Member Info for gordon1237

From the September 2021 quarterly report.

" The Company is focussing on re-establishing a field program including a re-frac of the existing C-77H well to increase production and to develop a reliable fraccing methodology that can be applied to future wells. In this respect the Company is planning two new horizontal wells (C-78H and C-79H), subject to securing the necessary funding, for H2 2022 and has issued a Request for Quotation for well management services for the execution. Funding requirements may be mitigated by a successful farm out on the Cambay PSC."

H2 2022 !

Ever been had ?

Sigh.

The frustrating thing is, I doubt we'll ever know exactly what happened here.

" Why would they prioritise drilling Cambay when they already have a pre planned drilling schedule."

Er, because that was what they had agreed to do ?

Maybe there were holes in the agreement that allowed Selan to do whatever the hell they liked.

Roland hasn't suddenly become s CCS convert.

Unfortunately, he has been obsessed with it since he joined the company in 2021.

I thought it said something about Selan having an option to take part in Cambay CCS in the original jv rns but I can't see it. Maybe it was in an interview.

Did see Roland's comments on the deal.

" The farm out and joint venture with Selan marks a significant event for the Company insofar as it will facilitate the path to a full-field development of the substantial Cambay field reserves. Selan is a high quality operator whose experienced management team have an intimate knowledge of the Cambay Basin and Indian oil and gas operations. We look forward to a collaborative and dynamic partnership with Selan who share the Company's values regarding providing shareholder returns through production growth and operational and financial efficiency".

Sickening or what ?

Ssccss. Yes I agree and have said so repeatedly.

However, at the risk of repeating myself ad nauseum, Selan are also to blame for agreeing to do the work programme in a certain time frame and deciding not too. As you say, and as I did earlier, it is staggering to say the least, that someone with Roland's decades of experience should not have put appropriate protections in place.

Sajad. Yes Selan are running a successful company as reflected in their share price before they were absorbed into Antelopus.

None of that absolves them from their behaviour here. The fact remains that they agreed to do a work programme in 18 months, that time is nearly up and they have barely lifted a finger towards it.

That's in spite of the fact, or maybe because of it, that they knew that Syn needed the cash flow just to survive. Were they deliberately hoping to force Syn into a fire sale ? We will never know for sure.

Of course Syn are culpable for agreeing to a deal that allowed Selan to procrastinate in this way but

but it Selan’s actions, or lack of them, that has produced this situation.

What's the betting that once the sale is signed off,

drilling of the new well will begin shortly after.

Yes A. It certainly looks that way. You would have thought that with all his decades of experience Roland would have been able to make sure the deal was watertight and that 18 months meant 18 months. Also with interim goals such as the first new well to be drilled in say 6 months.

Sajad. Roland's statements may have been misleading but how on earth can you say Selan are not to blame ? That's just plain ridiculous. They agreed to a work program which was supposed to be complete in 18 months from 1st August 2024. Indeed, they apparently told Roland it could be done in 12 months. There are now just 3 and a half months left of the 18 and almost nothing has even been attempted.

Sausage. I am reading what Callum posted yesterday about having to wait fot Selan to finish using a rig elsewhere before anything happens at Cambay. Ludicrous.

I mean there's three snd a half months left of the 18 months in which Selan were supposed to complete the WP and what have they actually done ? Virtually nothing. How much of the so called free carry has actually been spent? Virtually nothing. In effect, how much was the first 50% of Cambay sold for ? Virtually nothing. If the sale for the other 50% goes through, how much have they sold the whole of Cambay for ? Compared to what we were repeatedly told it was worth. Virtually nothing.

Can't believe what I'm reading here. How the.hell can it be acceptable for Syn to have to wait for a rig because Selan are using it on another entirely unconnected project ? It shouldn't be our problem if Selan have multiple projects requiring rigs. Surely the jv contract should have stipulated that new wells and workovers must be completed by a certain time. If not, why not ? Instead it seems they have carte blanche just to do as they damn well please and destroy Syn in the process.

Why would anybody care?

Wolfman. The question is how much cash will us shareholders get? Let's be over optimistic and suppose they give us 5 million usd out of the first tranche of 6.5 million they receive in maybe 6 to 8 months. That's £3.7 million. Divide by 15.5 billion shares and you get around 0.024 p per share. Can't see the payout being that much, so not great.

Agree with all of that Crusty. What I think most likely is they will throw a few million at shareholders, probably just enough to maybe maintain the current sp or maybe a bit more, and the rest will trickle away into the CCS money pit.

Nothing against CCS in principle, no doubt it will do well for some countries and the planet, but Syn are never going to have the resources to make a go of it.

Crusty. Sounds like you think the company WILL be wound up? Nothing the company has said indicates that is likely.

There is going to be a meeting specifically to rubber stamp the sale.

" The proposed transaction if executed will be subject to Rule 15 of the AIM Rules for Companies and will be subject to shareholder approval with the Company expecting to publish a circular and notice of General Meeting ("Circular") upon finalisation of the SPA."

The more I think about it, it seems very unlikely that the cash return to shareholders will be sufficient to raise the sp much, if at all from the present level.

Agree A*senal. This from the annual report tells us where most of the cash will go.

" Following completion of the Cambay sale that requires shareholder approval and other conditions, the Company's strategy will be reset, with a primary focus on CCS activities while remaining open to new opportunities that can deliver shareholder value."

Shareholder value? Fat chance.

Me too kievsky. Unfortunately, the chances of that are just about zero.