. Just a shame Copl can't start drilling until August.

BUT, we are probably at the start of a huge commitment by the USA to secure home grown oil production.
Regardless of sanctioning Putin, it must be also a case of ensuring energy security. Putin has no power leveraging supply of oil IF USA can drill everything they need.

Hey Tiburn, nice post.
My only slightly nagging concern is "- historic lows in reserves"

Are majors planning to continue divestment of reserves and at what rate as they plan for a future moving away from fossil fuels. i.e do they NEED as much reserves as historically? I can't really answer that.
Now I know that is decades away BUT it surely has to be factored in re: buying reserves.

Who really knows how this will pan out and when. !!!

What I do think is certain is that IF the CPR turns out to be favourable it is the LOCATION of the asset that will be VERY desirable to BIG Oil.

Yes well, it's all pure speculation and we'd all like it to happen asap.

I don't think majors are that bothered about getting in quick for a bargain. They want top quality predictable reserves and will pay the going rate.

I would guess that, assuming the CPR is positive, Copl will need to begin a field development program.

Oil majors like to see production oil flowing so that the reserves can be more accurately determined.

Copl can't drill until August. I would imagine it will be this time next year before a Major takes serious interest.

Absolutely no way Elon Musk is going to buy shares in any oil companies.
That would be PR disaster for Telsa.

Just because he said we are going to need oil and USA should produce more doesn't mean he is going to invest in it.
We'll be getting Greta Thunberg tweeting next !!!!

Stas, the London stock exchange regularly use an often random trade that shows up after hours to base the % rise on
I see it regularly. Google do the same (but only because they get all their information from the stock exchange !).

Look at the trades right up until 16:30. All around 34 -34.5p. That is the closing price. Daily rise of 3.8% not 9%.

I don't think it closed at 35.6.

Canada has been showing .59 for quite some time

Are we going to see a massive divestment by the supermajors of "toxic " assets in favour of cast iron safe ones.
1.5 billion barrels of light sweet crude......waiting to be monetarised. Easy to extract and years of reserves.

https://www.afpm.org/newsroom/blog/oil-and-petroleum-imports-russia-explained