Member Info for CrustyPete

With ARA taking the 25%. Better news for SCIR shareholers methinks - they may get a better, more simplified deal. By sitting in the wings whilst knowing that they had pre-emption rights that they could exercise at any point ARA have played a blinder. SCIR Board have recommended accepting a derisory deal which means that any small improvement will prove to be a slam dunk. The good news for SCIR shareholders is that they don't now need to stop their Board selling out to WEN - the bad news is that they can ill afford not to take whatever ARA offer; as long as it is an improvement on the deal currently on the table.

ARA have played a waiting game and come out smelling of roses - not totally disimilar to the position achieved with AEX years ago.

It comes as no surprise at all - as I have stated many times in the past ARA (with the TPDC) holds all the cards; the deck is fixed. There has only ever been one bidder in town.

"Year low today"? I think all time low today - post 20:1 consolidation at least.

1.5p Edgar; I would immediately go back to the market and buy twice as many!! :0)

But I suspect learn that if they were to do that they would take it "private"; why do they need a bunch of hangers on like us?! 4D has already proven that having a public listing is not all that it is cracked up to be; indeed it was probably their downfall - the plummeting sp made it impossible for them to riase money thorugh the market.

The indication at the AGM was late August GL.

Oh and forgot to mention another reason why GSA more important than seismics is of course that no matter how large the ultimate GIIP it will have little affect on the sp until there appears to be a route to market; the GSA will be a significant step on creating that route to market and gets those GIIP figures far closer to being "resources" rather than "reserves"..... After that it is purely down to the drilling and the pipeline.

FWIW, my view is that the GSA negotiations are far more influential to the eventual sp than any 3D seismic results; the seismics might (or might not) add proportionately to the overall GIIP but will do little to increase revenues in the short term. A favourable outcome on the price of that gas might add multiples to the income and will have an immediate affect once production starts.

BG, you say "ARA are keeping their cards tight to their chest" - honestly, I suspect that they do not yet know.

Highly likely GL methinks but that will be only an element of the overall GSA. Issues to include who will build it, who will pay for it and therefore who can AEX sell the gas to and at what price? Low cost at well head or higher price to GPP and potentially direct to Industry (Dangote?). But to achieve the greater flexibility and price ARA and the JV will have to fund and manage the Pipeline build. Actually as far as I am concerned that would be a "win-win" as we would earn more from the gas and I am nervous of leaving the responsibility to build the pipeline to the TPDC; better to take control.

That said at the AGM they assumed that "wellhead" option, with TPDC building the pipeline was the more likely outcome. Moreover if the alternative were to be achieved and ARA were "in control" is it more likley that TPDC would exercise their option to reverse into their 15% (or a proportion of it) of the project.

Fake or not Tanz, it is hardly even relevant. To what extent will market rates dictate the price AEX receives at "well-head"? very little I would suggest; what is more we will not be producing gas for over two years and who knows what the global price will be by then?

D&O covers tends to cover the thongs below:
breach of trust.
breach of duty.
neglect.
error.
misleading statements.
wrongful trading.

The problem being the "small print" - getting a successful claim from the insurer is bloody difficult!

Yes Roache Directors and Officers Insurance. It is designed to cover the company against oversights and errors perpetrated by the "principals" of a company but it will not cover negligence or deliberate actions designed to knowingly defraud shareholders or the company itself. Moreover the cover is unlikley to be significant - the current insurance market is very averse to this type of risk due to the current economic climate and the nervousness of the markets. To give you an idea, my current company, which turns over £45m a year and has an EBIT of circa £20 million - has maximum D&O cover of circa £5m p.a and that covers 7 Directors and members of the Executive Man team and the Directors of over two dozen subsidiaries.

He might not be the only one though Tanz....

Oh so you are on a crusade to teach us all your version of "the truth" yes? And to what benefit Sang, other than to masssage your own sanctimonious superiority complex?

And please explain the "facts" behind your 11:58 post? As far as I can see it , it is very light on "facts" but full of your own opinion.... yet more moralising self-righteousness.

By all means carry on with your pontification, if it it is good for your ego and conscience. I for one have had enough, so bye bye from me.

So Sang as you have told us umpteen times, you are no longer a shareholder in 4D; you have also told us that you do not hold out any hope that 4D will be saved from liquidation and that anyone holding out with any hope is wasting time, effort and emotional energy.

So can I ask why it is you continue to spend so much time posting on the BB? Is it because you are a narcisist and love the sound of your own "voice"? Is it schadenfreude? Or are you simply wallowing in your own self importance?

I have been a supporter of your posts and your arguments in the recent past but your continued interest with 4D and repudiation with anthing remotely positive looks increasingly malign. Why can't you just let it go? Leave those that need it to their hope, remote as it may be and move on man.

Rojo, that was about the same time as I was first involved; I actually made some profit on it at that time and managed to get out before the "great slide"... maybe would have been better to leave it at that?! ;0)

Actually gogs, if that happens then yes, you have a deal!! :0)

Actually they can have the OF loan paid off and £40m in cashflow to cover the next 18 months - though I will need 51% to do it!

It would be nice if I won the Eurolottery this evening - nice but never going to happen... ;0)

We live in hope Rojo ;0)