$Colombia and Latin America - Frontera Energy Provides Notice of Virtual Presentation on Guyana-Suriname Basin, Offshore Corentyn - $Colombia and Latin America - InvestorVillage


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Msg  13854 of 13987  at  10/23/2021 3:31:50 PM  by

murdochjak


 In response to msg 13851 by  The Red
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Re: Frontera Energy Provides Notice of Virtual Presentation on Guyana-Suriname Basin, Offshore Corentyne Block and Kawa-1 Objectives

  My reaction is that OYL managers have something learnt during their third(?) offshore Guyana drilling campaign.
 
  Excerpt from Energy Summary:
"Despite the best efforts of CGX's management, it had minimal success at what may have been a side mission of the presentation: damage control. The stock spent the first half of this week plunging to $1.13 from $1.47, after a SEDI filing on Monday showed that CGX's chief financial officer recently sold nearly all of her shares. CFO Tralisa Maraj sold 85,000 shares at $1.50 last week and now has 5,718 shares left. She got a tidy profit of $100,300 out of the sale (having acquired the shares at 32 cents in 2019), but investors did not share in her enjoyment. Though insiders sell for all kinds of reasons, investors generally look askance at seeing such a senior executive sell most of her position in one go. Adding to the unease is the timing; not only is there a drill program in progress, but CGX is conducting a rights offering that does not expire until next Thursday, Oct. 28 (but apparently did not require an executive trading blackout). The expected dilution from the offering has also played a role in the stock's drop to $1.26 from $2.40 since mid-August."
 
  My second comment - i believe other operators there ( and possibly even deeper offshore) drill wells within 3 months timeline, if my memory works good, Tullow sometimes 70-75 after spudding EW, similarly Apache/Total, from this point FEC/OYL timelines drilling don´t look cheap or rather - and this is my rationale - if they won´t announce results by Dec 5th, i should sell all my FEC shares precautionary like OYL mngrs just did:-)    


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Replies
Msg # Subject Author Recs Date Posted
13855 Re: Frontera Energy Provides Notice of Virtual Presentation on Guyana-Suriname Basin, Offshore Corentyne Block and Kawa-1 Objectives The Red 0 10/23/2021 6:09:20 PM
13857 Re: Frontera Energy Provides Notice of Virtual Presentation on Guyana-Suriname Basin, Offshore Corentyne Block and Kawa-1 Objectives smittyfrmpa 3 10/26/2021 12:20:17 AM


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