Member Info for mrc_mrc_mrc_mrd

Earl - You are new here. I suggest you do some research into Gneiss and our related party transaction with them. It absolutely stinks IMHO.

Gneiss have history of extracting value for themselves. Gneiss is a very profitable enterprise. Not much value for the companies that use them though IMHO. Take a look at what they did to BPC (now CEG)

Oh it’s all above board on AIM to do what they have done.

It’s not illegal to run a company badly.

If one could prove that that the BOD had intent in what they have done then that would be illegal. But I’m quite sure they are not that stupid.

Hi Frank,

The BOD handing out contracts to Gneiss does not bode well for the share price. It is largely due to Gneiss that we are in this position. Some good asset sales completed but the money has all gone out the door.

My fear is that the opaque arrangement with EAG is another route for the BOD to feather their own nests.

This is what is holding back the company and the SP. aA clean out of the board room is needed. It is rat infested IMHO

Has made multiples back already by using his position on the BoD to dish out juicy fees to his real company, gneiss.

It’s all there in black and white. Millions have gone out the door and into the pockets of the fat cats at gneiss.

It’s astounding what is allowed in the AIM casino

Chris

Best deal for gneiss Is to sit on their hands and take the retainer cash. They know full well nobody will buy this.

The fighting Fitzpatrick will get the best deal possible for Gneiss I’m sure.

TRs stake is tiny so you can see why he can’t really seem to be bothered.

The project needs a name change

cambo sounds a bit foreign

An animal name, or a good Scottish place name would be much more difficult to hate.

It is a great opportunity to get involved with an FID ready project on what, I imagine, will be very attractive terms.

I think AB should go for it. The government need to start showing some leadership on the transition and honesty that we still need new oil and gas developments.

Steve - £100 to a charity of your choice then

As usual some personal abuse from Perkins

There has been a lot of ramping today and not much share price movement!

The market seems to agree with me I’m afraid lads

Lol Steve

If a deal is signed before Christmas I will buy you a bottle of whiskey. Think I am quite safe!!

The problem is funding.

$6 million needed for 2022 alone at last estimate. Since then we have had delays in starting the seismic so costs getting added every day.

As usual the begging bowl is coming out. Seems the MMs have decided to raise the SP to get some buyers interested off the back of this RNS

This is not new news. The phrase “interested parties” covers a multitude of sins and has been trolleyed out as a meaningless statement for over a year.

October 2020

“This update has a direct impact on Scirocco's sales process and we can now engage with interested parties”

November 2020

“ Now with a clear understanding of the programme and associated budget, we can better engage with interested parties”

February 2021

“ Scirocco continues to engage with multiple parties who have expressed interest in its non-operated stake in Ruvuma ”

June 2021

“ Continued with the formal process to explore value realisation for its assets in Tanzania with encouraging level of interest”

Hi Earl.

Of course the BOD want to sell. They need money to pursue their much touted 2nd go at a strategy.

As to owning 4%, they have more than made their money back between fees to related parties and their normal salaries. I expect they will drain the rest of the cash over the next few months and be back out with the begging bowl.

Showing an interest and actually paying $20 million are worlds apart.

Any sale is 2 years away at least IMHO

My personal view is that SCIR will be forced to relinquish the asset to the JV partners. It’s in the BODs interests to continue to draw their salaries.

Phased funding.

This is a gneiss special. Multiple sets of fees.

Why not just do a placing for the full amount now and get rid of this uncertainty hanging over the SP?

COBAS not looking a gift horse in the mouth.

If I had funds I would be loading up here too.

Santa rally should work out nicely when good data on omicron starts filtering through mid December.

I suspect there is nothing good to tell us about the financials. The whole point of the new strategy was to use this EAG as a vehicle to scale (apparently there were 5 deals of various sizes ready to go).

With one very small asset they are unlikely to be generating any excess cash (beyond what is needed to improve the asset, service the debt, and keep the lights on at EAG HQ)

SCIR have essentially got involved in infrastructure ownership. Low fixed income but very capital intensive. It’s a horrible business model for a listed company IMHO.

It makes no sense IMHO

Hi SHS - they are almost certainly solvent. Even our rubbish BOD would not continue to run a business that is insolvent.

I would be surprised if EAG / the asset is cash flow positive. EAG management fees and investment in improvements to the plant will likely extract all of the cash from this asset.

The EAG guys need to deliver more acquisitions to justify their existence. Only…how will they fund them??

Sonof - I think the day traders are the only ones that have made a buck in the last week!

Will you be attending the AGM?

I could buy a share and go along I suppose.