Delays in the disposal well. Hi guys , I called Mehran , the IR guy , today.
I wanted to know if the rumours were true that the disposal well application got denied by the regulators , he confirmed. But , as per him , it's a matter of time before they approve the application, he was optimistic about the application approval for the near future.
He mentioned that we will hear something about the business by the end of November, it's far away I know given that we all have been waiting a while already.
Like I read in an earlier post , it's not their duty to comfort us by doing an operation update , but it would show us some respect. (I Hope they're reading this)
As the share price declines , I keep telling myself that it can't go much further down as the market cap is now under 20M$ , it's ridiculously cheap but even at these prices it doesn't seem to interest their friends at Cormak securities to top up for their clients , so I'm not sure where I'm standing here.
The last time I checked ( a long time ago ) , Cormak had a price target of 0.65$ I'm not sure if it's still the case , does anybody know ?
The only thing I know (or should I say , I think I know ) is that if they were to sell the company's assets separately, we would likely make money as their assets is now greater than than the market cap.
As you all know , the market is irrational sometimes, driven by emotions , fear or greed , and in my opinion , whoever are selling these days are letting their emotions get the best of them. Or they can't wait , or they don't want to wait , but whoever are selling these days are not getting a good deal. Tax write off maybe but as we are about to enter the cold season here , combined with opec slowing down oil production and the potential for Russia to cut natural gaz deliveries , the potential for energy prices to go higher is very real , not to mention about helium.
Good luck to all , I'm keeping my shares because I believe that the bad momentum will stop soon and things will turn around. Patience is key.
Cheers.
Steve Q