Member Info for cperkin

Ok Captain, clearly you don't want to answer that one for obvious reason, lets move on.

No I don't see that Doug would have very much at all to do since reviewing the work programme and I assume being involved in the now resolved tax dispute.

Let me know what your email response to the BOD is please, about time someone else stepped up.

Interesting Jiff, was it in Tanzania? I expect if the sale is to a foreign entity, even if completed via the local legal entity then Government approval would still be required in Tanzania.

Dan it's not the UK. Initial registration is nearly $35,000 alone, never mind the employee, office and associated tax, corporate bank account, etc etc.

So back to the question,

How is not having an unnecessary legal entity and employees and all the associated costs in a country where you don't operate such an example?

How is not having an unnecessary legal entity and employees and all the associated costs in a country where you don't operate such an example?

Setting up and running a legal entity is expensive, especially if you have no need for one.

Hi Jiff, I don't believe SCIR have a Tanz listed entity and it's only the operator that needs one. I could be wrong but I don't ever remember seeing any reference to such a listing.

Guessed wrong yet again there Captain, more likely your work based on History.

Well if you think 17 loss making companies makes a valid case for investment then fill ur boots sausage!!!

Bit of research might not go amiss.

https://find-and-update.company-information.service.gov.uk/officers/UhbuxMO1PAAtKWLutRYFTBCSeYM/appointments

Relevant if you are an investor, irrelevant if like you you are not.

"We are also employing local companies to perform the work of drilling," he noted, adding that the project will be accomplished in 2023, whereas the gas will be used for the next 25 years.

Who knows if a sale will go through before the drill, we don't even know what month the drill will be yet, July, August, September based on the operator.

Unless of course Dan you and Frank have yet more inside information ref my question on the finance you keep avoiding

Face reality, I did not say that it would be Dan. I was responding to your and Franks point ref finance & I see you completely diverted away from my point and question?

That's just an assumption by you Frank ref finance, unless of course you and Dan have some inside information I am not aware of?

We all know absolutely nothing about what the BOD are doing about finance for the drill beyond what they have told us via RNS. What we do know is a dilution at this price or below (Assuming the usual discount) will be painful for holders if required and the asset is not sold before money is required for the drill, forecast for Q3

Extract from the RNS below, covering both points.
"As Scirocco moves towards these key operational milestones we are continuing with our ongoing discussions regarding possible farm-down and divestment options, while simultaneously progressing our funding options in the event that we retain 25% interest in Ruvuma at the time of the CH-1 well."

· "APT continue to progress with well planning for the CH-1 well with key contracting now being undertaken. The operator continues to target a Q3 spud."

Like I said, sale of the asset (which was sold recently for $20 million for 25% ref AEX deal) or fund the drill and drill CH1

I still can't get my head around why Mr Aaron LeBlanc was appointed as Chief Operating Officer of the Company back on November the 4th 2021, what is there for him to do all day?

ENQ

Oh sorry there Dan, I was following your example from the ENG board and all the derogatory names you have been calling posters there. You are right I should rise above your level, well noted.

No not saying any of what you are imagining I might be saying Frank.

Just pointing out that your new lover said last week that the BOD were going to give away the asset for free and this week he is saying there will be a placement to protect them and fund the drill

Nothing has changed (unfortunately) Sale of the asset or fund of drill...I have been posting the same statement for weeks now.

Give over Dan, you are full of it.
Seems you are forgetful yet again.
mrc_mrc_mrc_mrd

Posted in: SCIR

Posts: 3,379

Price: 0.50

No Opinion

RE: Placing at 0.4p?23 Feb 2022 07:56
Mjapac- I believe the BOD are desperately trying to sell. They think AD is the future and I think they are probably right to prioritise that.

"My view is there will be a fire sale or straight relinquishment of Ruvuma. They simply can’t fund it in my opinion. Better to get rid of the liability."

Just checking Dan as you said last week the probability would be that they would give the asset away for free (relinquish) but this weeks it's a placing instead.

I would expect something end March/early April as previously stated.

So you think a placing is probable then Dan?