Member Info for mrc_mrc_mrc_mrd

https://www.hellenicshippingnews.com/ducs-wont-save-u-s-oil-production/

There is a good chart in here that shows a shifted rig count and production. The projection is for a decline from March through September.

Chilting -good to here you are still with us

They need to start drilling an awful lot more wells to grow production. I don’t think it is a concern for this year or next.even the optimistic EIA is predicting a long road back to pre COVID production levels so if demand recovers the world is going to be short of oil.

BD and CP laid down the law with the BOD last month but it seems the BOD has led them down the garden path!!!

No deal in sight?

I wonder what there excuse is this time?

Supposedly we were weeks away from at east one deal!!

AA - unfortunately it is gambling when you can’t afford to lose.

Speculating on the drill bit is OK with the right risk / reward strategy.

The Problem with SCIRs gambling is that if it goes wrong the company is likely to be back with the begging bowl or drawing down the death spiral facility.

Anyway as I say, worth a punt here below 1p. Peeps who bought in at 2p last week have been badly spiked by you and your ramper pals. Hope it was worth it for you.

Posting very misleading information. Report that is 5 months out of date!

Forecast was for the Permian to reach 4.4 million barrels in January which it missed by a mile!

Permian is the only basin that is growing, and it is hardly stellar.

Lol Chris - When the SP is swinging wildly 20% up or down every day I don’t think the market has arrived at a valuation!

I am more interested in entry and exits.

The BOD thought HE1 was worth 3p a few months ago.

As I have said many times, the BOD are gambling. Very little has changed since they let themselves be diluted at 3p.

L3 - don’t try to make out that this is how you saw the rig count playing out. You’ve been predicting shalers spoiling the party since POO was above $50, and it ain’t happening.

Jan is right - you are trying to mislead. Rig count is largely flat. I expect we will see production dropping further in the US.

KO -

https://www.energyvoice.com/oilandgas/north-sea/310435/significant-interest-enquest-vessel/

Lol, oh well back to reality!

Lol ok AA. Happy weekend

Chris, no need to get defensive?

I'm saying this will be a buying opportunity (on the assumption the BOD have taken a significant chunk off the table)

The full sale would be a game changer for SCIR and I believe would have a multiplier effect beyond the cash value. SCIRs problem has always been large cash hungry assets and no cash!!

If they can fully fund Ruvuma this year without getting the begging bowl out then that is transformational.

Rumours flying around... could get some confirmation with the OU? The revellers may have to vacate their favourite night spot soon!!

Hi AA - IMHO HE1 has more than arrested the fall in SCIR SP that we might have seen.

It’s my view that without the 3-4 million pounds of HE1 shares, SCIR fair value is below 1p (maybe a £5 million market cap).

I will believe it when I see the RNS.

SCIR might be worth a punt when HE1 PIs hit the panic button (the ramping teams usually describe this as “a tree shake”). In that case SCIR SP may also be marked down considerably.

HE1 still has a long way to fall IMHO. Crazy valuation.

Hi Therapist.

Thanks for sharing.

It’s an old asset and in my experience they often lurch from one problem to the next. It’s just the nature of the business. EnQuest hold there own when it comes to sorting these things out...but...

They have cut very deep last year and I do worry about their engineering capability.

Hopefully the issues are resolved and they will get a clear run for a few months.

Just need someone to fire the starting gun.

Ops updates are normally a disaster but next week I think might be an exception. Update on net debt figure and hedging should give a bit more certainty on debt repayment. I would be happy for them to hedge all production for Q3 at these prices if it is enough to guarantee the October repayment. Seems there is still some doubt in the market about that being cleared.

Shax - the AGM is the 12th of May so ops update should also be the 12th.

Lol an easy ten bagger eh?

Good luck to you...history here suggests a different outcome!!

AA - sorry but it is a huge risk. If you had no income and a large bill due would you spend keep your savings in anything other than cold hard cash??

Of course the BOD know they can always just dilute shareholders. Maybe that is the plan if it goes boobies up at HE1.

The risk the BOD are taking with the cash tied up in HE1 is holding the SP back IMHO.

Hi Chris - my take is that they have the funds only if they drawdown the death spiral facility. That is what they mean by "equivalents".

I'm sure we can all agree that if they have to draw that then it is the beginning of the end. Best to get the HE1 stake sold and cash in the bank to fund Ruvuma + the BODs lavish lifestyle + pencils for the stationary cupboard.

I agree with many here that HE1 (for better or worse) is not core, and personally think it is a huge risk not to dispose of it when we have commitments for our core asset to fund.