Member Info for legache

I'm expecting farm out news this month. I agree with other posters the deal should propel us, at least on a temporary basis, into double figures.

I've never been an expert at gaps. I assume it would have to close at 44p for the gap to be closed? Or can we take a 44.5 close on friday as a closure. Amazing we are down here. Bonkers mad. Just wish I had more cash.

Don't do yourself down K3, I'm sure your brain is bigger than most! As for influencing. The only thing we can influence is our own decisions in the market. I've tried doing my shareholder bit with Masterman, to no avail. Couldn't care less. It's not worth wasting one's time with the PR business they've engaged with. I'm not a buyer until some rabbits are pulled. Maybe they will.

K3, the key point is that the deal looks much worse. I admit, I was a moaner regarding the dilution, but given where we are, this isn't what I wanted to happen. I am trying to put a sunny face on it, but until I see what the SE Asia offering is, I cannot. The saving grace is *if* the SE Asia offer is good, then the OO will be more valuable. Proportionally.

Not being funny chaps, but didn't we see a TR1 recently saying pj was a buyer at around 3.25. As I can see it, he's a buyer. That is all. They also said they are fully funded for the next year at least.... I'm really not sure whats not to like at these levels and I have put my cash were my mouth is.

The funding would still be there, so it would be wrong to suggest no Sou, no funding.

I agree. I didn't say they would though, I said they should. There is zero value there worthy of diluting existing holders. The deal would look much better with an asset sale to PVE, say and a complete focus on SE Asia. I intend to lobby Masterman and Parson (well, i'll send them an email) and express such a view. Problem is PVE can just vote through whatever they like. Its a total sham. I didn't understand the shareholding structure when i purchased. It's all my own fault.

We need to pull out of the SOU deal as well. No value in that transaction, particularly now reduced synergies will lead to increased cost base.

The change must be a change to the transaction they presented, rather than any other piece of significant news. Guess its all eyes on at 7am tomorrow. I am bullish as they can't of fingered existing holders any more than they have, could they?

020 3621 4120 Call Turner and Pope. Not sure what help they can give. I must say I have only dealt with them once, but they didn't return my call. I guess because I am not a client of theirs.

Nasty drop this morning. I'm still holding.

I'm actually of the opinion that if either of them has broken, its actually a good thing. I wasn't a fan of the deal anyway. Especially the SOU deal. Hopefully, we'll see a placing or something like that instead of issuing shares to SOU/PVE holders. Does anyone else agree, that would be a much better outcome?

I do hope bad news on Italy resources is not going to be covered up by Far East play. ------------ We've already had the bad news, hopefully. The reserves downgrade. Don't worry though, the CEO says this doesn't matter as its just a paper excise (what the actual ****?!). They will update on both I assume at the same time. You can see from the last RNS, that is their intention. Will only be bad news if PVE assets are being pulled. It will actually be good news if the dog Sound folio is given the boot. Maybe the are going to re-think giving Sound energy holders shares? Again, that would be GOOD news. The only real downside I can see (naively, maybe) is if PVE shares get pulled from the deal. But then if that happens, then we don't get diluted and therefore even that, could be GOOD news... Make sense?

Absolute fiasco. I just hope and pray its the sound assets getting the boot and not PVE assets.

Hopefully it's sound we are kicking. Maybe they have seen sense.

suspect its the OO announcement...

Thanks Mike. Appreciate you posting that. The comment about "on-paper" reserves, shows a degree of naivety about how these calculations are made. All that matters is whats on paper! I don't buy the complexity argument. Tunrer Pope should be able to execute the distribution of warrants to nominees. Its not rocket science. The MM comments are fair enough, my understanding he has kids in australia who need a father. Fair comment. But I hope she can see how it looks! They clearly want to put all this cash into Asia. Why not just get a fresh listing in that case? Seems like Italy is getting primed for disposal?

I'm not a premium member on LSE Mike. I won't be able to read it. Sorry.

Legache, I put several of those points to SE, JP and FMcC last Thursday. I made them, shall we say, strongly. I got it out of my system, as it had been bugging me. I am over it now. --------------------- The hole in my wallet is not quite over it yet. Trust is important. Did you get any answers to said questions. I suspect not. The cap issue is meaningful in the short term [sorry, it i]. MM was meant to be drilling Bezzecca 2 at the end of this year and hidden away in the CPR on page 10 billion it says we won't be drilling it until 2020! Why! This would lead to substantial increases in cash! The decision amazes me. I will not be taking my OO offering, but I will be a buy on substantive news. If that mean i lose any rise, so be it. One bitten, twice shy.

I think this is a good discussion to have. I am also in, but with many fewer shares. However, i don't agree with you. I'll explain why. After all is said and one they'll be about 900 million shares in issue. Sorry KV it does matter. That would equate to a cap of about 40 million GBP at 4.38p (the current bid and OO price). Revenues where disclosed at the presentation as being circa 2 million euros. Let call it 2 million pounds and assume they can ramp Bezzecca back up. You then have Selva - but that's not close to production just yet. Plus Sant Alberto soon and the other one. So say in a year you could triple revenue, as a guess. That would still be nowhere near enough to support a business with a cap of �40 million. Now... I get the potential. I get the Parsons thing, and yes, Indonesia could be great. That's why I retain some. But for me, this is a JP shell punt. The revenues are simply not big enough to support the overheads. Its business 101. The CEO will be on about 30% of revenue and while Andrew the FD is supposedly well respected I suspect he was taken on as he's young and comparatively cheap. However, I am not a young naive investor. They will need to place again if their ambition to turn CORO into a mid cap is to be realised. Seen it many times before. I don't think they have enough in the kitty basically. All placings are nt bad news, but as a SRON holder, I did not buy into this strategy. Also there a number of significant worries for how as a major PI, relatively speaking of course, I have been treated. We all need a cuddle now and then. The company (SRON) PR is terrible. Masterman does not engage with PIs, even after I waved my holding in his face. The girl whose job is it to engage is simply useless. Absolutely terrible. She won't answer questions directly and is totally out of her depth. Then Masterman does one completely and its as if everhting he told us in the last year doesn't matter. Yes, this is all in the past, but its annoying none the less. The final thing that concerns me is the financing. Clearly they are aiming at PI's. They have recruited the usual suspects to ramp the tits off it. There is only one cornerstone investor on board. Why couldn't they persuade other funds to come on board? Also, why have shareholders got OO shares and not warrants? At the moment the OO shares would be only just at a premium to market price. Again, SRON holders are being treated like third class citizens. A lot of my gripes relate to SRON and Masterman [sorry I am not pleased with his behaviour over the last year] but we are not in agreement. The ENI guy was the major reason I actually got involved here. But why spend all this cash refocusing on Asia and not using our core assets. Its just not a coherent strategy. Lets sell Italy and refocus, if that the game. Apologies rant over. Good lukc k3, we've both been here a very long time for no reward. Lets hope the future is better.