Member Info for bobo

Likely to be taken out now. Nothing significant on the horizon, only a change in sector sentiment will drive this in the short term. Have to wonder whether the bod would reconsider an offer at 1.60

http://www.investegate.co.uk/salamander-energyplc--smdr-/rns/north-kendang-2-drilling-completed/201408180700073234P/

Knew I should have sold when I was in profit. Plssing me off now Back to sleep

I think they will be well into the business end of this drill It's always been a gas target, with oil possibility. Condensate (wet gas) is a positive, as I said it sells for similar to oil. It's often used to blend with heavy oil to 'lighten' it. I think it causes a bit of aggravation to separate and process.

hi wobbs....did you do chemistry? gas/condensate is a predominantly a mixture of Alkanes, the most basic form of hydrocarbons. (theres other stuff in there but this is the main stuff we are interested in) methane CH4 ethane C2H6 propane C3H8 butane C4H10 pentane C5H12 hexane C6H14 heptane C7H16 gas discoveries are predominantly methane, smaller amounts of C2-C4 Alkanes. When you get above C4 (butane) Alkanes become liquids at room temp, so pentane/hexane/heptane are liquids at the surface, hence the phrase wet gas. I think the phrase condensate is used because the C5+ alkanes arrive at the surface hot and are gasses but condense to a liquid as they cool. Condensate is a good thing and is sought after, the longer the Carbon chain the more things can be done with it in the chemical industry. Last time I checked it sold for similar prices to oil.

Wet gas was reported.......I presume they were talking about condensate.....and not the drilling engineers thai curry he had the night before. P50 500mmboe if I recall, P90 three times that I think

blowing through here, wouldn't think we were over half way through a transformational drill with 50% cos. where are all those rampers from TRP and TPET

another decent day here, volume well up

Seems to be holding above for now, which IMO is critical. It could signal an end to the selling of 6p placement shares. Very small free float here, so moves easily on low volume, usually retraces below 6p within a day.

has proved a massive barrier over the last 18 months.....ever since the huge placement at that price every time we poke our nose above it get pushed straight back down

Getting a bit tedious for me this one. Been in for years. Chris is right though, this well suspension and subsequent mixed results in the basin, although (if I recall correctly) a 50% hit rate including oil, caused a halving of the SP. Personally think the fall was grossly overdone and talk of duster after duster is just not true, people need to re-read the RNS from the exploration campaign. Obvious the recent offer was in the 150-160p region judging from the sp action, and it seems the board aren't interested. The bod rekon NK is a goer, and is already a discovery. Fantastic production rates, but lowish P1 for the market cap. Stick some decent reserves in here and a great recover play.

http://www.investegate.co.uk/salamander-energyplc--smdr-/rns/spud-of-north-kendang-2-exploration-well/201407020700041351L/ This is a really important well for smdrs value

rebound here today, would imply there is action in the takeover bid. The city insiders always know whats going on, you cant keep a lid on deals of this size, particularly when it involves companies from around the world

from CEPSA, not saying there isn't a counter offer, which could only help the final sale price. CEPSA recently bought Coastal who were another big producer in the area and are looking to add further.

leaves smdr virtually debt free, and values the main producing field at $700m. Debt and market cap come to $880m, meaning the rest of the company is valued at $180m in the market cap, which looks undervalued to me. Granted Bualuang is the jewel in the crown, but it represents only approx. half our reserves. Kerendan and Sinphuhorm have got to be worth more than $180m looks to me like the remainder of smdr is being packaged up to be sold debt free. If the result of sale process had only resulted in this transaction we would have been told.

Suggested this a couple of weeks ago, they recently bought coastal and were looking to further increase their footprint in the area.

Agree there, the city insiders always know the offer price and will buy up to a couple of % below, so I guess 150p Bit like buying a house, the first offer should be rejected, I rekon around 170p. Can't see then taking much less as all the board were buying at well over 200p a couple of years back, but with their oppies they should be well in the money. I also think they will accept cos I just can't see how this will get back over £2 in the next couple of years. Production growth forecast is limited and exploration has slowed after saddling the company with significant debt and limited reserves. Best for everyone to draw a line under this, I'd be happy to take the loss on the shares I paid over £2 for and move on. Strangely my average here is 146p, so anything above shows a profit, but I've had cash tied up here for two years and would like to move on.

We get paid the offer price for our shares Might have to wait a few weeks/months to get paid out. Alternatively the sp will jump to a few % below the offer price and you can sell up sooner

judging from the RNS I would think before the end of the month, hopefully next week

looks like a formal offer is being made http://www.investegate.co.uk/salamander-energyplc--smdr-/rns/salamander-energy-plc-opening-position-disclosure/201405161119483449H/