Member Info for mrc_mrc_mrc_mrd

Hi AA - thought the board needed a bit of balance given yesterday's gleeful posts about the rising HE1 SP! £70 million is very expensive for a wildcat exploration play. As far as I am aware there is no other pure helium play in the world. That sort of trailblazing usually comes with a lot of risk.

Helium one stake worth a bit less today. I wonder if that was the top of the spike?

I feel a shareholder revolt coming on. No mention of developing Ruvuma in the latest strategy.

To be honest I think the previous strategy to buy gas production was a good one. What the heck are the BOD doing?!

https://www.offshore-energy.biz/enquest-files-decom-plans-for-heather-topsides/

Lol at AA.

Top trader.

Sorry Frank for over posting - genuinely think this company could come good. But with current strategy it is a disaster, and I think BOD do not have the right incentives. Big D is right - if Ruvuma is sold for $20 million. The SP goes to 2p but if the cash is spent according to the current strategy then we are looking at very slow SP growth.

At this point I think they need to have another re-think and just focus on funding and developing Ruvuma with as little debt / dilution as possible..

Alternative is to leverage up for these new asset purchases and go big.

SCIR are just too small at the moment to be viable IMHO. Fees and salary more than eat up any profit from asset sales.

Ariel, yes there are seeps.

CoS is less than 30%

You need to use the old noggin!! Seeps don't equal commercial helium system!!

1. Debt is not $1700 million
2. Debt is likely to be falling based on latest company announcements showing debt being paid down and significant free cash flow to reduce net debt position.

3. Bell end

I agree with Frank and Big D.

Get some cash in the bank by selling non core HE1 and fund Ruvuma.

I am also of the opinion the BOD have to go. They are far too keen on "external" consultants. If we let them sell HE1 I think we will see any profits eroded by fees. They spunked so much cash from the UKOG stake. Incredible they have got away with it IMHO.

AA - it's a gamble because the reservoir is a. Complete unknown except for seismic. Needs testing with the drill bit. I am given to understand the CoS is less than 30%?

There is nothing other than speculation currently to support the £70 million pound!!! market cap.

Even if they strike helium, can you really see much more value? The SP looks expensive to me. Could it be a case of sell on news? Probably better value at the blackjack table!!

Seems like a massive punt on there being commercial helium. If it goes boobies up where does everyone think SCIR SP will drop to?

Chris

Are you really proposing that HE1 has cost SCIR nothing to hold for the last 4 years?? The 5% is not free by any means and if you truly believe that I am surprised. These sort of costs (including any disposal costs) should be considered.

£2.55 million paid for HE1 (originally 10% pre dilution). Additional 5% (pre-dilution) obtained at no direct cost (equity stake in lieu of payment for technical services).

Let's call the total cost £3.55 million.

So around 16p needed to break even. Even worse than I thought

Don't think so mate - Chris will confirm the numbers for you

Craig - what are you saying? The BOD bought 4.3% at around 10p I believe?

Not a great return if they sell for the years of holding.

After fees it will be around break even or a small loss IMHO.

Looks like it from the news. High streets absolutely rammed as well.

Hi iceman

It's only 4.3%

They were diluted to hell by the low ball IPO.

The BOD have a history here of wasting shareholder funds IMHO. Last time they tried to do a deal they lost 230k euro deposit when they pulled out.

Nm

GLA

Looks like perkins almost caught the bottom

Did you get in at 17.06, or was that a fantasy order?

I think they were around 2 million for the previous disposals?