Member Info for Callasjunkie

Hi Alaric. As you and Mclean have repeatedly posted that I am a non-holder (thank goodness, that's true), I'm faced with a dilemma. You know so much about this share and promoted it a few weeks ago at 41p. If it was a good buy then, it must be the opportunity of a lifetime at 29p?
Can you agree that this is an incredibly good opportunity...what with a new pipeline and FSO due to be operational in 2019 (according to yourselves). Or is it a complete load of excrement? Please advise me.

Crude up 11%+
San Leon down 5%+
Another milestone achievement.
I guess Fanning needs the incentive of another large bonus.

Some of the relationships on here are so close that Pythonissa may get jealous.

So that wasn't you that posted on 15 August. Has someone hacked into your LSE account and is posting under your name. Pretty serious!

Interesting, Alaric.
You do realise that two 3 million barrel FSO's implies two existing ULCCs.
There are only two left in service in the world (but were probably bought with FSO service in mind.)

Your 'research' which you suggest would be a newly-built platform is fantasy. No one would do a new build for an FSO when there are VLCCs (far more likely that the 3m bbl suggestion) around that could be purchased for less than $30m. (I must admit that I don't know the cost/complexity of installing water separation facilities).

Your post of 15 August "nor am i an expert but have done some research. the floating platform itself will be built and commissioned somewhere else ( eg. South Korea) and then towed into position and anchored. as an FSO it will then be effectively operational immediately."

What we might agree on is the future need for a new pipeline/FSO at some stage if the Nigerian authorities continue to be incapable of protecting their pipeline systems. The planning, installation and cost are sufficiently complex and of such a scale that a viable solution, if there is one, will require co-operation of the bulk of existing pipeline partners and will not, in your wildest dreams, be operational in 2019.

Anovas, it's looking for a sea-chest containing $9m of buried treasure.

Ab, I'm not sure about one individual. For instance Alaric struck me as having intelligence (at least until his King Canute-like defence of an operating new pipeline FSO in 2019).....as regards McClean, what can I say, other than I should try to be kind.

Question for Pavlov's dogs. Why has the share price been dropping for over 2 months, when you have been disseminating such fantastic news about this company?

Manyana, ever heard of JIC Capital? I've posted here about them a couple of times.

Really good spot, Rank. It could be a typo or APEC's partner, JIC Capital hasn't stumped up the funds to APEC. Looking at the APEC consortium with JIC and CNOOC (that's according to APEC) I always assumed that JIC being the investment fund would pony up the dosh. I pointed out before that neither APEC's or JIC's website highlighted any commercial achievements.

I'll ask again....
Why has the price kept dropping for the past 2 months given that the fabled pipeline and FSO, is according to yourselves, imminent?
Second, as you both assume you have better knowledge than I of the progress of this fabled project, has a plan been submitted to the Nigerian Minister and advertised as required under law?
Alaric, as usual, dodged the question. Are you going to dodge the answer again?

Alaric, Mclean, why has the price kept dropping for the past 2 months given that the fabled pipeline and FSO, is according to yourselves, imminent?

No, not an expert, but someone who can read English, interpret it and apply common sense.
Anyone can look up the Nigerian Pipelines Act, 1990, with specific reference to Sections 7 to 10.
Or they indulge in fantasy.

So Alaric, the pipeline/FSO is a bit of a secret but will be operational by the end of the year, because San Leon have said it and you have done your own incisive research.
Wow, this one could make the Guinness Book of Records as, when the internal planning is finished, the plan has to be assessed by the Minister and advertised in the Federal Gazette and all the local media and objections, if any, dealt with....all before a sod is turned (nothing personal). I didn't catch the advertising in the media. Has it taken place?
Whatever configuration an FSO might take, and there are many, wouldn't it be rather foolhardy to place major contracts before Ministerial approval?
I look forward to the fruits of your further research.

Please correct me if I'm wrong, but the only public statements that I'm aware of, from the stakeholders themselves, about the likely prospect of the FSO/pipeline have come from that infallibly accurate source, San Leon, except for the Eroton MD's statement that the project is only a possibility.

The RNS of 5th June spells out that the promised funds $24m are specifically to finance survey/drilling costs. So it seems PVR were certain to run of money to run general admin.
So I think current RNS's are disingenuous...my reading is that a near-term fund raise is inevitable with or without the promised APEC funds.

Just spent a few minutes attempting to research APEC and it's reputed partner JIC Capital. Whilst both are private companies, you would expect their websites to feature some of their commercial achievements. Zilch.
If JIC Capital is to provide the funds (?), it's a bit worrying that it's issued capital is just equiv of $13m. APEC was only put together in 2014.
Whiff of Sequa Petroleum??

Mamms, that's exactly my point.
If JOS is staying on, the RNS is seriously misleading.
Of course a way out is to change his status to a contracted consultant.

Mamms, I'm afraid that the RNS states that all technical staff are being made redundant.

Company looking for permission to do a Site Survey whilst the Technical Director is standing down with immediate effect and all technical and support staff to be made redundant. RNS looks like a "Dear John" letter. What of TOR?