Who could have predicted this...30 Dec 2023 18:51
Who could have predicted that we would be approaching the end of 2023 with an SP of 42p/72c CAD? This after Coho and Casca both on line…it is simply inconceivable, yet here we are. Every time the company releases an RNS the stock gets hammered. Shareholders are told one thing in the webinars and then find that things are very different in the next RNS. For me, the latest RNS raises more questions than answers. The RNS says, in essence we hope to increase our credit facility but it is not a given at this point, and there could be “material” changes to the 2024 budget if we don’t secure the increase…say what?...where did this come from? We were told 60 mcf was in the bag at Casca which would provide enough revenues to maintain a self funding operation moving forward. Why is Casca deep only putting out 11 mcf? I know what the RNS says, about this but what is really going on there? What is happening with the compressor issue?...no mention of that. Why is the company allocating so much cap ex to Coho?
There seems to be a lot going on behind the scenes here. Shareholders can speculate but really have no idea at this point what is actually happening. It has become increasingly difficult to accept anything at face value as trust has been seriously damaged. I have been very patient, and optimistic up to now. I understand stuff happens but it seems there is a never ending line of surprises, most of which are not good. I have more doubt now about what lie ahead than I have ever had because the narrative doesn’t match the reality on the ground. At the beginning of 2023 management acknowledged that their credibility had taken a hit from missed deadlines, among other things. the new motto at the start of this year was to under promise, and over deliver…so how is that going? One can only hope 2024 will be different.
All IMHO
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