The company are trading at about 8pish at present. I talked to virtually everyone on this trip including the ex ENI guys. What is apparent and not in the public domain is that they have deliberately underplayed the production numbers in-order to get a bigger bang on news. Bezzecca gas isn’t a question of finding the gas or building the infrastructure or connecting to a pipe line for transportation. It is already ALL done and dusted. Gas will flow from Bezzecca within the next 20 days or so. That is a fact that just awaits a paper sign off. All the kit on site is brand new, there isn’t a spot of rust (See Photos) to be seen it is gleaming equipment. Not the usual rusty kit of the piss poor life-style companies that have been kicking round on the AIM casino for donkeys years. Their sites are well maintained and in pristine condition. That is a pointer to a genuine oil tiddler doing all the right things to progress.
Bezzecca should come in at substantially more than first quoted in their IPO document. Bear in mind that it was first tested at 62,900 scmp. It will produce circa 45,ooo scmp a day which will give them approx. $10,000 of revenue per day X 365 days. Unbeknown to the herd they’re quietly confident of doubling this with further production from Bezzecca and from their other assets, Sillaro and Saint Alberta. The whisper on one of these two assets is that they could be producing (subject to drilling etc.) in the 100,00s of thousands of scmp.
My understanding is that their ex ENI people know these assets very well and it is nailed on that production will be many times more than it is from the ‘switch on’ later this month-early next month. Good little resource tiddler and certainly one to watch. Excellent management, well funded and on the cusp of production. What more do you need?
The stock is very tightly held. Some big high net worth’s are invested here. What’s interesting is that I did hear the analyst on the site visit basically say that the previous IPO figures/note will have to be substantially upgraded. So there you have it. There’s a note coming out that will increase value of this stock. 12-15p by the year end could do more but as with all stocks one never can tell. Unless one gets off his/her backside and finds out.. By the way I did also learn that Tom (Pepper) Winnifrith has a nice little holding. Wonders never cease….
NB Video footage next week etc…