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Decision coming soon. If they decide to drill then suspect a raise foe the drill would be the way to go.
For a JV or funding for the drill. Idiens could always put out an RNS like BPC and state an international oil company has signed an exclusivity deal pmsl
Quarterly Update due any day now...
Is looking ripe to break out. Not only from the descending wedge but also from the ascending triangle.
Once over 4p I expect 10p as a bare minimum medium term and much higher longer term. From the last trading update it is clear the company is rapidly expanding and further growth will come naturally from collaborations with the major players.
£225k buy over ASK....
Those going long, going in heavy...
There are 2 possibilities, always are...
No 1. This breaks 3p then I would expect 2.25p as support....
No 2. This breaks 4p then I would expect 6.5p as resistance...
All depends on news now. Idiens needs to man up and make the decision on what to do. I say do the raise and go it alone. Short term pain for long term gain....
Still watching and waiting for his move...
GLA
We are right in the window for news either for Barryroe or Newgrange. Hopefully sp will build in anticipation of sign off in Q3 as per RNS and APEC get a move on and get drilling in Q1 19 which will lead to the mother of all rises.
30p target here for me on spud. After 30p it's blue skies all the way to £4/5.
That's only if they manage to strike oil on Newgrange along with Dunquin and Avalon. A big ask but it can be done if they get lucky.
Link to deadline as can't find anything?
Excellent news here. The pockmarks and seepage show evidence of a working petroleum system which will further encourage third parties to get involved. This should no doubt further derisk the acreage and hopefully we get an updated report increasing the resource aswell as the CoS.
With the first drill programme funded it will put CLNR in a position of strength. There will obviously be dilution but this will be negated if majority is taken by sticky holders.
With a funded drill the BoD have more negotiating power as the JV partner will know that funds are not required therefore will have to cough up if they want a slice of the pie.
The NPV numbers are big enough to attract attention and a strike will make CLNR go ballistic. Current rumoured raise is not too far off today's price so not much discount.
That NPV10 is the value attached to the asset on oil being found and being commercial. If we JV and divest 50% then you can half that target to 26p.
Half it again and you have the RISKED valuation being 13p prior to drill results which should be the target here.
The risk is lower than a year ago no doubt. Buying a year ago you would be down between 60-80%. Buying then was considered a low risk yet the BoD have placed twice and consolidated. The risk remains as ever although the downside is somewhat low compared to a year ago. Anyone looking to invest into ROSE would be wise to layer in so as to not buy in too high as their average would not be too far from the bottom. Anyone who buys at the bottom are simply lucky. Aimo and Gla
You take the risk and you pay your money. It's not something that I would do considering the risk. BPC has 6 bagged from the bottom but how many actually bought there? Very few probably. Same can happen here but the question is where do you buy?. Considering the risk I'm waiting for the BoD to announce either the JV or raise then I will buy for the run up to the drill..
The only person deramping this share has been SouthC anyone else is merely putting their view across. As for BPC they couldn't get a gig at $100poo let alone now. I believe it's all hot air until we see an RNS naming the oil "major". BPC reminds me of COPL and look where that is now. I refuse to chase these shares on nothing but hot air as have been burnt too many times. Same applies to ROSE. I will only buy it once it is in black and white that the well is funded until then I will trade in and out based on TA and buy once fundamentals are better. I will end up paying more but I rather have no risk and get 100% return than take the risk and get a 200% return..
This CPR is an updated CPR so will increase the CoS as previous CPR was completed on 2d seismics I believe. Most JV partners require 3d seismics prior to signing on the dotted line. ROSE is in not a very strong bargaining position due to lack of funds. Besides the 3d seismics and updated CPR it doesn't have the wherewithal to proceed with drilling the well. If however they did have the funds to drill then they could negotiate a better deal. Personally I believe the headroom shares created in the consolidation will be used to raise the required funds and have stated as such from the beginning. The "hope" here is that they get a JV on favourable terms. Speculating on the above can make/lose you money depending on the outcome. Given the BoD's prior form and those now speculating on this share leads me to believe a raise is on the cards. Maybe they still get a JV but need to fund their % hence today's news. A free carry would be ideal in an ideal world but here and now the JV partners can play hard ball...
There is a requirement of £6-8m for the first well. Raising half the mcap with supportive shareholders especially with the likes of the TR-1 multi-million pound investor will be relatively straight forward.
Not word for word... Your post mkt cap 5m is just too low if you consider they own 75% of acreage which is over 80,000 acres in size. Andrew Neals post #ROSE CPR due CEO this is a "transformational" time This is some statement & I look forward in seeing the CPR. MCap only £5m is just too low if you consider they own 75% of acreage which is over 80,000 acres in size. Just weird 2 different people would post the exact same thing at the end.
Strange that two different people have posted the same thing? I'll ask Andrew if he copied your post since you're clearly not him...
As for the placing. In the RNS it very clearly states that the BoD are looking at options that are non dilutive to existing shareholders. Whilst these are options it doesn't necessarily mean they will or they won't. RNS's are meant to be ambiguous, especially ones relating to possible future equity raises. I'm hoping for the likes of Roty they do farm out their stake. I have been following ROSE for over a year and have seen 2 placings and 1 consolidation so when the BoD state they are looking at options that don't dilute existing shareholders, I take it with a very large handful of salt. For me ROSE is a simple trade. I will buy once they are funded to drill the well. Until then I will continue to keep a watch for my entry...