Member Info for MikeGP

Matt,

From the May 18 investor presentation- P17- Not sure if you have seen this?

https://siriusminerals.com/downloads/investor-presentation-may-2018/

Cash flow break even achieved in 20231
• Peak Debt/EBITDA of ~3.5x at 10 Mtpa run rate2
• 4% of resource mined over debt sizing period
• Capable of servicing ~US$2.8bn of dividends and/or debt repayments within 5 years of full production2
• All debt can be fully repaid by cash sweep within 5 years of full production2
• Assumes bank case pricing assumptions (c. US$125/t)3

Best

... possibility of investment with the new processing plant,... more local jobs,.. more money in to the economy.

h&n,

That is my reading of it.... perhaps a new subsidiary company required where we will be finding our 'clearing" banking facilities???--- or could it be in relation to MOU 2?

Could have expanded more on a) putting measures in place by 6th August 2018
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Johny ,... that refers to the measures that the EU are putting in place prior to the first sanction date from the US on 6th Aug. We have some snippets on what the EU are planning ,... but they haven't announced the measures yet--- ie we heard about the Austrian measure....

Key section IMHO:

"Although these measures are expected to be helpful the Company is not solely relying on them and is pleased to report that it has made good progress on a number of fronts particularly with financing, banking and its supply chain with workable arrangements having been put in place on key issues."

workable arrangements.

h&n,

Interesting post. I suspect that other European Countries may follow Austria's lead. In my exchange with PF last week he said the German subsidiary was very important to us. Refer extract from PF:

"As I mentioned in the AGM Statement we are in discussions with all relevant parties including our bankers, financial bodies, advisors and supply chain to find a way forward. Our German subsidiary has been critical in this respect and we are making progress, although not all issues have yet been resolved and we believe it is likely we will have to make changes to our banking and some equipment suppliers."

Trump's recent behind the scene moves suggest that his bully boy negotiating tactics may well have had the desired effect in so far as he may be able to move Irans position a little,.. enough to make a new agreement and declare himself the winner? Let's hope that is the outcome and we can get this show on the road?

Meanwhile,.. tick tock,... is progress being made on the other MOU? I didn't raise that with PF,... perhaps someone else would like too?

GLA

Eggy,..

Be patient for the big one,... give them time to get the planning right,.... the other 3 will act as the drum roll and then hopefully the great finale!

Just look forward to 8 exciting weeks of news flow,... which should include another tanker of oil to market,.. the seismic contract signed off and news off additional work-overs.

Could be 30p+ in a few weeks,.. if we have what we think we have,.. ie they all come in at the upper end of expectations, plus we have the tobifera thrown is an an extra (which GK never included). Would be very nice!

Just need CORO and SOU to kick off and it will be eyes down for a full house.

GLA

Best

http://ifpnews.com/exclusive/iran-on-verge-of-major-legal-victory-against-us/

Slippz,

The biggest threat to the contract not being implemented at the moment is no longer from Trump. His cards are on the table,.. and the EU/3 have called his bluff on that one. We know moves are afoot to create a situation where companies can continue to operate in Iran,... which may well involve some new banking structures to provide finance etc., PF has confirmed that we will need to make new banking arrangements and that the German subsidiary will be instrumental in moving forward.

The biggest risk,.IMHO.. is actually if IRAN decides to pull out of the JOCPA and declare that it will proceed with it's nuclear strategy how ever it wishes.

We are then left with a situation where the EU et al will be obliged to fall in behind the US.... in which case the ME contract will pretty much be dead and buried for the foreseeable future.

So the next few weeks,.... leading up to the two sanction deadlines will be crucial to see how the EU and IRAN set out their stalls.

... and will it see some concessions by IRAN,... to placate Trump, enough for him to get back in to the fold and declare himself the winner?

Whilst in the background,.. there is,.. so we are told,... another transformational contract that should land before year end. Hmmmm....

Best

J,

No. I couldn't make that one unfortunately as it is my "neck of the woods". Not attended any Echo specific presentations yet,... just a couple Sound Energy events which have involved a bit of cross-over! I will be in the future as I now have a position here.

Best

I want whatever he has for breakfast!

Excited or what?!

alias,....

