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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Circle Oil | COP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.625 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.625 | 0.625 |
| Top Posts |
|---|
Posted at 06/10/2016 21:18 by jotoha2 And another bunch of dodgy Directors are seeing out their gravy train antics at the cost of aim investors . |
Posted at 03/6/2016 15:51 by wexboy 2016 – The Great Irish Share Valuation Project (Part II):Company: Circle Oil (COP:LN) Last TGISVP Post: Here Market Cap: GBP 3.8 M Price: GBP 0.68p After initiating a strategic review in March, management came clean just over a week ago, admitting there’s little or no value attributable to shareholders. Regular readers will presume I cracked open a beer to celebrate another investor death-trap biting the dust. Alas, no… In my last write-up, I did tag COP as significantly over-valued, but I also highlighted it as one of the few junior resource stocks that could boast revenue, profits, and even free cash flow! So it’s a crying shame to see it go under… Which prompts the question: Why am I trying to value it?! Simple…’ A new reserve report shows 5.4 MMboe net proved (again, we’ll value at $8 per boe) & 2.3 MMboe net probable (at $4 per boe) – and since they’re producing fields, we’ll include 5.5 MMboe net possible/contingent (P50) (at $2 per boe). The other figures we need are here: As of year-end, COP had $10 million of cash, $7.5 million of net receivables, and $77.5 million of debt. Except we should also adjust for at least half year’s cash burn, to get us to end-June – the last interims indicate a $26 million semi-annual burn, so let’s use that to be conservative. [Sure, maybe the company’s on a starvation diet now…but if you run different numbers, you’ll see it makes no difference!]: (5.4 M boe Proved * $8 + 2.3 M boe Prob * $4 + 5.5 M boe Poss/C’gent * $2 + USD 10.0 M Cash + 7.5 M Net Receivables – 77.5 M Debt – 26 M Semi-Ann Cash Burn) / 1.4623 GBP/USD / 566 M Shares = Zero Yes. Circle Oil is, without a doubt, worthless… And if you know anybody who’s still a shareholder – please oh please, pass along a right old slapping from me. I mean, really, how stupid can some people get…maybe they just deserve it! Price Target: Zero Upside/(Downside): (100)% For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog. |
Posted at 20/5/2016 15:19 by steelwatch SP Angel via proactive today:Circle Oil (LON:COP – 0.62p) – (BUY – 11p) – Creditors Now Key Circle today's update is a sanguine reminder of the potentially destructive power of debt, when the risks are not managed properly. The core value of the assets is significantly in excess of the debt, on a forward basis, but as they represent here and now, given that potential acquirers smell blood in the water, they are significantly discounted. This has always been the issue with considering an investment in the Company. The value is there, over and above the debt, but it is a question of whether they will be allowed to trade that position out to achieve it. We believe that the Company has the management team and assets to do it, but it is now a question of whether the creditors allow it to happen – will they be provided with that opportunity? That is now down to the creditors. The debt is and always has been the very question that should dominate investors’ minds, as all the rest is in a solid position. We are reiterating our BUY Recommendation and 11p target price and repeat our oft used refrain when discussing the Company, that debt will be the decider for the Company's owners and potential investors. |
Posted at 18/5/2016 08:01 by gerry hatrick At last the outcome of AASE well from Mitch. But the tone of the RNS was appalling,instead of opening with 'Circle Oil is pleased to announce...........'Yes it is semantics but we need more enthusiasm from our BOD to connect with new investors. The news was good but the share price did not budge. More oil found and poo rising to almost $50, yet no interest. The debt does weigh heavy but the lender is being very compliant and bending over backwards to accommodate COP. So why not show some positive reactions! And...........buy some shares!! |
Posted at 17/5/2016 12:09 by steelwatch SP Angel this morning:• Circle Oil (LON:COP – 2.00p) – (BUY – 11p) – Operationally Solid, Given Space: Today's disclosure that the second of the two wells planned for 2016 has been brought on stream is a positive for the Company, not least as it comes at a time that the oil price is strengthening. While the issue of the debt continues to overshadow the wider outlook for the Company, we believe that operationally at least, it remains in good stead, although this single issue (the debt) remains the key issue for any investor looking at the Company. Today's news confirms that other than the debt, the remainder of the Company is solid. As such, we are taking this opportunity to reiterate our 11p Target Price and BUY Recommendation. |
Posted at 23/1/2016 13:00 by gerry hatrick Interesting read, albeit from 'This is Money/Daily Mail', maybe ,just maybe, Mitch and Co have something in the pipeline (no pun intended).SMALL CAP MOVERS: Special situations remain only real triggers for stoic investors still holding oil stocks |
Posted at 15/12/2015 10:25 by sleveen A question most AIM investors ask. CAZA investors particularly this am. Ouch! |
Posted at 22/10/2015 14:19 by gerry hatrick This was posted today on the LSE website.Question is do we believe it ? Is it genuine or a ramper ? If it is genuine then the right noises are being made and there could be hope yet for us long suffering shareholders :) ( PS Don't hold your breath though !) 