is close to bankrupcy
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I called Methes Energies Inc at their office in Mississauga, ON. Since it is a sister city of Toronto where I live I liked to find ot about the content of yesterday's PR released by Syndication Energy. The person I talked is Nicholas. He confirmed that they have an agreement in place with Mr. Marshall. His answer to my question about when Methes Energies is going to issue their side of the PR or update their Web site. His answer was that they will do that next week.
Oil Ministry rejects bids to invest in 2 oil fields
June 30, 2009 - 02:29:19
BAGHDAD / Aswat al-Iraq: The Iraqi Oil Ministry rejected bids to invest in the oil fields of By-Hassan and Missan, as the prices proposed by the bidding companies do not meet the Ministry’s prices, the oil minister said on Tuesday, explaining that the council of ministers will make the final decision in this regard.
“The council of ministers will decide whether to accept or reject these contracts,” Hussein al-Shahrestani said in ceremonies in Baghdad attended by Aswat al-Iraq news agency.
Concerning al-Mansuriya oil field, al-Shahrestani illuminated that his Ministry received no bids to invest in it.
“Companies think that Diala province, where al-Mansuriya field is located, is unstable,” he said.
MH (P)/SR
BP, CANC to invest in Rumaila oil field
June 30, 2009 - 12:54:44
BAGHDAD / Aswat al-Iraq: Bidding on investing in the Rumalia oil field has ended, and British Petroleum (BP) and the Chinese firm (CANC) will be investing in this field, the Iraqi oil minister said Tuesday.
“The production level of this contract is 2.85 million barrels per day (bpd),” Hussein al-Shahrestani said in special ceremonies in Baghdad attended by Aswat al-Iraq news agency.
“BP will produce 300 thousand bpd, while the rest will be produced by the Chinese CANC,” he added.
The Rumaila oil field embraces around 15 percent of Iraq’s oil resources.
MH (P)/SR
BNN is Business News Network a Canadian equivalent of CNBC.
I agree with you that Iraq should stick to what is in their best interest. Look like Chinese are getting foot hold where Exon and rest show hesitation. These biggies can not afford to stay out of Iraq any longer.
I just heard on BNN news that only one auction of Romila oil field went through well. That is won by BP and a CNPC. This oil field contain 17 Billion barrels. Exon pulled out. The rest of the 8 oil fields offered for fixed dollar contract did not go well. Iraq is offering around $2 dollar per barrel of increased production whereas most of the companies were asking for $4.
It is not good news for Iraq.
Yes you are right. As far as GTL project or Oil & Gas or for that matter Anti-money is concerned, to me those are only diversions created by futile brain of Lord Petty. Other then that there is no substance in those schemes.
They have served no purpose except accelerated the burn rate of what eve resources were left. In this case selling the shares have been the only to support that burn rate.
'PsyOpDude' talk about any big potential investor is irrelevant at this stage until Biste report is out. If it approves what all of us has been thinking so far, there will be little to sell shares cheap to any opportune investors. Instead it will be beneficial to seek funding from financial institutions without dilution of the existing share structure.
With that said there might be some risk taker investors to jump into this before Biste report is out. That depends upon Petty's expectation about the report. If he is optimistic like most of posters here, then he will prefer to wait for the report before selling cheap shares at this stage.
'PsyOpDude' if I'm not wrong your question rather questions are directed toward me.
I can say that Dr. Biste's report is extremely significant for the future of our investment. There should not be any confusion in that. When Lord Petty decided to engage Dr. Biste for audit of Escala project, he in fact was taking a decisive action to make or break here. This is a very professional but strategic decision he has ever made. This report will put all rumors to rest. Since it is audit report it can cut on both sides and it is advisable not to attach too much hopes to this report. His report might prove a last nail in the coffin of FMNJ while it can make us all fortune.
As for the timing of the report is concerned I believe Dr. Biste has no reason to hold it back for long time since he is fully paid for it already by now. I mean week or two is enough b/c this is an area where lot of research data is already available. I hope this will answer your questions.
I believe you 'getthem1'. You are not alone in this with that much money. I know those who bought during and after the last spike to 15cents. Poor people tried to average down and found themselves in a quick sand pit. The more they bought the more they sank.
Unfortunately, buyers at present prices can never feel the pain of those old timers here. They are used to buying 10Million for one thousand as compared to 0.1Million at couple of thousand $$$s. They are entitle to consider themselves wise and rest of us as fools.
It is laughable to see this stock with more then 20B OS, moves one 100% on little more then 5M volume.
