Member Info for highlandmatt

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

Interesting titbits in the WEN interview https://www.youtube.com/watch?v=-GQ1PKsHzUc
WEN not the preferred bidder - Private Equity was.

'No surprises'. And that is the beauty of this share. We know the gas and oil is there, it just needs drilling and connecting. Yes that takes time and money, but it's pretty low risk. There is a clear path from current mcap to future revenues and a much higher mcap. Load up now and wait.

I think it's a case of battle lines have been drawn so just waiting now.

Ditto. If you are prepared to be patient, this will be a cash machine.

For those not paying attention at the back. $12 x 33,000 per day = $396,000 /day. X350 days (risk, maintenance) = $138.6m per annum.

Apologies Dunder. Autocorrect on phone.

One can only hope. At least milestones are being ticked off, even if it is slower than we'd like. I suspect the pipeline vandalism has quite rightly diverted effort and attention.

Dundee - July, back for August.

Or folks opting to try to make money elsewhere for a month?

If this comes off, the fact the mcap has gone from £30-40m down to £4m won't matter, as it will be £400m+.

Yep, topped up again at lunchtime. 'The stock market is a device for transferring wealth from the impatient to the patient ' - Buffet.

Er, under the deal, SCIR is still funding costs until completion themselves. WEN is only loaning money for this, not gifting it.

General market sentiment? Everything is down 10-20%.

As shareholders are the company owners, it makes sense to sound out the principal owners before any deal. I seem to recall this happened with the refinancing/ recapitalisation of Kenmare (KMR). It makes sense to establish negotiating remit / parameters in advance, and adjust as necessary / in consultation. Prevents wasted time and effort (and major egg on face if you have to go back to the table and say 'I wasn't authorised to agree that').

Even living in Scotland it's still 2.5hrs away, and a complete pain to drive in to, and trains are expensive. Plus being mid week, I am at work anyway. Is anyone actually going in person?

So, by asking for ballot papers, is the BOD counting papers, not shares? That might work in PI favours (large number of smaller holdings)? Or is there a risk of a show of hands at the meeting, ignoring the ballots?

I'm with iwebsharedealing, and had not been notified via my account as apparently 'it's not a corporate action, just a meeting'!

Anyway, I have contacted them via webchat and registered my vote against. I have also emailed to let BD know, including my views as follows:

The reason is that the deal does not:-
1. incentivise us to walk away (decent cash or WEN shares up front), nor
2. cover costs incurred (standard practice in O&G), nor
3. give ongoing uncapped exposure to the large income that production will bring just 2 years away.

I also do not like that the BOD has:

a. gone back on the negotiating stance of 'fair value or we drill', and
b. portrayed the asset as risky when it has already flowed from 2 wells (WEN describes it as low risk)

I suspect the BOD has a differing view of 'fair value', but I'll go with WEN's assessment that the deal is 'attractively priced' (i.e. a steal).

Sorry Frank, I can't access that. Who is Simon, and what is the gist?

I think the issue is that the BOD see the approved strategy as an absolute, get rid of Tanzania, regardless. Whereas shareholders were happy with the strategy to dispose of Tanzania, but only at a decent price, and are not happy to give it away. As has also been highlighted, many shareholders are invested for Ruvuma, so don't want to give that up lightly.

Ouch. On what charge?! I can't recall anything BD has said that would be offensive or libelous.