Post by
bullishdude on Apr 06, 2023 10:28am
Sounds this well is the same as the previous one....
Basing my speculation on the way OYL has been issuing Press Releases. Say some oil has been found and they are logging. No mention of sampling (MDT) to confirm oil and type recovered. Then silence....
So after a while they will announce either a poor well, or couldnt get complete logs and samples, but their analysis shows a lot of oil (which the market will not buy)
Then plan to drill another $120m well.
Stock drops to below $1 and then FEC takes over completely.
Really an incompetent bunch of executives who do not know how to manage a junior exploration comapny. Big company guys with no clue that they ultimately report to shareholders.....
Comment by
hcarbon on Apr 06, 2023 1:43pm
I dont think they are accordning to the contract, forced to drill an other well! I agree of the risk, that there is in the FECs interest to take over cgx at a low shareprice! That risk is clear and present, but I hope that the insiders i CGX will prevent that!
Comment by
a2bman on Apr 08, 2023 8:29am
Nevermind insiders, regulaters would have to take a look if they tried something like that
Comment by
bullishdude on Apr 11, 2023 10:11am
no, all ihave mentioned can be done without breaking any regulations, just bad faith....
Comment by
a2bman on Apr 11, 2023 12:23pm
Yea but we still have minority shareholder rights that they would be violating if they tried to buy it on the cheap and that would open the door to regulators and classactions
Comment by
Coloradobuff on Apr 11, 2023 11:26am
This so what I have been saying that fec will keep diluting CGX to eventually buy for cheap. Need this well to hit to get fair value.