Circle Oil Share Discussion Threads

[gerry hatrick] 10/12/2015 13:35

Captain & Jotoha,

On fundamentals the net debt is a concern but we still need to know what, if anything, transpires with the Mahdia farmout.
We are told it could be a game changer ?
We all know/hope the price of oil will rise eventually ?
So, on a good day what could we expect from a potential partner - $40m for a 60% share ?
That will be cash in the bank I would assume ?
From the interims we can see that the company is still profitable and cash generative and cash is always king,
So if Mahdia farmout can bring in $40m, plus the cash generation, I would hope that the company's balance sheet would be much stronger.
On the net debt of $64.4m, the majority will be long term with the IFC loan extended to 2019, so no immediate demands, I assume.
This is my view but the market and the directors presumably don't have this confidence!

[captain_crash_and_burn] 10/12/2015 11:34

Jotoha

I haven't stayed as close to the details as I should in fairness jotoha, I thought the last set of results were grim as we wasted alot of money of failed drills going it alone and took some one off write offs too. I thought the underlying operations were still profitable though (albeit at the current oil price, it is going to be tight). Is this a fair reflection?

If what you say is true that they will need to seek further funding to pay debt and keep going then maybe this current price isn't as outlandish as I had thought.

[jotoha2] 09/12/2015 17:10

Captain crash , if you take their last set of results , then going forward it's going to be very difficult to make any profit , cash will be gone soon enough , and another cash call will be required , net debt of £64 million is not good , so massive dilution is most likely , leaving currant holders wiped out for the forseable future , tough times.

[steelwatch] 09/12/2015 17:05

Gerry - makes a change from you bombarding readers here, LOL.

[gerry hatrick] 09/12/2015 16:25

I wrote to Mitch using the website and would suggest you all bombard Mitch expressing your concerns about the lack of pro- active involvement of the board regarding the deteriorating share price.
Let them know that there are a lot of unhappy long term holders.

[captain_crash_and_burn] 09/12/2015 11:49

I suppose most bigger O&G co's are in money conservation mode so unlikely to be actively seeking takeovers but at this price, surely!!!

[captain_crash_and_burn] 09/12/2015 11:48

This really is completely crazy, surely a note from the co. highlighting its value should come out or something, or is there something we all don't know?

Last time I checked we were a profitable oil producing company with decent reserves and other projects, yet we are priced as if we have employees out there sifting for oil in sand using nets!

[gerry hatrick] 08/12/2015 19:59

Steel,

My wife says you're only happy when you're moaning,and you know what she's right. Lol

[steelwatch] 08/12/2015 19:41

Gerry - almost as if you're enjoying yourself.

[flyingswan] 08/12/2015 19:23

It is just following other in the sector like AEX. It is a good buying opportunity for when the oil exploration market improves. IMHO

[gerry hatrick] 08/12/2015 19:06

Slow motion car crash in motion. 1.5m shares sold below 4p.
The directors knew exactly why they didn't buy in, because they do not have any confidence in the company.
Hate to say it but COP is in terminal decline.Going to lose a lot of money here thanks to Green and Jenkins.
Mitch came on board after the rot started and has just jumped on the gravy train of the dying embers.

[gerry hatrick] 08/12/2015 09:26

SP Angel come on board and give an initial note with a TP of 19p.

Reaction on the market - three reasonably large sells at 3.9p before 9.00am.

Cannot believe how this stock is not in demand ? oh yes directors don't want it !

[olieslim] 02/12/2015 12:18

No worries steelwatch. Greeting.

[jlyttle] 02/12/2015 11:20

Good point Gerry, the BOD need to act and act now

[troubleone] 02/12/2015 10:32

They need more than a chance of name IMHO.

But GLAH, its far from a buy on this counter for me.

TT

When its the darkest, men can see the stars. Off course, except when its cloudy.

[gerry hatrick] 02/12/2015 09:10

JL,

We have to face the reality that COP is and always has been a lifestyle business.
The current bunch are like the previous management, they do not care about the shareholders interests as long as there is enough money circulating to give them a comfortable life.
Current price to buy at 4.0p and still no director puts his hand in his pocket. Even at 1p , I doubt they would buy.
Why risk your own money when there are mugs like us ?

Little extract about Barclays new CEO's share purchase :

Jes Staley, the newly appointed chief executive of Barclays, has spent £6.4m buying shares in the bank. The former banker at JP Morgan and hedge fund manager will take over on 1 December and faces pressure from shareholders to set out plans for the troublesome investment banking business.


The 58-year-old has bought 2.8m shares at 233p – the lowest price at which they have traded since January. Barclays has a policy that directors should own shares worth four times their salaries, which Staley has now achieved, as his salary is £1.2m"

are you reading this Mitch/Susan et al ?

[marunam2] 01/12/2015 13:52

Egypt production down as well, they had planned for well workovers / maintenance.
Still disappointing though.

[marunam2] 01/12/2015 13:49

Rharb permits: Would explain why there has been no noise from cop re farmout of the gulfsands permits in Morrocco.

Surely COP and onyhm will be in discussions to divi up ( at a cost ) the rharb permits taken back from Gulfsands.
3 Gas discoveries in the permits and more prospects mapped on 3d. A pipeline in place, and 3d mapped that has 3 for 3 success rate.

Use the capacity of the pipeline and the 75% share to make a deal, as opposed to using cash payment.

[billy_buffin] 30/11/2015 16:11

Trouble int Rharb edit:Hope COP squeaky clean.



Production falling in Egypt Steel

[steelwatch] 27/11/2015 23:17

Extracted from SDX Q3 Financial & Operating Results out today

•NW Gemsa: ◦Average daily oil sales volumes for the quarter were 674 boepd; (Net to SDX)
◦Unitization discussions with the offset operator continue with an initial agreement expected in the 4th quarter;
◦A 5 well workover campaign commenced with a 2 well drilling campaign to follow.

◦Current gross production volumes for North West Gemsa are oil 6,602/boepd and gas and liquids 1,438/boepd;

◦Processing and Treating Agreement signed by all parties for North West Gemsa gas. This will allow the Company to recognize and receive revenues attributable to gas sales going forward as well as collecting backdated revenues from February of 2013

[captain_crash_and_burn] 25/11/2015 18:18

Nice little article.

How are we still sitting on such a low share price!! This is so strange.