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A couple of days on site should be enough I expect.
But the RNS is vague about whether the equipment is there, so could be a lead time, and what are actually doing.
It is an improvement on the last workover. But I wouldn't put it beyond them to subsequently announce that despite successful operational completion of the well there is no actual production from the test.
Does anyone know how long this type of testing usually takes? TIA
Looks like investors are waiting for the actual figures . lets waits for few more days
So it seems is the market......not a single share traded. Not sure if that's as no one is selling or the original enthusiasts have run away and no one knows about this share
That is good. Let's hope we have a production increase too!
I'm in shock
Some positive news at last with successful well Workover. Let's hope the good news continues
He's been rewarded for all that work with 1.5m shares......I really hope this time next month we all think that was money well spent .. . .
We hit 30 days this week.
40 days by end of next week (latest duration as per 02/05 RNS).
JA desperately needs this
The problem is when something is so cheap, it is telling you something. What incentive is there to buy, knowing the BoD last 2 years track record.
You can have the best value product in the country, but if there are no buyers, it is worthless.
Market confidence completely shot...
Get the BoD some Tunisian mobility scooters, it might move them. The zimmer frames appear to be falling apart.
C.
Weekend review:-
Some need to 'walk the talk'.
This guy needs to 'walk the walk of sp shame'.....
Tunisia 30 days left?
C.
Mcap now £4m that was once over £40m.
What an award to put on your CV JA.
Total destruction of shareholder confidence.
Back to the golf?
C.
That's a good point about Fairclough. I'm not sure what great financial skills are required here - they need to manage costs above all. I think big bucks shld come from big successes, not regardless. The SP is so low that someone who came in with some out of the money options Cld do very well if there were even a small turnaround. I get the feeling you'd be good at the job Adon!
Q. 'I tried to get him to come up with some costs of the sideline pipe at the AGM but he wouldn't be drawn or even give a ballpark'.
When you do nothing you cannot provide any answers.
C.
The finance directors salary was 340k + share options. Compared to the non-exec directors which were paid 48k. I would suspect the financial controller wages would be a similar amount although haven't spotted an actual figure.
JA's salary in comparison was 478k plus share options.
Without either of them that would be a 820k saving and probably pay for a side track in Tunisia....
Research,
Point 2 was the FD (Finance Director) resignation and the FC (Financial Controller) taking on the role.
JA is a financier not an oily person., but has lots of gas to expel.
Ditch Romania I agree, unless they want to look at carbon capture within their concession area.
Tunisia was always the jewel prize worth the wait.
The problem is they do not seem to do the work needed. Just look at the past RNSs.. Living off past reputations?
Where is the compensation payment for those long delays in Tunisia?
Their receptionist would spot that one.
Put golf on the back burner and do some work is my suggestion.
Look at the amount of oil that could be pumped up in Tunisia.
There is also that lifting which should bring in around $4m.
Too laid back or just old, worn out and lazy? That is the question.
Mcap going down again...
C.
Some very interesting points Agricore.
1. I didn't understand your point 2
2. On Romania I suppose there's a chance that the govt will reduce the super taxes that make it uneconomic.
3. Cutting costs seems to be the way. Auld looks a bit too grand to do that though - in that online interview I saw a while back, he came across as quite self-satisfied and pleased with himself, although it's hard to judge from a video alone. Maybe you shld give Hadron a call and apply for the position (Incidentally I tried to get him to come up with some costs of the sideline pipe at the AGM but he wouldn't be drawn or even give a ballpark).
ResearchCentre,
Going by the annual report 2022 they have net assets of $36.8m which over 110.8m shares is $0.332 or NAV of 26.5p per share. But it's not clear to me that these are in any way disposable. Current assets/liabilities net to near zero so there's 26.5p per share worth of E&E, property, plant and buildings (PPB) potentially realisable at zero. Both Romania and Tunisia are concessions - i.e. Serinus doesn't appear to own any land so the PPB is just plant and buildings. Do these actually have any kind of realisable value?
