Member Info for Moho30

I much appreciate the investigative journalism by those on the site, but surely some news the company can put out about current operations. Share price suspension isn't an excuse to cut out the comms. Possibly one of Strand Hanson's biggest gigs so maybe getting away with more than they should, and presumably picking up their monthly retainer for doing very little. I think if Panmure were Nomad, maybe they wouldn't have had such an easy ride.

VS. As mentioned, if they impose a 100% margin which you cover, then you have covered all the risk (as if the share price went to zero), so you will never get another margin call. It's a bit ridiculous in this case (baring the African continent being nuked), but IG is an execution only platform, and the people there are not expected to engage the grey matter before making daft decisions.

This suspension suddenly got a lot more painful, having had to pull £30k+ out of ISAs to finance IG's 100% margin. I'll be counting the days more than most.

TL. I have been trying to get some info from IG as I have a fairly hefty SB and not really any other IG positions to close. The person I spoke to was fairly clueless and 5 or 6 times had to defer to someone else - who seemed equally clueless. An attempt to clarify by email yielded the following "we can inform you that in general terms, if you have a long position you can provide us with written confirmation to close the position at 0". - My interpretation of this is that you close it at nil pence - which is exactly the same as covering the 100% margin so no idea why you would do this - even if you didn't have the funds to cover. I'm assuming as you say it's some automated process for shares suspended for a certain period, and not something that has taken any forethought, and only likely to p**s customers off. I am still waiting for clarification, and if get any sense will feed back.

IG increasing the margin on open SAVE positions to 100% from next week, suggesting to close if can't be covered. Obv not an option. It affects me and possibly a few others on here. Irritates the hell out of me when they do this as could have just stuffed it in my ISA.

Hi EE. I think you're probably way more up to speed on PHAR than I am and trying to reacquaint myself. I see pretty much the same assets as old SIA. Is there a farm-out process in place as far as you know for Blk 125 or still reinterpreting the 3D ? Just trying to get an idea of possible time lines.

Thanks Soder..presumably not spending a load of money on enhanced development just yet tho.

Looks like almost a damage limitation exercise from here on, esp if they can't even put their own people on the ground. Sounds a complete FU. Move on.

Absolutely Dunderhead. It was tied to lending. Needed to forward sell big % of production to get the loan for their Gulf of Mexico development in place. When the production wasn't forthcoming because they hit water instead of oil they had to wind down some of the hedging positions by buying production in the market to repay the debt.

PI. They're trying to resolve it, because the alternative is to abandon it, but there's a lot to figure out and after 20+ years in the industry I've seen enough wells killed by water ingress. Too early to tell if simple to resolve or terminal

I'm assuming there is no hedging/forward selling of the intended gas production, which would put them right up the creek. Horrible memories of British Borneo - for those old enough. Not sure I'd be buying just yet. They clearly don't understand the geology yet and it's not a matter of some minor tweeks.

MT. I've worked with a few AIM cos and generally found the nomad will try and ensure the Co is putting info out in the public domain that it feels should be out there. SH not one I've worked with though. They maybe ruling by decree, but clearly got nothing signed off by anyone - legitimate or otherwise, which might at least have given them some recourse under international law, even if only in a consequential loss claim. At the moment they don't have anything as far as I can tell, and AKs attempt to force their hand seems to have backfired.

Looks like a right dogs dinner that benefits noone. Difficult to see how it might end well any time soon, and inclined to keep the legal process ticking over but move on, and learn when there's big $$$ numbers being banded about, nothing is agreed until the legitimate ministers stamp is on a bit of paper. Be good to have an update from the company - as their last word on the deal was it was all agreed and going ahead, which clearly isn't the case. It shouldn't be up to individual shareholders to scratch around for info to try and stay informed. Nomad can't be too comfortable with what's going on.

Thanks Komakino. That makes sense, and Sudd owned by Petronas and ONGC I notice.

Komakino. Not sure what happened to White Nile's (WN) original 50% holding in the WNPOCo. (Looks like this was set up as a 50/50 JV with Petronas and WN. WN, which renamed as Agriterra seem to be totally involved in African Agric, so assume they are no longer involved, (and Petronas took over the full interest ?) - May well be missing a few pieces.

I do wonder if AK is just not that enthusiastic about the Niger assets. If I remember rightly these were given up by the Chinese who retained some, and moved on those they considered a bit marginal. I originally brought in then as I thought it fitted quite well into small cap acquiring NOC assets for redevelopment/development story - along with rising oil price. Maybe he's just not convinced commercially and thinks it's a lot of effort for not much and bigger fish to trap. Hoping this experience may encourage him to look again.

Good job suspended, or I could imagine Strand Hanson going bananas

I'm sure they'll also be doing what they can to ensure they are covered under Antibribery, anticorruption allegations. Even if it's being paid to some gov't department it amounts to the same.

Thanks Zen. I would have thought this constitutes a material event that SAVE should be disclosing, along perhaps with their own opinion on the matter.

Agree with a lot of what you say GHH. I would rather the Board focus on projects where it has some control, eg Niger, whereas Chad has never really been within their control. Also the longer it goes on, the larger the working capital adjustment between effective date and completion - and large dollar numbers tend to bring out the worst in those officials needing to sign off on it.