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Nor me once this and URU turn to dust ( then thats my days over investing in AIM ) - check that one out CEO there said it would be £45 a share consolidated down run very similar to this shambles - takes a salary does zero false info rinse and repeat
corruption at its best but they get away with it
Stick to FTSE and dividends paying shares
Had a holding here since 3p in 'old money', and as I look total capital destruction in the face I can't help but wonder if this share has been deliberately driven down to sell at a low ball price. The management are lazy, incompetent overpaid troughers with no sense of responsibility to shareholders for sure, but with the cash in the bank the company has to be worth more than $7m. Never seen anything like it in all my years of investing. The good news is, it's the last share I'll ever buy on AIM.
Mcap is a lowly £7m.
Is it deliberate laziness?
Come on Sebastian make your move and oust the lot.
C.
Antha, if you had a short on SENX you would have made even more.
Hit 6p what a disgrace JA
The market is a harsh judge.
The BoD should all resign for total failure.
What a shambles.
C.
Antha, I also looked at BOIL and decided against it. I haven't followed it either. Cheers for letting me know what I could have won. Lol..
The call yesterday was an exercise in passing blame contradictions and general nonsensical excuses. They stated how underdeveloped Romania is and then started on about acquisitions.
The point of the question on buying 5000 shares was, they cost 500 quid. Why bother? The RNS is about 300 pounds, I believe.
They should be anticipating things . There is a chance old wells will have been botched at some point. Somebody should be saying, I have done this before so watch out for this etc etc.
They stated they were starting the workover in December and gave an expected timeframe. Significant changes should be reported to the market.
A management team is judged on results. They have failed, therefore they need to go. It doesn't really matter why it went wrong. They don't have a good enough record to be given a pass on a single mistake let alone multiple failures.
Running a company in a developing country is tough. I do it myself. I get the issues with regulation and licences, but you spend time on the ground with the local team ensuring you are abreast of problems. They can't be the only company having issues with slow licencing. They should be aware of what others have faced.
Without success on these workovers, a capital raise is likely to be needed at the end of the year. We all know what this means. An investment of 10 grand is now 2 grand which becomes 200 quid. Then rinse and repeat on share issuances. They continue to get paid and buy 1,000 pounds here and there to show they are invested.
Utter rubbish and total incompetence, and that's just me and my share picking skills. These lot are on a different level.
Same with me . Every time I top up it goes 30% down . Lets wait for W1 and N2 well workovers . It may be 11p -12p in a blink of an eye with W1 results and back to 20p with W2 results if all successful . I will hold on as no point of selling now .
JA thinks we got assets worth 80M if I hear it correct but today we are valued at 7M :)
What annoys me the most is at the time when I bought in (May 21) it was a straight 50/50 choice between this and BOIL @ 0.06p, on paper SENX was the better run company with no debt, money in the bank and production wells, unfortunately I made the wrong choice I simply didn't take in to account the continued falling production in Romania, the complete lack of news, PR and sentiment, and the absolute amateurish way the bod and especially JA have run the company.
To put it in to perspective how bad a choice that was, if I had invested £10K in BOIL at the time it would be worth £24167 today but has been as high as £58333 recently whilst SENX would be worth £2189 today which is 91% less than BOIL :-((
Just goes to show how hard it is investing in shares especially O&G companies, my hope now is for the W1 and N2 well workovers to be a success so that they can compensate the Romania decline, if not then I'm selling up and moving on.
Easy to blame it on the market I guess than my ****e investing lol
There's the 6p that JA promised us all.
He needs to learn to keep his mouth shut. Paid half a million a year for this shambles
I posted this over a month ago and can now fill in the blanks. And unfortunately also nearly at the 6p I said with the latest set of results. Really disappointing. No idea what happened to Veg....
Let us hope that my double in 6 months comes true as well.....
Let's play spot the trend.....
Q2 2021
o Romania - 1,442 boe/d
o Tunisia - 570 boe/d
Q3 2021
o Romania - 1,242 boe/d
o Tunisia - 568 boe/d
2021 Avg
o Romania - 1,078 boe/d
o Tunisia - 571 boe/d
Q1 2022
o Romania - 610 boe/d
o Tunisia - 505 boe/d
Q2 2022
o Romania - 485 boe/d
o Tunisia - 521 boe/d
Q3 2022
o Romania - 421 boe/d
o Tunisia - 517 boe/d
Q4 2022
o Romania - 379 boe/d
o Tunisia - 510 boe/d
I decided to holding up as still a chance to turn around the SP very soon . But JA must responsible for share holders . Continuous drop in SP and keep ignoring it its a big mistake . Use 100K you can stabilise the SP around 15p ? . Imagine a CEO with good PR in SENX and with current status what is our SP today ? Much higher than today's values . He saying they bought 5000 shares in Oct because no shares to buy . Buy it around for 12 to 15 p you can easily get the quota filled and stabilise the SP . Investors paid 20p plus to initially buy it . As a whole total percentage fluctuation is not significant even-though we were 8p today . So buying 6-7 % probably stabilise the SP. But they dont care about it unfortunately .
They struggled to answer the questions convincingly. He answered quite a few of mine but dodged some too.
If W1 fails we are doomed.
IMO. Operationally weak and can't figure out how to deal with Tunisia. Their jobs are on the line and seemed like they knew it. Investment strategy failure after failure.
