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When the SP was 0.19 following the Turkey announcement. SS was overheard saying that he wished he could short the stock but he is not allowed. That should have set warning bells off but my inbuilt optimism still thought that this company could make me a millionaire. I was holding 17m shares? Not any more! No longer a holder.
At one stage I held 17.5 m of this dead beat of a stock. Could have sold at 11p when Gatwick could still have been a gusher. Could have sold on the revival after Turkey was announced. Have finally sold with a 95% loss. My only saving grace was that I would dump a few million to pay for a new interest. Always wondered if I had done the right thing. I always had, because every sale looked good a week later. Nobody to blame except but myself but I do think they didn't drill deep enough in Turkey. Another 1500 metres could have changed the story. Farewell UKOGGERS. Those left in I wish you well!
I dabbled in Bens Creek at about the 30pmark. Having seen them come down from m over £1 I felt confident of a good return. When they started to fall I thought "Here we go again" and took a small loss. Wish i had done the same with UKOG . That has been my personal disaster. The value is too small to worry about it so they will either recover, or go bust! Annoyingly, I have been in for a long time and saw them reach 11p (touched 14P during the day). My greed took over and the rest is history. Its the "I couldn't possibly sell at these levels" mentality which really kills you. I run four portfolios. three for the grandchildren and one for me. For the grandchildren I have been sensible and avoided the get rich quick syndrome and only invested in established unit trusts such as Fundsmith Equity. The kids portfolios have doubled while I'm down 60% So I'm gradually removing myself from AIM stocks and investing in professional managers such as Jupiter. Not so much fun but more sensible.
I thought we were looking for gold? Gold finds represent instant success. Any base metals represents production plant building. fundraising and feasibility studies. I bought into the company because it was going to be a second Greatland? I swear I saw Richard Poulden on Australian Gold hunters with a metal detector and pickaxe?
163.5% who could possibly invest?
10k barrels per day ? would that help because that is what is going on up the road ? In my capacity as marine claims handler, I dealt with hundreds of oil claims coming out of Turkey. Turkey has a lot of wine regions producing millions of barrels and no local council to gum up the works!
I suspect the MMs have several million shares to soak up before the price starts to rise. We could be looking at close to the very bottom and I'm tempted to double my holding. 4p would make me a millionaire
Beware Chinese showing an interest. My holding in Bacanora was taken for a song. A Chinese song.? Later events however in Mexico soured the deal for them. Remains to be seen what Cadence can salvage from their remaining interests in the project ?
I bought into KNDC many moons ago when they were Rare earth and thought that rather then have a holding in a company that has holdings in many other companies why don't I invest in those other companies. I sold half and spread the income on KNDC holding companies. After all, the KDNC team would have done their due diligence and wouldn't invest such large sums without professional knowledge. Wrong Bacanora. Saw them climb to 155p then get hijacked at 67p But at least we had the 30% holdings in Mexalit and Megalit. ?? what are they worth now that the Mexican Government wants them back, Hastings were $2 now 48 cents, Macarthur minerals Joke! EMH Doing very well except the market doesn't think so. The only thing that keeps me in, is Apapa and the fact that I hate to sell on a substantial loss.
Nearly a million sold 28000 bought. Price up 45% ? Only on AIM ! 😂 I'm not complaining. I'm in big here !
MMM Tasty ! Regardless of what you say, bear in mind that the UKOG management are not involved with the Turkish Ops. There is a professional team handing that asset. They have already established that the oil seeping from the ground has the same signature as the massive reserves 12 KMS away. This could completely transform this company. But pays your money takes your choice.
The most destructive view for private investors is " i couldn't possibly sell at this level!" UKOG touched 14p at one stage and then immediately dropped to 10p. Having seen them at 14 "I couldn't possibly sell at 10p!" I have been topping up all the way down. My average is 0.24p I sold 1/3rd at 0.11 just to raise funds to buy UJO. Saw a 50% rise on UJO when they reached 30p but couldn't possible sell at these levels ? It goes on! My wife will sell everything at whatever level when I kick the bucket !
Instead of buying back shares and banking them in treasury, UJO should be looking at investments. With only 6 months income, UJO could buy the whole of UKOG which has several assets but is a badly run company. I'm sure that if the UJO team took over those assets they could make a very good return. Just a thought!
It looks like pressure us building up on Gangfen to secure more lithium production sites. They can't go anywhere in Mexico except Megalit and Mexalit which makes Cadence's holding very valuable. If they paid £254m for Bacanora's stake, that makes Cadences holding worth at least £85m. Although we saw this as a long term benefit and asset, I can't help thinking that things may happen sooner than even the Cadence Board thought !