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I would love that but I'm afraid we are still far from any drilling. We're still far below that 65$ tresshold that tchaunchy told us. I'm afraid we won't reach that level before the next deadline which is end 2018.
Latest reports indicate that there is still too much oil in the market and that the market will balance late 2017 instead of late 2016. Oil prices will probably remain at this level in 2017.
This is an interesting part of the PR:
"This also affords the Company the flexibility to evaluate strategic alternatives to share its financial and technical risks with potential partners on the exploration of these assets, while focusing our near term resources on the redevelopment of the Bobocu field, onshore Romania."
So this means the company will look to sell off parts of the PELS or farm-out.
This would be interesting to know: how are the next set of wells to be paid for percentage wise between the partners: who pays how much ?
weird, still nothing out, probably later today then ?
Do you have any input regarding this new asset and timelines that you know of ? I'm interested to know more about it since most people here are shareholder of both companies.
With the last drilling in December (after termination of the farm-in) it was clear that TGC still is the operator.
65$ is very far away, current estimates (take it for what it's worth) are for 2019 at the earliest so that takes us to the next deadline. That means we'll sit here for years to come waiting for anything to happen...
well that's an interesting development...
with current low prices any new offshore projects simply won't happen, offshore is dead for years to come...
From the june MD&A:
"At April 30, 2016, the Company had working capital of $1,536,644. The Company will need additional financing to continue to develop its oil and gas exploration and evaluation assets
and to continue its operations."
Cash will drop to below the 1 million $ mark in 2017 so they better get drilling next year. By the 2019 deadline they will be broke if they do nothing...
The actuality is that everyone is stuck here and no material event on the immediate horizon. Forget about 2016, look to next year and beyond. Oil should have stabilized above 50$ next year. It's now a waiting game. I just hope they don't wait till the next deadline to get moving again.
It just sucks that they don't communicate...
the first half of 2016 is already over, I don't expect much for the second half so bring on 2017 with hopefully some action again.
With oil at 50$ rigs are being deployed again in the US. The rig count is up for the last 2 weeks.
So it looks like 50$ is the tipping point, this makes it unlikely that oil will rise much further in the short term.
The OPEC report released yesterday indicated that by year end the oil market will be in balance again.
So my guess is it's a lost year for us=another year of waiting for something to happen.
Bring on 2017...
http://finance.yahoo.com/news/terra-nova-completes-data-exchange-130000255.html
good move, als acquisition info is interesting but that remains to be seen.
Same here, I put everything I had into HENC/TGC...now I could be stuck for years to come.
Selling is no option since I'm heavily in red...
Thank you for a very informative post and welcome back ! Has Henc management given any indication at which price level we might see some action ? 50s or 60s ?
It's unlikely that 60+ prices will be seen soon or when it does it won't remain there for long with shale coming back in heavily at that price point. So it's interesting to know where they draw the line...
Anyway, the chances are now very low anything will happen this year, we will have to look to 2017.
great move HENC...sadly this also tells us not to expect anything this year.
get used to it, no news and no material events in the upcoming months (or longer) and you have a dead stock
we all care since we're all invested. Sadly this is a waiting game for now. I still hope to see some activity after the summer but I'm not counting on it...
Interim report came out on march 29, not much new info in it except the company is burning through cash quickly.
Simply put the company can't afford to wait 2 years for the next drilling campaign else it's broke...
Ibox has been updated with the acreage update and share/warrant count.
Also interesting is that Eflo Energy, a company in which both Holloman and the Civelli's were involved probably seems to have gone under. Website is down and they had to come up with money before march 31, that deadline seems to have expired.
I'm thinking as well that 2016 will be a no show, the 10k seems clear
10K is out, most interesting items regarding future exploration:
We believe our plan of operations may require up to $500,000 for geological and geophysical costs and administrative expenses over the twelve-month period ending March 31, 2017. We are attempting to raise investment capital to cover these anticipated costs.
