Member Info for gordon1237

Shareholder value my ar*e ! When Roland joined the sp was about 0.23. Adjusted for inflation that equates to around 0.27 now. We need a 200 % rise just to get back to the status quo when he started.

Espen. It clearly stated in the jv rns that the bonuses were based on cumulative production.

Wont really kick in until well after the initial work programme.

Two questions.

Are you working for the company's PR department ?

Where can I buy a pair of your rose tinted glasses ?

I would be surprised if there was a raise before the new year. Then Roland would be able to say he had stuck to his statement about not expecting to raise this year.

Ssccss. The conversion price was fixed at 0.08p in the original agreement from March 2023.

Quite staggering that most of them were redeemed for cash in March this year when they could have been converted at that price and then sold at the then much higher price.

Yes Sprint it will cut costs but it also says somewhere that they are taking on more technical staff, presumably for the CCS. I know some will strongly disagree but I would prefer it if they put CCS on the back burner until they are on a sounder footing. Of course the other thing that would really help if the CCS farm out secured a good wedge of cash.

Unfortunately, Sprint you took the words out of my mouth. In the going concern section in the notes to the consolidated financial statements it says.

" However, the Directors have assessed the Group's cash flow forecasts which incorporate the mitigating actions set out below, which indicates that under such a scenario the Group would meet its liquidity requirements and continue as a going concern for the foreseeable future.

Mitigating actions taken by the Group after balance sheet date to secure this outcome will include:

. engaging in discussions with lenders of its remaining short-term borrowings to negotiate a planned repayment date in December 2024; and

· engaging in discussions with its brokers for future fundraisings."

The only thing that might mitigate the situation is income from the workovers. How quickly will that happen ?

Sprint. The income we have at the moment is negligible. We need the workovers to come on stream as soon as possible before the cash runs out. You are right in one sense that another month or so is neither here nor there. Trouble is there have been many many just another month or twos with the consequence that we are years behind where we ( and the company ) expected.

" This time next year, Rodney".

Well VF. The point is however many there is they've have more than ample time to discuss it to death. Roland said in one of his interviews that activities could start as soon as approval was received. I would imagine that most of the production will come from C77 and C73. Just get on with it.

Quite staggering that they still need to have meetings to finalise the details given that they told us as long ago as January that the wotk programme had been signed off.

Then in May they Tweeted.

" #SYN Roland Wessel met with Selan’s CEO and colleagues in London this week to discuss the upcoming work program in order for an early commencement after GOI approval."

What on earth is left to talk about ?

Hi DV. I too thought the jv was transformational. Trouble was I thought that back in February when it was announced. As we all know the sp went up briefly and has been pretty much in decline since.

I now need a 60% rise just to break even at 0.135.

Can't see that happening before next summer when we all have to hope that the new wells will be hitting their targets. In the meantime we need the workovers to produce sufficient production quickly enough to keep the wolf from the door. Atb.

" #SYN Synergia will hold an initial JOA meeting with its new UK CCS partner, Harbour Energy this week. Looking forward to a successful partnership with one of Europe’s largest CCS developers."

So, that means the 18 month period will end at the end of January 2026. Given that the new wells are stated to start in April 2025 that gives them about 10 months to dig those wells.

Hi Espen. You are right and I am wrong on that one. Now you draw my attention to it, I remember reading that at the time.

I was misled by the wording of the jv rns of 14th February.

" The WP is to be completed within 18 months of the later of GoI approval of the WP or the award of contracts for the WP, extendable by a further six months in certain circumstances."

Appears to be something of a contradiction there but presumably the later rns is correct. Atb.

Sprint. Yes, let's hope so, although as I said they don't appear to be in any hurry.

As for it being a one way bet, nothing is that. If it was the sp would be multiples of what it is now.

Indeed, it has been multiples of the current price and people were saying the same then. Anyway, let's hope for the best. Oh dear, there I go with a note of optimism again. Lol.

Thanks Ssccss.

Lexylou. So now I am to be criticised for including a note of optimism in my posts ? There's a simple reason for that. Yes, I am highly critical of the constant litany of delays but that doesn't mean I don't believe it can come good at some point. It's just that that point seems to constantly retreat into the distance. If I imply that I feel I am running out of time, that's because it's the honest truth. I am almost 76 years old.

You say you don't trust me. Well, that's your privilege. Others may agree that I have only ever posted my honest opinions. Gla.

Trout. Not sure that I was asking for another update. My point was that the rns told us almost nothing. Of the listed rework candidates, c73 and C77 were always going to be there as they are the most likely for any significant production.

I think we were all expecting Selan to be keen to get on with it. Instead all we heard was more delays. We were told by Roland that activities would start as soon as GOI approval was received.

You'd think that would be the case given that by the time they start it will be 7 or 8 months since the jv was agreed. Instead we are told they are still evaluating the candidates. Incredible!

We are then told that the new drills will not start until after the reworks are completed in 6 months. That takes us to next April at the earliest. There was no mention of the approval process for the work programme or even if it had been submitted yet. Don't forget that the 18 months allowed for the programme only starts when that approval is received. It feels to me that for whatever reason Selan are in no hurry to kickoff the 18 month countdown.

You ask why I invest in this sort of company at my age? Well, I was 10 years younger when I first invested at 2.5p. I have already admitted that I should have left well enough alone 3 years ago when against all expectations I got out with a modest profit. However, when the sp dropped into the mid 0.2's it seemed like a bargain I couldn't resist. How wrong can you be? Lol.

When we were waiting for the jv, I was hoping for at least 0.2 and maybe 0.3. Feels like a distant dream now. Could still happen next year I guess but as I keep repeating it all depends on those new well flow rates.

Atb. Gla.

Make that 10 years Ssccss. That's how long it is since they last drilled a well (c77h). Although to be fair, not quite nothing. They did do the refrac.

As you say, everything hinges on the flow rates for the new wells.

Sausage.Nope. Pretty much been there done that. In December and January doubled my holding with buys at 0.082 and 0.077. Even if I was inclined too, which I'm not, I don't have the cash. Not without selling something a lot safer.