Member Info for Ironicaardvark

The fact that this offer has been made shows clearly what the market already knows, that this company is worth less than the money that it owes. I would not be surprised to see the BoD recommending this offer as they have few other options by the looks of it. A bonanza for WV, they will make a great deal of money from this. Disaster for loyal shareholders who will lose their shirts due to negligence of the management.

@ armagedon - competly agree with everything you've said. Ties in with the info I have from contacts on the projects. @ intheknow - I've seen the man hours they calculated and they are miles to low... Miles! I've been involved in the estimates and scheduling (no longer though) Perhaps the estimated margins were good but I can tell you that unless they do well on variation they won't he those targets. I hear Sharjah is a particular nightmare, yard is less efficient and they have kicked off their regular subbies and gone bargain basement on paint, pfp, scaffold and insulation which isn't working out. Talk of LD's. Doesn't matter a great deal to me, not invested here I just keep an eye on it.

They had to take these modules on pretty slim margins, keep in mind UZ-750 is one of the biggest projects of its kind going on in the middle east, every yard wanted a piece of it! LEL were known to be expensive but also Petrofac felt assured about their ability to deliver following succesful delivery on Laggan Tormore hence the contract for these modules. Other yards failing has led to LEL getting more work. The first 26 being built in Jebel Ali are going relatively well but be mindful of my comment on slim margins. The newly awarded modules are being built in Sharjah yard and from what I hear they are having major problems and also some major headaches with subcontractors letting them down.

Considering current market conditions there is no way back for this one. Shame bc a few years ago when I first got involved it was one of the brightest of the small cap O&G prospects. Hard truth is that it has been grossly mismanaged, the Melrose takeover was a complete disaster for the company buying into declining production and obligations to drill wells that all turned out to be dry. The management obviously did not see which way the market was going and thought that the banks and shareholders would just keep throwing money at them forever. In my view the activities of the BoD border on negligence.

Only way out of this is to come to some sort of terms with worldview, given the level of animosity there I would say that the current BoD are finished and about time to as they have mismanaged this company to a disastrous degree. Worse than useless.

Below link for a map of the Egyptian blocks. Wouldn't hold much hope for us though, we are one of the few companies to totally fail in Kurdistan! http://www.google.com/imgres?imgurl=http://africaoilgasreport.com/wp-content/uploads/2013/05/Egypt-Hands-Out-Acreages-620x310.png&imgrefurl=http://africaoilgasreport.com/2013/05/in-the-news/egypt-hands-out-acreages-for-gas-oil-exploration/&h=310&w=620&tbnid=7oMQfCwNaBa75M:&docid=NX1e0s-rq0wOSM&ei=fvPjVZrYEML7UsnEsKgP&tbm=isch&ved=0CB4QMygBMAFqFQoTCJqPppHY0scCFcK9FAodSSIM9Q

So what has been "alleged? I can't find the blog.

Agree completely, had an email exchange with Tom Hickey a couple of weeks back and his response was basically bull. The current board have simply lucked out by having a top class asset already on their books when they came in, Anything they have done has ended in disaster, the Italian adventure is a joke.

Been involved in PCI for a number of years now and was always supportive of the board but the last few months have altered that, probably it was their willingness to accept the potential Dragon Oil offer at way below what the company is actually worth, emailed Hickey at the time who took great pains to remind me that his shareholding was bought for more than the offer price (trying to convince me that he would be taking a hit and not tied into a nice golden handshake / high paid position if the deal had gone through). Kurdistan has been a disaster, the merger a joke, Italy? well they have done nothing there in 6 years now and counting, complete waste of time and new licenses in Greece??? all the while taking home nice fat pay cheques! They cant claim to have created a single penny in shareholder value with the stock trading at significantly lower than 6 years ago! Nah screw this lot, its time to clear house!

So someone fill me in b/c i've not been here before, if the company is sold (for whatever price) what is the time frame or process for the proceeds hitting my share account? Is it paid in full or staged? etc etc Appreciate it...

How do you calculate 7.5p? My calc was coming just over 9p

Production was planned for 2017 but now it has slipped to 2018.... as usual with PCI they don't highlight major slippages in schedule, they just sneak them in to the updated presentations with no explanations as to why! Same with the onshore drill in italy which the first date for were about 3 years ago! really had enough of this shower.... only reason i'm still in is to get back to my buy in then I'm out..... this lot will never create any significant shareholder value for PI's and quite frankly they don't really care

One word..... hilarious!!!

Just missed out on a £45 million contract for the gorgon project in Australia.... ouch

I am privvy to more info re that trading update..... tusk tusk,.... naughty cape.... very naughty.

They are clearly not making much money in the middle east which was for so long the cash cow for the group.... they have alot of contracts out here though, so obviously the management are unable to make them pay!

Haha posted on wrong board sorry lol

If this hit 3p I will be putting another 20k in!

The Abu Dhabi thing is not signed and sealed..... they have received a letter of intent only, not official until the Contract is signed!

With a name like that you must be a dons man haha, note as well that Cape also have the Witch farm in dorset contract and the southern north sea. Just wondering who lost the others, i believe salamis had the Andrew but i dont know about the rest. Most of this will have been priced in and the contract is over five years so the revenue will be spread over a long period.