RE: RE: RE: RE: China just paid I'm someone who also still sees value in this stock. This is not pumping imo, at 7c there is not much left to pump. I have though added to my position to attain a 10.5c average now. IMO that was the best way for me to potentially profit here. If we can ever get back to 20c, i make 100%, 15c i'm 50% up, 10c to break even and exit scratch. It is not yet clear whether i will achieve any of these things.
I speak to a lot of folks about this stock, other people on SH, interested parties in the UK, IR and Directors. At the very basic level there is 22mmbo 2C here. On completion of FEED, this would become 22mmbo recoverable 2P. That has a market value. 54% net to MIRA at a very low $2 barrel is $23.7m, or 15c (50% profit for me). I have also completed my own NPV10 from MIRA's data and it comes in at over $200m. If they can get TSB-3 financed and drilled, i could even see a mutibagger here from my ave.
So the communication (or lack of it). MIRA have had a year on totally the wrong track and they admit it. Trying to sell the corporation using FE obviously didn't work out. No quick flip for them or us and imo the sale/FE process put limitiations on communications, there was not much to say over the lengthly periods of internal discussions and review that we were not party to. So yes, a wasted year, a loss of confidence and a low share price is the result.
The asset still has the same value it had when we were capitalised at $40m though. Mgt now say they will look to development of TSB-3, so i'll give them a chance to do that. If they get to drill i should make a good profit on my 10.5c average, i'd expect an update on FEED to get me to break even. Regardless of going the wrong way the past year, Kavanagh and Asibelua have vast country experience and contacts, Management have large stock holdings themselves and we have a field with value. I cannot see why would they just throw that away, unless they exhaust all other avenues and there is no-one who will front any cash for TSB-3 (always possible).
I do not care if you buy, sell or hold, i'm not asking anyone to do anything, everyone has their own portfolio to manage. It makes no difference to me. I could have taken a loss on my 22c average and taken back 1/3rd of my investment capital and moved on with a frown on my face. I chose not to do that. I took advantage of the 6c bottom and brought my ave. right down instead. That was my choice of strategy to try to make the best out of this. I also think we will ultimately see some form of financing here and that i will exit this investment at a profit. If you bought the 39c and held it all the way down, a profit may be harder to come by though.
All imo, my strategy, my portfolio, my risk etc....