Member Info for Jamesiecakes

Not a clue, and it makes no sense to me. I have contacted the company on this

The RNS read fairly well in my opinion, I'm a little confused about the profit though as it seems all margin has been eroded with the blame attached to the delay in drilling for GDG which I don't really follow? So will try and touch base with the company on this. Cheers James

What are your thoughts?

Hello Benniefry I'm expecting around $11-12 million in revenue, and around break even which I expect to have close to zero impact on the share price. I am optimistic that there will be a positive update on the GDG contract, and am hoping but not holding my breath for an update on other potential India contracts (mentioned in the AGM) and developments in the UK (mentioned at the AGM). So assuming there is a positive statement I expect a small increase but nothing to get excited about, longer term I still think this share has huge potential but with the wider economics issues and the companies over promise under deliver history a longer term share price estimate could be between 5p and 50p. Cheers James

Half yearly results on the 21st of September then, fingers crossed there is a positive update of the GDG drilling Cheers James

Hello hungry Interested as to how you got the Arden report? When I contacted them I was told they couldn't distribute to private investors? Cheers James

Hello All I just checked Greka's website to see if the promised News timeline had been published but am unable to see anything? Just thought I would check here before I follow up with Rollo as they have had adequate time to update this in my opinion. Cheers james

Hi Mike I also think you got the wrong end of the stick, it wasn't a flippant we don't have a clue what about you guys??? It was more we are open to ideas in particular to communication (which is no bad thing in my book). Regarding your comments on opening the cheque book and get a PR person in, this is exactly what there in the process of doing... My take is that I beleive RG, however that's just my take and if I'm wrong I'm wrong but if I'm right it will make a significant difference to my future. All the best James

Communication RG was adamant that they wouldn't respond to any press articles, by confirming or denying them. He emphasised the importance of being sensitive to there clients and not commenting on there drilling campaigns (or lack of!!!). He committed to updating a calendar of key announcement e.g final results, pre-lims etc so at least investors know when they can expect updates. He also mentioned he was open to ideas on how communication can be improved. My thoughts I came away from the meeting happy to continue holding, as I still believe in the tech and am even more excited by the potential (any sniff of drilling in the UK would put a firework up the SPs bum in my view), I also think the GDG work will under pin an appreciate in SP over the coming years. However due to personal circumstances and the experience of holding for the last two years I don't have any intention of averaging down. I would also like to add that It was my first experience of seeing RG first hand, and I must admit he came across very well. His answers were confident and in detail and he clearly understands and equally important is passionate about the business. If anyone has any questions or disagrees with what I have written I'm more than happy to discuss. Cheers James

Below are my notes/thoughts on today's AGM General After the formalities of the AGM were dealt with RG gave an overview of the opportunity to cash process for Greka, he explained that after the initial contract is signed, there will be a mobilisation order (Greka will, contract dependent, charge the client a mobilisation fee for this, cost plus model) followed by a drilling order which is where serious revenue will be generated. The point of this was to re-emphasise that from signature to revenue the timing is out of grekas control (RG stated if it wasn't a requirement he would only announce when the mobilisation order has been given). India Although the contract is currently on hold it was mentioned that Essar are keen to continue drilling, however, per a contract stipulation (I understood/assumed) Greka insisted upon, Essar require a guarantee before Greka are prepared to drill for them. Basically Greka are not prepared to take the credit risk here. I'm afraid I stupidly didn't think to ask until after the meeting how Essar recent disposal could help..... There was also a note in the presentation that negotiations with 3 other clients are ongoing in India, however with the gas price currently set at $4 Mscf I didn't get the impression that anything too exciting is going to happen. RG did mention that there are noises about the government increasing the price to $8 Mscf, if this happens then things should get more interesting. RG stated that there is no bad debt, and all invoices from India have been paid. This was used to counter a question about the quality of work produced in India. Basically RG stated if the work wasn't up to par then Essar wouldn't pay. China 2015 revenues from GDG would be a minimum of $45m and I'm sure he said he expects 2016 Revenues from GDG to again double at worst (maybe someone else who attended can confirm this?). Drilling is also ongoing for CNPC, Sinopec etc however I didn't get the impression this is at all material at present. RG also emphasised the benefit of having GDG as a client, and rattled off some impressive Capex Numbers GDG needs to invest to unlock its potential, he suggested Greka would get approximately 50% of GDG Capex spend (all of their drilling Capex). Other territories Australia was mentioned as an area that was of particular interest, with current investment in the country offsetting the global norm (eg capital investment is actually increasing). However what caught my ear in particular was that the UK was seriously being considered and that the company would love to drill a Lifabric well and then invite the environmentalists in to prove that no chemicals are used in producing the gas. Preliminary discussion have occurred with land owners however no timeframe was given here, it seems to be a case of waiting (finding) the right opportunity. Communication RG was adamant that they wouldn't respond to any press articles, by confirming or denying them. He empha

I'll be there

I'll be there

Hi Herbie Interesting what you state regarding unemployed students on the UPES Facebook page. I took a look through the other day at all there profiles and while yes some had left there were many who still list Greka as there employee. What was more interesting to me was that there were a couple of recent pictures posted which suggest work is still be undertaken at India. Cheers James

Hi Herbie I am interesting why you think this would be a buying opportunity at 5p? In my opinion (andwith an average of 14p that shouldn't count for much on Greka related issues!!!) I can only see this hitting 5p if bad news on India & China is released. If this scenario were to materialize, I would think Greka is a hold at best but more likely a sell. Cheers James

Cheers Jimmy

Hello all Was hoping you might be able to give me some advice, my shares are held in a nominee account however I would like to attend the AGM as such was wondering how I register? Cheers James

Hi Healey If it's simply a case of Essar not paying there bills we should be able to see this from an increased trade receivable balance, in particular the aging section (receivables past 60 days due) as I doubt GDG pay much later than there credit terms. cheers James

Good morning Skooby Yes lots of unanswered questions at presents, which is obviously not helping the share price!! My concern about the reported India issue isn't really about PnL, it's more to do with the tech. Essar are the only material order received outside the Greka family and if they are looking to get out of it after a few months that doesn't bode well large scale commercial acceptance. But until more information is known its a case of wait and see, i certainly don't intend to reduce my exposure at present (nor do I intend to average down). Regarding China I think there could be a pleasant surprise there, as i don't think the market believes this has commenced. However based on recent news realises staying that the contract has mobilised and Rollo recently stating that operations are continuous (added to my own optimism) I am hoping a good chunk of the 30 wells has been drilled by the end of H1 which would on its own smash 2014 revenue. So agreed not dead yet, and lots of opportunities still just more uncertainty than I felt there would be at this stage!! Cheers James

Not that I beleive what Petrowatch put on their website but doesn't the article say Greka sack 60 workers?

Hi Jimmy and MrChow I had a brief email correspondence with Rollo recently and the impression I got was that drilling was underway on the GDG wells, may I ask where your information came from? Cheers James