The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
For those supporting MF - track record is very important. ACW must have helped and guided him and when he left MF was always going to be vulnerable. So much m&a activity been happening yet MF chose the worst possible deal. Paid very handsomely for not really doin a lot. Good riddance.
I shed no tears just happiness that we might be able to now create a forward path
Maybe this is the turning point that us shareholders have wanted. BKR was ACW’s deal and nothing to do with MF. The only deal made with MF was Tailwind which was an economic disaster compared to the Kistos deal. A few work overs here and there just doesn’t cut it. I bet he was pushed given his miserable track record.
What we all want is a deal outside the uk and maybe, just maybe, we will have a new CEO that is ambitious and can see the benefits of investing abroad. We have a war chest now with the new RBL so,let’s use it.
Of course with MF going it could become a dog of a Company and Mercuria can now do what it wants….
Let’s have some ambition!
There are a number of ways of raising money such as a Capital raise via new shares, a loan taken against assets etc. with no income coming in it’s going to be difficult.
I wouldn’t be surprised if they ask BP or the Jamaican Government for financial help, however, no certainties this will come off.
Jono,
Have you read the part of the rns about Jamacia? The part where it relates to the production sharing agreement? I bet that this has been amended to the benefit of Jamacia Government and that BL has had to make concessions to keep the licence. Would be nice to know what the amendment is….
BL is chasing his tail- he’s a market trader not a businessman.
The whole thing is a shambles and serious questions need to be raised as to perhaps why key info was withheld, Maria Licence falling through and Jamacia changes to the agreement.
I too cannot believe the Jamaicans have extended for another 2 years - what due diligence have they done on UOG or are they trusting BL on his word???
My thoughts today are with the thousands of people that will lose their jobs following the announcement by Tata Steel in respect of the Port Talbot plant in Wales. One of the main reasons is to transform the plant to electric and get rid of the coal fire blast furnaces. Victory to the eco warriors but at the cost of thousands of people’s futures. I hope they are happy.
So how does this affect SQZ and is it relevant? Well yes on both counts. There are currently over 200,000 people employed in the o&g industry both directly and indirectly and can you imagine the devastating effect that this would impact on Aberdeen if the same were to happen to the o&g industry? Chasing net zero goals will not come without costs and I hope politicians from all parties look at this before they start shelving the North Sea. Politicians will say that the transformation to net zero should have happened earlier with jobs transferring over to more green industries but there is no money about to do this and jobs are still required in the NS.
Tata Steel should act as a wake up call…..
I have a feeling that the Jamaica license will not be renewed. If it was that straight forward it should have been done now. All the changes in personnel and the sale of shares by various investors gives me zero confidence in BL.
If the licence is not renewed then this co is gone….
I think that you can look at this in 2 ways:
1) SQZ about to bid or acquire new assets? Good news if the right one and not in the NS.
2) no longer debt free, appreciate that they have debt with Tailwind which is manageable. Wonder if they are going for something big but with a huge debt mountain? MF has always said first and boasted that SQZ were debt free and now we might not be.
Wonder also if Mercuria have been pushing MF to do some deals which never happened since BKR….
I wish you all the best with UOG with a CEO constantly pulling the wool over s/hs eyes. If you can’t read between the lines what’s happening then you shouldn’t be investing.
The main point here is that you said the major oiler pulled out due to risk change and the rns said the asset needs work to de-risk. Which is right and which is wrong as I can’t tell and if it was a change of track, why was this not mentioned in the RNs???
Jonno,
I used to trust BL but not anymore. He’s in serious trouble over Jamacia despite what he might say. He’ll do well to save it.
I’ll keep saying that this is and always been a pure punt play but unless an absolute miracle occurs this is heading out of business I’m sorry to say. A raise won’t achieve anything now as all cash from that should be reinvested in the business - but what can you reinvest in??
I bet BL has a lot on including saving the licence!
Why has he put the failure of the farm in partner down to a change in their top down strategy when he clearly said that work needs to be done to de-risk Jamacia? Ameen - do not trust this guy…..
Every day he spouts constant lies and always blames someone else. The truth is he should be gone and start telling s/hs some truths.