During fiscal year 2014, the seismic data pertaining to PEL 112 and PEL 444 was reinterpreted to better reflect the formations on the licenses and resulted in the identification of eight possible drilling sites. In December 2015 one well was drilled on PEL 444 which was not successful. The Company plans to raise additional capital to support the exploration and completion of those additional wells identified if they are anticipated to be productive.
The overall prospectivity of PEL 444 remains largely unchanged after the results of the Baikal #1 results. The Wingman 3D detailed several prospects, and although the subsequent Baikal #1 well was dry, experience has shown that individual wells can be dry both within an area of regional production and within producing fields themselves. Accordingly the continued exploration via drilling is warranted.
I agree with the very slow pace, all parties have only moved when they had to. That's why I'm already mentally prepared to not see anything this year although I keep hoping...
In the end all parties will want to recoup their investment, HENC & TGC already poured millions into this venture so everybody wants to make money here...the question is when...
a company update would be nice, from both henc & tgc...when are things going to start moving again ?
I'm not counting on any drilling in the near future. It seems to be a waiting game for now. Maybe we'll see something in Q4 later this year, JMHO.
I'll be glad to be wrong and to see something sooner though
I just hope they will actually do something this year instead of waiting and doing nothing...
The bottom is oil is already behind us, the second half of this year should give a clearer picture on where oil is headed and maybe then it's time to drill some more.
I don't think we will need to wait that long. Let's see what happens after the summer, the oil price should be higher and more stable then.
We are all very frustrated here, all these years of waiting with so much potential and nothing to show for as a result. On the contrary, most here are in deep deep red.
Both HENC & TGC PR's indicate they won't budge untill the price recovers somewhat. All analysts point to this 1st 2016 quarter as the low point for oil prices this year. Brent is touching 35$ today so it's starting to look like the low is already behind us.
Looks like all we can do now is wait for oil prices to stabilize. Next to that the rain season ends in April so hopefully we'll see some drilling activity before summer.
It can take years for oil to recover, OPEC estimates that the price will recover over 60$ from 2020 onwards.
It's silly to just wait untill 2018 to actually do something. Prove that there's oil and cap it if you don't want to sell it in the current low price environment.
Is it too much to ask for an exploration company to actually explore it's properties instead of sitting back and waiting for the next deadline ???
I hope we won't have to wait till 2018 to see the next drilling activity, the update isn't very encouraging in that regard
it says nothing about drilling plans in 2016...o boy...
Oil has been on a rollercoaster lately; what a wild ride it's been this week. Let's hope we've finally seen the bottom.
new 8K is out:
On January 12, 2016 Holloman Energy Corporation borrowed $250,000 from Holloman Value Holdings, LLC. This loan is to be consolidated with the current outstanding loan balance to Holloman Value Holdings of $55,000 amounting to $305,000. The consolidated loan bears interest at 5% per year and is due and payable on January 12, 2018. The borrowed funds will be used to fund Holloman Energy’s share of the short term joint venture cost obligations for PEL 112 and PEL 444 and overhead costs.
if oil remains at these levels or slides further then both stocks will get no love from investors, at best both are at a status quo
looks like oil will come crashing through 30$ in the next few days. This should have an effect on production all over the world.
Now is the time to drill: get a good deal on a rig, drill and if needed cap it. The longer they wait the less money is available to drill...
This investment is very important to me, I've invested more then is good for me.
Come on HENC, the new year is here so get moving, tell us what's going on...
Come on guys, we are waiting for the next move. The holidays are over so let's get drilling...
I'm hoping for a pr next week that announces a drilling schedule in jan/feb.
Right now all we can do is wait and hope we'll see news soon.
Big question now is when they update their model can they now better see if it's water or oil ?
Let's hope the announce the nect steps (drilling) soon and if their model now more precisely can detect oil.
I hope they don't wait till 2016 to release an update