smart investing I am not a trader.
My average cost in Mart is around $1.57... I can only tell you what I see and hear from people much smarter and whom invest many times more than myself.
Just look at the stock today. Where did it go when Wade came to the public to calm the markets and tell everyone that everything was fine and progressing well.... It has been matched with selling.
For those of you that seem to have a issue reading let me clarify. The assets are great. I have never said anything to dispute that.
Problems are lack of security....I am aware it is Nigeria. But lets face it the theft is going up and I have already told everyone here that in some spots pipeline operators have found small tunnels under certain areas when doing repairs amongst other things.
2011 showed signs of increased theft across ALL operators. Anything above 8% is to high.
REMEMBER ANY LOSSES FROM A PIPELINE MEAN ENVIRONMENTAL DAMAGES AS THE IDIOTS TAPPING INTO THEM ARE NOT DOING IT WITH PROPER TECHNICS AND EQUIPMENT. THEY SPILL OIL EVERYWHERE AND THE LEAKS CONTINUE FOR AS LONG AS THE TAP REMAINS IN PLACE.
If you think spilling oil all over the place and contaminating the water that villages drink is fine then you really have no issues with the way things are run at the company.
If you believe that it matters when you operate a business and that your company should have a social responsibility to the community to operate with safe practices you should be upset.
You people are so funny cutting my posts down. DO YOUR OWN HOMEWORK. LOOK AT THE INFORMATION AVAILABLE....MANY PICTURES SHOW WHAT I AM SAYING. NEWS REPORTS AND LOCAL GOVERNMENT HAVE INCREASED THE MONEY BEING SPENT TO CONDUCT ENVIRONMENTAL STUDIES IN THE MOST TAPPED AREAS.
I only see one other person concerned that this company is borrowing money to continue paying the dividend plus pay for other expenses. As I said to Wade last year he was jumping the gun on starting the dividend this soon. Yes they had cash flow and all of that but there was and continues to be lots STILL UP IN THE AIR regarding the new pipeline, further drilling, other properties etc. The company has yet been able to convince AGIP to allow a increase in flow rates for 2 years, even when there is additional capacity...
We have yet to see the signing of agreements on the new pipeline....others in the area have done things much faster.....we have yet to see details of the permit processes for the use of NAT. GAS on the project...etc etc.
I am just telling everyone to keep pressing Wade to be more prudent with the cash and also more informative with the progress if any and inform everyone when problems occur not many weeks after.
If in 2013 we have a major issue and there could possibility be one this company would have to raise money if it still wanted to spend the same CAP EX. I am hoping this does not happen and things turn out to be rosy. But the balance sheet is stretched until 2 quarters AFTER the new pipeline is up and running. Delay in payments etc... They will have flexibility after that to Pay down the loans.
Regards