Yeah, true Spondoolies, a few low-content rampers with not many "facts" are "contributing" to the GGP thread, blaming ONLY management for their losses. Yes, management have failed in some areas, but taking NO responsibility for their failed investing/trading is just laughable.
I laugh at how these people are so adamant about their opinions, vitriolic with their postings which contain no facts and continue to hold stock! Save yourself some pain and money!
I agree, the period from initial testing of FP#1, to more testing, to low flow, took a long time, exacerbating the decline from the bullish favourable estimates at the start (~1500 bopd?).
I do think that FP has had some difficulties that weren't able to be picked up until late (production), ie. the isolated hydros from the main sections, and the baffles of salt penetrating the FP#1 level, but in my opinion, I think they knew these problems earlier, but thought they may only affect the production levels a certain amount, not cease commercial production! Catch 22, but like most of you have said, let us know earlier!
At the time of FP#1, I actually liked the extra explanations that VIL gave in contrast to GGP. GGP would put out a basic announcement as operator and VIL would put out a similar announcement with a bit more info/opinion from the MD. With hindsight, I can see how some of you feel jipped about this.
(Kindee Oil & Gas is actually the true operator. GGP bought them in 2005 I believe and GGP has no operational/drilling staff per se).
GGP's slide has little to do with FP#1 (WI-18%), more to do with falling production rates for the last 3+ years from their longer-term gas plays, and dusters along the way.
SP wise, VIL has stemmed the side, like GGP at the moment, both forming a good consolidated base.
Let's not forget people, we're swimming (drowning?) down the shallow end of the pool, so high risk/reward is part and parcel for micro oilers. Learn from your mistakes, I try to because I make many of them. ALWAYS HAVE AN EXIT/STOP FOR THESE TYPE OF COY'S. I was in and out of GGPO 4 times before I started accumulating GGPO late last year. You can always get back in if you like their fundamentals at a later stage. Losing 90-95% is painful, but learn from it! Emotion is your worst enemy, for the gains as well as the losses.
Hang in there punters! Haven't read much about the Verus play in Tunisia, but seriously, good luck there.
Obviously, all in my opinion and in good spirit.
Mug.
Disc: I hold GGPO and have traded VIL and VILO in the past.
VIL Price at posting:
1.3¢ Sentiment: ST Buy Disclosure: Not Held