'Ogclip ©' Is Stochastics again near over bought position. If so? Why so frequently in a matter of hours? Thax
Sorry I meant chain.
Change mounted equipment take more time to arrive.
What is your prediction for today close?
Is it possible to gain 48% with 66000 volume? Some thing is not right.
'nicknick'Agree with u one 100%.
'nicknick' Ultimately I was able to buy at 0.125. I did not change any thing and now order went through. They really sucks.
I did all that with SPNG symbol. I'm not doing it 1st time. But some how it comes back with this message. I will call them but wanted to know if I am using wrong symbol.
What is the symbol for equity?
My broker give me this message. Any of you have this problem? I want to place buy order for last 15minutes. My broker is BMOInvestorline.
The following problem is associated with your order:
You have entered an option symbol. Please use the Option Order Entry screen to enter an option order
'PsyOpDude' You have raised a very good following questions.
"Do you have contact with Biste? If so, is there any way you could have him confirm or deny any of the many PRs Mr Petty has been generating? I.e. pictures of the newly purchased trucks for hauling product. Work site updates, crushers...you know, things that might actually encourage stock purchase... "
First of all I do not have any contact or communication with Dr.Biste. Your next question raises another question about mendate of Dr. Biste's audit. Is he, being a professional geologist mandated to validate actual reserves, reported by FMNJ? Or he is mandated to conduct audit on existing mining operation, if there is any? In that case he is suppose to report about the infrastructure, crushing/processing plants, trucks and shovels including manpower. That will give full disclosure about every thing FMNJ has accomplished and is doing at present.
The latest PR was an attempt by Mr. Petty to switch the focus of investors over Escala or Dr. Beste's report to another promise land of Antimony. Some body hear rightly called it as an Anti-money project. All this proves that Petty has the skill to survive from all the disasters by readily inventing another excuse to keep the investors hopes alive and also his job. IMO
Hope u did not mind my words. I thought you were trying to hide something. Forgetfulness is no sin and next time you can ask IHUB admin to retrieve your forgotten ID. I think they can do it with the help of your email. Always cross check what you read here and never invest on the basis of our posts. Good luck
'PsyOpDude' sorry for late reply. It is hard for me to understand why people need to change their name on this or any other board? It is understandable for the people who have done something shameful to hide their identity and thus avoid detection to go on changing their names. Anyway let us come to the questions you have raised in your post. I will try my best to answer them but can not claim any authority on the subject.
1:- As I know consultants are bound by agreement to submit their report only to their client and can not share the content with any body with out his prior permission. Their is a possibility that Mr. Petty will not share the content with public, if he find it contrary to his belief, just like he did with the test report from accredited Canadian Laboratory last year. At the same time if report is positive, I think he will not only release PR but arrange a Web TV press conference(just joking. And guess how many milliners will be created out of this sub penny stock.
2:- Biste's job is done once he submit his report and accepting or rejecting it by any body is out of question. However if company has strong argument against the finding the question can be raised and answered by Biste. Other then that I thing it should be taken as qualified and verified Audit report.
3:-As for the time Biste is going to take to submit his report I think most of the report is already prepared, as per his email to one of the member of this board. If he completes his visit to the site in this or next week, I think he should be able to submit his report 3rd or 4th week of this month.
I hope I was able to answer your questions.
'imanjen13'! Good luck to you too.
'bandybout'
"What is AUSTPAK "diamond core drilling" for?
Answer to your above question is that a company named AUSTPAK conduct exploration in this area in early to mid nineteez for Gold and Silver. Primarily for silver. They did core drilling, excavate exploratory tunnels and dig shafts. They stopped work when there was a sharp decline in prices of precious metals. It was b/c of these reasons that Franklin was glade to accept Escala mine when it was offered to them by COMIBOL. Here they were saved from lot of expenditure before Escala is turn into producing mine. I should say it was a great favor to FMNJ and that was also a sign that Lord Petty had some good connections in Bolivia. I including other veterans on this board were excited on this news. But the later events have mercilessly mutilated this stock and thus are floating at the bottom with increase of AS from couple of billions to present 25ooo,ooo,ooo.
With all the reserves and all the favor showered on them it is still FMNJ to arrange finances to start mining. It is where they were complete failure. Anyway we hope that the latest move will solve that problem and we will see light at the end of this longest tunnel of investing venture. imo
'diddi' I agree with you one 100%. But a reputed Auditor like Biste can cut on both sides. Even one sentence will cause lot of damage too. Of course consultants like Biste can not be bought or influenced with Coochi coochi girls. Therefore too much excitement is not advised else lot of disappointment. IMO
Sorry I didn't answer your question,
"Just wonder why they could not have just shipped the samples to his lab and let him ananlyze them there."
