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ENQ were driven artificially low due to the Swedish de-listing. My guess is that is unwinding. Could also be some confidence returning following the Kraken outage earlier in the year, which appears to have been absorbed by positive production elsewhere in the portfolio.
Luckily their laziness probably extends to voting and they won’t bother.
My friends working in oil and gas generally all share sensible pragmatic view on the “crisis”. However it is scary that those slightly removed seem happy to see the industry destroyed.
It would only take a little knowledge for people to realise that oil and gas are essential for our way of life, now and in the medium to long term.
Sadly there are a lot of brainwashed people out there. Crisis, genocide etc.
This AD business needs significant scale to cover the overheads. Where is the money coming from to build that sort of business?
Spending £1-2m on another small AD plant is not going to change that.
A significant recapitalisation of SCIR is required to build a successful AD business. Existing shareholders likely to get screwed IMHO.
I would prefer expansion if there are some good deals. It’s going to take ages to make use of the tax losses otherwise.
I would post some quotes from the report, however people are more than capable of doing their own reading.
The bottom line is that there is no realistic return in sight from EAG that will make its way to shareholders bank accounts. Uptime in the low 80s won’t make too much difference to that!
Lol, Perky has made you happy. Surprise surprise!!
Here is my summary AA:
EAG are loaded up with debt by the looks of it.
Old plant with declining uptime.
Costs rising.
Loss making.
Seeking new investors (dilution likely to be painful for SCIR given the investment environment for private companies)
You haven’t bothered reading the interim results then?
You might want to update yourself. Things took a turn for the worse following this puff piece in April.
EAG are loaded up with debt by the looks of it.
Old plant with declining uptime.
Costs rising.
Loss making.
Seeking new investors (dilution likely to be painful for SCIR given the investment environment for private companies)
Can’t see much to be cheerful about at EAG
Lol really? Who says? Uncle Tom?
Highland - EAG are in no position to repay the loan. It is likely now causing problems attracting inward investment.
I guess we now have around 2 years of runway. There isn’t enough cash to make an investment AND keep the lights on.
One has to be curious why some posters seem happy with the BOD given that over their tenure:
- the SP has dropped around 90%
- they have wasted hundreds of thousands defending against a shareholder action group
- multiple awful/failed deals
- paid huge fees to dispose of assets
- extracted large sums in salaries
- engaged in opaque related party transactions
What do the BOD have to offer ordinary shareholders?
Perky - perhaps you would prosper by spending less time policing anonymous posters on a BB and instead put some effort into holding the BOD to account!
BOD out!
Excellent post Crusty.
Always a sign you have nailed it when the BOD lovers pop up to make personal attacks.
Steve - nobody will let them get away with a 3rd strategy change surely!
Then all we will hear from Perky and AA is that we need to “give them time”….then a bother 5 years will pass and more funds will have been wasted.
BOD out IMHO.
So looks like tax to pay in the U.K. then
Dream on Tom
I wonder how the Ruvuma income will be taxed?
Steve- nobody is going to give this BOD cash.
As to your claim that SCIR have valuable “tax losses”. I don’t believe that is true!