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I’m not really following the news too closely, but seems like a crazy drop

Or is it one last roll of the dice?

Take the hit on dilution, abandon the failing Green agenda and develop Ruvuma?

What has happened to the SHAG?

Waiting until after Christmas now to give the BOD their marching orders?

Probably be 100% funded by the omanis when they take our share. They are big spenders and the cash calls will be brutal I think.

Best to pray for some other company to take it off our hands before then?

https://www.reuters.com/world/africa/ending-gas-financing-africa-will-be-fatal-blow-says-senegal-2021-11-29/

Chris - with the rate they burn through cash I think it would certainly be prudent to get a little extra.

There seem to always be delays and problems so I would feel a lot more comfortable if they had a contingency fund!!!

Chris - £5 million estimate is to fund SCIR for the next 12-18 months.

Given the state of the world it would be very prudent of the BOD to put in place a good contingency fund.

Pure speculation of course, but IMHO better to do a big placing once rather than the drip drip approach that has done so much damage

Thanks Matherdj

How much do you think they need to raise?

£5 million?

I think you are right on people’s timing. Recent one I was watching was BPC who raised several times in the run up and during the drill. The market cap rose but the SP fell.

I can’t see too much upside from exploration. Gas sale is still years away and the market is not there locally for more gas.

For me the drill is just normal development costs. SCIR don’t have deep enough pockets to develop it so the sooner they can get rid of Ruvuma the better. If I were the BOD and had an offer on the table for $10 or $15 million I think I would be biting their hand off. Makes me think there are no interested parties

The Americans will pull everything back up IMHO.

I think it has been overdone on oil. Seems to be pricing in a lot of lockdowns / travel bans. And of course OPEC are not going to sit back and do nothing.

Hi Frank

Yes I am saying you are probably going to be wrong on that one.

A fully funded drill there could be some interest, though this is really a development drill as I understand, so minimal impact.

They already know gas is there.

Problem is that it is NOT funded.

Chris - you are asking nonsense questions. Not sure what you hope to achieve.

The evidence is there in the fact that this asset has not been developed and has not been sold (despite years with the for sale signs up).

The evidence for SCIR being exposed without having funding in place is there in the fact that it took the best part of 2 years for the farm out to complete. It is a FACT that SCIR do not have funding for this years work programme. So even if I am generous and say that the gov of Tanz will move more quickly, SCIR are still going to run out of money in less than 12 months IMHo.

Open your eyes and the evidence is there. You choose not to see it and that is why you are sitting on such a big loss.

Chris - you are speculating based on a feeling.

What you claim is evidence is just more speculation and meaningless warm words from government sources.

I will trust my feeling as yours seems to have let you down badly in the past, looking at your portfolio. Some real shockers in there - plenty of jam promises. Maybe tomorrow?

Nobody paid 10.9 million.

Asset value has been removed from the balance sheet

Yes I’m glad that the revenue year to date was included. Could make around £8 million profit this year if gas prices stay high.

Drilling next year so that’s good too.

Platypus is gone, but realistically it was heavily discounted in the SP anyway, being 3 years from first gas. Seems likely that is the reason for the recent pull back.

Chris, zero point continuing this conversation

You are just making a fool of yourself

I will have to repost some of my views as your tactics seem to be to try and bury real discussion in complete rubbish.

You are asking me to provide evidence for an opinion, dummy.

Management speak?

Maybe google straw man LMFAO

I am alluding to you arguing with points which I have not made.

Sorry I assumed you had a basic level of education.

https://en.m.wikipedia.org/wiki/Straw_man

You are chasing down straw men again Chris.

You keep talking about this new government like they are the white knights!!

Scary stuff relying on government processes being efficiently expedited.

History is a very good guide to the future. Governments have soo much inertia. Making serious cultural changes takes decades if not centuries.

Sorry just to add…are you seriously pinning your hopes on politicians to pull our stones out of the fire??!

Chris, all I have is history and experience.

Governments move very slowly at the best of times. Even in the UK the process to approve anything to do with licensing is protracted.

I will repeat. There is a risk that SCIR lose the asset by not having access to funding to meet what will be escalating cash calls from our partner.

Maybe your vision of a rosy future will come to pass. My personal opinion is that we are now stuck with some serious liabilities. The time to sell was 2 or 3 years ago. The BOD appear to have been greedy. Doesn’t surprise me after listening to TR.

I’m sure there will be many people reading this that know in their hearts that this is a growing risk.