Oromin Roadshow!
It looks like Oromin is finally warming up its promo machine. The shares started moving up just before the Hong Kong show and traded near a million shares yesterday. Chet takes the stage in about 6 hours so I would expect another big volume day tomorrow. Volume usually precedes a move up and I expect the shares to be trading well over a dollar next month!
Academy & Finance is a Swiss based
conference organiser established in Geneva
since March 2000. Academy & Finance has
organised more than 330 events mainly
in Geneva, Zurich and Luxembourg.
Academy & Finance started to organise
Commodities Investing conferences in
2004 with Jim Rogers in Geneva and New
York.
In the past four years Academy & Finance
has hosted 34 conferences in Geneva
and Zurich on Uranium Investing, Gold
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Investing and Oil & Gas Investing.
Stimulating speeches by world class
experts, company presentations by the
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www.academyfinance.ch
17th June 2010, Shanghai, Hotel Shangri-La Pudong
✦ The reasons why we are going to see
a super bull market for gold shares
✦ What kinds of gold mining firms should
you focus on at this stage of the bull market?
✦ Gold, Base Metals, Uranium: how to select the
winners and generate outstanding returns
17th June 2010, Shanghai, Hotel Shangri-La Pudong
Oromin Explorations Ltd
Gold in Senegal
TSX-T: OLE
www.oromin.com
9.50 Oromin Explorations Ltd
Chet Idziszek, President and Director
For those asking for an update on Santa Rosa this is what I found:
VANCOUVER, BRITISH COLUMBIA, Jun 16, 2010 (MARKETWIRE via COMTEX) — Oromin Explorations Ltd. /quotes/comstock/11t!ole (CA:OLE 0.85, +0.02, +2.41%) /quotes/comstock/11k!olep.f (OLEPF 0.83, +0.03, +3.64%) (“Oromin”) is pleased to provide an update on the current status of and plans for its 100% owned Santa Rosa oil & gas concession in the Province of Mendoza, Argentina.
The Santa Rosa concession is a large mineral tenure comprising 7694 km2 situated over a geological dome structure centred 91 km east of the city of Mendoza. The Santa Rosa dome prospect is the only known major structure in the eastern region of the Cuyana Basin. The Cuyana Basin totals approximately 161,000 km2 and has hosted over 934 producing wells from 2440 total wells drilled. Initial recoverable reserves in 18 oil pools in the Tupungato and Cacheuta sub-basins – the northern portion of the Cuyana Basin – total 1.2 billion barrels. These reserves were found to the west and southwest of our Santa Rosa concession, and there are no known discoveries of commercial quantities of hydrocarbons on our concession.
In July 2009, Oromin drilled the well SREx-2001 on a postulated high point on the dome, and did not encounter hydrocarbons. However, information gained from the drilling of the 2009 well, from limited seismic work and from three prior regional wells drilled by other operators, suggests that Triassic sediments have been preserved to the south and southwest of the well location SREx-2001 and that these sediments provide opportunities for potential oil-bearing stratigraphic traps on the flanks of the dome.
Based on recommendations by its consultants, Oromin is seeking to farm out a portion of its interest in the concession to third parties, in consideration for their assuming 100% of the costs and risks of the next program. This proposed program includes additional two- and three-dimensional seismic work to better define the potential stratigraphic traps, followed by the drilling of one or more wells. The Company emphasizes that it is in the stage of marketing these proposed programs and does not have any agreements or confirmed expressions of interest in hand. An announcement will be made of the terms of any farm-in agreement or agreements, if and when such agreements may be reached.
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.
Chet Idziszek, President and CEO
Cautionary Statement
CALICHE—I expect the shares to be trading closer to $2 per share than $1 per share within 30 days….Let’s see what July 16 brings…..
It’s late in the evening here in South Florida and I thought I’d chime in as I chuckle at the optimism. And by ‘chuckle’ I am not laughing at anyone but laughing collectively for all of US involved as we’ve been on this doorstep before! I hope we are all sharing a wonderful ‘chuckle’ by the end of July. Good luck everyone, I’ll be watching with great enthusiasm as I know many of us will.
