I would like to know how many times the UK wells have been shut down, and how many more times this is going to happen. Seems like every quarter one well is offline?
I wasn't expecting a new wildcat drill project with no proven oil. The way that news report was worded I thought it was going to be a JV on an existing production field in exchange for shares to a new partner who wanted in on Italy as a JV partner there. Obviously was hoping for too much. I can imagine the result of another ~1.6m spend on a wildcat well which returns nothing but waxy blebs.
It's is all a bit of a gamble at the moment and I get the feeling management don't really care how it turns out. They have done well out of the company due to salaries, and it it's a duster, well so what... bloodbath, and issue an exponential amount at a lower price, consolidate and try again. Could even be trading at 1 tenth of a cent in a couple of years unless they pull their fingers out and deliver value for money and results sorely lacking to date.
Jury is out until we see what TZ can be sold for and when. I am starting to hope desperately for $10m with the spend required for 'admin', UK, Aus and Italy. But if we get upwards of $8, should send the SP up as spend for next year is covered.
I suspect offS Elba is a write off like Borsano.
KEY Price at posting:
5.7¢ Sentiment: None Disclosure: Held