Fred Prior
30 Dec 2016
Mitch Flegg the disgrace of Circle Thanks Mitch, makes me wonder what excuse you have for folding the company and wiping out shareholders, the excuse you gave to me last January was that the POO was $28 bbl, well its now double and are you trying to tell us that with the excellent assets COP have the "lenders" would not have come to some amended loan terms? complete BS, you have clearly done some underhanded deal with someone somewhere and I will make it my business to find out who benefits from this wipe out, you have had over a year to sort this out and the POO has been in our favour for a while.You have let a lot of people down as you have done sweet FA and no doubt been taking a salary for doing so, that you are not ashamed.People like you ought to serve hard time breaking rocks in a chain gang, no doubt Karma will work its wonders on you as it always does. I bet you were hoping that the POO dropped more or stayed the same, I doubt you were expecting the POO to double and that you conveniently cancelled the shares at year end proves you are a no good skum just like the others out there that have decimated shareholder value despite having superb assets that any major would be pleased to have.Have a great New Year Mitch and this will come back to bite you on your arris big time.Have fun and I will make sure I steer clear of any company that is desperate or stupid enough to employ you in the future.Frederick.
forwardloop
19 Oct 2016
info summary [link] Oil Plc’s (LON:COP) debt problem is coming to a head now that lender Circle Link has called for repayment of US$20mln plus interest by November 15.The Egypt-focussed oil firm, which has US$7.3mln of cash and US$77.5mln of debt, said in a brief stock market statement that it was in talks with Circle Link and the International Finance Corporation, its principal lender.It wants to identify a ‘way forward’ that will allow the completion of a strategic review process that got underway more than six months ago.In March the process was launched to consider options including a debt restructuring, an asset sale or a sale of the whole company.More recently, in June, the company warned investors that it believed no value will be attributable to equity holders and at that time trading in the AIM quoted share was suspended.In an interim results statement, released at the end of September, Circle revealed it was in advanced talks with potential buyers for ‘different combinations of the Group's assets and corporate entities.’
Peermade
05 Oct 2016
Re: Did I say that last year I thought the management might like to merge with Xcite. Now that would be Xciting!
steelwatch1
31 Jul 2016
Re: SteelWatch Eh?
ceili
28 Jul 2016
Re: Did I say that last year I wonder when we can buy another £5,000 worth of shares and ensure that the management also have a very happy Christmas. Maybe they could join the staff of Bula Oil for the party - another disaster oil story with Irish involvement...........
Trouble_Two
29 Jun 2016
Did I say that last year Management at COP wishes to thank you for your continual support and wishes you a Happy New Year.
Trouble_Two
29 Jun 2016
SteelWatch You have been evicted!!!!!!!!!!!!!!!!!!!
Trouble_Two
29 Jun 2016
Tick Tock = BOOM As predicted............BOOMSorry for those who had such devotion for this share. Never love your sharesBut Prof Green is still bathing in his millions with champagne.TTCant even issue a sell recommendation as it looks far too late.
Trouble_Two
15 Jun 2016
Re: TGISVP - Circle Oil Not completely worthless. Jenkins's monocles are valuable, I think.GLAHTT
Wexboy
03 Jun 2016
TGISVP - Circle Oil 2016 – The Great Irish Share Valuation Project (Part II):Company: Circle Oil (COP:LN)Last TGISVP Post: HereMarket Cap: GBP 3.8 MPrice: GBP 0.68p After initiating a strategic review in March, management came clean just over a week ago, admitting there’s little or no value attributable to shareholders. Regular readers will presume I cracked open a beer to celebrate another investor death-trap biting the dust. Alas, no… In my last write-up, I did tag COP as significantly over-valued, but I also highlighted it as one of the few junior resource stocks that could boast revenue, profits, and even free cash flow! So it’s a crying shame to see it go under…Which prompts the question: Why am I trying to value it?! Simple…’cos there’s a bunch of sprockets out there who still believe the company may be worth well over 5 million bucks!? [Perhaps the same people who reckon Petroceltic (PCI:LN) shareholders are getting 31 cents per share? Er no, see p. 9/10). So it’s only right I burst their little bubble of hope… I should also defend Mitch Flegg, who was appointed CEO just a year ago & is almost entirely blameless here. Circle’s fate was actually sealed back in 2014, when it began drawing down on a $100 million IFC loan facility (which I specifically flagged as a huge risk) to fund an aggressive ramp-up in exploration & development. While funding such spending with debt is always a bad idea, it now looks like sheer lunacy in light of the oil price collapse. But unfortunately, that collapse only commenced in mid-2014, after two years of a stable $100+ oil price…and Circle’s spending orgy was obviously launched at that point. You know the rest – the drilling was touted as successful but we saw no meaningful increase in reserves, then reserves were decimated by a re-classification & the oil price collapse, which in turn breached the covenants of the IFC loan, all while the company was burning cash, and so on & so on…A new reserve report shows 5.4 MMboe net proved (again, we’ll value at $8 per boe) & 2.3 MMboe net probable (at $4 per boe) – and since they’re producing fields, we’ll include 5.5 MMboe net possible/contingent (P50) (at $2 per boe). The other figures we need are here: As of year-end, COP had $10 million of cash, $7.5 million of net receivables, and $77.5 million of debt. Except we should also adjust for at least half year’s cash burn, to get us to end-June – the last interims indicate a $26 million semi-annual burn, so let’s use that to be conservative. [Sure, maybe the company’s on a starvation diet now…but if you run different numbers, you’ll see it makes no difference!]
5.4 M boe Proved * $8 + 2.3 M boe Prob * $4 + 5.5 M boe Poss/C’gent * $2 + USD 10.0 M Cash + 7.5 M Net Receivables – 77.5 M Debt – 26 M Semi-Ann Cash Burn) / 1.4623 GBP/USD / 566 M Shares = ZeroYes. Circle Oil is, without a doubt, worthless… And if you know anybody who’s still a shareholder – please oh please, pass along a right old slapping from me. I mean, really, how stupid can some people get…maybe they just deserve it!Price Target: ZeroUpside/(Downside): (100)%For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
Vitautas
27 May 2016
oufffff Seems we are lucky, we got more time!If the oil price doesn't go down again, we might do it and survive
beans777
26 May 2016
High Risk I have only just looked into this company but I do like risky shares....will be interesting to see where this goes.....
Trouble_Two
25 May 2016
Re: Ooops What happened to Investec 90p prediction? Just wondering.
Trouble_Two
25 May 2016
Ooops Now what happened to this company. Oh I did say it would join the penny club. Well I was wrong. Sub Penny club now.TICK TOCK: BOOMGLAH, just again my opinion. Run Forrest Run. TT
HPC Follower
20 May 2016
Bad RNS for equity holders - again I'm out - with slightly more than nothing - and I had high hopes here given the Mahdia find.
