Member Info for MikeGP

..that PF appears to have told us as much as he could given the nature of the MoU's etc.., Couple of things we hadn't heard before and much more clarity on the M/E contract negotiation process etc., Very positive. As Eskers says,.. it's all eyes on the EU now,.. they appear to hold the key to un-locking the contract and full speed ahead.

..in 2017.. was �1.8m. Next years accounts will smash that with the new tech contract alone being worth circa �3.5M...most of which will be delivered in the financial year. So tech revenues could jump from�1.8M to nearer �5-6M. With Managed Services also growing,... next years accounts will make good reading.

..to be rolled over.

On 22 December 2017 we announced we had finalised legal and commercial negotiations apart from a few minor commercial and contractual issues. On 28 March 2018 we announced that the outstanding commercial and contractual issues has been agreed and that we were awaiting the client's internal approval process to complete. On 7 May 2018 we signed a long term (15 year) contract with annual revenues in excess of �24 million Euros which will become effective on the exchange of formal board letters between us and the client. The purpose of the exchange of letters is to allow both parties time to ensure everything is in place before commencing operations. In addition, we also signed a secondary smaller equipment supply contract for �2.65 million Euros. Unfortunately, on 8 May President Trump made an announcement that the US were unilaterally and immediately withdrawing from the JCPOA agreement and re-imposing sanctions. This has created uncertainty both in Iran and the international business community. None of Westminster's proposed equipment or services relates to any proposed sanctions. The other signatories to the JCPOA agreement, being China, Russia, Germany, France and the UK, have all stated their continued support for the agreement, as have the European Union (EU), the United Nations, the International Atomic Energy Agency and most other leading countries around the world. Germany, France and the United Kingdom have jointly vowed to uphold the JCPOA agreement and the EU is considering putting measures in place to protect European companies. However, given the initial uncertainty and following initial discussions with our customer and commercial partners, the Board made the decision to place both projects on hold whilst it seeks clarification on the impact of the US withdrawal from the JCPOA and the implications for the Company's supply chain including the potential replacement of some equipment suppliers. Securing this major contract was a momentous achievement and we remain hopeful that non-sanctioned activities by non-US companies will be allowed to continue in Iran, and that the EU will put measures in place to protect EU companies against US extraterritorial actions allowing these projects, and others planned, to proceed. Whilst the Iranian airport project has been a high priority and any delay in implementing the contract now signed is a frustration it is only one of a number of significant project opportunities we are pursuing around the world and we are well placed to sign at least one other long term Managed Services contract during 2018, although with projects of this scale and complexity there can never be certainty of outcome or timing.

Many txs Lelo.

..not long now until we will be given a more considered response to the Trump action. I imagine that the recent RNS was put together pretty fast. They have now had almost a fortnight to check out the supply chain and you would hope that any obvious problems,.. if there were any,.. have now been identified and that they would have, or will be in the process of sourcing alternative suppliers/services? They will also have had the opportunity to speak with HMG and should have greater understanding of the support that we may receive, and the scope of any sanctions that maybe applied by the US,... and whether our services fall within those fields. WSG have already stated they they believe we are "ok", in the last RNS. As to last years accounts,... many things of interest,... the Managed Services, how are we doing? What passengers numbers for SL at the exit of the year,.. is the cargo handling revenue increasing?.--- What of the Ferry,.. any news on the disposal of the SQ,.. or, are the other operators likely to take it on? Have we stemmed the cash burn associated with the Ferry Service,...if not,...where do we stand? The other MoU's--- whilst they might not want to announce each new MoU as they are signed,.. we should be given an update on the over all state of play? The same with the Tech sales,.. and the Tech sales pipeline. If there is another contract that they hope to sign before the year end,... will we get an update on the progress for that? Will be very, very interesting. Fingers crossed for a positive update on Iran. Best

With the contract in place,.. I would assume there are other sources of funding available to the company to source any remaining upfront costs,....which would not require any dilution. We know that the setting up of the German subsidiary company also included some advance planning in respect of funding options. Best

PF doesn't do actual factual good news, only occasional positive hype and spin. ____ You are so right win4call,... that recent $4m tech contract was such a pain,.. if only it never existed.

h&n, Despite the date at the top of the link page I think that it is an old article, several years out of date Makes reference to BA,.. who aren't flying in to Freetown at the moment and also the freight service which is due to open in 2014!

