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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 .
94 days before any news and it should have been just over 60.
That tells the story here.
The lowly sp drop tells the story of what the market thinks of this BoD .
What a disgrace.
They should take a pay cut and be ashamed of the performance.
Are they idle or just lazy regarding communications?
( No more General Melchett bumbling please, you could not make this up).
Time for a change of direction.
Watch out for the 'zimmer' frames in the next presentation :).
Getting ready for the excuses on Monday...
C.
What are your current thoughts regarny on this given delays etc
Well I guess we see. As it stands, the share price allows for a lot of misfortune and is currently very cheap. Let's see what Monday brings
If it was good news about W1 why would you wait until day 94?
You would be shouting out telling everyone, given the decline in this sp.
(Expecting lost pumps or broken parts stuck. Waiting for delivery etc. Who is on site?....)
Just look at last years charts. What a disgrace for failure and those high salaries.
Any news is not priced in, so market expectation is also zero.
Getting ready for more bumbling excuses and news after market closes on Friday, ready for Monday morning presentation.
How about telling us when shareholders can expect a Return on Investment JA.
Is it time to shake the BoD up and replace the 'dead wood'.? Who is going to be the fall guy...
They are about to achieve that 6p sp after the 10 for 1 conversion. It should be 60p...
C.
All depends really doesn't it. There Cld be good or bad reasons for holding info on w1 until shareholders meeting. Guess we wait and see.
It'll be end of year results... and a lot of excuses.
Surprised they are doing final results on a Monday. They will be able to explain how they got the SP o 6p......
Surely.. surely there will be an update on W-1 prior to this.
It's going to be a frosty session
If these are the only suppliers of equipment in town, suing might not be a sensible option - if you lived in the middle of nowhere, would you sue the only doctor available as he didn't turn up or put up with it and try ensure he does next time? And by the way the doc is a friend of your landlords and the chief of police......
Yes both are correct. It is the same company...
Do not forget this was provided by SENX last October regarding Tunisia:-
'Having previously defaulted on the rig contract, La Compagnie Tunisienne de Forage ("CTF"), the Tunisia state-owned drilling company, has confirmed the availability of its CTF-04 rig to perform the workover and installation of artificial lift for the W-1 well in Sabria. This rig is expected to be mobilized to the W-1 wellsite and commence work in Q4 2022. Once the CTF-04 rig has mobilized to the W-1 site, workover and installation operations are expected to take 60 days to complete. A third-party engineering study contracted by the Company estimates that the W-1 well will have mean gross initial production rate of 796 barrels of oil equivalent per day ("boe/d"), with the Company's net share being 358 boe/d.
Immediately following the completion of the W-1 workover and artificial lift installation, the CTF-04 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. The workover program will re-complete the well and is expected to take 30 days to complete. The Company estimates that the mean gross initial production of the N-2 well will be 385 boe/d, with the Company's net share being 173 boe/d.
Following the work on the N-2 well, the Company anticipates, subject to partner approval, proceeding with the workover and installation of artificial lift on the WIN-12bis well in Sabria in 2023. This well is currently producing and is the most prolific producing well in Sabria. The third-party engineering study estimates that the WIN-12bis well will have an incremental mean gross initial production rate of 1,668 boe/d, with the Company's net share being 750 boe/d.'
They seem to be overlooking their fiduciary duties to shareholders :
1. They recognise that CTF defaulted on the rig contract but did not supply any details of a compensation claim.
2. CTF-04 is well over 60 days into W1 workover, yet no released comments on the financial impact on the company.
If still on site rig costs will be escalating for CTF-04 otherwise it should have moved onto the damaged N2.
They said previously that the submersible pumps were on site. Are they working yet?
Has SM and JA been in Tunisia in the last month to make certain that there is not another '****-up' happening ? Things
or bits of things sometimes get lost in transit, especially on the back of a camel.
Could General Melchett about to be made the financial fall guy?
'Beware the Ides of March'.
The Poles must also be watching and waiting especially Sebastian...
C.
This has been discussed many times before, both markets are correct.
If share is 96p there how does that holding differ from 8.1p holding over here? Presumably not the same thing?
SENX is currently 5.10 PLN on the Warsaw Exchange. That is 96p.
Remember Aim may be a bit toothless in enforcing regulatory duties but Warsaw is not.
Their fiduciary duties regarding the issue of price sensitive information cannot be ignored.
Have they overlooked this in their inactive Tunisian cunning plan?
Wake up BoD it is time to provide the market sensitive information. W1 well workover..
(Could someone be working on a 'mates rate' deal getting ready to pass this on?)
C.
Reporting on W1 & N2 completion together isn't reasonable. Even if argue that it is the combined results that are material to the group's financial condition. There is an admission responsiblity to update on operations that could likely lead to a substantial share price movment, which W1 does. Throwing in an independent forecast doesn't change the director's respsonibility to that.
Best case scenario is that waiting for flow rates to stabilise, but then the proper practise is to put out a holding announcement to that effect. There is no excuse for the lack of update, and one can only infer on probability that difficulties have been encountered.
General Melchett the Baron.
Probably does not want to engage with shareholders. They are beneath him.....
They just keep the company solvent.
Golf is probably far more time consuming.
Now waiting for the next financial statement RNS.
Looks like they probably have not followed up on those pumping operations and are getting ready with another excuse.
Unless someone in Poland has plans to take this lot out on the cheap? A backroom deal in the making Sebastian?
Do any of the BoD know how to use current media communication?
(It is time to change up to smartphones from their old Nokias).
Can someone wake them up and pass them the zimmer frames.
Heading for day 90.
Waiting to see the hidden rig costs in the next financial statement....
How about a compensation claim for those rig delays in Tunisia?
The BoD have fiduciary duties to shareholders remember.
C.
Maybe the 60 days is working days and they have decided not to work weekends, holidays or golf days....
No rig movement detected.
End of year results due it under 2 weeks.
6p here we come!!
The CFO sounds like he looks and they haven't updated because they don't think it is necessary for a tiny company to do any PR.
The only possible explanation for the lack of news is that the bod have decided in their infinite wisdom to complete BOTH W1 & N2 well workovers before updating the market, so 60 + ? days, but as usual pi's are the last to know even though we own the company.
I think the other regular posters are on the same page as me, hence did not mention people in last post. Appreciate the time and effort others have put in to keeping us updated. More than the board do.
Will call investor relations. Anyone got facts like in Antha's message to save me the research.
Who bought a % a while ago. I can't find the RNS. I will dig but great if anyone can help.
Reg... are you not annoyed at this?
Biker... you have been in this s show as long as anyone. Any thoughts?
It's just unfathomable why they haven't given us any news on W1 when it all finished 23 days ago, it is their duty to update the market.
Tunisia is their last chance to redeem themselves as they messed up Romania big time, if the W1 & N2 workovers fail then SENX will probably just limp along until the cash reserves eventually run out, I hope to god they haven't turned in to a lifestyle bod.
phrases I'm half expecting to be in the next RNS "unexpected problems", "delay", "requiring further assessment"
The installation of artificial lift in the Sabria wells and the recompletion of the N-2 well is expected to result in a material increase in Sabria oil and gas production. 60 days ++ now and still no news.
It must be time to remind them of their fiduciary duties to shareholders.
Tunisian rig mobilisation started on the 24th November 2022 and the 60 day clock started ticking on the 15th December, that is 81 days ago.
Have those submersible pumps sunk without a trace?
Surely they are not still paying for that rig for an extra 21 days at W1.
What poor communications JA. Is it deliberate?
C.