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Everything posted by xscape

  1. I'm surprised some of the blokes over the road arent still talking this up...
  2. Yep, $0.020 is looking fair.. I wonder how long it will be before the company is re-focused. Perhaps a sale of all offshore assets, or everything west of Canada, to fund an investment into a snake farm? It was clear a while ago that the company didnt have the resources or capacity to undertake the offshore drilling.. you cant do it off the smell of an oily rag!
  3. history repeats itself again with this company. the timing is always the same but i guess its in the best interest of the company (not the shareholders). its looking like a very risky play more and more each day. i wonder what the tipping point will be for ezion and/or aidea? if one these parties want to bail on the shenanigans then wht will be the consequences?
  4. im still following the buccaneer story but do not hold any shares. the recent release regarding archer drilling tells me that bcc dont have adequate experience and skills in managing major contracts like this. theyve approached the project with rose colored glasses of their own. and when money is tight, these sorts of contract performance problems will always rear their big fat ugly head. you cannot expect thr contractor to take on serious losses if thry have under quoted, even if it was their own fault. instead they should walk away ffrom the agreement and. next time they will know better and do far more due dilligence on tenders received by the market. just because a supplier guarantees they will do a job for a certain price, doesnt mean it will happen. bcc management need to hire someones with more nous in this area.
  5. Thought i would return to make a comment regarding today's announcement. Options all but confirmed to be worth half of bugger all. At first I felt a bit sorry for option holders, such as toono, but the reality is that they are a risky form of investment. The signs have been there for a LONG time. A fool and his money...
  6. Exactly the point UT. Anyway, im a bit worried that the sarcasm wasnt detected by some!
  7. You could be right melua. I also think that aidea may have asked them to get their balance sheet in order. Did they shoot 3d offshore? Maybe the results were less than spectacular...
  8. So dean has finally decided to do what most of us were saying for the past 1 - 2 years? What a fool. Its too late now! Davo is awfully silent for a change.. Was very quick to shoot me down when i expressed doubts about finance, and particularly the levels of debt!
  9. At current volumes it could take a while to burn through the 300m shares (plus spp allotment if thats a separate figure). Whatever it settles at, once the selling is properly done with, will be a good buy imo.
  10. Deans finance plan: broker roadshow, announce spud, then hit the market with a CR. rinse and repeat.
  11. My guess is that Dean will stay and this new role is required because the company is growing, and Dean doesn't have the time (or energy) to take care of all duties as required. Also, do we still have separate staff working in the lower 48? if so, what a major waste of money.
  12. I was almost close to buying some today. Maybe on monday.
  13. But TCG, next week is THE WEEK! [end sarcasm]
  14. Dont think you'll regret that sale Melua. In my view there is a still a big hole in the funding required. I wonder what AIDEA will think when they realise that only one (but maybe zero) wells will be drilled offshore this year before they have to close up for the winter? A reminder: the less holes drilled, the less ACES rebates we have to repay the 20m per annum bareboat charter.
  15. I agree with melua, it never ends, and you're kidding yourself TC if u think the cancelled convert. notes mark the end of shares being issued. The company has over extended itself in more ways than one.
  16. Kov is part owned by bcc and that must be taken into consideration. id attribute at least 50% debt to bcc, even though bcc is responsible for 100% of the repayments (via bareboat charter). With the new 20m facility, the company owes more than its market cap. Im just saying.
  17. Sorry. I caught up on the asx releases just now. This company holds a lot of debt and i am surprised at their ability to secure an additional 20m. Other debts are already held against assets arent they? I wouldnt be surprised to see some form of equity involved. It may not be that much less dilutive than the remaining 4m from the now defunct convertible note agreement. Also, where arw they getting the cash to make the repayments? Bareboat charter to commence soon. Lots more cash required in my opinion.
  18. I havent been following too closely, but how can you be certain that the replacement funding arrangement isnt just another dilutive arrangement?
  19. I would buy a small stack at 0.05 if they became available.
  20. Its a dog stock. The company has taken on far too many projects and with too much debt / not enough production. IMO they are trying to set up the company for a takeover. Either that or poor management. Im not sure which one it is. Finances are in complete disarray and they havent even started paying the JUR charter fees yet... Something has got to give. They cannot continue like this.
  21. My guess is that we will be paying for basically all drilling costs in exchange for the 25% interest. Or something like that anyway. If the asset is worth approx $400m, the 25% interest equiv $75m.. they could have used this money to drill from the onshore platform or even rent a rig from somewhere else.. or buy one.. its only shallow water.
  22. Imo its more than the macca cap. there is a general lack of money flowing into the market. Additionally Bcc is not exactly the most credible stock on the asx. the coy is planning some exciting stuff but funding is still a question
  23. Does anyone know if enstar publish auction details (price, volume) anywhere? Id like to see what demand and competition is like.
  24. Thr company is very quiet lately. never been a good sign and im starting to speculate. CR in the works? Problems with production at kenai? Anyway. Im not santa clause but i still put presents under the tree.
  25. Did we ever receive an update regarding the workovers at pompano and lee?
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