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23/07/14
10:49
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Originally posted by cmonaussie
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No counters from anyone?? How about in approximately same order...
- since inception have managed an accumulated deficit of $23.84M (i.e. loss shareholders contributed capital) to FY end 13. We can soon add to that total the accumulated deficit of FY14.
- 2 pips off the all time low - deserved so
- Earnings are $0. PE is infinity and beyond.
- No debt. Of course not. What investment grade lender would lend without real security. And while on that subject a truly independent Reserves report would make me happier - the relationship of a little too close possibly.
- Halcon is on track to do that .... but they are the operator and do you know the forward plan. What happens when all the Birch acreage is HBP - when does that occur? How aggressive will HK drill this acreage compared to their other 100,000 acres in El-Halcon
- Tenements worth more than current MC? Probably. Depends on how you value. 1P PDP Reserves @$20B plus $10K/acre gives about $15M only. Of course that's going up as we drill.... Still say Pathfinder is "frontier land" (sure it has hydrocarbon discovery) - hard to see it over $1K/acre
- GPA - think that's all guesswork there. Nothing to substantiate that.
- The Explorer has been a produced for a while (KY & Miss). HK has its own agenda. Floyd is not a big brother more likely a predator.
- Correct - they are far from 10/10 IMO too
- Presumably a reference to Richard Cottee? Have to take that at face value. Don't think he'd get a seat at the big table IMO.
- And yet those tensions haven't seen any skyrocketing of oil price. Its supply and demand for a commodity.
- The smaller projects are highly profitable with low Capex requirements - yes non-core but cash cow for expenses
- Maybe so, but IMO the HK goes some like
"Hey Rich, its Floyd. I'll give ya $20M for all your remaining WI in Birch, inclusive of all wells"
"Floyd? Floyd Wilson. Really. No way. $40M"
"Richie. Let me tell ya what happens. Those acres are HBP. We aint gunna drill an infill for 3(?) years. I got's me lots more to drill before those. You sure you want to wait that long?"
"Hmmm - how about $35M"
"Ricky - be serious - $22M"
"Floyd, be reasonable, $30M"
"Best and final now Rich, just because I like and respect you (...) $25M"
Anyways just whiling away the time on this. I'm not liking the news flow at all.
GLTA
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Whoa, that's harsh Cmon! Most of that money has been spent on successful drilling campaigns which are soon to be rewarded with revenue. So I would say its not deservedly at the lows. Hopefully debt facilities are close, suggesting assets have value as security at least. Halcon seems pretty focused on drilling the JV just now! The communication is definitely poor but that does seem to be the stated policy and delays in news flowing in the past have not ended up being red flags in the past. I think everyone is probably on track although the report on the web site with its fake numbers and the refusal to give any indication of flow at the latest "gusher" still makes me nervous.