In that respect and FYI, this is an extract from and e-mail exchange with PF today:

PF: "...As you know the EU are also working on measures to support and protect EU companies against any US extraterritorial actions which we expect to be largely in place in the near future. There is also a lot of discussions and measures being put in place that is not being widely reported in the press.

In short we are working hard on finding solutions that would enable the project to start...."

---

Clearly not a done deal by any stretch,.... but there is much going on behind the scenes.

Best

...next Q & A session on Monday 30th July at 2pm.

You need to register to take part if you haven't already done so.

https://yourechoenergy.com/app/panel/qa

Anyone smelling a Monday morning Operational Update RNS, followed by the afternoon chat? Would be a nice start to the week.

Best

Yes manx.... apologies,... meant "wouldn't"..... too early for me!

Dave,... why don't you set up a meeting in Madrid to check him out?

http://www.icj-cij.org/files/case-related/175/175-20180716-REQ-01-00-EN.pdf
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15. Before 6 August 2018, the USA will fully re-impose and enforce sanctions relating to the following sectors and activities:
- the purchase or acquisition of US dollar banknotes by the Government of Iran;
- direct or indirect sale, supply, or transfer to or from Iran of graphite, raw, or semi- finished metals such as aluminium and steel, coal, and software for integrating industrial processes;
- significant transactions related to the purchase or sale of Iranian Rial, or the maintenance of significant funds or accounts outside the territory of Iran denominated in the Iranian Rial;
- the purchase, subscription to, or facilitation of the issuance of Iranian sovereign debt; and
- activities related to Iran’s automotive sector.
16. Before 4 November 2018, the USA will fully re-impose and enforce sanctions relating to the following sectors and activities:
- Iran’s port operators, and shipping and shipbuilding sectors, including on the Islamic Republic of Iran Shipping Lines (“IRISL”), South Shipping Line Iran, or their affiliates;
- petroleum-related transactions with, among others, the National Iranian Oil Company (NIOC), Naftiran Intertrade Company (“NICO”), and National Iranian
21 Executive Order 13716, 16 January 2016, 81 FR 3693. 22 See point 2.2 of the OFAC Re-imposition FAQ.
6

Tanker Company (“NITC”), including the purchase of petroleum, petroleum products, or petrochemical products from Iran;
- transactions by foreign financial institutions with the Central Bank of Iran and designated Iranian financial institutions;
- the provision of specialised financial messaging services to the Central Bank of Iran and Iranian financial institutions;
- the provision of underwriting services, insurance, or reinsurance; and
- Iran’s energy sector.
_____

IMHO our proposed services/contract would breach any of these?

Did he have a starter?

...for the first test results?

___

6 July 2018

Echo Energy plc

("Echo" or the "Company")

Â

Mobilisation of Well Testing / Completion RigÂ

Â

Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce that mobilisation of the Quintana 01 testing / completion rig to the Fracción C, Fracción D and LLC assets (onshore Argentina and operated by Compan~i´a General de Combustibles S.A. ("CGC") in joint venture with Echo) is scheduled to commence during the week commencing 8 July 2018.

Â

Mobilisation is anticipated to take approximately 5 days and the rig will be moving firstly to the ELM-1004 well, which was suspended for testing in May 2018. Testing of ELM-1004 is anticipated to take 2-3 weeks, following which the rig will move on to test the remaining three wells in the current four well exploration programme
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w/c 8th for moving the test rig,... and then a further 5 days mobilisation.--- so could be anything from 13th to the 18th,, if all goes to plan.

Then a further 2 to 3 weeks testing,.... so earliest 27th July... and worst case scenario,... ie 18th to start test, plus three weeks,....could be as long as 8th/9th Aug.

Hard not to get excited,.. but worth noting the company guidelines so as not to be disappointed if it doesn't turn up next week.

Best

I believe I read on here that FM was on vacation this week,.. hopefully the first thing she will read on Monday morning will be the well test result.. and an RNS will swiftly follow.--although she gives the impression that a little thing like a "holiday" would stop her from checking in with the office on a daily basis!

Best

mk,

"My opinion FWIW is that we will hit big on both Tagi and Palo on T9 and the offers will be too good to refuse. "
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Fingers crossed!

Best