Member Info for Aimster

Sorry …. Matt should read Markettimer

One of the main criteria they have for doing business is the being a Scotsmen it seems. Even the fertiliser people are Scottish.

Matt … there was no need to disclose who the offer was from, I just wanted to know what the offer was. He stated the offer didn’t meet their criteria. What was their criteria? Surely as a shareholder he should let me know what the criteria was? Don’t you want to know what criteria they used for first stage approvals?

Yes HighlandMatt, the more you look into the dilution slide, the more it winds you up! He uses 0.3p per share as a starting price. If they had had the funds available for CH-1 the SP would have been above 2p on run up to spud. After spud who knows, but that could have been the time to do a placing for the next stage.
Also he never answered my question regarding the offer from a private equity group. I suspect the offer was to buy the company, putting Tom out of a job. That’s why it didn’t meet the criteria.

Slide 6 annoyed me with regards to the risk and dilution moving forward with Ruvuma. They do a scenario with CH-1 as a NO discovery. Which is completely incorrect. CH1 is an appraisal well with an additional exploration at the lower Jurassic layers. It is the most conservative analysis.

They had £2m in cash at the end of 2021 so how much do we have now I wonder to pay Prolific?

They would not sell the asset until they received fair value was the message that was conveyed on a regulate basis. Us PIs believed fair value was $20m plus so expected the BOD to have funds in place to continue with the project if fair value could not be achieved. But unfortunately they didn’t and had to except a low ball offer.

On Slide 15 titled Cash Movements by Specific Costs from YE2017 - YE2021
On my iPhone, iPad and iMac I can see the graph of the various percentages but I can't see the breakdown of costs associated to those percentages.
Is this the same for everyone?

“There is a real risk now that this is the curtain call for SCIR and shareholders could lose the lot.”
Don’t you ever stop? I suspect before Q3 you will be gone.

Looks like there will be no taking cash out of the kitty for a few months. The bod may have to default on their energy bills.

There was no mention of how many HE1 shares we still have. They sold 17.8m shares at an average price of 19.1p. By my reckoning we should still have 4.5m left. I can’t see them selling the remainder into the market below 10p. Also no mention of Kiliwani.

Mrc … I can guarantee you the company will not be going under. I think the ARA deal will go through quicker than we think and the BoD will most likely have a couple of acquisitions under their belt before the end of the year. Perhaps you can then take a break from your agenda.

44RJ … nothing was mentioned with regards to timescales. Like I stated, ARA was used as an example of the existing deal.

I’m not going to defend the BOD on where we are today, but I did like the transparency in the slides and I think they will be more attuned to shareholders wishes moving forward. Nothing was mentioned with regards to TPDC but it was emphasised that the deal with WEN is the same deal with ARA. Also any monies loaned from ARA for Ruvuma development until the contract is signed will effectively be written off by ARA. Additionally if the deal is with ARA, I would expect it to go through quicker.

The AGM slides haven’t been uploaded yet, but I believe they had £2m in cash at the end of last year.

The SP is painful I agree, but there was a lot of info in the slides that I need to digest before I make a decision what to do here. My initial impression was that the slides showed a lot of transparency and answers a lot of questions. I think the company is at rock bottom and can only improve from here. The big question is how long will it take the SP to recover.

Steve …. Anything is possible until we get information via an official RNS. IMO the best scenario for us shareholders now, is to sell the company for £10m plus so that we get over a penny a share. I can’t see that happening though as the bod want to keep theirs jobs and the SP is a low priority for them. If we carry on with the current strategy IMO we may get to 1p by the time Ruvuma starts producing first gas.

For the 100th time, the binding agreement is with WEN. Just like the One Dyas deal that also fell through. The other point, I can’t see TPDC taking 25%. They normally take around 5%, so how would that work out?

Tomorrow Tom will be talking bullsh@t about adding value for shareholders. Just remember we are in a similar position to AEX in that we own 25% of Ruvuma albeit that they have a free carry to production. We have a MC of £2.5m while AEX has an MC of £36m and MOST investors expect their MC to go above £100m during CH-1 drill.
Tom if you read this do the right thing and resign or put the company up for sale. You are steering this ship without a rudder.

Thanks Pete. I was hoping to sell most of my holdings after the appraisal drill. I see the further drilling for oil to be too risky for my liking. But if it’s like you state one RNS for the completed drill it may not be to bad with a no oil show if we have a large or multiple thick layers of gas.