RE:RE:Anyone know what happened with the Shell Well?Sporty, I am not fond of CGX Mgt but hard to blame them for the delay when Shell did not release the rig. I assume we will not hear much about the Shell well that tied up the rig for a year. That article was worthless
Based on price action, with CGX down about 17% in 2 days when I was worried that Shell would not release the rig by 1/31 and what would happen then? The fact the well has been spudded should have been positive news for CGX as they were cutting it close and not sure what would have happened had CGX missed yet another deadline. Imo the spud news was great news for CGX and not sure why it is down 17% or so in 2 days. I was about 2/3rds FEC, 1/3rd CGX but now closer to 25% 75% FEC. I only kept the CGM shares as I think the fact that the float is so small that very good well news might make a bigger impact short term on CGM shares.
What I don't understand is why no one seems to get the Catalyst connection. We have a venture capitalist firm calling all the shots for both companies and will call the shots upon known well news and particularly on the OYL board they are talking about developing the offshore oil patch if the Wie is anything but wee. They have had their and others money tied up in FEC for 7 or more years.
DOES ANYONE HAVE ACCESS TO CURRENT % OWNERSHIP OF FEC? I could not find on SEDI.. I would like to see if a second hedge fund still owns over 10% of FEC and if so, wouldn't you think both would want to cash out big if well is big? Big means sell the entire FEC package. for X? Billion