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O2... don't think it will. We are on a Serinus board and hold stock. All of us will actively tell people to stay away.
We need to push for a change at the AGM
In theory cheap as chips with a lowly Mcap of just £6m.
But will this attract any funds with the past performance of the BoD?
C.
Got knee problems last year possibly kicking too many golf balls and not 'ar*e* (*=s)??
Where is that compensation for the major delays on the drilling in Tunisia?
That should have been a contractual 'no brainer' even in Tunisia.
Looks like this is being set up for a 'low ball' sell off at mates rates.
This BoD has even got its own financial General Melchett of Black Adder fame.
AGM next for those 'pompous' financial failure excuses.
All we need is for Baldrick to turn up and sort things out with a 'cunning plan'.
( Lets give ourselves a special failure pay rise ).
This Mcap is now just £6m... A Shameful performance.
C.
Let's see how many pple on this board. Click recommend if you see this
That is just less than 6 weeks away.
They have to turn something around before they get voted out. A vote of no confidence is well over due...
Come on Sebastian it is time to show your cards...
C.
Just look at the wording of that RNS regarding W1 workover
'The Company and its partner, ETAP, have reviewed the progress and determined that the workover will be suspended pending investigations of alternative means of completing the programme'.
They must have anticipated such problems and obviously did not have an immediate Plan B available.
Is it deliberate sp destruction with someone waiting to get in on the cheap?
Financial shenanigans?
It is time for some fresh minds on this BoD. That is 3 failures on the trot.
Turf out the 'zimmer frame brigade'. What have they produced for shareholders in the last 2 years?
A Shameful performance....
C.
They won't do anything else in Romania until they have success in Tunisia. I think this will reduce the CAPEX and firing the board would reduce the office expenses.
However, without success in Tunisia a capital raise is likely towards the end of the 3rd quarter. I believe this will be under new management with yet more grand plans.
This has incompetence and lack of thought written all over it. JA will blame operations saying he is more of a finance guy in his next job interview.
I won't sell, staying a victim of the sunken cost fallacy but fully prepared for my investment to be written down to zero.
Yes but they don't have to keep spending the cash.
Look at the capex though mate burning thru cash
Must say the sp is completely out of whack with the operating profit and what's in the bank balance, at some point it will turn.
Got to agree about the bod though, complete muppets with JA's reputation in tatters, please resign before you are eventually turfed out by the disgruntled shareholders.
And 1/7th of last years turnover - really strange dynamics. They must be aiming to take this private, although if so why not buy more shares back at this SP?
Very Strange - I'm going to add some over the next few days.
Jeffrey Auld, came in with big promises.... all sounded great and his experience was reassuring... I recall the words "transformational for share holders"
He wasn't wrong! lol
Transformational to the downside...
Why hasn't this clown been sacked???
£6m Mcap.
They should have that much money in the bank balances, but it is what it is.
What a joke outfit....
The BoD should be ashamed of themselves.
C.
Too many failures being put down to bad luck?
If this was a football team the Management would be sacked.
Time for a change.
Come on Sebastian it is time to 'turf them out'.
Incompetence is evident by the sp.
The BoD must be laughing at the market all the way to the Bank.....
C.
Looks like a CTF Tunisian drilling company is very experienced company even-though its a monopoly provider . Lets wait and see .
NUMBER OF WELLS drilled since 1981 297
NUMBER OF WELLS MAINTAINED (Workover) 1321
YEARS OF EXPERIENCE 38
Correction: Last three years not days
There is nothing game changer here, Management has been lying for last three years. Only thing they have done is to ensure they CONSISTENTLY deliver failures one after another. Check out share price for the last three days. Complete share holder wealth destruction.
Despite of all the failures they keep paying themselves huge salaries.
Seems to me wld be a game changer if they get the well going.
To be fair, the permutations of what can go wrong and possible contingencies during an old work over are extremely large and difficult to plan for. If a sidetrack is decided that also requires detailed planning and ordering of equipment and contractors. It does seem like a long series of bad luck though. Hopefully this will change. Not sure the government has taken the rig back?? Looks like they are planning to move directly to N2.
Syste are these problems manageable ie eventually they shld get the wells working do you think?
My prediction for the W1 RNS a while back was sadly pretty accurate. When does a series of 'bad luck' start to look like incompetence? Probably about 5 RNS's ago.
These are very old wells so surprised they didn't have plans for dealing with debris. Yet more cost and time to do the sidetrack. When will the government let us have the rig back again?
Is there any reason why N2, which was previously damaged in completion , will be any different?
Does anyone here have a good knowledge of oil exploration? Problems are usual in oil business I would have thought but they seem to working around them hopefully
Cast an eye over todays RNS and saw old SENX - read it - usual let down from a dreadfully run company.
At least we've got a spare pump available.
I can't see how they could have predicted the problems down hole. Side track sounds sensible. Thier partner also proactive in moving straight onto the next well.
Glad the we'll continued to produce during work over otherwise a big blow.
Given up and moved on.
BOD needs to go today.