Both concessions require minimum levels of expenditure and this appears to be part of the problem. Plus perhaps some empire building on the management's part maybe? The comment made by management that Romania has delivered $100m of revenue is an interesting one. Yes it has, but what profit has it delivered? Looking at the 2022 accounts so much of the revenue gets swallowed in various costs which appear disapproportionate.... to deliver 163 BOE per day of gas in Romania (in Q1) required $0.6m of capital expenditure in Q1 - for what exactly? If it halves and halves again at what point do we say forget it rather than spending millions more chasing minor reward.
Some sobering thoughts - based on today's market cap of $5m:
1/ Not spending that $0.6m on Romania would afford a 12% dividend yield to shareholders!
2/ If Fairclough weren't replaced, and the FC manages the accounts with Jeffrey's help the company could provide a dividend equating to a 20% yield to shareholders.
3/ The Audit Fees were $450,000. Finding a way to half that gives another 5%. i3 Energy had an audit fee of just $120k in their last annual report.
It feels like putting a knife to the costs, seriously reviewing whether holding on to Romania is worth continuing (it's worth 13p of the 61p per share unrisked value), or even putting the whole company up for sale?
As a positive, running the numbers for the N-2 workover "should" deliver 173BOE/day. That's worth a further $3.4m of netback per year. It does illustrate how the Tunisian economics seem to exceed those of Romania..... so long as the company can get those damn rigs when they need them!!!
GLA
Given Net asset value of 25p a share and a promise of cash coming in from an oil lift shortly and financially next qtr shld be better, I'd have thought this was cheap now.
Looks like Mcap will go below £4m this week.
Are the Senior shareholders who voted for JA watching and satisfied?
The market tells all, regarding what it thinks of this CEO.
Tunisia - no contractual compensation for those long delays and no plan B prepared?
CFO resignation. Probably fed up with being in the SENX financial firing line and worried about what comes next.
A shambles.
C.
I can't see Hadron doing that. More likely this is a fraction of a percentage of their holdings so doesn't come up much on their radar so maybe someone needs to speak to them?. I don't think ultimatums do much good if someone doesn't have the skill set. What I am trying to understand is what has gone wrong, how much management are to blame and what better management might have done. The set up is clearly wrong - huge salary regardless rather than huge salary dependant on results. Management can't be blamed for super taxes in Romania. Dry wells also happen - wld better management have made them produce? (Question not a statement - I don't understand enough). They presumably shld have had a plan B lined up in Tunisia in case of junk at the bottom of the well, which does happen despite protestations it shld have been on record. Anyone here offer some actual analysis (not just whining please)?
Get the Senior Shareholders together and advertise the vacancy knowing that JA is on his way.
Alternatively use a recruitment specialist like most firms when they retire someone off.
JA must be a good story teller but will he survive the next round?
Produce the goods or go must be the message from Hadron or do they have another ulterior motive for a financial sell off on the cheap? Buyer waiting in the wings with a fat deal commission?
C.
The interesting thing is 75% did not know or cldnt be bothered to vote at all and those that did strongly supported management. So who are they? My guess is that Hadron Capital have spoken to Auld and he's convinced them that the next wells will work out. Lots of people whining on this site but no one offers any suggested way forward with specifics. If you want to replace Auld who do you suggest he's replaced with and what will they do?
Do not know how he can sleep at night.
What a disaster.
Come on JA do the decent thing and resign. Just look at this SENX sp decline. The Mcap is going below £4m.
What a story to put on your CV and to be remembered for....
The market has lost confidence in you and your CFO must have told you some home truths before going.
Admit it and stop fooling yourself. The market is indicating that you are 'past your sell by date and out of your depth'.
At least the CFO read the indicators and had the decency to go.
A reputation still counts with him. Even Gen Melchett gets somethings right at times. ;)
This is a total shambles.
The buck stops at the top....
C.