Member Info for highlandsbull

If one has a prospective investment and proposed partner such as this, their behaviour as indicated in the recent RNS should throw up a large red flag to further joint activity. Clear Comarco have found an alternative partner or income source. In that regard they have let down and failed in their agreement with AAAP. While clearly AAAP would be desirous of the return of the $1m advance, AAAP if they have use for that land, (and it is free of other unknown perhaps encumbrances), should proceed to recover it for their sole benefit. Comarco's fleet is basically a collection of old bangers. With the present availability of comparable tonnage they should just go ahead and acquire a core new(er) fleet to suit their particular needs. Better management can be bought.

As an additional pain it seems also they may optionally consider dropping 30% of the new venture on this individual in Comarco who is attempting to rescind an agreed deal for a long time. If there were concerns this presumably could have been raised in good time, not as a contributory to further delay the process. Embarrassing to encounter a result as this, but on reflection AAAP may consider they have dodged a bullet, as proven good faith seems to be a no-show. Jmo..

And Brent at $80/bbl now?!

Looks like they get to hold it for virtually nothing until as and when it can be exploited. For sure Enquest will be experts by now at massaging OGA, should not be much trouble re lease extension and further OGA waffle in the interim to cover same. Then ENQ will have relatively little development cost v the asset.

Kew's a bag of wind, he had the chance to develop the field with the right spec and permits for the right rig at the time if he and his incompetent colleagues had lined the ducks up properly in a row at the time, from permit to the rig and production. Jmo.

Comarco does have some security experience though.
https://www.dailymail.co.uk/news/article-9412117/Fears-British-Irish-workers-caught-Mozambique-bloodbath.html

Keep wondering for sure as many others may do, as these bozos were always ace at protecting their backsides, why there never has been mention of Directors and Officers liability insurance. Were they trying to in the end to protect whoever issued this if it was, or the fact they never had it in the first place and were worried themselves of being sued directly for their regular acts of total incompetence or outright potential for implication of even worse.

For 2021 we have to view how the lease expiry pans out, can any oil price rise save them yet?

Hope Comarco's future rests on something more than recent pr of transhipping Chinese ore over their jetty and a small barge with small crane doing some port dredging.

Samuel and co. clocking up the miles on starvation wages, not.
https://www.energyvoice.com/oilandgas/north-sea/285787/oga-emissions-business-travel/

Wow, that looks like a major contract.

Prefer to approach the OGA saying shareholders got s*rewed last time by these Bondholders with OGA connivance that promised everything to secure a licence extension from OGA and have delivered nothing in 3 years now to the extent the licence sure to come up finally for delivery elsewhere next year.

When most all the previous exec clingers on have jumped ship elsewhere from Whalsay except the remaining resident 'expert' Bower. best try to secure new funder but increasing problem in Scotland now re O&G expansion with wee krankie and her cohorts still around building windmills.

Anything to be concerned about?

https://www.bbc.co.uk/news/world-africa-54877202

Unfortunately their malfeasance will be like water off a ducks back, hides of rhinos all, glad to have escaped any justified retribution from creditors and shareholders. Will be really good to see the bondholders in a gtz situation as well by listening to these clowns and securing their 'bargain'. But most likely it's all been funny money in play, except ours.

Stunning, not.
Loss of $72m after taking impairment hit basis prospective sale valuation. Said buyer still no show..
Presume 'sale' price basis something better than nothing the way they are heading with looming 2021 lease termination with nothing having been done.

https://beta.companieshouse.gov.uk/company/04560068/filing-history

Enquest buy in and tie back proposed to Kraken. At what they have paid and with the current price of oil they will just have to sit out next year and pick up Bentley for near zero when Whalsay's lease finally expires.. Jmo.

https://www.offshore-mag.com/regional-reports/north-sea-europe/article/14180830/enquest-eyes-potential-kraken-tieback-for-north-sea-bressay-oil-field

Normally posted by April for the previous year, not yet out. They are about to enter their final year of the Bentley OGA lease, so far all talk and no action. The revised yet again operating plan looks rather similar to what XEL failed to implement as funded plan A in 2012. This also the final year of bondholder executive funding advance.. At reported $33/bbl b/even range on $730m cost to first oil at the current price for Brent must continue to be a hard sell for the 'skilled' industry executives.. Jmo.

https://boereport.com/2020/03/23/exxon-notifies-contractors-vendors-of-spending-cuts-over-coronavirus/

https://www.bloomberg.com/news/articles/2020-03-07/saudis-plan-big-oil-output-hike-beginning-all-out-price-war?sref=5F8Ao01j

Yes, looks like the lucky bondholders are going to have to replenish the Whalsay coffers. More importantly for them lease time is drawing to an end so how will their friends in OGA react to once again undertakings made and broken. Going back to DECC days of 2011 and how XEL was shafted by them then this does not show huge competence on their part in the intervening years in facilitating Bentley moving to production.

Improvement on it's work with Damian Hirst and the fake treasure documentary.

Certainly interesting to hear update of Comarco's performance in view of what they value themselves at.

Under AIM rules under their appointment notification Serinus had to declare to their shareholders Faircclough's past involvement with a dissolved company, XEL, that owed creditors £125m never mind the additional loss to it's shareholders.

http://serinusenergy.com/wp-content/uploads/2020/01/2020-01-23-Serinus-Energy-CFO-Appointment-Final.pdf