The desire to second guess the progress of the drill, although understandable, is nevertheless misplaced. Trader's jump in and out and thrive upon supposed timescales. De risking on o &g plays as the drill turns is the accepted norm. However, the fundamentals on this drill is somewhat unusual and I took a decision to average up near close of play based purely on the known information.
Well someone took 10mil just before close. News shouldn't be far away for Biscathorpe. May take some more tomorrow.
Scroll down for relevant doc. Officers recommendation is to permit with conditions.
https://mycouncil.surreycc.gov.uk/ieListDocuments.aspx?CId=122&MeetingId=5902
From PCL quarterly report 31.7.18. Namibia is in the spotlight for several companies, window of opportunity is getting smaller.
Namibia Offshore
PEL 37
The drilling vessel, Ocean Rig Poseidon iscurrently positioned in Walvis Bay,
offshore Namibia awaiting commencement of drilling the Cormorant-1 well.
Preparations are on track for the September, 2018 spud of the well.
The highly anticipated Cormorant-1 wellcomes after extensive evaluation and
exploration efforts by Pancontinental and its joint venture Operator and Partners.
Pancontinental is not financially exposed to the drillingcosts of the well as per
the previously negotiated farmout agreement with Tullow.
In addition, Pancontinental will receive a cash payment of US $5.5 million (AU $7
million) from Africa Energy Corp. which is the second instalment of its investment
into Pancontinental’s subsidiary and the PEL 37 project.
Further credibility for the project came from the April farmin to the block next
door for a 40% interest by oil giant ExxonMobil. This block contains an extension
of the play trend Pancontinental is drilling.
PEL 87
Pancontinental has mapped extensive high-potential and oil-prone turbidite fan
“fairways” in the newly awarded Petroleum Exploration Licence 87 offshore
Namibia.
Oil generating source rocks are evident from well control studies in PEL 87.
added a few more today, quiet time and little volume but concur with mixster's post. Focus is elsewhere at the moment but will change.
from the appeal decision. Seems to me EDR have really worked hard and set out to fully address the Planning Inspector's reasons for dismissal. A combination of test work on site (bore holes) and consultation with their own consultant's and outsourcing to independent consultants has led to the new comprehensive planning application. Whilst it has been a long process, in some respects, having lost the appeal has ultimately meant the company has now, evidently, produced a top notch, wide ranging and holistic new application. So mid October for a decision. Biscathorpe next.
Egdon are the operators and they had £4.10 million as reported in their interims (end of Jan 2018) so I don't see any issue with funding, particularly when there are three other farm in partners, including UJO, and they all pay on a pro rata basis for the drill.
EDR last update inc partners interest in Biscathorpe
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EDR/13588363.html
News flow will start very soon.
and another £34k from Friday, strange goings on here.
RNS - Ultradex distribution increasing, including two new utradex hybrid products. Update on half year performance in July. Plenty of capacity for growth in the Italian factory. Should be a turnaround 12 months here. 'UltraDEX brand now has a total of over 18,800 points of distribution in the UK, its highest level ever nationally, and a 49% increase over its position in July 2017'
A good 6 times the amount Atlas may have had after the RNS declared. IMO gone or as good as. But lots of traders picking the percentages up, which is fine. Just a case of being in around these levels when Eric drops some positive news - if its soon then may catch some out and mm off guard.
as per previous year we should get an update on the first six months in early/mid July - fully expect the update to reflect good progress, especially with Ultradex which is being rolled out in new markets both home and abroad. Icing on the cake would be favourable news of refinance for next years bond.
Not convinced there will be a need for a placing. My understanding, as per the RNS you quote, is that refinance is being explored, and I understand is close to being approved. As to the form we shall wait and see. It would have been easy, give the company's progress to have placed several months ago. IMO the company is on the cusp of significant revenue progress and the 2019 convertible bond will be addressed in a favourable fashion. Nice buying over the past week at this level.
under the radar. Nice to see the largish sell go through as it caused the drop on Thursday morning - such is the lack of liquidity in the stock (notifiable holders account for over 75% of the shares of which the BOD hold a significant amount). Buyers at this low level should do well given the encourage end of year result published in March - http://www.lse.co.uk/share-regulatory-news.asp?shareprice=VLG&ArticleCode=jlpzc7hy&ArticleHeadline=Final_Results This is a progressive business with 7 new markets and long term distribution agreements with large capacity at their factory. Suspect next updates will be positive. The CEO summed the current situation succinctly "Venture Life has delivered another year of good organic revenue growth across its business, and achieved another of its objectives by delivering a profit before tax for the first time. This coupled with a cash positive H2 2017, means we expect to be sustainably profitable going forward. Having invested in and established excellent operating leverage within our business, these growing revenues have translated into increasing profitability, with the majority of incremental gross margin falling through to the bottom line. This again demonstrates the opportunity in our business to grow the bottom line at a faster rate than the top line, and with the recent reorganisation of our plant in Italy, we have increased our capacity such that we can now accommodate twice the volumes of 2017. Our strategy continues to be a focus on revenue growth, through both organic growth of our existing portfolio and through acquisition. 2018 has started well with our order book ahead of the same point in 2017, and I look forward to another good year of growth for the Group."
only see the sp increasing here over the coming months. No debt, lots of cash in the coffers, drill to come and regular news flow on other matters, be it existing assets or other assets to be announced. Volume increasing and placing flippers get less and less as others eye higher prices. Makes for an interesting summer.
you appear to be talking to yourself. What is your position? you quote GDPA etc but seem to generally have a negative position on the company. Let the story unfold in the coming weeks/months.
Greta buying opportunity at these levels due to seller, BH I building a significant business here. https://www.youtube.com/watch?v=h99tdEiWaos
Should be nice Tr/1 incoming early next week putting the seller out or near as.
The market will always, without fail, punish a company with impunity on such an RNS. That is the nature of the market. Seems PDZ have been annoyed by lack of information on their application (probably highlighted by talks with JSW). Seems a rather bold move and perhaps not the best option. As an aside PDZ should really update their shareholders on BFS which is over due - irony .
Nicely poised here, new tax year and allowances from next week just in time for news on first quarter revenue, SP still at lows.
to see more interest, looking forward to this weeks operational update.