Member Info for gordon1237

Sajad. You've changed your tune. Not long ago you were singing Selan’s praises.

They have been doing well and have plenty of cash and are now part of a much larger group, Antelopus.

What they are doing is either deliberate or they are simply indifferent to the plight of Syn.

Sajad. Agree more or less with your fitst bit. Looks like Selan will get the first bit for 2.5 million usd plus whatever piddling amount they will have spent on workovers by the time the deal is signed.

But how on earth can they get the second 50% for

500k? Presumably if the sale goes through it will be the already stated 14 million, including the 500k already paid. Even that is a ludicrous giveaway.

Yes. I guess we'll never know the details of what was in the jv that allowed Selan to constantly delay in the way that they have. Also, how disgraceful that we were never told about the jv modification that allowed them to drill intermittently instead of continously.

However long Selan decides it should take.

A day, a week, a month, a century. Lol.

Sausage. I think someone posted s statement from Selan saying that once the sale was agreed all obligations to Syn under the jv would cease.

In other words once they sign the sale off, all revenue payments stop.

Wolfman. Ok do now its two payments of £4 million you are saying. That would be 80% of what they will receive over maybe the next 18 Months.

That would leave them next to nothing to do anything else. Ain't gonna happen.

Assuming you were right that wpuld equate to around 0.05p per share. Because the money is in thr future it might push the sp to maybe 0.04p when announced. Don't see how it could possibly be more.

Personally, I can't see the total dividend being more than 3 to 4 million and quite possibly a lot less.

Yes I think heel dragging is the answer Ssccss. Could be a bit of both. As to what they are paying for the first half, it looks like the 2.5 million usd upfront payment plus whatever they've spent on workovers.

Wolfman. How on earth could a payment of £4 million cause the sp to go to 0.06 to 0.08? On your own figures that sum equates to 0.0258p.

Can't help but wonder if something has come up with CCS, either India or UK, that requires a cash injection and that is the reason for the fire sale.

Wolfman. I assume 1000000 million is a typo.

Assuming you mean a million shares that woud be

£258 not £2580.

Not that there is a cat in hells chance of them giving us that much.

BTW. The original sale of 50% valued Cambay much higher than what's currently on the table.

A 20 million work programme, 2.5 million upfront payment and 9 million in production bonuses.

That's 31.5 million on which presumably Selan expected to make a big profit.

Kaltersee. That figure of 200 million usd was based on an investor presentation from 2023. It is no longer on the website but I still have it on my phone. It gave detailed estimated flow rates and projected NPV income for a 10 well model. That income was 58 million usd. It also said that a full field development would be 30+ wells. It also gave numbers for an upside case with higher flow and

Income. Based on that 200 million may be a conservative estimate.

That figure of 58 million was itself a drastic reduction from what they had previously said something like a ridiculous 700 million. I remember getting a lot of stick on here for attacking the company for the massive reduction.

So either that valuation was wide of the mark or the current one is a total rip off. If the deal goes through they will have sold the whole of Cambay for around 17-18 million usd.

Any return from CCS is so improbable and so far off as to be laughable.

Not so I'm afraid kaltersee. They had the bloody nerve to put this in the annual report.

" Post-sale, Synergia intends to reset its strategy to focus on CCS development and explore new opportunities aligned with shareholder value creation."

Yoy couldn't make it up.

October ? I'll believe it when I see it. However if it did happen it would make the sale even more incomprehensible. Even the second 50 % at 14 million usd is a right shafting. A few years ago a Syn presentation valued Cambay at around 200 million usd.

What are you on about Carrot ? The only test to mean anything would be a new well and there's no sign of that yet.

Seriously ?

" The Aakash XIV 50T work over rig has now arrived at the Cambay C-64 wellsite and after the rig up operations have been completed (3-4 days), the installation of a sucker rod pump in the C-64 well will commence."

Exciting times. Not.

Oh I don't know. I usually get a reply after a couple of reminders. If only to say there's nothing to say.

Lol.

This was from Selan’s results in May

" An amendment to Farm In Farm Out Agreement (FIFO) has been executedbetween both parties, to allow Selan to stagger drilling of 3 wells (withinthe $ 10 m Carry), in contrast to originally envisaged continuous drilling."

This was mentioned on here previously in May.

I emailed Roland and Briana and the only response I got was that there no update they could share. Surprise Surprise.