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Littlened
Yes there has, first of all they stated the deal would be completed by end of dec 2023. Then we got rns stating they have agreed to sell WG for $6.9m and half would be received by end of jan and remaining by end of q1. Alarmbells, still no deal, also this so called large operator why are they penny pinching?
Nevertheless, i think sdx at current levels is cheap. We await the news.
Maestro,no deadline has been broken.I am sure both parties in the Egyptian sale would like to have concluded the deal well before now.SDX have confirmed that no material changes have taken place since the last RNS.we must concluded that the deal is still on without any substantial change .That means substantial cash for SDX.$6.9 for West Gharib and much more from South Disouq which will require shareholder approval.All this suggests cash from Egypt more than the current share price.Thus the market cap has no value for Morocco which SDX see as their main business going forward.
It seems to me that the delay must be caused by Egyptian Govt. not yet having given formal consent to the deal.SDX have previously stated that they expected to get such approval,and with no material changes having happened we must assume that the approval is still expected.Thus ,while there might be an unknown unknown,I think the shares are grossly undervalued and any logical investor should agree with that.
Smellyben
I think on paper it looks cheap, i too am dissappointed with the broken deadlines. Citic have not extended their upfront gas offtake payment so this is a concern.
I dont understand what could take this long for sale.
So you still hold over 3m shares?
Thx maestro- I try to be honest as it's us against big players so we should always shar proper e info together- I made an extra 100k a year ago on another share because a poster pointed to twitter announcement before an rns - foreign company so probably didn't know the rules but I was already invested anyway but doubled down
I have never said sdx won't potentially end up well just I find the BOD communications and delivery awful and I can no longer invest when they are over 4 months late on their own deadlines- i cant believe any more pronouncements and am happy to miss out on any gain of they do deliver because I think longer term they will disappoint again but respect other positions. Anyway less than 150k now so over half way and share price has held up well.
I'm sure it's just lovely bureaucracy... Nothing sinister
No..
Im kidding.. SmellyBen is a decent guy. He could have stayed quiet and dumped his shares and the sp may have collapsed even more. As more would have sold not knowing what is happening.
Im interested to know why ksr is not in production yet but they need BMK well to be in production as quickly as possible. What are they up to.
An update is required..
Are you saying Smelly is selling his shares to me? Should i refuse ?
Its showing..
Helping SmellyBen dispose his shares.
In fact most deals in last few days are 'off book'
I bought 200k this morning,not shown on here.London Stock Exchange shows it as 'off book'.What is this ?
Tbh. You'd have to look really hard to find anyone who'd admit to voting Tory these days. Even old guys from Yorkshire are wavering!
Barhut keep up,I have told you before I am not a Tory.Ghengis Khan Renewal Party !
Oh gosh. This is desperate. Could be fellow tories
I have had a response from CFO.
Production from KSR-21 has not yet begun and RNS will be issued when it does.
No material changes have taken place in Egypt and RNS will be released when they do.
This board means exactly what they say ,no more no less. That makes them reliable in my book,they could almost be fellow Yorkshiremen !
I think you misunderstood me, im talking about funding the moroccan well they have spudded today.
In any event the sale payments will be neutral.What SDX takes out the buyer will replace surely ?
Maestro, SDX is a foreign oil company ,so is the buyer !!!!
Taking dollars out of egypt is still difficult.
Payments to foreign oil companies have resumed following the recent $57 billion support packages in Egypt.
It doesn’t matter what Smelly does.The events in Egypt will decide the share price in the short term and Moroccan ambition in the long term.
I haven’t bought any shares for 2 months but intend to shortly if no news from Egypt..
SmellyBen
Has 4m shares, he has disposed around 500k today, this will drag on.
Im interested to know how they will fund this well? No further upfront offtake agreed fpr q2 2024.
We need answers.
Come on Littlened. You said you have been emailing them for a while now with no answer, why are they going to reply now. You must be looking at a huge paper loss now. Just keep averaging down and putting that spin on it and maybe you might break even
I have emailed CFO for an answer
Thanks. Missed that. I am not sure why they didn't mention that in other rns's
The smell remains