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Indeed, it is not just the disappointment of two dry wells but also the way the news has been managed, or not managed. No messages at all from the company to explain the situation. I would have at least expected something along the lines of these two wells being unlikely to be successful but other drills have a higher likelihood. After all if that is not the case then why bother drilling? By saying nothing the share price is going to just fall. I can not see much chance of a takeover. Why would any other company want to take over a company that is only drilling dry wells? And if expectations are higher for future drills then why not say so?

I don't disagree with your assessment but the market doesn't seem to agree with it. COP closed at 11.05 having been at 11.0 for much of the day. If Circle Oil has the prospects you say it has I would have thought the market would respond favourably in advance of those prospects coming to fruition. That should be around now if next drill is this week or next week. Maybe there are similar concerns as Shishr-1 Well in Oman's Block 49? Maybe Circle Oil is just too small a company for the market to get excited about until gas / oil is found?

Unfortunately so far the positive words are just that, words. The market needs more than just positive words

The necessary technical items for loan funding were taken care of in the EGM and it would appear no other items were mentioned. In this case no news is not good news. After the plugging of the Oman drill this company definitely needed some good news. It didn't happen. So the share price fell from an already low opening 11.35 to an even lower closing 11.06.

Some who bought at a higher price may say you were right the first time!

Intra day low of 10.5p mid afternoon. This share needs some good news.

Considered a high risk well with a low probability of success. This news still hit the share price though ...

Currently Natural Gas futures for April are down at 2.66. Not good. So we have a low gas price as well as a low oil price currently, despite the cold weather in the eastern United States. The low COP share price probably reflects that, as well as the current lack of good news from Circle Oil. Hopefully you are correct and the share price will bounce up to 13p or higher on some good news. But it is just sagging at present.

However the Natural Gas price is still down substantially and Circle Oil has a large interest in gas. Oil interest in Oman is still largely unsubstantiated whereas their gas finds are proven.

BP are making redundancies and approaching the government with a view that the low oil price will continue for 2 or 3 years. Now, they have an interest in putting that viewpoint to get the government to reduce taxation on the oil industry but it is a viewpoint which is also taken by others in the business. They say that there is no let up in any country producing oil, even at this low price, and no apparent intention to do so. That may change but with the large surplus of oil currently in circulation the oil price can not come down yet. This rise may just be a dead cat bounce, or it may a stabilizing at a slightly higher level of $50 for Brent and $48 for WTI. I think a continued rise in price is therefore unlikely in the short term. I hope I am wrong. COP however has Natural Gas as well and that has climbed above 3 recently with the forecast of colder weather in the U.S.A.. COP is also currently at a very low share price in any case.

The oil price possibly reaching bottom is not the only possible reason. There are also the gas price (Natural Gas relatively stable and the only index up today), the new directors, the Egyptian payments and the current very low level of the share price. But I am sure you meant all of that as well.

It's a different mind state compared to the U.S. market. A glass half empty mind set compared to the more confident mind set in the U.S. where all time highs of the indices have been evident over the last 15 years with the FTSE100 hitting it's all time high 15 years ago and not getting close again in all that time. COP share price has currently fallen over 5% to 7% since the opening an hour ago, despite the good news and further good news forecast. Disappointing.

And yet the share price has fallen back over 3% from the opening 13.7p. It's been the malaise of the UK market in recent years that any profit is quickly taken. Hopefully the fundamentals of this company will assert themselves.

Looks like the market is starting to see the light.

Opened at 11.67p and closed at 11.67p. I suppose the upside is that despite oil falling substantially today COP remained relatively unmoved.

I don't disagree with your assessment bullboy. It's everyone else with money to invest you need to convince. The share price is static and that is fact. Everything else is just forecasting and conjecture. I'm not sure about your using 'we' as well. I think you mean 'they'? You make it sound like you're part of the company.

Lots of enthusiasm on this forum but little evidence that any is apparent with the share price. This has been stuck at a very low 11.5p or so and has steadily reduced since 23rd December. The oil price? This company has confirmed gas as well. So I am wondering just why that is. Maybe it's a relatively small (unknown?) company? Maybe it's the 1% transfer stamp tax? Who knows? Certainly the reasons for the enthusiasm on this forum need to come to fruition. There is for example some disbelief in the company's promises with respect to Oman in some quarters (iii.co.uk discussion forum).

Gas now up 5%. All oil prices now well down. Gas is the one to be in.

Gas has been rising since the start of the year. Hardly surprising with the cold weather. Seems to have caught the market by surprise though with COP still at 11.5p. http://www.investing.com/commodities/natural-gas

As I said I am in agreement with what you say. However the market isn't. COP dropped to an incredibly low 10p in mid December to rise to 13.5p a few days later with the Morocco gas news. Despite all you have said there was still profit taking from that rise despite the still historically low figure of 13.5p. That is a symptom of the U.K. stock market since December 1999. A complete lack of confidence with profit taking despite the apparent good future of COP. Where is all the money going? With half a percent bank interest? That is what doesn't make sense to me.