Member Info for highlandmatt

PRD has two solutions for Ireland - imported LNG and indigenous gas.

We are all still here, but just waiting. The geology is good to excellent. Structures are large. We've had overpressured gas enter a well. Nutech analysis is positive. CNG derisked. Balance sheet is strong. Testing planned. Might buy some more when I get paid tomorrow.

How could it flow 500bopd in Royston 1, but not in 1x?

Casca C and Chinook updip next?

500 bopd @ $80 x 30 days = $1.2m or £1m.

Times 12, equals £12m turnover. 2x turnover gives £24m mcap.

A better measure is net profit, so assume 50% net profit. Big assumption I know. £6m net profit, giving £36m mcap on p/e 6.

Until the flow results are out, this is looking a little frothy. I've sold some. Also, will be relying on 1 well for some time.

Chill everyone. O&G exploration is a long frustrating rollercoaster. Delays and cost overruns are the norm. Larry is not the first CEO to put out timescales, only to have operational issues cause delays and scupper them. He won't be the last either.

Who says they are not? For all we know AS might have received unsolicited offers, but rejected out of hand. Same has happened on some of my other holdings. CEOs don't report every conversation they have.

GRH could probably tell us, but is it possible for a broker to put a large trade on the books to spoof the market in one way or the other, then reverse it later?

Some look like they are cancelled trades. Time and price the same, just one is positive and one is a negative.

I wonder if that was a typo for 12p, and we see a cancellation and reprint later? Or someone left their broker to handle it and got shafted?

The usual thinking is that they are happy to put in £100k for a 10% return in a week or two. They are not investing in the company and future news, just taking the discounted shares and selling them ASAP to get out again.

If you ignore the spike, SP is still on the rising trend.

In some ways that might be a welcomed outcome by Mr Ryan. He can defend his principles, then shrug and say that he was forced to act by the courts.

The Prospectus file name is project Allossaurus. It's a predator, similar to T-Rex, but smaller.

https://en.wikipedia.org/wiki/Allosaurus

The problem is EAG becomes the cashflow positive company, not Scirocco. If EAG is so profitable, why not repay that £1.2m loan? I get that they want to reinvest, but if bank loans are available, why has EAG not got one on the back of the profits banked from GGL? The answer is GGL didn't make any cash in the year to Sep 2022.

https://find-and-update.company-information.service.gov.uk/company/NI611001/filing-history

Ok, what about EAG? Nope

https://find-and-update.company-information.service.gov.uk/company/NI665002/filing-history

But we keep getting told performance is good, beyond expectations, and EBITDA of hundreds of thousands. But it looks like so far they've spent any revenue. I guess the BOD are hoping that the investments will start to pay off in the next set of accounts. Need that Ruvuma cash to fund the next asset purchase. Will we then get in front of the fixed costs?

Hopefully the BOD will now learn to live within its means. Issuing shares was an easy option at the expense of shareholders. If they can demonstrate a particular purchase requires funds and is demonstrably a good investment, then let's have a rights issue for existing shareholders. Trust has been damaged by the Prolific Basins arrangement where shares were then sold to crater the share price.

I asked a question - if AD plants are a good investment, why are bank loans not available. Response - very suitable for bank loans.

Which raises the further question - why the need to issue equity if that is the case?

Q&A - Ruvuma first gas Dec? That's the date that is being worked to by all parties.

Kiliwani - fish stuck down hole. Not seeing value in work to re-establish that well. Decommissioning liability unless 3D seismic shows opportunity.

Tom really hammering that 'Scirocco is an investment company, and needs capital to invest for shareholders'.

Ruvuma fees £350k. Shareholder objections in 2022 - £100k.

Resolution 7 is to settle shares to Directors instead of salaries - estimated costs £500k in cash.

Review resources after Ruvuma Completion. Emphasising requirement for 'access to capital'.

Tom's presentation - confirming that Ruvuma cash calls (c.$4m to date) are added to Consideration. Therefore $2.5m to be received on Completion.