MX Oil - when you've finished placing how about an update on Aje output - where's the boat?

Comments

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   D_Stone

   16 January 2016, 05:23

   For a novice such as myself that was very insightful.
   I’ll be curious to see how the company explains that oversight in not being transparent with its shareholders.
   Guess that is another CEO to add to my blacklist.

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   Drunken Sailor

   16 January 2016, 05:35

   A few tweets from Britain’s Buffet:

   Richard ‏@Styledgentleman Jan 7 @chrisoil @YouTube

   any thoughts on current state of affairs at #mxo Chris ?

   ⦁ chrisoil” ⦁ Chris Oil ‏@chrisoil ⦁ Jan 7 ⦁ @Styledgentleman

   Positive most should be buying down here imo ———————————————————————————————-

   ⦁ /Styledgentleman ⦁ Richard ‏@Styledgentleman ⦁ Jan 7 ⦁ @chrisoil

   i’ve bought two more lots today , “buy when others are weak” Strangely Richard is not happy today. Should be more careful of any unregulated advice! Richard ‏@Styledgentleman 1 day ago Tamworth, England @AimTrufflePig @chrisoil not happy after adding 5k this and last week

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   Drunken Sailor

   16 January 2016, 09:35

   It is worth noting that in their Q3 report released 0n 18 Nov MXO’s partner Panoro said:

   “Remaining activities to bring the project to first oil are the installation of the subsea equipment and the hook up and commissioning of the FPSO, the Front Puffin, which is completing refurbishment in Singapore. We currently expect to start commercial production at the end of January 2016.”

   Thus exactly 1 month on from the MXO announcement the refurbishment had already slipped by a month. It is clearly still slipping as it takes 6 weeks to get from Singapore to Nigeria thus if it left tomorrow it will not get there until end of Feb which would put first Oil some time in March and those other commitments are due in that sort of time frame.

   MXO definitely needs the money badly, but with the bid below nominal I can’t see them getting the placing away and I suspect the announcement on Mon will say the placing has been pulled, no doubt citing the poor deal it would offer to existing shareholders and hiding the fact that they would have done it had the bid not gone below nominal.

   How much forward selling of this placing has gone on? I can’t see it being on the same scale as NEW but is there potential for a short squeeze NEW type debacle?

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   Styledgentleman

   16 January 2016, 11:23

   Just to clear up with Drunken sailor . I asked Chris his thoughts earlier in the week as people were saying he was a seller . I chose to buy more of the stock as I believed the drop was over done after winning awards in Mexico . My tweet about being unhappy then referred to tweets about the leaked placing which I am obviously unhappy about having added to my position at 1.8 1.67 and .975 this week .

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   Drunken Sailor

   17 January 2016, 09:24

   Styledgentleman,

   It has been proven that Chris Oil sells shares whilst encouraging others to buy. Someone has been dumping the shares to drive the price down below nominal. Maybe it was Chris – he has had quite a lot of “bad luck” recently and getting lobster potted in CUBA can’t be helping. Either way he is hardly going to say anything other than you should be buying over twitter. It is best to do your own research and not rely on others and remember the old adage do not try to catch a falling knife.

   Equally there may have been forward selling of the placing – not unheard of on AIM.

   .

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   adstrader

   18 January 2016, 02:20

   Tom – Do you have any insight about MXO paying the $1m success fee to Cornhill. Was it fair or are shareholders being shafted?