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Thanks to Billy Ray for transcripts
"We’ve increased - in house - the chance of success because we now have a perfect seal model that we didn’t have before because gas was escaping all up the section in MOU-1. We have evidence of far better reservoir development and lots more sands here. So from that perspective we see the chance of success has increased. How much? I won’t put a judgement on this because weighted against that operationally we have to get to this target"
And lower sp.
The sp shouldn't be at these levels.
Predrill risk of lack of seal has been eliminated. Paul is more confident now than before drilling started.
A successful find is worth multiples of current market cap annually.
Mou-1 results to look forward to and then the sp will really take off.
So you did watch it but it appears you failed to comprehend what Paul was saying.
You want the company to do its largest ever placing at these low levels when there's no need at present.
Just buy already mate. Few pennies here and there won't matter.
Mumbo why don't you just watch Paul's interview instead of posting rubbish.
Raise 5mil at these prices? Don't be silly.
As an investor that makes no sense. As a trader it will give you an entry point or help make up losses for those that panic sold.
Anyone trying to bring the sp down isn't concerned about others temporarily having paper losses if a placing happened.
They just want a lower entry for themselves.
Bob
A placing is all they have to bang on about. It's getting pretty boring now.
All the rest of the information that has been released by the company through official channels, points towards this being a life changing investment.
I've followed Paul for years now, he is easy to read and he is definitely excited the closer we get and he has decades of experience as a geologist, this is what he has done all his life. He's not a lifestyle/city type ceo. He's an expert in the sector running the company.
His reputation and own money is on the line. He's invested far more than us punters into the company.
I've said it before, if Paul's calm I'm calm. He owes 45x as many shares as me.
Two days in a row we've bounced off intraday low and closed blue. Bullish.
Traders who don't want to wait exited this morning.
Fair to say those who are unhappy with the update have sold out by now.
Onwards and upwards.
3p brigade, keep dreaming.
"The city" has little influence on this share. No funds are invested. Market cap is far below what they are allowed to invest in. Market size is only 30k.
Mms can move this on miniscule volume either way and take out retail investors stop losses. Largely sentiment.
If mou1 is a success then mou2 is highly likely so we have reserves based lending, cng deals still in play. If the company runs out of money to complete mou2 as youre implying then we should have no problems getting the cash.
You can eat what you want but you haven't expalined why we are forced to raise at a 2 year low?
Mem and older&wiser why would you raise during mou1 testing phase?
Until a week ago mou1 was the most up to date data we had and you were both bullish.
Older&wiser you felt 9p was a bargain. Mem predicting sky high share prices.
Mem I think if mou1 flows commercially then the timing of getting the 1mil back is not a concern as we have proved up it's commercial and we have cng deals.
So now instead of waiting for mou1 results and a much higher sp why would you both chose to raise at these levels?
Maybe it's just me but I can't imagine Paul proving up it's commercial and then deciding to dilute himself.
Jonmo
Doesn't it makes sense that testing on mou1 releases 1mil loan back to the company and also allows signing of contracts with gas off takers which is then used to fund mou 3.
Instead why do u think we should raise before all that? I'm genuinely curious. The company has said nothing has changed which would include being solvent. So why would u raise at this point?
Olderandwiser
I think the only ones feeling embarrassed are those that sold at 3/4p. Unless you were here a very long time then you sold at a loss because of a 4-6 week delay on finding an amazing seal. 200m thick.
A week ago we didn't even know when we spudded and were at 8p.
Many will buy back in.
He gave away enough to reassure the markets. Of course there will be increased costs on mud side of things but they're not significant nor a concern to the company.
"Nothing has changed" doesn't work if costs now exceed what you have in the bank and a raise is needed.
The interview was pretty clear.
@muntene
You may find it hard to believe but the alternative is accusing Paul of lying to investors.
The rig is next in use by sdx in morroco. Star valley may have thier own provisions and the crew stay in country. We don't know so personally I'll take Paul's word for it.
Lonny has worked with star valley far longer. If we find the cpr reserves, there's plenty of more work for star valley.
Jonmo
Drilling had to be stopped so of course they have to tell shareholders as that wasn't the plan.
Yes we didn't know when they started but it would be worse if they withheld this information. Lot of geologists on the boards have taken the information as positive. Spud date was more a courtesy and relevant to those trying to trade the stock.
Also this is the 2nd time we've used star valleys rig. So far we're a $5mil customer to date.
We plan to drill more Wells in the future and so are a potential $10mil + customer.
Star valley has all the data paul had predrill to optimise thier drilling. Thier rig slowed down to 1/m hour meaning thier costs increased. They bare some responsibility too.
I can't imagine them charging us much for the rig sitting idle.