Confirmed reserve you say Gary??
What happens if the WLA field or any of the other fields are uncommercial? This can occur for a myriad of reasons including water leakage etc. What are your suggestions then Gary? Ever heard of the saying 'never count your chickens before they hatch'? It's a good saying for those who remain risk averse in both shallow and deep water oil drilling.
Why wouldn't I buy? Good question. Have you been looking at the share price lately (ie. last 3-4 years)? Unlike many speculators on this forum (and the occasional rampers... alas poor old Talal, must be heading back to uni to do his PHD by about now), I have been in Nido for over 6 years. I bought shares @ 28c, 18.5c and a few more at 10c. (I also bought a fair chunk at 3c and offloaded them at 4.3c) I took a risk when I bought at those prices and I have to live with it. I don't blame anyone for my decision to invest, although I have some serious issues with the previous management. Many wonderful and prospective finds have been trumpeted by both board and management alike over the last 7-8 years and approximately 85-90% of the drills have failed to find a commercial field. There's that word again, 'commercial'. So please beware rattling off comments like MMBO, BOPD and comments like 'confirmed reserves'. In this market, it ain't worth a pinch of sh@t until it's been pumped to the surface.
And before you say it, I am in no way downramping this stock. I would like nothing better than to see it spiral northward. Unfortunately, the last 5-6 years have made me a realist. This is a high risk game and as such, people should be minded to conduct their research diligently and refrain from giving advice about buying when they really have no idea whether a reserve will be successful or 'confirmed.'
Just sayin'
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Mkt cap ! $193.8M |
Open | High | Low | Value | Volume |
85.0¢ | 85.0¢ | 85.0¢ | $21.98K | 25.86K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 285 | 85.0¢ |
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89.0¢ | 3969 | 1 |
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1 | 603 | 0.830 |
1 | 1200 | 0.825 |
3 | 6871 | 0.810 |
1 | 7700 | 0.805 |
Price($) | Vol. | No. |
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