Genghis " with drills etc., etc.," This begs the question "keeping the lights on " until when? ----- A question to be put to the Bod on Monday then?- but we all know the answer,. which is, that they can't answer it. We all know the game here.It's not a secret. James have been very clear; we have a limited pot of money and they are trying to make it work for us as best as they can. They told us that there is enough cash to see us through the well programme and keep the lights on (assuming no un-forseen nasties.) I understand that to be the foreseeable future, as in to the end of the three well drilling process, by which point we will have the result of the TE-9, which may in itself open some new doors and funding options should that be required. IMHO there will be small raise at the time of the BOT and GSA announcements. The proceeds being used to shore up our bank balance during the L/E negotiations. Why raise then? Well,.. because the positive sentiment that should come with those milestones being met should also lead to a rise in the sp. That is the time to do the raise, as the dilution will be reduced. I put this to James yesterday, he listened not making any particular comment. Or perhaps Sid will be sold, as a stand alone entity and those proceeds bolster up our cash position? Or a farm-in? So many options, theories etc.,..really not worth worrying ourselves too much. Personally I think James is so far ahead of the game in terms of the exit strategy and what needs to be done when, that reading these boards must make him cringe! The problem here, as I see it, is that the fall in the sp has spooked a lot of PI's and they are all looking around for someone to blame. Missed "deadlines" seems to be a massive red herring. The company has given guidance on timelines.-- that is all. I can't think of any specific deadline? Throughout this process James has always said that it will take as long at it takes,... we only have one chance at this etc., do it once, do it right. If the seismic data processing carried out by third parties takes a little longer than we would have hoped,.. so be it,... we have to wait. If the GSA agreement take a little longer, then so be it..we have to wait. The BoD are caught between a rock and a hard place when providing timescales; if they give no guidance,..we would say why can't you, surely you must know? etc., If they give guidance, as they have, and it goes beyond those dates,- we say why are you late? What as gone wrong? etc., they can't win. I'm sure that a lot of the PI's here have never fully grasped the enormity of the licence area and the work that needs to be done. Anyway, I'm rambling! We all pressed the "buy" button at some point and we can also all press the "sell" button. If anybody has serious concerns, you can pick up the phone to James and Brian at any time and they will respond. I would suggest that rather tha

.. as JJ stated yesterday,... the average volume being traded at the moment is quite modest,.. circa 3M/day over the past week for example.... back in the day we were seeing many many multiples of that,..the highest volume for the past year being almost 37M. Make of that what you will. Suspect the low sp is far more likely a function of macro economic factors and the lack of "exciting" news flow.. as the seismic and data processing work has taken centre stage. However, and as JP said yesterday,.. that is about to change. In two weeks we'll have the TE-9 well location confirmed and the site set-up and rig mobilisation can instructed. An update to the 1st CPR is due soon; pretty sure JP said that an internal re-modelling of the basin is also in process, no doubt influence by the new seismic,... which they expect will lead to an uplift in the 9-17-31 numbers. Pretty sure that the size of the pipeline is already known,.... JP couldn't reveal the size as it forms part of the BOT negotiations etc., but said that when we, the PI'S, know the size we would be able to draw our own conclusions as to the companies intent etc.,--- or words to that effect. So the "excitement" sort of starts here,.... I've topped up this morning. Just need to sit and wait.....4/5 months from now we will be debating the TE-9 results, the GSA agreement and the BOT contract..... with... IMHO,... a much higher share price!

