Offshore Hydrocarbon Mapping Share Discussion Threads

[gwr7] 21/4/2010 19:13

That's to say management change, particularly the charman who I think was appointed on a stupid salary by the former chairman who realised his mistake and cleared off to the Falklands while the going was good.

[gwr7] 21/4/2010 19:10

I don't mind your questions bones as I always endeavour to give my honest opinion. I don't hold at the moment and am not short though I think there will be more rotten results tomorrow. I do like the 'company' and am sure I have followed its fortunes for longer than you have. I don't like the management and don't think they are capable of restoring true value which I believe to be higher than the current share price. Any sign of change in this respect and I'll be back in at the right price.

[bones30] 21/4/2010 10:53

Looking like a few smaller holders were duped into letting someone buy a some 50k chunks. Always follow the big money.

[bones30] 21/4/2010 08:58

Also looks like even a small number to buy is 13.48p.

They still don't want to sell them very much otherwise they'd be selling further within the spread (as we've seen in the past).

[bones30] 21/4/2010 08:43

Looks like T+10's getting out today.

[bones30] 21/4/2010 08:28

GWR7 - I question your motives posting here. You don't hold do you? And you don't like the company. Are you stupid enough to be short?

[bones30] 21/4/2010 08:26

"But Rocksource points out that neither well tested the prospect associated with the primary positive electromagnetic (CSEM) anomaly which it recently interpreted."

[gwr7] 21/4/2010 08:24

We know, keep up.

[bones30] 21/4/2010 07:32

Rocksource is NOT the same as Rock Solid Images.

[gwr7] 21/4/2010 01:41

This bit is even more poignant - "The company is discussing with ONGC the extent of its liability for costs relating to the first and second exploration wells, which were drilled prior to government of India approval of the assignment of a participating interest in the block to Rocksource, and without Rocksource's consent."
Rocksource make OHM look good having lost £35m last year. Can anyone make money from CSEM? Apart from the Company Directors of course.

[chrisis33] 20/4/2010 23:15

This bit's quite poignant - thanks for posting robson

Rocksource believes there is significant potential in the block and that application of CSEM technology is critical to identifying and de-risking a significant component of this potential.

[robson1974] 20/4/2010 22:59

Rocksource sees potential for CSEM in Cauvery basin


Published: Apr 19, 2010
Offshore staff

OSLO -- Rocksource ASA has issued an update on its licensing negotiations offshore southeast India.

The company has held meetings and discussions with joint venture partner and operator ONGC over the Phase 1 work program for exploration block CY-DWN-2001/1 in the Cauvery basin. Rocksource expects ONGC to make a final recommendation on a third well location by mid-year, which would allow drilling to start in the final quarter of this year.

Rocksource intends to sign the Production Sharing Contract once the government of India grants a suitable extension to the Phase 1 period, and following the completion of other commercial negotiations with ONGC.

So far two exploratory wells have been drilled on the block, both failing to discover commercial hydrocarbons. But Rocksource points out that neither well tested the prospect associated with the primary positive electromagnetic (CSEM) anomaly which it recently interpreted.

Rocksource believes there is significant potential in the block and that application of CSEM technology is critical to identifying and de-risking a significant component of this potential.

Rocksource estimates its net costs for the full Phase 1 work program at $20 million. The company is discussing with ONGC the extent of its liability for costs relating to the first and second exploration wells, which were drilled prior to government of India approval of the assignment of a participating interest in the block to Rocksource, and without Rocksource's consent.

ONGC is the block operator (45%) with Oil India (20%) and Brazilian state oil company Petrobras (25%) as co-venturers along with Rocksource (10%), on final signature of the PSC.

[gwr7] 20/4/2010 22:13

We're probably agreed that what individual investors or companies pay for their shares doesn't equate to what they're worth. Let's take one of the major investors, East Hill, for example.
East Hill was formerly known as Clay Affiliates. Mr Clay was presumably so embarrassed after Mr Pratt relieved him of £2.40 a share for over 700,000 shares just before they tanked, he changed his name. That's what you're dealing with here.

[chrisis33] 20/4/2010 19:34

Hey bones - my feelings entirely and well summed up. Very happy holder here :)

[bones30] 20/4/2010 19:29

Placing was at 16p. This means that there are a lot of shares in the hands of people who will not sell below 16p. The other placing was higher up (above 20p if I remember right). This means these shares are in the hands of people who will not sell below that price. This means a substantial chunk of the shares are in the hands of people who will not sell. The price should rise naturally IMO.

The two placing show substantial support from the major shareholders. They would not stump up all this cash if they had no faith in future earnings.

As for a bid, its possible I suppose, but this is not my reason for holding. Infact I feel it may be a bad thing in that the company may be taken out for a price lower than the potential true value.

DYOR.

[gwr7] 20/4/2010 18:40

Well it reads like twaddle to me bones but each to their own. I would buy into a bid story, and almost bought on the rumour the other day, but no longer believe the same faces that have been there for years can get the shares back to former heights. They were attained on the back of hope and hype and those cards can't be played any more. So we're left with performance and frankly that has been abysmal. The way they have repeatedly stacked up losses is reminiscent of the dot com fiasco. By the way, I think you get consistently bad managers and consistently good managers in business.

[bones30] 20/4/2010 16:04

This bit doesn't sound too much like a 'hole' to me:

...further investment in sales and marketing activities directed towards seismic inversion and appraisal and monitoring applications for CSEM and general working capital purposes.

[bones30] 20/4/2010 15:56

GWR7 - the share price should be at or above the placing place IMO.

[gwr7] 20/4/2010 15:43

You might want to sell before the results then. Unless you think there will be a clean up bid in which case obviously worth holding. On Thursday the millstone at the head of the table will be announcing another eye-watering loss, with jam tomorrow of course. You only have to look at the placement statement to see the hole prepared for the next lot of millions to be shovelled into.

The net proceeds of approximately £2.7 million from the second tranche will, if Shareholder approval is obtained, be invested in further improvements in WISE data processing and interpretation technology, upgrading the Group's marine CSEM acquisition equipment, further investment in sales and marketing activities directed towards seismic inversion and appraisal and monitoring applications for CSEM and general working capital purposes.

[bones30] 20/4/2010 15:05

I can't buy for less than 13.985p online.

Can sell for 12.65p. (thats with TDWaterhouse)

[gwr7] 20/4/2010 14:49

If that was true why were dummy trades showing you could buy what you wanted yesterday afternoon but you couldn't sell? More conjecture and less fact than Radio 5 live.

[bones30] 20/4/2010 11:06

Looks like they dropped the bid to try and pick up some loose stock.

[chrisis33] 20/4/2010 08:22

slowly slowly catchy monkey

[chrisis33] 19/4/2010 21:27

The balance of 17,525,000 new Ordinary Shares shall be issued if Shareholder approval is obtained at a General Meeting of OHM to be held on 28th April 2010.

[chrisis33] 19/4/2010 21:24

Looking positive - 2 broker's notes, one target at 29p, one at 33p (pre placing news).

Thanks crosswire.

Interim results will be interesting. Also further placing news to come shortly after