AB
Thanks for the update on Santa Rosa. At least it’s not forgotten.
We’re now in for the stretch run. Hopefully this time we’ll get our due. Good luck to all.
Highest volume day of all time.
2 dollars sounds good to me!
looks like the chinese like gold and gold shares!
Caliche – Do you think Chet is pushing for investors for a mine, to sell the gold play or for whatever he can get?
Very nice day…hopefully this translates to a better than expected July Feasability Study.
with 1 mil yessterday, and today w/ 2.6 mil shares….obviously the FS is going to be very good, and word has gotten out.
Who knows…. maybe Toll Cross knows about a B/O. Today they bought 1.6 mil shares. Theyre not buying that many w/o knowing something. This has lagged at 70 cents all this time… and suddenly TC buys 1.6 at 90 cents? Word must be around on the FS, or a b/o. Werent they to get the FS to the Senegal Gov on the 16th?
The Chinese now love Gold. Maybe they’re Ole’s new partner.?
goldfinger, I see only 50K shares traded. Where are you getting 2.6 million? I’m looking at OLEPF.
Roro – look at OLE on Toronto. (on Yahoo Finance, it’s OLE.TO).
Ohhhh…. The anticipation……. I think when all is said and done after the FS and other ounces more reported we will have a solid base around a buck or so.
I think that the actual news will not move the stock much but hopefully other developements will push us past a buck. Good luck to all.
Hey Caliche, Congrats on 200k hits in the next day or so! Thank you for this great forum to share our thoghts and keep our investing hopes alive!!!!
Tony—I am somewhat confused… Perhaps you could enlighten me….If the excellent FS combined with resouces of 4 million plus ounces of gold only provide us with a “solid base around a buck or so” , just what other developments that you may see “”will push us past a buck” ???
$1.00 sounds about right. Dilution is coming, in a BIG way. 25M shares or more. Chet is just getting settled in….12 more months to go.
AB
……..but the anticipation is surely building because we are nearing the end. And it still feels like $3.00 per share with 130M shares out there. I hope that will satisfy everyone.
AB
thanks tony!
and thank you to everyone that reads and contributes here as well!
Re Financing… take a look at this link. Read Financing 6/15. Just wonder how many more shares he’ll dilute.
http://www.realpennies.com/otc/OLEPF/
Past Financing trends:
12/09…. raised $6.9 mil by diluting 8 mil shares thru toll crosss….
6/09 raised $ 11 mil cdn from IamGold by selling a 16% stake for 16 mil shaares.
Looks like every 6 moinths they have to raise more funds.
Looks like his question is …. how much this time? I say he does a big one and raise 0ne years worth . Like AB said expect 25 mil shares this time. Then obviosuly the #’s will change when calcuylating the SP. Using 130 mil shares…. the sp gets discounted a lot.
As an example… w/ 5 mil oz gold @ $165- ( what theyre paying) = $825 mil. x 43.5%= $ 359 mil. / 130 mil diluted shares = $ 2.76 p sh. at b/o.
To the ones that are saying $7-8-9-10 etc…pls show how?
The value of the company goes up by the same amount that is raised. So, the $825M value has to be + $$$ raised. How fast they burn through that cash is a factor, but I don’t believe the $$$’s can be ignored completely.
But I also think the estimate of 25M shares this time is w-a-y too low. If they are actually serious about mining this stuff (granted, a big if), I think you missed it by 10x. They’ll have to raise $200-250M. $25M won’t allow then to even break ground. Break wind maybe, but not ground. 😉
I think we find out how serious they are about mining it themselves with the next placement.
JMHO, of course.
ole_OLE— –I believe the financing arrangements for the mine have already been agreed to with Bendon , so this PP will probably not give us much , if any , insight re Chet’s thoughts/plans…I believe this PP will be closer to 15 million shares than 25 million shares…
Not saying that I’m an expert, but remember any investment in the property is shared evenly between the partners. So if raise 43MM (just to make the math easy), the other partners must contribute 57MM to keep the ownership the same. That is right, isn’t it?
kwhurs01
kwhurs01——I don’t think so….The mine development is a separate deal….As for exploration costs , they are shared 50/50 , regardless of the 43/57 split in ownership….IMO
Looking forward to next week as I believe that we are just days away from a major upswing in price of gold which , most likely , will have a positive effect on our share prices…..Just need to get thru all these typical “gold downers” ( such as option expire , FOMC mtg , G-20 mtg , etc) presently going on and we just may see new all time highs——–even $1300 is possible….IMO
Arlene2,
If that were right (which it might be) won’t we end up owning more of the mine… ie more of the entire entity?