Auditors do not need to go through all the testing ets instead checking the mine and cores is mandatory before submitting final report. He want to make sure that in case his report is challenged, he at least can say that he made sure that cores are stored properly and they represent the subject area. Same is true why he wants to visit the site. Major work has already been done by him at his office by studying the local and regional geology and the potential for any valuable reserves. IMO
'imanjen13'I appreciate Petty for going along this path instead of wandering like a lost sheep. Dr. Biste's report will decide the fate of this company. If positive , this will create a bankable document and will open all the closed doors of financing for FMNJ.
He could have engage any phony consultant to get a desired report that could bear little risk for him of losing every thing. I hope he has taken a calculated risk and must be confidant about the reserves he want Dr. Biste's confirmation.
Our fate is also attached to Dr. Biste's report. Sink or swim with no third option.
'bandybout' Good job. However it is not that he will check out diamonds for Austpak. Instead he meant that he will check samples from diamond core drilling done by AUSTPAK. That is the company that worked in Escala area in ninteez.
I copy and paste it here from the email you have received.
"I will stay the necessary time to check everything also the diamond drilling cores from the AUSTPAK drilling."
Why didn't he issued PR when he left Bolivia for USA. He should have if he wants to keep us inform and updated of his movement.
May be last thing left for us to monitor his movements.
I wish you are right. Just put yourself in Bob situation in a country where he was visiting first time with high hopes and excitement. Then all of a sudden find himself face to face with a scam company. In such a state of shock he has managed to see scientist and engineers in NCEPU need guts. He did his best but things do not work that way on international level. Some good Chinese have taken trouble to introduce him with NCEPU. It is a progress but not the one we were expecting. IMO
I will never call this company fraud or its CEO anything but unlucky guy. China is like a magnet these days and it is possible that some time can generate false hope for any genuine business entity.
What I want to say that we are here for a long haul before we will be close to getting approved for any real contract. The span of time of all the investment being done in Electrical grids and metering system is between 2 to 3 years. After that period they will exhaust their development budget for this area and those companies which are ready to grab the opportunity will take it all. However sub contractors will still be needed if company really come up with any fast solution to meet the Chinese specifications. JMHO
'dwh'
"Looks like it will be a partnership between Conectisys engineers and those in China working together to convert to 230MHz. Also - if trials are successful - the product may eventually be built in China with Royalties to Conectisys."
I'm afraid this not a partnership offer rather it is asking CONC to meet the initial system requirement of 230MHz. That means CONC system is not even having the basic specifications. I don't see any green light or partnership offer in all of this. It is unfortunate for all of us and disappointment to our CEO. Hope he can over come this quickly.
With this development I'm afraid we are now in line with all the big companies competing for the approval of their technology. The excitement generated by so called Master contract etc was like God given. It means that there is no short cut and if this company wants a contract in China, it has to go through all the normal approval procedure in place there. It might involve building a demo network to prove that this technology meets their standards. All this involve lot of investment including many trips to china. Not sure CONC has enough resources for that type preapproval procedure. JIMHP
Why so much difference in statements. Your seems to be from the horse's mouth. Can u please post the email here. May be Steve is in dark about Dr.Biste's schedule. IMO
Strong! Thank u very much for the link. I will check with them but at the same time I was after some body who is based here in Toronto.
I want to sell my dinars. Any info about the dealer or buyer in Toronto? Last year I bought my dinars from a chartered bank (scotia bank). Now I called them about selling and was informed that they are not dealing in that currency any more. Strange....... I was of the opinion that I am in a comfortable position about selling. I will appreciate any help in this regard. Thanx
May be MM knows some announcement is coming during this week end or before open on Monday. Let us hope for the best.
'dendiamonds' with those mega buys of 75M buys, you could have easily averaged down provided you were not holding close to the same numbers before.
We are old timer here and most of the time just keep following the army of new posters here with lot of fresh excitement.
I'm not even close to the numbers u are holding and average is still in mid teens. I had some money to buy more but got it stuck up in another old dead stock with renewed traces of life.
Hope to buy more here once I get hold of some funds, if prices stays at these level. Good luck to u and all those who waited.
One 100% jump with 14M volume. Don't know how many are buys and sells. 14M shares have moved a stock with 25billion OS. It means even retailer buyer can do wonders now. No need to find potential backer. Any valid reason for this?