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AND....what was that all about on the TGC site that the rig was ready and all that was needed were some papers to be signed????
Talk about blowing smoke.
With these excessive delays -for whatever reason - I believe there are deep issues that have yet to be uncovered, and whatever ANYONE is telling you that they spoke to Joe Blow, or Niko etc., PURE HOGWASH. What you hear from them, and what reality really is, are two different things.
Keep your eyes wide open.
Yes, and there you have the news that everyone was waiting for.
Unreal.
pushing into 1Q 2015....we're about due for another 100 year flood, as well.
I'm just shaking my head in disbelief at all the BS I've to swallow since the last spud.
Have a great weekend!
I read this in the latest 10Q:
On October 27, 2014, we sold 675,000 shares of common stock to eight persons that included a wholly-owned subsidiary of Holloman Corporation, certain directors and officers of the Company, and two non-affiliated persons. The shares were priced at $0.20 each. Proceeds from the private placement totaled $135,000 of which all was paid in cash.
And then went back to see what everyone wrote on the 27th. Interesting stuff. someone was talking about unwinding a large position, you talked about possible financing (good guess). Hope you fixed that little red wagon.
All this is extremely entertaining. I don't doubt that there was some shorting going on. I'm more concerned about what's coming down the pike. Watch price and volume, that will tell us all we need to know - and I don't mean little volume. MM's will do their best to shake out the weak hands prior to spudding - and they will - and it won't be just one day of trading, it will be several days of downward pressure. That's just the nature of the beast. We have a bunch of tightfisted investors who will hold no matter what, and we have some loosey-goosey traders who will sell it all at 25% or 50% profit - which will happen, and that's fine. Just have to figure out what's best for you - that's it.
The only thing I'm curious about is why they did a PP at .20? Stock was at .30 previously. Pretty sweet deal for the buyer.
Gen - with all you guys are holding, why haven't you squeezed them for a sweatheart deal? I think that's only fair.
I'm kind of dumbfounded...if you're in the game, why would you pull out all of a sudden when we're about to spud?
I'd like to hear the pros and cons on this one.
If you believe in the 3D, you're going to scrape some money together.
Confused.
Calgary, Alberta--(Newsfile Corp. - October 30, 2014) - Chelsea Oil & Gas Ltd. (OTCQB: COGLF) ("Chelsea" or the "Company") advises that it has sold its non-operated working interests and associated overriding royalty interests (“the Interests”) in PEL 112 and 444 in the Cooper Basin, South Australia to an arms length private company for nominal consideration.
The acquirer of the Interests has assumed all debts pertaining to additional costs incurred for the acquisition of 3D seismic, for which Chelsea would have been responsible for its working interest share of approximately 12%.
The sale of the Interests will allow Chelsea to focus on its operated assets in the Georgina and Surat-Bowen Basins in Queensland. Following the disposition of the associated overriding royalty interests, which did not generate any income, Chelsea retains overriding royalty interests in more than 11 million gross (60,000 net) acres in Australia.
Here's some news:
From Hunt Energy site...
Rig #3
Rig #3 is stacked and waiting for land rights & lease building before being mobilized to a new drill site in the Cooper Basin for Terra Nova.
http://huntenergy.com.au/
yeah, I was talking about a near term triple bottom a couple of weeks ago, maybe .25-.26; but any drop to even .20 is not out of the question. Genstock has been propping up the PPS; I've dipped in every now and then, but quite honestly, that's not the way to get this thing moving. need new money, for one. also, oil markets are scaring away would be investors.
right now, the timing of events is not exactly working as we'd like, but it can all turn around once the rig is on the road to the site.
hey all - maybe I have it wrong, but one would ordinarily expect that the news would be a big positive for HENC since it is close to establishing a partner who will finally get all the ducks lined up for drilling. but by the same token, TGC should be taking a hit, not only because of normal selling on the news, but because they will be either diluted or have their percent ownership reduced.
Am I missing something here?
gen - no news and I see a near-term triple bottom at about .25 -.26. after that, hopefully news will kick in and put this baby on the radar.
hey Gen, not everyone who buys this stock is on IH and following what you say. I'm sure we'll see a great deal of activity in the days prior to spudding.