Sorry to be so negative...anyone got some good news
- W1 Workover: whilst massively delayed (I don't believe it's all down to an unforeseen permit situation) sounds like it's right around the corner
- No future dilation required to achieve '23 aspirations
- Romania exploration is the key for a return in '23
- 'Explosive' should they get their house in order
You could tell they are feeling the heat and the Q&A section had some pointed questions towards them. They really need 2 or 3 good bits of news to hit if they're going to be sat there comfortably in another 3 months.
2. Commitment to Shareholders:
· Cohesive management team with a commitment to enhancing shareholder value
· Abide by the highest thresholds of disclosure for an AIM-listed company
· Extensive experience and a proven track record of the allocation of shareholder capital
Actually in the RNS, not a joke unfortunately
Pretty much the results I was expecting, still no news on the well workovers, if they had failed it would have been mentioned, I think they will release news on both after N-2 is finished and hopefully that will substantially increase our bopd.
What a lazy explanation:
In Tunisia, the workover to install the first submersible pump for the Artificial Lift programme has commenced at the Sabria field. Plans for additional pumps in the Sabria field are being progressed.
Day 94 JA and where is any financial reference to a default payment due relating to the CTF delay.
Is anyone doing anything in Tunisia?
No more hiding. Speak up at the presentation, do not pass the buck to General Melchett in finance...
It looks like it is time for a change at the top. Time for a pay cut.
Lacking direction and being idle while others are growing?
C.
“ Money in the bank down by 4 million. ”
They paid all their golf course fees…..
EOY average production rates for Romania down. Suggest q4 was bad so not much hope for q1 results. Only high gas and oil prices have kept them going through the year. These have dropped since then.
No point having a water injection well if wells are hardly producing anymore.
Nothing on Tunisia….. just the old guff that was already issued.
It's going to be an interesting meeting.
The board stated the workover was to commence with an estimate of 60 days. It hasn't happened. Something delayed it and they didn't report it. Pull me up if I am wrong.
Money in the bank down by 4 million.
What are they doing?
Thanks O2.
Here is my bet on news today:
1) JA is stepping down
2) Partially successful in Tunisia, still monitoring flow rates or some such guff
3) Planning on this, planning on that but can't confirm when, who or how.
4) In talks for a buyout.
All speculation and if you go by my usual success rate, I will get all wrong.
Anyone else got any thoughts...
Remember this is what they released on the 3rd Quarter:-
Tunisia extract -
The Sabria W-1 wellsite has been prepared for the intervention which will install the first submersible pump for the
Artificial Lift programme in the Sabria field. All materials required for this intervention are in our in-country
warehouse. The Company signed a rig contract for the CTF 006 rig and was awaiting mobilization from another
operator and the workover and pump installation at the Sabria W-1 well due to commence as soon as the rig was
available. CTF notified the Company that it was unable to deliver the CTF 006 rig as contractually agreed. The
Company worked with CTF, its partner, ETAP, and the Ministry of Energy to procure an alternative rig as per the
terms of the previously agreed CTF rig contract. CTF has now agreed to provide the CTF 004 rig to perform the
well workovers. This is currently being demobilised from another operator and will begin workover operations in
December 2022. The completion of the planned operations is expected to take 60 days.
Upon completion of the workover and pump installation at Sabria W-1, the rig will move to the Sabria N-2 well to
perform a workover to recomplete the well. This well was drilled in 1980 but was damaged during completion and,
although in proximity to producing wells, was not able to flow oil to surface due to damage during completion. The
workover program will re-complete the well and remove any wellbore restrictions.
All long-lead items for the Sabria field artificial lift programme have been delivered to the Sabria field.
Day 94.
We are waiting....
When will the BoD improve those shareholder communications? This is 2023 not 1923....
That is why this sp is 'in the gutter'.
Also waiting for some news on a shareholders 'return on investment' (ROI).
What was the penalty price to CTF for not delivering 'on time'. How much have they received?
This BoD have fidicuary duties to shareholders to protect their investments.
C.
Let's see what Monday brings but I think there will be 2 RNS on Monday morning. One with news on the workovers. And the other with results. They have form for bad news released with the results.
If they fail to answer issues or refuse to accept any responsibility or make changes, I will also support a shareholder group to have them removed/replaced.
You can't have the shareprice down this much and pretend all is well.
I think Monday will be a boom or bust day, if both well workovers have failed then the bod will try and hid it in the results hoping no one will notice, however if successful then they will probably announce it during the results, still doesn't explain the unnecessary 34 day delay though.
The fact that there hardly any sells is probably a good sign, I still think this could go to 30p in the short term with increased production / share buyback / buying new asset / TO etc, but one thing is for sure the bod must release news more promptly and start earning their wages.
@ DADI, first step is a Share Holders Action Group (SHAG) then with enough shareholders onboard call an EGM with resolutions to replaces certain directors i.e. JA, it's actually quite a simple process and the directors will only have themselves to blame.
Do they get paid any bonus via shares ? Just wondering why mgt ignore dropping share price. They can easily buy back few million shares stabilise . I guess still around 6-7% buy back allowance is available to utilise .
Agree with O2B@C new direction is needed . But how we do that ? Looks to me majority are small share holders like you and me with around 60% ownership with no real influence over priorities .