RE:carinthian. 75% loss and you are still bullish. Do not know MestQalander wrote: what to say, except that you either know what's going on iside, or your 75% loss imeans you do not own hold very many shares.
Does any have a list of insider's holdings. I remember Herb Dhaliwell, an insider, sold about 25,000 shares at around 0.25 not ver long ago.
GLTA.
How would I know what is going on inside? I do email with Chris Beltgens from time to time which sometimes is very helpful.
And I do not know what you call not very many shares, I did put around 6k of CAD (@EUR/CAD 1,42) into this thing which might be little for a lot of people but is an amount I need more than 2 month to save.
I do see value in this to be honest - if you call that bullish so it may be.
My math is as follows:
Cash by the end of 2014: 10mio
3 wells pending, 1 well will be drilled
So let's say all 4 wells that are not producing yet fail and rates decline by 20% next year this gives 200boed to EW.
Let's say further their netbacks decrease to 60$/boeq this would give them around 4.3mio of cash over 2015.
So let us say it is 14mio of cash they will have to spend.
What will they spend money for? I assume:
2mio for g&a
3mio for earning in at the east coast
5mio for drilling 5 wells at cheal (this number might be too high that is my assumption as cheal is planned for 12-15 wells)
So even if they screw up everything in 2015 they will be having 4mio in the bank and cash flow of 3mio (assuming 150boed@60$) in 2016.
And then there is Romania on all of this.
So to explain to you: I am disappointed but in my opinion this thing as more value than the current share price reflects. It might take a while longer than I did hope to work out but the company has the money to wait for Romania. If Romania is a failure then of course EW might be a cheap snack for Tag Oil but as I wrote my personal view is that risk/reward at current prices looks attractive to me. That is just me. If I would be that good I would not be posting on this site but sipping Bacardi out of the navel of an exotic beauty! ;-)
Just my personal thoughts. DYODD
carinthian