.

it is certainly good to see the placing at 84p, being a very modest discount to last night's close .... however, to then draw some sort of parallel with arg (always was a joke company) and des (not much found except sand) allegedly being unable to get funding, is complete nonsense and non seq

basically, you start well and then end up talking total bollocks

26 April 2012
Borders & Southern Petroleum plc

Placing of new Ordinary Shares at £0.84 to raise £46.5 million
The Company is pleased to announce that is has successfully placed 55,320,000 million new ordinary shares (the "Placing Shares") at £0.84 per share with institutional shareholders to raise £46,468,800 million before expenses (the "Placing").

Reasons for the Placing and use of the proceeds
These funds will be used to acquire additional 3D seismic within the Company's existing acreage, to enable further analysis of the results of the Darwin East well and for general working capital purposes, including further contingency funds for the upcoming exploration well."

To me the placing is much better news than the RNS gas find codensate or whatever lol! now underpinned at 84p - good business imo

Its very good business for BOR because now they have enough money for 3D in late 2012.

This means that worst case, Stebbing is also condensate or a duster - but they have funds to merrily carry on and do more 3D work, bring a lot more prospects into the potentials book and are under no pressure to raise money after Stebbing is complete.

They are now funded to do 3D seismic and can look to raise funds again in 2013 after the 3D work is done, or farm out.

This removes the "shorting temptation" away from the stock - because if no placing is needed it makes no sense to build a large short position and pay a lot of money to keep it running and running and waiting.

in other words there's little or nothing to be made for a couple of years or more.,.

and 3D does not = OIL, as the latest well proved

Merchant Securities comment :

.......Borders & Southern has placed 55.3 million new ordinary shares at £0.84. The shares represent circa 11.4% of the post-money shares outstanding.  The public equity market is still not aware if the gas condensate discovered at Darwin is lean (uncommercial) or condensate rich (extremely valuable).

We believe that the difficulty in evaluating the condensate content of the reservoir fluid is in obtaining a high quality sample downhole.

Once the sample is bottled, determining the liquid content requires nothing more than the release of the gas at atmospheric conditions (natural gasoline for example does not evaporate at atmospheric conditions).

We do not know the content of the natural gasoline in the fluid recovered, but we believe that Borders & Southern should have performed a simple preliminary assessment by now......

baler / cynic - quite possibly lol

Think I'll add to my long futures in both BOR and FOGL.

BOR will soon have 484m shares in issue - giving a market cap of 416m @ 86p share price.

FOGL has 320m shares in issue - giving a market cap of 284m @ 89p share price (yes FOGL is cheap)


If we take off the 55m shares coming to BOR they had 429m shares and got to 133p share price on excitement over a potential 760mmbo rec. find.

Market cap circa 570m. I do think DES got to 600m market cap ahead of Liz results.


So if we take 600m market cap as the "price they go to just before results" then applying that formula in future should see :


BOR going to 123p ahead of Stebbing results (But Stebbing is bigger times 4 over Darwin) (600m mc divided by 484m shares)

FOGL going to 187p ahead of Loligo (But Loligo is bigger times 16 over Darwin) (600m mc divided by 320m shares)


Anyway, those will be the target prices many people may have for the share price to be before the big news comes - just the pure "speculation value" pre-results.

I'm simply moving stop losses up on both futures and reinvesting unrealised profits.

A good write up on CFK.

http://www.economist.com/node/21553031?fsrc=scn/fb/wl/ar/cristinascrapesthebarrel

.

For those looking at the economics, the minimum size field for dry gas is 5 Tcf, thats a dry gas target for BOR for Darwin (E+W). Of course, if its very rich in condensates that 5 Tcf will come downwards.




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With the price holding well and most long term holders sat on 50% profits - its no surprise the muppet comments of earlier this week have all stopped and those making them are now gone.

Strange places BB's.

ffs, stop prattling and rattling for half an hour at least - a week would be better

Pro

With the greatest respect old chap, there is hardly any reason to comment - it has all been said! Most of us just sit and wait to see what happens. Most of us I suspect do not need to harp on about what profit or loss we have made in order to inflate anonymous egoes. Some sciolists will want to post regardless - as you say "Strange places BBs"

Whilst your resourcefulness and dedication is admirable, you DO bang on with rather unconnected 'cut and paste' items across multiple threads which becomes tedious for the average reader.

By referring to those that do NOT hold the same views as yourgoodself as 'muppets' it shows you in a rather arrogant light and it is hardly surprising that other posters take a pop at you.

Just my 2p worth!

EDITED To add the word "not" where I had a finger fart

avsec - people can have different views, like cynic, I would not class him as a muppet. To see the muppets look to the posts on Monday.

:)

how flattering :-) ..... shame avsec couldn't write what he meant though!

We all cannot write what we really want to say.................. ;)

tomasz can :-))