Member Info for GozoMike

To suggest cutbacks are a new or recent occurence is disingenuous. SLB gegan to cut it workforce from 126,000 in 2015. It is now around 100,000 according to the latest reports. This reduction comes at a time when they saw fit to gamble $50 million on an exploration play in Eastern Morocco. Could it be that they knew it was worth the risk. After all they did the well tests on TE5 .

He could possibly be doing a deal with other Petromaroc or San Leon assets. Both are losing grip of assets and deposited cash in Morocco for failing to carry out work programmes.

Many thanks to Lewis. Trellis 35 filtered, dirty boy.

I agree with prudent. This has been oversold and having touched a 52 week low today, I felt this was probably my last buying opportunity. I have sold my CORO shares, as I didnt want them anyway, and reinvested again in SOU. Time will tell if this was wise or foolish. I believe JP, Brian Mitchener, Luca Maddedu, Rabba Bouchta et al, know what they are talking about. I cannot imagine JP trying to bluff Schlumberger, as they have far more knowledge of what is actually beneath the surface than he does, let alone trying to bluff ONHYM after the Lonestar debacle. I am convinced this is the real deal. The only reason this share has bombed is the lack of news since TE8 and Badile. This does not really bother me because I decided some time ago to stay till the end, and I am sure next time we drill we will have all the info it is possible to have to ensure success. Nothing is guaranteed in this business. If you cant handle the risk, go elsewhere.

Near term uranium market outlook very bearish due to new South Koren leader saying SK will end use of nuclear power. This despite SK being a leader in the technology with a worldwide presence in reactor construction.Sprott monthly

Thanks exstatex. I have convinced myself of the merit of investing in Uranium miners. I am still deciding which one. This looks like it is still early in the planning stages and many years from production. Unless suddenly sold off to a major player. Worth a punt. Any thoughts off topic on BKY.

Any ideas how much this would cost to get into production. Would this be financed by debt or dilution. What are the timescales and chances of development happening. Just starting my research on this one and would be glad of some polite replies.

Final results due soon. Last year they were published 29th May, so not long to wait.

Next big date is 13 May which is the deferred redetermination date for reserves based lending. Since December our reserves have dropped but the price of oil has risen. Major shareholders reducing is a vote of no confidence. I am concerned for our future but holding till the end.

I am not concerned about holding this Company's shares. It has a great future and I am impressed with CEO. It is the financing of our debt which concerns the MMs. The slow/ late payments from Egypt are also a big burden. The latest RNS is good news re gas sales at a good price but we will not own the pipe so presumably cannot use it to supply others. SBS Porcher make sanitary products, shower trays and toilets etc, 500,000 per year. 0.35 mmscf/d at $12/mscf is about $1million/year. It all makes us more attractive to larger Companies looking to make aquisitions.

News about to break?

Yes there are. Circle interested in buying San Leon Energy, reported in the Irish press

Nothing unusual in the delay in my view. Extended well tests give a fuller picture of the geographical extent of the reservoirs so I expect a new reserves update as well. Could be up to 2 months before we know results. I am not bothered how long it takes. This company is doing everything correctly in my view, getting good assets at a discount and under reporting and over achieving. Happy to report I am 40% in profit. Holding for a lot , lot more. GLA

Token share purchases by directors during periods of sp lulls are so transparent that everyone sees through them. PR and talking up the company only go so far. Drill bit success shouts it loud and clear. Look at the deal SOU has just done. Now that is transformational.

Debt is holding us back as far as confidence in the sp is concerned. There is visible trauma amongst oil companies with large debts. Banks lending to commodity companies are in panic mode. The only way to revive this share is significant gas/oil finds and injections of cash from farm in partners. In my view the BOD are doing all they can but are confronted by circumstances beyond their control.

140p is optimistic IMO as that is a PE of 28, we are at 18 now. I appreciate this is a growing company but earnings will lag behind the growth that is evident.

Some big selling going on here dragging us down below 5p again

Following large gas find off Romania in Trident field LUK 72%. Should have been worth a few % at least.

Maquarie are one of the few brokers I would take any notice of. FWIW.

Just bought another 15,000 at 22.124p. Happy to hold these for years and years. Looks like a company with a future.