It would have to be the case, otherwise how do OLE benefit from opening the mine on their own dime only to share it with the exploration partners?
Thanks for the info,
kwhurs01
kwhurs01—–IMO , Bendon has agreed to finance 100% of the construction…..Of course they will have to be repaid but I am not aware of any details…Ole’s share of ownership will remain @ 43.5% but will have to repay the debt as production begins with the proceeds therefrom….Would appreciate any other inputs re what might happen IF Ole really does decide to try to start being a producer……
Just a reminder we now have a forum if there is anyone that wishes to have conversations on any topic they wish..
has anyone noticed mdl has moved up from the mid 60’s to .80 cents in the last week or so?
caliche
I saw on the ASX they’ve recovered from a dip a couple weeks ago (.80 back to .91). But still below where they were on May 31st (.97).
OK, since everyone thinks there will be more $ raised, I want to know about how many shares and about what price do all my friends think this will happen? My personal guess, which is not worth much, is about $20 mil for another year of drilling. Thats about 20 mil shares at roughly a buck. That should give them a good year to prove more ounces. Being a trader, I have personally never held a stock as long as I have ole. I see the potential, therefore I hold.
Thanks guys and I would appreciate responses from anby b, goldfather, caliche, arlene, and company!!
My guess was and is 15 million shares after the FS for over $1.50….Probably close late July/early Aug…..
Tony,
20M sounds about right to me. It gives Chet another 12 months to drill and negotiate. I too hate tying up the $$$ for as long as I have on OLE but I’d also be sick if I missed the finish line. My strategy has been to purchase any ip below .75 and live with it.
AB
Thank you all for your responses and I obviously hope that Arlene is correct in her projection. Looking back, they eliminated those options in order to lessen the blow of another raise. I, in a weird way commend them for that. Lets just hope that gold stays up here or goes even higher in the next year or so!!!
Again, comments welcome!!
Just saw grandich’s Interview in Gold Report. He mentioned many Jr’s…. but not a word about Ole. Interviewer asked him 3 different times for Jr’s to watch, and who he liked. And not a word. I find that disturbing. It appears to me that Chet
is still putting the muffle on the Publicity. I dont get it. With the FS weeks away, and supposedly ready to show multiple gold deposits… and greatly increased millions of Ounces. And not a peep out of this guy PG. They sell a record 2.6 mil shares a week ago, and follow it up w/ another 900 thou ( i think). Over 3.6 mil shares…. and this cracker jack PR guy doesnt say a thing about this record event of one of his companies. …Just another very weird situation from this Frustrating company !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Canadian side was stagnant today…but someone sure dropped a boatload of shares on the US side…down 11%…as I see it 30k dropped in the first hour..and 30k+ dropped in the final hour of the day… plaus a smattering in the middle
FWIW
h1
Plenty of desperate, cash strapped americans these days hoosier. I wouldn’t sweat it!
AB
IMO the fact that so many shares have traded the last couple weeks and the share price has hardly moved, is a negative sign. Today’s drop on the US side is also a bit ominous albeit the volume wasn’t overly alarming. I smell a $0.90-$1.00 financing and not much more.
$.90-$1.00 ????????
Who pays $.90 or more when shares are selling at $.80 and lower everyday. Financing is always less than current prices. Look for $.65-$.75….MAX. And expect that pretty soon as DS has already told somebody on this board that summer financing was inevitable. Not sure who spoke to him but did read in an earlier post on Caliches blog.
AB
I was talking of the upward end of the range as some here are throwing around $1.50+ pp price. Personally, I think they will do it above the big $0.70 financing from last year. So I would expect the financing to be in the $0.75-$0.85 range.