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The oil price has been this low before (and no doubt will be so again at some point in the future). The deeps have been on the edge of being cracked before (and maybe one day this will happen). Enthuusiasts and pessimists have come and gone on this board and have even been known to change sides. The position of the share without the oil price crash and corona virus would be much as it was before xmas. When the Saudis and Russians have come to an agreement and the coronoa virus pandemic has passed over the world like a wave, then we will get back to discussing new acid treatments and making jokes about shopping trolleys.

The share price has been this low before - not so long ago in fact - and bounced back before and no doubt will do so again.

The value of purchases exceeds that of sales this morning, even in the period after the RNS, but the price has fallen. Is there a seller in the background I wonder?

This quite a reassuring RNS. Bopd down slightly; ongoing work on A5 and preparatory work being done for other deeps with an indication that work on the 3AB H1 will go ahead. The cash flow according to Clive is not as badly impacted as expected because of the way the Kaz tax system works. I would still expect some impact on the investment programme in the medium term unless the oil price makes some kind of recovery.

We are back to waiting for a deep well success and a resolution of both the oil oversupply and the corona virus crisis. I think neither will be sorted until later in the summer

Averaging about one every three minutes. I think we can safely say it was oversold yesterday.

The oil price bottomed at 4am GMT and has largely, albeit slowly, been "recovering" ever since then and is now only about 18% down. It will be interesting to see where it ends up today. Nobody knows what is going on in the background betweeen Saudi and Russia. I don't expect an early rapprochement but at some time they will have to talk.

More shares bought than sold this morning and in addition volumes are quite low (we are all sitting tight except fizzy). The MMs may notice later

The charts seem to suggest a bottom to the oil price about 4am this morning. I couldn't really describe what has happened since as a bounce, and in retrospect dead cats may be involved, but for now the price seems to be moving up to a mere 20% down rather than 30% earlier.

The CASP share price is very much dependent on the future. Currently there are no dividends, and there is no cash flow issue even at these prices. The likely consequences are a delay in the investment programme and a delay in the timing of the first dividend (currently projected for 2021 For the likes of BP which are priced more on current profitability and dividends there should be a larger percentage hit. For small and medium oil cos. with high level of debt, there is a risk of bankruptcy. The market however is not known for its rationality in the short term, and probably the whole sector will be marked down until analysts start thinking about such differential impacts. CASP is probably one of the safest oilies to be in at present

Prices last dropped to this level briefly in 2016, before bouncing back. Demand for oil is very inelastic so variations in supply and the ability of OPEC+ to come to agreement are often the mai n driver of price. In this case however it is a shift downwards in demand (or rather an expected shift down in demand) in combination with a breakdown in agreement between major producers on quotas - a perfect storm! This oil price is completely insufficient to underpin Saudi government spending but needs to be held for quite a long period of time if it is to meet the Russian objective of hurting the USA shale producers. If it is held over the summer it may well slow the CASP drilling programme, as the surplus from wells selling at international prices will be slashed. CASP may have to make a choice between developing the MJF structure further and spending more money on cracking the deeps, or possibly a slow down in both programmes.

With the wobbliness of stock exchanges around world in the wake of Corvid 19, investors may be looking for places where they can invest and make a profit. Good RNSs from CASP (should they materialise) might be expected to give a larger than normal bounce.

Can I ask all my fellow posters to pray to Thor (the God of Thursdays) for a thunderous RNS next week.

The drop last week seems about in line with the oil sector as a whole and pretty much in line with the markets. In the absence of news we will probably follow the market in what ever direction the current reaction to the corona virus takes us. When the news comes, given the adverse reaction to recent misleading and then disappointing RNSs, then the likelihood is an upturn, as expectations have been pushed very low recently

More of an Ass really

It is worth being in this share simply for MJF (see some recent calculations over on ADVFN). A5 and the other deeps are a possibly massive bonus. 3AB may have value to any buyer of Dunga. Even Boaty McDrillface is potential lucrative extra. Most regulars on this board know this, which is perhaps why when DB suggested over the weekend that this could be an elephant nobody called him a ramper. It was more like trampling than ramping, but nobody siad it was impossible. Patience is of course necessary!!!!

The important thing about CASP is that is not a Heffalump. That's where 6.5p becomes 0.65p

Thanks DB, I hope my precis was reasonably accurate! I think this means that if you have the patience to wait (and who on here has not had to acquire patience even if they didn't have to begin with) then a modest but reasonable return is likely over the next year or two with the continuing possibility of a very good return if the deeps are successful

David Black has given more details of the meeting today over on ADVFN. It's a good read and indicates steady MJF growth this year using our own drill equipment, potential for selling 3AB when Total exit Dunga, and reasons for the boat purchase which appear to make sense. The pound party is not expected but some improvement in the sp is clearly likely, even without the deeps which do remain in play

There were all sells in the morning but after the meeting there were mainly buys including £14k at 7p just before the close. I think the market is still thinking this one over.

I think everyone on here would much appreciate an accoount of what happened at the meeting from anyone who was able to attend

David Black on ADVFN says it was an excellent meeting but will post details later. Selling may be unrelated to the content of the meeting.

This share hasn't really changed. The RNSs continue to be vague and sometimes misleading. The board continue to build potential in all directions presumably with a very long term perspective. The company continues to be largely free of debt. The prospects for the future of the deeps promise great returns but face ongoing problems. The prospects for the MJF structure look extremely good and justify a higher price than we currently have just on their own. There continue to be dilutions/asset acquisitions/tax planning adjustments (choose all or any of the preceding). The improved cash flow allows the use of more reliable subcontractors and more sophisticated acid treatments. The winter as always is a slow period, but is now coming to an end. traders continue to wind this share up and down usually to their own benefit and to the disadvantage of the faint hearted.
So what has changed? Nothing really! plus ca change. Spring will be the same as usual as well: a nice surge in the sp comme d'habitude