Member Info for mrc_mrc_mrc_mrd

Hi Frank - I’m afraid to tell you that delays actually cost money. Any delay will likely mean more money wasted on Gneiss fees, but also costs directly on the ground (e.g. seismic taking longer than anticipated, equipment sitting idle).

I see what you are getting at, but really delays are not good news.

It also shows potential buyers the risk of bringing this project into production. Realistically it is at least another 5 years before first gas IMHO.

Lol I stand corrected - Chris is obviously excited about the drill (either that or desperate for newbies to buy in so that he can get out?????)

“, the company was planning to extend the life of the vessel to 2025 but decided against extension considering the age and the ‘demands of operating west of Shetland’.

BP and its partners are now assessing other options to recover the remaining reserves of up to 200 million barrels of oil at the Foinaven field.“

Good spot. You never know!

West of Shetland is a bit of a boat breaker but Maybe EP could do a few years out there.

I think you are probably a little conservative Hitman.

Sentiment is a funny thing. Could see a new paradigm.

AA - I know I am not popular here but watch with interest none the less.

I expect I will continue to be proved right, and the BOD lovers will continue to wail and come up with new excuses.

Can’t see anyone getting excited about the drill to be honest.

The problem is not what’s in the ground.

It’s the cost to develop and timeline. Everything seems to take decades in Tanz, and SCIR have said they don’t have the cash to keep going in Tanz for another few MONTHs!!!

I know you have this old fashioned view of oil and gas Chris, but the world has changed. Investors have crypto and NFTs to take wild punts on now. The results of a well just don’t do it for the youngsters IMHO

I should also add…$1 million worth of shares is owed to Prolific Basins.

Cash appears to have already been spunked.

Prolific can convert at any time. They might wait until after this placing which will inevitably be at a discount to current SP?

Don’t forget that the seismic isn’t actually funded, and it is ongoing!!

Couldn’t make this stuff up

Dangerous game IMHO

Glad it isn’t with my cash!

Lol you don’t have much option by the looks of it!

Dilution incoming to fund it mind you!!

Not much point in anyone buying ATM IMHO

I was listening to the excuses again today.

It is absolutely unacceptable that Gneiss put together a deal with the high risk of falling through, and zero protection for the buyer.

Would it really have been that difficult to put a clause in to allow the buyer to pull out without penalty on adverse price? Gneiss are supposed to be superstar deal makers?

Surely for a deal so heavily dependant on the near term gas price (reserves would have lasted 3 years), you would put some protection in place?

That is one of the reasons I think the BOD need to sever ties with Gneiss, bring in a new BOD, then resign.

Instead they have retreated into this overly cautious mode of buying boring AD assets. Listening to Tom it seems he has totally lost his bottle. The one dyas deal was a screw up, but o fear the BOD learned the wrong lesson…

Problem is Chris that SCIR are desperate. If WEN are the only interested party then they can wait for the fire sale.

The BOD have put the company in a VERY weak position by failing to get funding in place and gambling on a sale going through before the invoices come in.

Someone has to pay for the office in Mayfair. Shows you the type of people these lot are IMHO.

Chris - they get an additional fee related to realises sale price. So there is some incentive to actually do the work. Of course we don’t know any numbers. Could be hundreds of thousand in retainer and a couple of quid on completion.

Frank - best to follow the RNS rather than what that dough ball says:

“ There is a nominal monthly retainer fee payable to Gneiss under this Letter, and it has a minimum 12 month term, with a 3 month notice period thereafter. The Letter will automatically terminate, including within the minimum appointment period, in the event of completion of the Proposed Disposal. Completion of the Proposed Disposal also triggers the payment of a transaction fee, which is tiered according to the consideration received by the Company in line with market norms.”

If you have an hour you can watch this

https://youtu.be/IQ1XBKw5y-8

Essentially:

- cash required for phase 2 of the seismic in Tanzania (starting post rainy season - around now!). I expect a placing soon if they are to keep the asset.
- sale of Tanz assets - discussions ongoing (its been up for sale for at least 3 years)
- Gneiss are being paid a monthly retainer. Chewing through a lot of cash I suspect.
- the other assets from old Solo have been sold. Cash proceeds evaporated.
- new business seems to be steady, but scale required to make this a viable business (e.g. the plan is to buy lots of small AD generators). at the moment in my opinion the cash flow will not cover more than the JV costs. Certainly no expectation of cash returning to SCIR. Where the money to buy assets is coming from? Not known.

Forgive me slift, but kraken performance in 2021 was on the high end of expectations. Why don’t you elaborate on your concerns?

Sounds like a lot of billy bolox to me

Why is anyone reading anything across to kraken field.

Enquest have years of data to perfect the reservoir model.

Risk of reserves being downgraded at Kraken are zero.

Risk is to the upside with the recent seismic acquisition.

Seems to be the turn of the L3trader crew today and their faux knowledgeable share bashing.

I would urge you to look at the companies they have funded and the SP performance. There is a strong trend.

They appear to broker deals with the Wonga types of the business world.

Surely a great company like SCIR with these world class assets could do better than prolific basins??

Lol good one Chris

You are such a card

Great input to the debate as always!!

Where is the money coming from?

Don’t think we can afford the drill Chris?

Even if prolific let SCIR use the last $3 million that is nowhere close to enough for the drill. It looks like a very sticky situation IMHO. Sale or bust?

What complete rubbish Slift.

We have a lost year in 2020 due to the pandemic forcing early field decommissioning. We will see longer term whether that was really a blessing in disguise (as far as Enquest goes). We reduced risk from the older assets and picked up a stake in the modern and low cost GEAD.

KO- where did I say ENQ keep a tight ship?

It’s impossible for breakdown news not to leak, and if enough people care and trade then it might even move the SP. Not convinced this happened in a big way this time.