Member Info for mrc_mrc_mrc_mrd

Nah. There are a few scenarios that could play out. Relinquishment I think is most likely, however it is in Gneiss best interests to keep it going and execute multiple fundraising events which destroy shareholder value. I’m sure they will be working hard to achieve that. They win every time the begging bowl comes out.

There is a chance they will not be able to raise the funds required to meet cash calls. My opinion of course. Probably some more drip drip dilution before they get to the point where the asset has to be relinquished.

But yeah at some point patience will run out I think and the asset will be relinquished.

For holders Chris

Thankfully not me at the moment - as I say, writing has been on the wall for a while.

Prolific basins still waiting for a lower price by the looks of it. They would have a rather stonking 25% discount if the pulled the trigger today.

Chris - this is bad news but not unexpected.

If you were a buyer, why not wait a few months until SCIR run out of cash?

This is not a good position to be in. Funding should have been secured 12 months ago when we got the costs for the work.

The cash burn here is horrific. Wonder how much of it is in JF and his buddies pockets???

https://www.dailyrecord.co.uk/news/scottish-news/can-slurry-turned-drinking-water-11103558

Cor, boring or what

I don’t think we are selling so it matters little to me what an asset sale would raise. The value at the moment is in holding and organically growing / maintaining production IMVHO.

So for me L7 has it about right. However I would call it closer to 30k now and add 10k over the next 2 years.

We also don’t know what lifetime the reserves have, what operating costs / tax / decomm liabilities etc do to profitability.

Basically I think it’s not really worth comparing.

Romaron

https://www.reuters.com/markets/deals/sval-energi-nears-deal-buy-spirit-energys-norwegian-business-sources-2021-11-18/

“Spirit Energy's output in Norway in 2020 stood at 52,732 barrels of oil equivalent per day (boepd), according to the Norwegian authorities.”

Probably need to subtract the statfjord production from that to get the daily reduction that Scal have acquired. Also natural declines.

Add I. Some near term drilling / projects and Sval can end up with 40k by 2023.

Not sure it is that easy

They have sold 20K boepd producing (q3 this year) from their stake in statfjord to equinor for $50 million plus contingent on gas prices. Presumably so cheap because the decommissioning costs are high. Also mainly gas produced these days I believe.

Lol, comes on boasting about another excellent (tidy)trade he has made on another share and expects total strangers to give a toss that he has a mild case of covid (if we are to believe it, the Omicron variety).

Steve - worth following the money IMHO.

There is a lot of Money going to Gneiss and this seems to be what is damaging the SP so badly.

The BOD need to provide a proper justification for this spend. They also need to start with a clean slate now that Fitzpatrick is gone, and do a competitive tender process for any consultancy work of this scale.

The relationship has the appearance of being very grubby (whether it is or not) and is affecting sentiment.

No question marks - fair enough to value it at zero, but seriously doubt it would be political. The H2S is removed. They might need to address the flaring but that is not a show stopper IMHO.

There is a massive difference between a new billion pound project and a piddly little 10kbbl per day tie back to extend the life of existing infrastructure. These type of projects are happening all over the North Sea. Nobody is batting an eyelid.

Perhaps some delays in getting the compressors at Magnus up and running?

Anyone checked with IR if they are back online?

No question mark - a tie back to existing infrastructure would be approved. This would not make headlines. I suspect even Cambo will eventually happen. Just needs a smaller UK operator to partner and a name change. Call it the Puffin field or something like that and “stop puffin” doesn’t work as well as “stop cambo”

The UK government is responsible so it’s very easy for the Scottish government to make some noises. They don’t have the power (or the support in the country I expect) to stop it.

Scott240 - care to elaborate?

33p has been a good entry point for me in the past.

I think Perth will probably happen, but feel TC should have taken the £140 million that was supposedly on the table a couple of years ago. If CNOOC decide to decommission Scott then that makes Perth a much more difficult project to sell.

That makes a lot more sense

It’s a deal

No highland. My offer to Steve is unchanged. It is actually generous compared to what Steve believes might happen (deal signed in the next few days before the q and a according to Steve)

I have made an offer to Chris based on the type of thing he is touting. If discussions are advanced as he suggests then an offer pre new year is very possible. And according to Chris $20 million would be the bare minimum on offer. I think he is talking balls on both counts so happy to put some cash up, especially as there can only be winners when the cash is going to charity.

Chris - no that is not the deal I have with Steve.

Steve said - “ Hopefully papers are being drafted and will be signed before the Q and A.”

I said - “ If a deal is signed before Christmas I will buy you a bottle of whiskey.”

I am happy to offer £100 to a charity of your choice for an OFFER before 31st December 2021. However the offer must be for at least £15 million (valuation).