Member Info for highlandmatt

As has been highlighted, the deal gives nothing for previous costs, and leaves SCIR responsible for any costs until completion. Contrast this with the deal being brokered at PRD where the scope is that the purchaser pays a higher percentage of previous costs and forward development costs. It should either be cash up front to walk away now or a carry to retain a percentage or a royalty following the drill. I had initially thought this proposed deal fair, but now think it is odd.

1. if the drill risks are what the BOD are stating, and it fails, it leaves SCIR having paid costs, owing WEN for these, and not receiving the income.
2. If the drill is a roaring success, the upside is capped at $13m in total. Whereas AEX is stating that success would be worth $40m per annum for 25%.

It offers neither an incentive to walk away, nor adequate rewards in the success case.

Apparently Germany is restarting coal fired power stations. Bang go the climate pledges of a green government!

Anyone got any notes or a summary of the Q and A, please? Many thanks.

I won't make it today - away. Can someone ask my questions re plan B, please? Many thanks

Hi All. My average is just over a penny, and I haven't been here as long as some LTHs. $6m cash for the deal covers the current mcap, then there is another $10m income from production. What is the alternative? We cannot find the drill, and the BOD say this is the best deal available. Is this the first offer or the last? Realistically, what is our ask? More cash upfront? An ongoing uncapped royalty? What if WEN walk away? What is plan B / the BATNA?

Actually, it's $35m for AEX to get 25% developed, not 50%, so SCIR would have to find $35m not $17m. Apologies. It might be less than hoped, but it's the best option it seems.

Crusty is right. If you take the AEX deal, that's $17.5m of development costs to get to first gas. With an mcap of $5-6m, shareholders would be wiped out raising that in a placing, unless it was an exclusive open offer to 'go again'. $6m cash on signing and project progression is more than AEX got for 25%. Then it's 6% of the project revenues. Shame it's capped at $8m, but pretty fast income. I guess the only other option was more Prolific Basins. I prefer this deal to that.

Company has gone from running on fumes and wondering how to pay for seismic, to cash in bank, costs covered, significant future revenues, and free to expand the profitable AD business.

I'm hoping the delay is caused by the realisation the energy supply and security for Ireland is rapidly deteriorating, and the report is being updated in light of events. Some data from 2021 will be massively out of date now. I'm hoping the delay is not because the minister didn't like the answer and is wanting a redraft.

And to think I thought the RNS about a Romanian venture was odd. PG really is ahead of the game at every turn.

Interesting tactic from CEG. I wonder what their argument is? Difficult to claim a loan doesn't exist when it appears in your accounts.

Yes, hopefully CEG consults it's lawyers, and gets told it will lose, and advised to settle.

Consequential loss is difficult to prove and reclaim. However, getting the loan back and having our fees covered would be a result. Could use another 500k in the bank. If CEG cannot pay, it becomes interesting. Would we take shares? I doubt it. The IT field maybe.

I read it differently. Application submitted and awaiting approval. Coho target still mid June. Royston forecast to be 3,000bopd in 2 years time. All good, just need to wait.

Hi Scott - My impression is that there are no government hold ups, it is just the process. Having said that, having Royston blocked by the stuck tool has impacted TXP cashflow, so we probably can't move any quicker anyway.

If you believe in the company, its product, technology, direction and future earnings, this is a great price to be accumulating a holding at. I'm buying as often as I can.

Let's hope it is a case of the stock market transferring wealth from the impatient to the patient.

I recall Paul stating that drilling program would restart once Coho online and Cascadura development EIA approved. Not long now (4 weeks max?).

BDC- I am with iwebsharedealing, operated by Halifax. Had a look at Corporate Actions this morning, nothing yet.

£40 worth? That's barely a taxi fare in some parts Frank ;p