'Today 12:42ellandMitch Flegg4.88Strong Buy I have just come off the phone with the CEO and after the conversation feel a lot happier about the current situation. He has just spent days with some of the bigger investors ensuring that they are still "on side" with the current management strategy. Note that Kaupthing, Audley Capital and other large investors have retained their full holdings over the past 7 months. The recent Credit Extension agreement should be ratified soon putting the company on a sound financial footing. The "financials" have quite rightly been his priority and with help of the CFO, reductions to the Morocco costs will start to impact the bottom line. More and improved sales contracts will be announced and there is even possible room to increase the gas selling price. The Rig costs in Morocco where too high and will be re negotiated once the current contract expires in 9 days time. Possible early news on the last drill in Sebou ? He confirmed his vast experience in Farm Out business and sounds quietly confident about offshore Tunisia although current oil price <$50 not condusive to early conclusion of negotiations with a select number of interested parties. Mitch accepts that the number of board members is top heavy. Re court cases in Morocco, they are mostly spurious and no real concerns for the board. Finally re the PR, expect imminent improvements. His priority has been the main investors but expect more PR from Mitch himself and another interview soon on Malcys Blog. My final thought - this is still a company producing oil and gas which is profitable in a sub $50 oil enviroment, with huge potential in Morocco and Tunisia. There is also an under used pipeline with the potential to pick up some inexpensive Moroccon assets which will help maximise usage. I also still believe that the current BOD directors as MALCY SAID ON HIS LAST BLOG ARE " POUND FOR POUND AS GOOD AS ANY IN THE SECTOR"' |
Posted at 16/9/2015 21:36 by swooped Seems I hit a nerve there!Oh and yes support is looking very weak whatever you wish to say 14 day rsi at 24.2 so oversold and yet still no accumulation even with a rising momentum over the last couple of days, average daily volume dropping and every trend is down. As for my remarks about Management not low for me or anyone, I challenge many, including even investors not to agree Jenkins has done nothing for this company since he came, yes I believe no one wanted the job and Mitch fleg HAS come from a failing company if you look at the mkt cap of serica energy, it certainly is not flying. Therefore all comments factually correct. |
Posted at 03/7/2015 16:15 by olieslim AGM (Thx ramerci73, ellend)14:46 03/07/2015 [ramerci73] AGM (...)The Tunisia oil find appears to be very sizeable, even "world-class" and should provide a considerable boost to production when we get permits and a partner (already interested partners contacting us to see what we want to do). There are also some other very promising indicators in the same permit which point to additional discoveries too. The areas in Egypt we operate in are essentially in military zones and are very hard to get to and very well protected. Our interests in Tunisia are also secure enough. Morocco is a hidden Gem where we are achieving good prices for gas and where we wish to expand. The return on gas is not as lucrative as oil obviously because of the comparative energy densities and portability profile of the different hydrocarbon products, but gas is easier and cheaper to drill for and there is a ready market for gas in Morocco.(...) 20:06 03/07/2015 [ramerci73] RE: AGM (...) it took 47 days for news on LAM-1 was because drill took 19 days as expected, capping and testing which is pretty involved takes 15 days roughly to establish flow rates, and finally the partner company has to view the information before it is published to the shareholders. In fact the legalities of information sharing were mentioned on several occasions. Mitch was asked outright if we are likely to be taken over by a buy-in partner and he strongly denounced the idea. Susan Prior spoke a few times and has been tasked with reducing operation and capex costs without compromising exploration possibilities. We can now drill for roughly half the cost as same time last year because of the way the market has been responding to oil/gas price drops. Similarly field operations has reduced in costs. Susan and the team are also securing new contracts for gas sales in Morocco and the exploration plan there seems prudent and sound. Last year and the year before cost us dearly in terms of write-offs and other charges. A mistake not likely to be repeated. The expenditure model now basically means that we will seek opportunities that can be shared with drilling partners. Exposure to projects like Oman will not be repeated. On the subject of reestablishing investor relations and development of investor rapid information structure, the current website is going to see changes. Additionally there will be far more press/ interview exposure by management to highlight our prospects and successes. Management are painfully aware of the shortfall in this area and have agreed to address it on an ongoing basis. In six months we should see a stark contrast in the way news is shared with the stakeholders.(...) Exploration will not stop during the currentrr cost analysis, however projects will be assessed much more carefully to establish if the risk/reward ratio is favourable to our operations model. We will seek projects and partners and projects that suit our financial requisites. We will now only operate in three main areas. Morocco, Tunisia and Egypt. Or rather we will concentrate on three areas where we have good working relationships. We left Oman with no liabilities and on good working terms. Our light oil discovery is very significant and large. We expect news on the permit in just over a month. Then we will decide in a farm partner of which there are many possibilities. (...) 9:31 04/07/2015 [elland] Pending good news Encouraging to once again read Ramercis detailed reports on the AGM. I was particularly glad to hear that the permit for offshore Tunisia is expected to be extended within a month and already some larger companies are enquiring about partnership, This for me is the outstanding growth story for COP with huge potential for the future and could translate into a much higher share price. In the meantime we are promised an update on Morocco for both increased production on existing permits plus LAM 1. Egypt 3 x additional drills also due to be completed this year. Finally its all about gaining City support from the major investors and this is where the change in their PR and reporting emphasis will help, although I agree that it really shouldnt take 6 months to see the benefits. Ramerci, did anyone refer to Director share purchases ? Thanks again for representing the forum so efficiently. (Thx steelwatch) Interview directly post-AGM |
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