HENC has not done a good job of promoting the stock, and therefore not on everyone's radar.
most of us are up to our eyeballs in shares; on occasion, I'll pick some up here and there, but that's probably more out of boredom than anything else.
I'm curious to see how liquid this will be once we spud and by some miracle hit. Seems to me a lot of people here are tightfisted and want to see this run to $10's, and others, (don't know how many) will let go after an approx. 100% run up.
buc -
1. not being actively promoted
2. everyone already holding it has basically had enough and are in waiting mode, which allows it to be more easily manipulated. you can't rely on little trades at the end of the day to keep it propped up. the mm's will always find a way to take it down.
3. TGC is the newcomer and an alternative to HENC, therefore some discretionary $$$ are finding their way into TGC which is showing a bit more liquidity these days. We'll see what happens once TGC's financial house is in order...
My 2 cents......
HENC shares have been stockpiled by just about everyone for the past few years. The only thing that will get HENC going again is when the rig is all set to spud, then we'll have a run up until we hit or there's a duster. TGC was sketchy until now. Recent price and volume on TGC means that they are spreading the word that it's a go.
New money has the option of getting into HENC or TGC. TGC volume is attracting the new buyers. HENC is either held down, or like I said above, everyone's filled to the gills and just waiting for the rig.
people are holding off on HENC, and some have even swapped out HENC for TGC since TGC is showing a lot more action. Can't blame them. as soon as the TGC dust settles and financing and dilution are known, the scales will tilt back.
thanks. the timing seemed a bit odd, given that he was with HENC for so many years.
On the verge of drilling and Wesolek resigns. Always some kind of darned twist.
WTF is up with that?
Anyone have any insight?
my point was not about trading a million shares, just the fact that this is so thinly traded and therefore I was curious why there would be such a huge short position. I'm sure many of the others here were wondering the same thing.
Gen - hope you're right, that would be a great catalyst for the PPS, but this stock has yet to trade a million shares in one day in the last 5 years. Avg volume is way too low for anyone to hold such a major short position in the millions, if not tens of millions as you are alluding.
Maybe Sept. I think they said 4th Q
Next PR from TGC has to be about financing.
Can't help but have my thoughts wander toward negative stuff....
what if after all this 3D analysis, TGC decided that it was too risky to go ahead and drill at any of the locations....and what if they just delay things until HENC gives up on them? AND, what if TGC identified another PEL leasehold owner and wants to play ball with them? (which in essence is the catalyst to abandon HENC).
Is there a kill fee on breaking the deal?
crazy scenario, but anything goes.
Senex news....maybe they should have re-analyzed 3D. I would have preferred they hit some serious oil, especially since they are going after Birkhead, but what can you do.
Going to be a nail-biter for us, if and when we spud.
http://www.energy-pedia.com/news/australia/new-160453
short answer....we wait.
weak hands will sell; buying oppty for some.
at least we got some news.
you're probably right, the analyzing and re-analyzing stuff could be a smoke-screen for their lack of funds.
now you can say you made money off of HENC !!!
sounds more like a nightmare than a song :)
Gen - I don't mean to start up another war. you probably just clicked on my post to respond to everyone. in your couple of posts you mention that nico made 900 mill. not really, how much of it was tied up in taxes, debt repayment, etc.? it's like when there's a lottery winner..."you won 300 million dollars!!!" BS, present value and after tax is around one-fourth of that amount in the US.
you also mentioned that they won't dilute that much. no one, not one person I know in any public company has ever, ever thought about the shareholders when it came time to equity financing, RS, or any other financial maneuver to raise capital. nico & co., are not here for the good of mom and pop retailer.
personally, if I were to invest in TGC, I'd wait until the financing was in place and trade accordingly. there might be a big take-down initially, or a huge run-up....either way, you have to know how to play those events.
I've accumulated enough shares of HENC and just waiting to see how this trades with any kind of news.
Also, I appreciate your candidness and nuggets of info, some which makes a lot sense.
nice close.
not enough shares available at lower prices.
keep a close watch.
