Member Info for ericnat17

we have the for sale sign up
We have the Horst - Independent report at 27pps
The seismic is obviously poor
We have shell and Repsol next door.
OGIF are holding and seem supportive.
TE10 produced 64000scf, pretty rubbish but if the tagi is a patchy as we think then maybe a horizontal drill better placed would be better.

My Guess is we may get a reverse take over from someone like SDX. But they would want the Sidi as well. They also have their own problems with water.

I am hoping for over 20p but realistically anything above 15p is looking like a good deal.

idris

well I hope you are wrong selling, but I get the feeling that I may be wrong holding.

what was you loss if you don't mind me asking

what just happened 1.6 million share sells in 2 minutes. most automatic. cant believe we are still being played with. give the SP a break

Hi Crude and Morrocoknows.

Thanks for posting, much appreciated. Got to say JP and BM are not hiding away. But what else could they do but face the music and talk about the next few months.

I am more than surpised that the cost cutting does not involve the Board taking pay cuts. Lets be frank BM and JJ must be doing next to Fcuk all at the moment. Oh well good luck all, pretty sure who ever takes on the license will be shooting 3D seismic.

Totally Agree and recommended Luckyman

only problem is there may not be much left if we keep enough back for a seismic and Drill. You are talking about 50 million dollars at least. I would guess we would get about 7-8p a share if we kept enough back for sidi.

which again looking at the market I would be unhappy but accept it.

nice big buy order in place just below the bid. Should provide some stability

What do we think that OGIF may no longer be aligned with the BOD. If they vote against some of the resolutions today that could be another piece of news that we are not expecting.

OGIF could easily make substatial changes to the BOD with thier massive percentage.

GreyB
We will not run out of money. we could easliy organsie an open offer and it would be 100% taken up.

I agree we are making deals on whilst we are weak, but we will not go bust.

talk of 50p is to be frank is crazy. O&G is risky, we where told by JP we where HIGH risk. live with the results and my guess is we will get bought by a mid cap. have a look at the recent Ophir deal. They had approx. 300 mln revenues in the year and the same 30 mln in debt that we have.

are we worth more than Ophir? Maybe CORO will buy us out, that would be weird.

That would be fantastic, but look at the SP.

I would have thought that we would have been back into the 15p area if the deal was in discussion. But there are some 100k sells going through and some pretty big sell orders in place to halt any rise. The market has us at 11.5 for a reason.

After TE9 we where at this level. and at that point we where still had TE10 and 11 to go.

TE10 is now failed and this must have negative implication for all of those closures and traps in the license.

Looking like i will be taking a big hit, but my choice no one to blame.

Hi Ozzie

I get your point.. but I think you are missing mine. I did not say that the seismic can determine the quality of the reservoir. I did say that the reservoir that it identifies are very tight. I think the TE10 RNS states the same thing.

Hi Ozzie

Spent a good 20 minutes with BM at the BB event. Some what he said was very positive, specifically about the MDT at TE10....that did not turn out too good.

He was very negative about the Seismic...he wanted to undertake an initial test/processing after the first couple of lines. This would provide information that would allow for calibration of the rest of the acqusition. I think this is normal practice.

For what ever reason the testing phase was not undertaken and therefore the data is pretty poor. He mentioned that the guys at west Geo new at that stage that this was the case and therfore the processing was also less than dynamic. Give him a ring he will tell you the same.

BigBench

the seismic can not find it for one of 3 reasons.

The Gas is locked into a terrible reservoir (P&P)
seismic is flawed and therefore the model is rubbish
or thirdly both of the above.

After a chat with BM at the BB event my money is now on option 3.

Any due diligence will identify that.

BigBench

the seismic can not find it for one of 3 reasons.

The Gas is not locked into a terrible reservoir
seismic is flawed and therefore the model is rubbish
or thirdly both of the above.

After a chat with BM at the BB event my money is now on option 3.

Any due diligence will identify that.

Biglad

Sorry but zero chance of that. That would have been worse than leaking the results of TE10 the day before.

21 v 31

Same old ratio

Lets be hones with ourselves. The market is pricing us a 11.4p for a reason. Anything north of like 30p a share is now very unlikely.

It is very peculiar that we are hovering around the same levels following the TE9 duster. I would guess that this is the true value. There is obviously a lot of work left to do in Tendrara, and it is far from plug and play. The exploration campaign has failed and we are now very weak.

Do we really need a CPR to get re value? My guess is yes.

otherwise this is looking like a fire sale.

there is no sale in place and if there is then its around this level. Sound is leaky...…

My guess is the BOD will decide to keep a big chunk back for Sidi. And the “net proceeds” will reflect this.