Sefton summarised the half year thus: “The company's revenue and production is increasing. At the half year stage of 2013, the company was cash flow positive, bank compliant and with cash on hand despite certain limitations (production restrictions and one-off general & administration costs (G&A) and lease operating expenses (LOE)) and is exploring opportunities with various entities to fully develop the company's assets.”
Anything above break even is good enough for me, there are many companies out there in production who cant match that, there are even more in the exploration stage who are valued at many multiples of SER with zero income and years away from any sort of sales income. My take on that is its not all doom and gloom here, anything making money in the plus range with the capacity to increase on that through improved production and cost cutting especially after all the negative press has to be given that chance by its holders.
I am not a huge fan of tw myself as he has already cost me money with ahg , now mafl . his analysis is often flawed , especially on the upside of things . but having said that , credit where credit is due , he caught jim with his trousers down , and has been taking advantage ever since . this is what makes me question where tw has gleaned the information from , in my opinion he just does nt have the ability to have worked this one out himself , so its likely an internal whistle blower has provided the ammunition . the short term outlook here remains bleak , and I cant see any upside until we get a new management team , whom investors and the city take believe in . for those who choose to believe the promises of progress shortly to be made by jim et al , I suggest they read back on previous announcements , to see those same promises having already been made several times before . though I must admit , he left the spin out this time , he must be learning . the company is operating at just above break even , so lets hope there is scope to improve either the margins or production levels , with minimal costs . if farmer giles pulls his finger out , we might even finish the pipeline this side of xmas to cash in on gas demand . I personally would feel ashamed , and have started with an apology for the failure of any progress , but not ser , this is the way they appear to choose to treat investors. could it be the lack of progress is down to not having the cash to hand ? I will leave that for others to decide .atb
As I understand it we had some person or persons hacking into REM computers and stealing confidential information. That suggests to me there may have been some collusion between the hacker and those purporting to know so much about REM's business dealings, I for one would be asking questions about any discrepancies in regard to the knowledge gained from public information and that reported and published by its antagonists and the timings thereof.
excellent analysis based on the facts we know and the uncertainties where we are kept in the dark. It was the first thing I said this morning when I saw the RNS, the total lack of anything about who is running the company. If they had said in the RNS that JE had left completely and even if it was Mickey mouse now running the company we would now be seeing an SP of 0.60 or imho. As they didn't say that itmeasn he isstill running the show a guy who has had to step down in disgrace and even if he was not a extremely dubious character who has sucked the company dry there can be no doubt that he is a totally useless leader of this company, even themost staunch fans of Sefton said as much after he was fired. There is absolutely no confidence in him in the city and as long as he is behind the RNS's it doesn't matter how good the news is, it is simply not believable because we have been lied, misled and trapped so many times by JE's statements. Even if the rest of the board are his friends I cant understand that they cannot see this and take some action and the total lack of info in the RNS about the leadership of the company is scandalous.
The other issue to look at is the cash situation, looking very weak as suspected and if the Capex has continued just in line with the first 6 months which was the lowest for many years we ware very close to 0 even if the higher income the last 2 monthe are taken into consideration. The production for the second half of August was below 150 BOPD so I am not too hopeful that the production can be kep up over the next few months and Kansas has not developed at all.
I am still happy we are back in business but we still need JE out and a quick deal on cash and it cant come soon enough!
Its not just the Sefton board looking at the court case and email crap being put out, this would not have been taken out of suspension if they did not have a good look at the facts. Lets hope the twins can afford if they lose. Perhaps BMD was counting on his profits from AMI, his view was they could go to 4 pounds the other day and the best they got to was less than 2 pounds fifty. I am not saying Sefton BOD are angels but pot kettle black springs to mind.
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