Stsndtall, What do you mean we are not a one trick pony? What value would you attribute to Puntland, Georgia or Colo at this moment in time with all the information we possess about them. Texas is getting sold we are told at say $20m which is manyfold of we paid but a fraction of the amount that was first being touted.
Once Texas is sold then we will be a one trick pony in my opinion. TT is the only one where you could put a value and even that's progressing at a snails pace.
We can dress it up how we want but the reality is that we will first have to raise money to continue in puntland, go in a different direction in Georgia and pay for our share in Colombia.
How much value would you attribute to a company lets call it "Dilution resources", who have these three projects and need to raise money to pay their share of the costs having already drilled 3 dusters in two of them. You must also take into account that the management of Dilution resources always miss timelines, never tell you the truth, blame others for delays, tell you there is a 90 % chance of success and then announce a duster in Georgia, tell you there is a discovery and give you the estimate of 70m-130m bbl in S1 and tell you that is just the bonus the expectation of a bigger find is further down. Spend millions on admin and travelling and of course as the name suggests dilute your shareholding into oblivion. I can go on and on and on. In my two years of being invested in this company I can safely say that nothing would surprise me anymore in relation to this company. The only surprise that is left is the BOD not being behind bars for the lies and the deceit that they have dished out.
I am just glad that I traded a few times last year and brought my average down otherwise I would have been fracced just like the east cotton valley wells. I wonder what happened to ECV wells?
I reckon most of the PI's who sell up will not be reinvesting in these companies again even when the positive news are announced because they will not trust if it is truth or lies. These companies will have to find new PUNTERS to invest in their Puntland onshore or offshore and Georgia dreams. What was the point of issuing all those RNS's in the last 8 months when none of it was true. All three companies have conducted these drills in an amateur fashion from start to finish. Good luck everyone I sincerely hope you get your money back one day soon.
RRS Price at posting:
6.6¢ Sentiment: Hold Disclosure: Held
