RE: LFD Rally IMMINENT!!!!!"My prediction is that tomorrow we close up at 26 cents!!!!" ......... Taxiboy May 18th post!!
Well folks, not much more to say about this guy!
Why make such idiotic statements in the first place?
My experience after tromping around oil fields for many years is that the "old guys" usually got it right. Sure new technology has significantly increased recovery efficiency, but the old guys usually knew when to fold and walk away. The reports on this area say that Anglo Persia left after determining that the oil column was too small and this was after reportedly testing well #7 at around 4700 bopd!
Don't know the details about their engineering, but certainly this is a red flag and only an idiot or scammer would repeatedly push this number as a proven certain production rate.
Incidently, the structure of the old field can clearly be seen on google earth, as can most of the other oil fields in the area. Now companies can chase deeper potential structures which are not readily apparent on satellite images or mapped by surface geology legwork. LFD apparently has a number of these features seen on the initial seismic; however, more seismic is required to map these leads and drilling results in the area has indicated that the deeper you drill the greater the chance of encountering gas and not oil.
So my position has never changed, at the right price this is a potentially great little stock play. Not the slam dunk that others would suggest and definitely was a pass at the 40-60 cent promoted sp, pre-financing and based on a questionable resource report. But at 20 cents?????