Member Info for Mephistopheles10

As well as the environmental considerations, the decision is probably not just based on that alone. It is expensive to extract in the Cambo field, and there are probably better returns to be had elsewhere, so financial considerations were probably the real reason.

https://inews.co.uk/news/shell-pulls-out-of-cambo-oil-field-development-throwing-doubt-over-future-of-project-1333171

https://carbontracker.org/planned-uk-cambo-oil-field-is-uneconomic-unaligned-with-paris-goals/

The priority for any business, Shell, BP, Harbour, etc, etc, is to reduce risk, and improve returns, and obviously the risks are too great. A Deepwater Horizon event now would be disastrous for the oil and gas industry, it might only have been 10 years ago, but the world has changed a lot since then. The Cambo field is the deepest in Europe, so obviously higher risk.

Well the world may want to move to renewable energy sources, but it won't be over by Christmas.................

https://uk.finance.yahoo.com/news/japan-backing-oil-gas-even-233014184.html

Be interesting to see if the price settles above that though?

Liberum analysts price target was 8.00 lowered from 8.86p

We never know who the parties are, but these are genuine trades, under the Stock Exchange rules classed as P LRGS, which are trades large in size compared to normal trades, for which publication can be deferred.

https://www.londonstockexchange.com/stock/SENX/serinus-energy-plc/trade-recap
http://www.mifidiidictionary.com/flags/

Very good question, but you have to weigh up the past history of the company as well. Total loss attributable has reduced from (13,546) to (992), and with higher prices for oil/gas, though the OmniscientCronies, sorry Omicron, have reduced those somewhat, that figure should reduce further. Also:

Other comprehensive (loss) income to be classified to profit and
loss in subsequent periods:

Foreign currency translation adjustment 1,828.

Subsequent as I understand it, means periods following the period of accounts, so are future costs which are being booked now, just prudent accounting. Given the company was debt ridden when the new management took over, and has some legacy costs to clear, this will take time. Delays in applying compression to the wells, has cost this company but are now being fitted, though somewhat more slowly than desired, due to the worldwide shipping, Covid, and other effects from this latest pandemic, these are also factors which need to be included. Overall this company like a lot of smaller companies have wildly oscillating working capital, which should improve as the cash flow improves due to higher prices. I have worked for a lot of companies that sometimes fly by the seat of their pants, but with skilful management it is achievable.

:Schomosport

The increased deficit in working Capital, i.e. current assets versus current liabilities probably doesn't help, and the accounts payable figure is certainly higher than the amount of free cash of $6.4. So they are not exactly awash with cash to splash, though with strong prices, they should easily be able to rectify the position. Also they still have liabilities relating to Brunei to pay of $6m, which given they don't earn any revenue or profit from it, is another drag on progress. As for hiding something, extremely difficult to hide something in a single companies accounts, usually done with a string of inter related companies. Auditors should be able to pick up on unusual activity in a company that operates in the same fields, year in and year, and doesn't buy and sell assets frequently. No guarantees I am right though. Just my opinion, and that is never worth much. But hope it helps.

Maybe in the investor presentation, they hit the nail on the head when they said the Oil & Gas sector is now out of favour, as it is seen as part of the old carbon world, and not clean energy. The fact that oil and gas are still required, the lack of power being provided by wind power in the UK due to lower wind speeds for example, the amount of petrochemical products we still use, even Electric Cars have plastics in them, shows how far away we are from abandoning the old carbon assets, though that doesn't seem to stop the continual punishment of the old extraction businesses, and their SP's.

Lekoil shares are suspended under Rule 40 of the Stock Exchanges rules, which needs clarification of the relationship of the Cayman Islands & Nigerian operations. As I see it there are only two ways out of this impasse:

1 ~ supply the Stock Exchange with the required information, which management seem to be ignoring as if share suspension is the most natural thing in the world.
2 ~ An SFO investigation which will reveal the nature of the relationship, as requested by the Concerned Shareholders group, and then be reported to the SE.

Voting against any resolution at the AGM, may have some small influence, but given management are just ignoring the situation and issuing RNS's, I doubt anything will happen.

What would happen if we voted against all the resolutions of the current management?

Similar to the voting against the restructuring that Hurricane shareholders were recently going to suffer under, and managed to get rid of some of the BoD's as well.

Do we have any activist investors in this company?

I don't see anything on the AGM agenda to vote this out of suspension. Seriously, do they expect shareholders to vote and carry on as if nothing has happened, and re-elect the directors, with the company in the midst of an oil price boom, Covid announcements excepted, and the shares lolling around their lows in suspension. Bloody cheek. This company should be awash with money, and the share price nearing the top of the share price range given the circumstances. And they now want us to vote to keep them on the Gravy train.....................Seriously?

Cut off date is 25th November, with payment 20th December, at 3.5p per share according to HL site.

Disgrace. So much for existing Shareholders, there will probably be rush of people trying to sign up to Primary bid to take up the offer, but people with accounts at HL, AJ Bell, HSBC, or any other bank, well your stuffed.

Not the way to treat your long suffering Shareholders..............Boo.

We need some positive news to flush out the short sellers, irrespective of what BoA do. It doesn't help having an endless flow of news on Covid, whilst the waiting list for other life threatening conditions in the UK and elsewhere grows endlessly longer and treatments are postponed, which hurts Clinigen.

Question is did Bank of America buy to make a profit from a higher SP, or buy to lend to short seller clients and profit from the lending of the stock?

That's how I read it.

Well I put some money in this company despite severe reservations about investing in African companies, and Nigerian in particular, and can't say I am disappointed. Given the rise in Oil Prices and the number of oil companies that were in trouble before the price hikes, and the fact some of them managed to turn things around, I thought this might be the case here. Sadly, this company has behaved like a lottery syndicate that wins the big prize, then spends the money on expensive lawyers resolving petty squabbles until there is nothing left. I shouldn't be surprised, and until this company and others in Africa up their game, and demonstrate they can effectively produce returns and make a success of a company, it will again be a reflection of the sad state of affairs in Africa, and will gift the mineral wealth of Africa to countries that can effectively exploit them. Namely China. Sad, I hope things improve, but doubt they will ever stop squabbling and get down to business.