GLTA
I believe you're talking about TGC, not HENC.
BTW, not that it's really entirely valid at this point given the relatively low volume, but I noticed for a while now that we're making higher highs, and higher lows....very sweet, indeed.
yes, but it's good to see anxious buyers. could mean something...
Smooth - I didn't read all your posts before putting up my earlier post about a simple scenario re dilution. didn't mean to repeat or take away from your post.
simple scenario - friends and family will be given the oppty to maintain their level of ownership....retailers will end up on the short end.
I must be patient because I've been holding and accumulating for years....
Well....I see the prior posts yielded some very helpful nuggets.
yes, no, yes - sounds like a husband and wife argument.
As each day passes, it's harder to maintain my sanity.
when I think about what's going on - 3D in hand, delayed beyond reason - I can't help but come to a negative conclusion that someone, somewhere in the boardroom is conjuring up a way to screw the shareholders. Especially on the Terra nova side. If you're thinking linearly (we have 3D, we're getting financing, we're going to drill...) your thinking is WRONG. Somewhere along the line the Terra nova holders are going to have to pay the piper.
just some random thoughts.
trying to keep the faith.
GLTA
a lot of factors go into mkt cap, but the biggest factor re TGC is uncertainty. once that gets ironed out, then their mkt cap will reflect the degree of risk. right now there's a heck of a lot of risk for the retail guy surrounding shares o/s. to what level will TGC holders be diluted?
eventually, if they drill successfully, all this hand-wringing will be moot.
Hi triple -
believe what you will, but I think Smooth made a good point - look at the market caps of HENC and TGC. 8 mill vs 31 mill; a lot of questions remain as to TGC's capital structure and how they will fund the drilling program. those are some of the issues that are affecting its current market cap.
I think TGC holders are in for a rollercoaster ride. It may turn out well in the end (hopefully for everyone's sake), but the advantages will accrue to the insiders, to the exclusion of retail holders, by virtue of the debt/equity deals they are about to set up. need to accept it because that's just the way it is.
what makes you think they will raise money at .25 or .30?
what if they decide to run an entire debt deal and have sweetheart conversion rates for the debtholders (friends and family)? You bypass and dilute the retail holders at the same time.
makes sense to me if I was CEO or CFO. they are not a mega public company with people who have earned their way to the top. it's all about an oligarchy that will do whatever it can to benefit the few.
here's the one constant in this whole thing...it will all play out in a way that most of us could not have anticipated.
I guess the key question for TGC holders:
what price will they set for the new issuance of shares, and how much are they looking to raise?
whoever knows the per-well cost of drilling, just take that figure, multiply it by the number of wells expected to be drilled and divide that total by the estimated share price.
the way I see it, a heck of a lot of shares have to be issued. 100 million+
it's also possible they'll come up with a more creative way of financing; but in the end, current shareholders of TGC will have their ownership diluted.
Buc - that is BEXP you're showing us, yes? Are you talking about STO? in which case, that ship already set sail.
so, what is the next bexp?
thanks.
question - you say they have the money...who has the money? TGC?
was there a stock sale in order to raise the cash? are they lending the money to TGC? and who are "they"?
yes, have to agree 100%.
hey Buc, I'm a big skeptic, all this anecdotal stuff about analyzing the 3D further, etc....that's all fluff. It's a bunch of BS that's thrown your way from whatever source you have. Here's the bottom line:
They are not telling the truth.
I don't know the answer, but to me, at least, I would zero-in on TGC's lack of $$$. Nothing else. They have enough rocket scientists looking at the 2D/3D and have it all pegged and ready, they just need $$$
And I see people harping on Civelli making millions in another venture and that he will fund it, etc..... I highly doubt that.
And if he does, TGC will be diluted because of the issuance of new shares.
I hope I'm wrong in every aspect, but this is what happens when they drag this on for over a year since the last drill....it just wears on you. Patience is a big virtue here, one that is being sorely tested.
yes, looking at his bio I see President of this, Chairman of that....I'm still asking WTF?!?!?
makes absolutely no sense, except to him, maybe.
judging by the early action today, I'd say that the director's sale is a catalyst for stirring up the pot.