The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
What was it that was planned for August again? Oh, yes. That should spike the SP at least for an easy 20% profit if you got in at 1.35p. RNS could land any time now, don't you want an easy 20%?
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Furthermore, the partners in the Licence convened on 23 June 2019 to formulate their plans for an extended well test at Balcombe and a planning application to that end is already in the process of preparation. The application is expected to be submitted to West Sussex County Council before the end of August.
There is no water being produced and 'flow rates and flowing bottom hole pressures appear more stable than during Phase 1 Kimmeridge testing' which is good news. The oil is being pumped and not free flowing and at about 1 tanker's worth a day from the Kimmeridge.
'Kimmeridge test production is planned to continue throughout the drilling of HH-2/2z except for two short shut-ins to enable the moving of oil storage tanks and installation of the drilling rig. The drilling rig is now scheduled to arrive on site following routine servicing after the completion of its current job.'
After all the hype from Lenigas and Sanderson, we are now starting to get a better picture of the Kimmeridge's ability to produce oil. It is far from what investors where expected to believe.
'Kimmeridge oil flow was re-established at initial half-hourly metered rates of up to 332 bbl of oil per day ("bopd"), with continued stable production of dry oil at daily rates of 200-266 bopd.'
Expect further flow rate updates in weeks to come to asses the decline rate.
Looking good, 5000 prepayment cards pre-ordered and lottery revenues up 35% from last July. The Prophet of Doom, TW will have something negative to say, no doubt. The accounts that he was moaning about and the figures to be restated are virtually the same as before. FFS.
'The card programme is for an initial 100,000 prepaid cards, with 5,000 cards due immediately. It is expected that 25,000 cards will be activated within two months of launch and 100,000 within the first nine months. Each card is expected to produce revenues to the Group of between £3 and £5 per month. '
Things are definitely ramping up for exploration in Iraq as per the snippets below from yesterday's RNS and the Preliminary Results. Just need the green light or time the buy wisely before the good news. Staying out for now.
Director, David Horgan commented:
"The Middle East & North Africa (MENA) offers unique oil & gas opportunities for those able to operate. Petrel has worked in the Middle East since 1999, and has shown the ability to operate in challenging circumstances, without loss of life or equipment. We have being strengthening our Iraqi expertise in recent months."
"The group of new investors in Petrel bring significant financial and hydrocarbon experience in the MENA region".
'Activities are normalising in Iraq. There are many oil projects in Iraq which need to be developed. Petrel will be making a case to be part of the development.'
'Interest is reviving in Iraq. We now have the people to seek out operations on the ground.'
There are 149,346,159 after this 29.99% extra placing of shares. All depends on what they are prepared to pay. They have just bought 10% each for £172k at 1.15p *1 euro = 92p. It won't take much more to make a bid for the company. They won't want PIs jumping in bumping up the SP, they'll want it as cheap as possible.
10% each rather - 'Pursuant to the Placing, and at Admission, the Company has been informed that Mr Roger Tamraz and Mr Michel Fayad will each hold 14,934,615 ordinary shares in the Company, with each holding representing 10 per cent of the Company's issued share capital.'
He also put a bid in for Bolton Wanderers FC in 2016. Must not have happened as the club now is in administration.
https://bolton.vitalfootball.co.uk/bwfc-who-would-you-choose/
https://www.theguardian.com/football/2019/jul/17/bolton-players-stress-not-paid
A gusher at Iolar would be good for Petrel offshore Ireland though, currently now drilling. I love the no BS statement of the Chairman in the Preliminary Results about Ireland and other countries. Well worth a chuckle.
https://www.investegate.co.uk/petrel-resources-plc--pet-/rns/preliminary-results-for-year-ended-31-dec--2018/201906190700026649C/
Indeed, the share price rose so fast from April (4p) to May (17p) that the chart doesn't really have any strong supports between. The 11p placing helped stabilise the SP, but this share is volatile in this range having broken 11p support. It looks like the SP is settling around 8p now until next news.
Wise men say - https://www.youtube.com/watch?v=vGJTaP6anOU
Looks like many took Justin's advice and added a few today. I have to agree that this looks good as long as it gets FDA approval and a great uptake from hospitals around the globe. The outdated tech. has to be inferior to this, surely.