I'm more of a GORO man myself...the reasons to me are obvious, everywhere in the World people are buying gold and silver for safety because of Greece, yet the bankster manipulated precious metal market sees only miniscule daily rises in price. Knowing the banksters are manipulating precious metals with their worthless paper contracts to try to stave off any investment away from their other worthless paper, their currency, and knowing it requires a great deal of investment to get precious metals out of the ground, and since other countries are adding more and more to their national accounts, when the bankster fraud ends, as is about to happen, precious metals are going to the moon and paper currencies and derivatives, no matter where they are printed or who sells them, will be headed the way of Zimbabwe dollar where $1,000,000 is required to buy a loaf of bread.
Fryday I see...
Where is Sandy, the Jiimies, and the MMan, are they out shopping for fan for their Field & Stream tent?
Are you going to buy more tomorrow?
Don't miss the opportunity to add at these levels, the pps may never be here again...lmao
It's very possible if a restructuring of debt is announced through a bankruptcy, the Lynas plant in Malaysia could possibly be sabotaged and an accident would happen that would require an extensive cleanup - this would use up the $50 Million in funds in the security deposit immediately and finish the company permanently. It may even finish the ruling party in the Malaysian government as this would be seen as their fault.
It would also be a sad day for Australian law enforcement who would have to get involved in the case as well, as this would seriously jeopardize their ability to make future deals to look the other way when businesses in Australia break the law.
No, I'm saying that when a productive field is located, it is the responsibility of the county it is located in to manage it well. If the Bakken was managed well, and there was a limit on the amount of drilling permits given and to whom they were given, there would not have been such a price plunge, nor would there have been so many small oil service companies that were built on bank loans, rather than well managed bottom lines. This is the reason for every American boom and it's bust a few years later, it would seem obvious after so many example that counties need to manage their resources well or they will cause their own ruin, and that of their resources too.
Now auctions are coming every week from companies going out of business, there are thousands of workers without jobs, city infrastructure has been abandoned and will become dilapidated, just as in all boom and bust towns, and all because proper planning and resource management was not implemented.
Some companies have no business in the Bakken, a company from Australia is a perfect example. Why would a foreign company be allowed to buy leases and drill for oil in the Bakken? There are so many other examples too, oil companies that were not in business 6 months before they filed and payed for leases, what is wrong with counties that allow such silliness?
This whole boom and bust in the oil business is from greed, greed from towns wanting to be rich, greed from counties wanting to be rich, and greed from small oilers who have no business drilling for oil when their whole business is based on nothing more than bank loans.
bankrupted this company.
If there is a sliver lining in this boondoggle for me, it will come from the business and law colleges all over the world that study the Lynas disaster. The laughter and jokes by students and professors toward this company's early management and lack of post production contracts before a shovel ever hit the ground, especially in Australia, will make every cent I have lost in this investment, at least tolerable.
As a matter of record, I too have hit the floor laughing at what can only be described as one of the most ill conceived and mismanaged companies in the whole world.
Congratulations Nick Curtis, you have gone far on a Fine Arts Degree and selling optical equipment. Congratulations Australia, you have produced some of the most disingenuous companies in the whole world. Congratulations Australian Law Enforcement, you have proven to be just as incompetent as the businessmen you help to support with your lack of interest in their business activities.
You can't manage a direct assault to critical thinking by yourself, , that says a lot more that you can even imagine.
Another sheep that followed the shearers and is in the same boat as Sandy, the Jiimies, and the MMan with massive Greek style losses.
Take a look at the equipment auctions all around the oil patches where too many oil drilling permits were given out by thoughtless poorly educated county employees. When a field of the magnitude of the Bakken is discovered, proper management would have eliminated the risks associated with too many drillers.
No, because Greece signifies massive losses, which smart investors don't make. Of course, in saying this it brings up the massive losses that Sandy, the Jiimies, and the MMan have created for themselves and their families from poor decisions.
LMAO Sandy, the Jiimies, and the MMan
Get Your Box Tops and Pick a Busy Intersection !!
Admit it, it is the small oilers that caused the rapid expansion into the Bakken and other places. It is the small oilers that created the need for the oversupplied supply chain. If there had been fewer permits given out, the fall would never have happened, because the most productive fields would have been properly managed.
Not everywhere, the most productive fields should be managed by companies that have profits and infrastructure behind them such as a quality geological team with the latest and best equipment. Wildcatters should be free to explore, but not in productive fields. This is the problem now, there are too many small fish in the net, literally. The net production in the USA in the proven fields are so high now, no new drilling needs to be done for years because of the many wells that have never been completed because of the oil glut.
It sure seems so, small oilers are causing the pain up the supply chain, too many small fish in the net, ruins the catch. It's time for some serious decisions on who gets a drilling permit and who does not. Companies that wildcat and have 100% of everything they own invested in their real estate and productions, should be eliminated by some type of cutoff, such as financial, if small oilers are receiving everything they have through bank loans, they should be eliminated from the most productive areas.
The glut would never have happened, nor the precipitous drop in oil prices, had there been fewer small drillers that have 100% of everything they own in loans to drill.
It's time for serious decisions.
looks like it...
$0.99 coming soon?
Sandy, the Jiimies, and the MMan were seen pounding the stakes of their Field & Stream Tent deeper into the ground and applying for a Shelter Space Renewal, obviously an an ominous sign of things to come.
Massive Debt on Your Pizza...
The debt that fueled the U.S. shale boom now threatens to be its undoing.
Drillers are devoting more revenue than ever to interest payments. In one example, Continental Resources Inc., the company credited with making North Dakota’s Bakken Shale one of the biggest oil-producing regions in the world, spent almost as much as Exxon Mobil Corp., a company 20 times its size.
The burden is becoming heavier after oil prices fell 43 percent in the past year. Interest payments are eating up more than 10 percent of revenue for 27 of the 62 drillers in the Bloomberg Intelligence North America Independent Exploration and Production Index, up from a dozen a year ago. Drillers’ debt ballooned to $235 billion at the end of the first quarter, a 16 percent increase in the past year, even as revenue shrank.
“The question is, how long do they have that they can get away with this,” said Thomas Watters, an oil and gas credit analyst at Standard & Poor’s in New York. The companies with the lowest credit ratings “are in survival mode,” he said.
The problem for shale drillers is that they’ve consistently spent money faster than they’ve made it, even when oil was $100 a barrel. The companies in the Bloomberg index spent $4.15 for every dollar earned selling oil and gas in the first quarter, up from $2.25 a year earlier, while pushing U.S. oil production to the highest in more than 30 years.