I said 3 years ago this company should be wound up and cash returned.
Market cap is circa 750k GBP and apparently they have $9m in cash. This company will never drill, like many other explorers they like to put everything on a slow burner while directors and cronies draw down on the pot until its all gone.
Cash now nearly £11m mkt cap less than £3m.
Liquidation and distribution appears to be in shareholders' interests,
however, we don't know what the liquidation costs would be.
Looks like another wait and see for existing holders but there is nothing in the update
that will prompt anyone to invest new money here, certainly not me.
If i was a holder i would lobby for them to wind up the cmpqny and give cash to the share holders. But i was a director id be happy to sit on my hands while continuing to receive ive my salary for doing f all.
But to be honest, it will just be spent on 5 years worth of 'salaries' for the hapless Board of Directors as they furiously hand wring, suck teeth and tut tut whilst turning down each and every opportunity to use the dwindling cash pile on something other than paying themselves.
A much better bet is Antrim Energy (AEY). They are trading at 36% discount to cash in bank (no debt) - and they actually have some oil. Just have to find a cheaper way of getting it out from underneath the North Sea....
Yet still they draw salaries from the one thing they say differentiates them - the cash pile. They fail to realise that given a good enough prospect having cash is by the by. Money is available if the prospect is good enough.
Having the cash doesn't guarantee success but delays a failure that will occur if there is no good prospect.
Crunch time will come, do the business or get off the pot.
"The Company is currently in discussions with the Namibian Authorities regarding an extension based on a reduced work programme. These discussions are being held in the context of the wider operational environment, particularly the largely disappointing drilling results in the country, most recently and notably the Welwitschia-1A well drilled immediately adjacent to the Company's acreage - this context has not assisted progress of the Company's ongoing farmout process which is being managed by FirstEnergy Capital."
One of the more likely of many possibilities, re: the of the list post
Fact is this went down on the TRP half-a-duster of which the dust part only made the GBP blocks more valuable, imo. So it had to come back up sometime after the shorters had their fill.
News expected that should rejoin the sp with the value of the cash at the least. How much that is remains to be seen but defo more than where the sp came from this morning.
The last implies this is more a 'natural' rerate than a P&D.
Meanwhile volume approaching a level that suggest a news leak.
Things are happening at this very moment at CHAR. Maybe some unhappy money came over and explains part of the volume. btw char raising for something and maybe locally interested to participate if things here will happen.
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