Member Info for highlandmatt

I wonder why a lease has opted for?

Lots of senior folk for such a small company. Contrast with Predator.

Directors' remuneration the obvious target?

Something to do with 'playing the field'?! :P

There's an irony that the BOD has spent so much on 'finance advice ' that it doesn't have enough finance so needs help sourcing it!

It says funding to invest. Could be debt finance?

Thanks Mrc. That would make sense, and is industry standard practice, but that's not what the RNS or Circular says. I work in contracts, so the written text is very important.

Thanks BD - If you are in communication with the BOD, could you maybe ask for clarification on the loan 'the facility', please? The Circular says it is repayable, but the interview that is gets cancelled on completion. It might help the BOD in assuaging shareholders of the benefits of this deal, if it can confirm that SCIR will not end up paying costs from the Effective date. It would also help their deal making credibility and trust/standing. Many thanks

Wow. Another interpretation of the deal. That's 3? Does the BOD not understand the deal, or is rubbish at communicating it?

Thanks Truffler. 10 minutes in. https://www.youtube.com/watch?v=_MHsmym59ME

So, where does this leave us? Rough workings:-
1. 2022 - 3D seismic and CH1 drill -$6m cost, funded by loan and cancelled. $3m consideration received. Net - plus $3m.
2. 2023 - $3m on FID.
3. 2024 - start receiving 25%, up to $8m.

So, in the success case, SCIR gets $3m in 2023 and $8m in 2024. If no success, SCIR gets $3m.

This looks a lot better. But why oh why was this not made clear in the circular?

The idea of the EAG deal was that the EAG guys do the work.

"Subject to Completion occurring, the Facility is repayable by Scirocco upon Completion by way of a corresponding reduction to the consideration payable under the Asset Purchase Agreement. " This is in both the RNS and the Circular. This seems clear to me, but have I missed something elsewhere?

Thanks Aimster. I'll reread that section again tonight.

It's having to pay the costs after the effective date which is the kicker.

So, where does this leave us? Rough workings:-
1. 2022 - 3D seismic and CH1 drill -$6m cost, funded by loan. $3m consideration received. Net - minus $3m.
2. 2023 - $3m on FID. Net zero.
3. 2024 - start receiving 25%, up to $8m.

So, in the success case, SCIR gets $8m in 2024. If no success, SCIR is $3m in hock to WEN. I hope the loan has a really long repayment profile.

Doh. Thanks Chris. Trying to multitask and obviously failing!

The last Comms said the meeting would vote on the Resolution to progress the deal. The Long Stop date is tomorrow. Any news on voting?

Maybe ayes, maybe nos. On the one hand, PB says the government was working Saturday (unusual), on the other, is anyone really going to get upset on a Carribbean island if it's a couple of days late?!

Do we have any reports of what has happened as yet? Cheers

And Europe having to replace Russian gas and finding Morocco is next door with a pipeline.