Member Info for mrc_mrc_mrc_mrd

Maybe Squiffy, KO, L3 and Chilting have all clubbed together and opened a massive short?

Would explain the tiresome *******s they keep posting. Feeling the heat maybe?

I think each one of them is stupid enough to short this.

Is it not from jan 2020? So there will be a small reduction in consideration.

The cash flow after tax will be deducted from the consideration. For 2020 it will be insignificant. For 2021 it will be substantial.

Mad bastards.

Chris you keep repeating what I have said as if you are somehow catching me out, or think that everyone will think it’s ridiculous.

Clearly the market agrees with me and not your wild predictions which have been playing like a broken record for 3 years as the SP trends further down and the assets get sold off with no shareholder value returned.

Maybe you have beaten the market. We will see.

For a 2 man operation they sure do burn through a lot of cash!

That was a turd of an RNS to drop after close.

I didn’t think the BOD could disappoint me much further.

Clearly they are out of touch with their shareholders (except the ones which see a return on their investment)

What are you on about?

They sell around 500-600 boepd with a lift cost of $10

They can only hedge up to 75% 12 months out I believe?

In any case stuff happens so they should always leave a good margin unhedged in case they don’t end up having the physical barrels to sell.

So not much difference from the 60% required by the RBL.

Seems like someone got a sniff of the RNS today with the drop in SP. looks like it could be back below 1p tomorrow IMHO.

You would also have to convert dollars to pounds

Chris- I will happily admit if you are right about a sale being imminent. The market is certainly not confident of a sale, and neither am I.

Wrong AA

The cash from HE1 is getting spent on salaries, fees, and The money pit that is Ruvuma. Yes a small amount went to the deal, but remember about 300k of that 1 million transaction was fees.

It’s not sustainable

I recall you were not happy with Tom Cross related party transactions?

In my view this is significantly worse.

Tom bought a piece of land with a clear independent valuation. And made a loan yielding a fair market return.

This deal is much more opaque.

It should be going out to market for competitive tender.

The whole gneiss saga has been cronyism and it doesn’t sit well with me. It’s the main reason I sold - the BOD would not talk about it. All we see is the millions going out of the company under one line item.

Other than the fact they come into a company then hand out work to themselves? The fees they charge for their “services”? the double dipping?

Just look back at where all the money has gone from the disposal of our assets.

They also arrange very dilutive funding.

The BPC guys were not too happy with them either I recall.

Basically I think there is a conflict of interest.

I don’t even think SCIR reported the relate party transaction for previous work given to gneiss?

The L3 trader is back folks with his angry pointless posts.

Enquest are in fact excellent at execution (just don’t let them near a capital project!). The ops stuff they do just fine.

Are often a red flag

AA - what is your opinion of Gneiss being involved?

Can’t imagine many ppl are happy.

I am not playing word games, but yes I am speculating (reading between the lines). There is a difference. Companies are not in the habit of releasing news through “clues” like some PI scavenger hunt.

Thanks hitman

Good thing I suppose is that none of those barrels will be hedged until it completes.

Annoying that we are paying tax on it though until it comes under the ENQ shelter.

I think dream on to be honest.

Playing Sherlock with RNS wording is pretty desperate.

What’s happened here is Fitzpatrick has cut off support unless he gets cash retainer. And the BOD are so clueless about how to run a business that they need to pay the ransom. All my opinion. Of course.

Yes Steve - would have paid for itself in a few months!

I will say again - the BOD do not seem to take a long view. They behave like PIs as evidenced by HE1 drill pump and dump. I expect their strategy for Ruvuma is to hope the SP rises during the drill then get a placing away at a higher price.

Unfortunately we don’t know because it is all so opaque.

Shareholders were angry about Gneiss and I really thought the BOD had learned that lesson.

It will be a blood bath here tomorrow IMHO. Last straw for many I would imagine.