.. for the WSG Full Year results which will include an update on the Contract. It's encouraging that the response from the EU has been so robust and unified. Ultimately we have nil,.or very little trade with the US and therefore have nothing to fear in terms of repercussions. Accessing finance, in whatever, form that may be required is the big un-known as very few Banks will be un-affected by the US move. If as reported, the European investment Bank, is going to keep it's doors open to countries that want to do business in Iran,... then that might be key? Especially as we have the German subsidiary, which we know is fundamental to this contract,. and the contract has been priced in euro's etc., Next Friday should be very interesting. Given the state of "morale",..I hope that they will take this opportunity to put some meat on the bones of the other recent contract wins and update us as got the state of other MoU's. Best

Indeed,.. sunny day,... I'm off to Sports Direct to get some new tennis shoes and some new tennis balls. Some others here might need some balls too? Best.

Neptunes, You are spot on with the TE9 item. ... and the refined data from the seismic is on-going,.. so they are receiving more detailed information regularly,.. which in turn influences the well location decision. The fact that they have circa 5 where they feel confident to drill is, of course, a very, very good thing. Brian,..went through these, the decision process, etc., and liaison with our other partners,..in detail,.... and confirmed decision to be made end of May. The site prep and rig mobilisation can then take place. Importantly it will be the same crew and team who have drilled the previous wells, drilling this one. They have learnt a lot from the previous drills etc,, in how to maintain the drill,... casing where necessary etc., ..he made it very clear that they will be treating this drill with the utmost care, using all of the previously gained knowledge and experience,.. to ensure a positive result etc., From yesterdays presentation, I would suggest drilling will start late July. Best

Zaoran All of those issues were raised and discussed, as you will see when the video is up. Likewise you have the FSC on 21st to put those to the board yourself. But clearly,..with the negotiations on-going you will appreciate that JP cannot put a definitive price to the sales price. He stood by the current guidance-- 7-9 dollars-- etc., This is probably the single most important negotiation affecting the final sales value of the company. JJ confirmed that each dollar up and down makes a 20% difference to the market cap. He also confirmed the �1.50/tcf to Sound figure--- based upon an 8dollar GSA price.

lucky man "..the reason that there is disconnect between value and shareprice is that nobody knows what's going on." ___ Well I suggest you attend the presentations then... and then you can put your concerns directly to the team. Best

...was discussed at length. The seismic,.. and the analysis of the data,.. has thrown up a number of options and the team are clearly pouring over these, discussing with all parties concerned,... which well site will optimise chance of success etc., The very fact that there are 5 or 6 locations being considered is good, not bad,.. as lucky man as just suggested. Wait for the video, to technical for me to paraphrase. The decision will be made at the end of the month,.... the processing of the data is on-going,.. with refinements/filtering info being available almost daily.

..of Presentation. The full team there,.. available,... and the room thrown open for discussion topics by JP from the outset. It was recorded and I am sure that the video will be up and running in the near future. Over-riding message coming from the team.... NOTHING HAS CHANGED. GSA and BOT entering final stages of discussion, which are now about 1yr in,... JP still hopes to deliver on these during the summer, circa June/July. T9, location almost settled- team have been looking at 5 or 6 locations,... final decision due end of the month. Cash at hand and available will cover all three drills and "keeping the lights on", with usual caveat,..ie no in-forseen problems with drills etc., etc., "Never been a bigger disconnect with share price and what is actually going on.."

How low can this share price go. 20�s maybe 10�s again ___ Interesting Soundtrader. Why don't you take out a short �5K/pt spread bet and post it up here so that we can all see how much money you are making and how little time it takes to hit 20p. Will be very educational .. one way or the other.

LTH, Agreed. But he can't "scrap" the deal. That is the thing. The US have uni-laterally pulled out and are saying that they are "implying" that they will impose sanctions on anybody who deals with Iran. ie Bully boy tactics. If the EU/ China/Russia cave in this time than this effectively means that the US can dictate to us who we may, or may not, do business with. I just don't buy it and I don't think the EU will either. Trumps love in with French may have just ended!