Member Info for mrc_mrc_mrc_mrd

No Steve - they take on future liabilities. If SCIR can’t pay the bills as they come due the. They forfeit their stake in the JV. Simple as that.

If the loan is not forthcoming soon then SCIR are in deep stook

Merely an observation, friend!!

Actually if you think Zubairs end up with this then the chances are they get it from SCIR when they relinquish. TPDC just need to sit on their rights for a few months and watch SCIR default on the JV agreement. As I understand it the 25% would then be handed to ARA and AEX for nothing.

Oh dear Chris, you have definitely gone doo lally.

I seem to recall you posting constantly about how good it was that the Zubairs were involved in Ruvuma? You are all over the place.

Lol, don’t see what benefit my posts are to Zubairs. What your friends on the BOD and at Gneiss have done could certainly be beneficial for them though!!!

I thought I was supposed to be former CEO Dan Maling? Or have you moved on from that delusion now?

Wrong again Chris. The price to Sell is still at an all time low. They have just moved the price to buy a little higher. Only the sell price matters if you are a long term holder.

Oh wait I forgot you sold? I thought it was a big no-no posting on a share you don’t own??

I saw an article this week that had the breakdown of pump prices. Refinery margin is now double what it typically is. Bizarre decision by the Gov to only tax the upstream side. Almost like they don’t understand what they are doing.

IMHO this is just the last squeeze before POO starts going up again.

Doubt Iran deal will happen soon but expect extra barrels could be easily absorbed.

Demand is still expected to rise despite recession headlines.

Sweden have had their oil fired generation running this week again. I expect a nice chunk of gas to oil switching. Maybe we will end up having to go out and sit in our cars this winter with the engine running to get a heat in.

The SP hasn’t really moved 17%

Just a horrendous spread.

AGE - did you not feel engaged when they banned your last LSE profile?

Little_me

In my opinion this is now in need of complete recapitalisation following installation of a new BOD or as part of a takeover by a private company wishing to obtain a listing.

I have put a proposal out there to create a private fund for the benefit of existing shareholders should the milestone payments be received for Ruvuma further down the line.

That is the best case here IMHO. Future payments value locked away then recapitalisation (which will more or less wipe out existing shareholders).

Of course that won’t be possible unless the deal completes before SCIR get out spent.

Steve - you want to look at Dutch TTF - now around 15x long term average. Would have been around 15-20 euro when deal was announced and now 230 euro.

Aimster - you clearly do not know the situation the company is in.

Can you tell me who will ultimately be paying for the drill?

Indeed AA - this is why I have been saying for weeks that if TPDC do not clarify their position soon then SCIR need to make a decision about whether to keep paying the cash calls from their own account.

SCIR could either be forced to relinquish, or suffer massive dilution to keep the deal on the table.

This is a company ender IMHO. Future in the hands of the Tanzanian government…..good luck with that!

KO - at some point the Israelis will lose patience and put a stop to the nuclear programme.

And BD - being a keyboard warrior is more constructive than sitting on your ass and letting these guys get away with it - or worse actively praising them (which is what everyone else was doing 12-18 months ago).

Frank - 100% agree. It would have been a bit of a hit with dilution when the SP was just over 1p, but I suspect far preferable for LTHs of it secured the asset until post-drill. They would have then been in a position to reject this low ball WEN offer and credibly threaten to go it alone.

Instead they have wasted all this money trying to flog it and ended up with no alternative. They have left it so late that there is now a real possibility it will be relinquished.

Yes, sadly oil and gas is just seen as a cash cow by successive U.K. Governments. This EPL is competing for most idiotic policy ever. Kick a vital industry in the nuts just when you need it most. But I suppose it makes sense because the voting public can’t join up the dots.

Perhaps we do need a reality check this winter.

Platypus should have been starting up around now. What a missed opportunity.

AA - I told and continue to tell you so. It’s never to late to swallow your pride and get out with something IMHO.

Chris Perkins finally realised what they had done to him.

SHS - who do you think would give these guys money after they have presided over a default and can’t get vital business done?? Anyway they can cover prolific with cash and He1. What they can’t cover in my opinion is ongoing Ruvuma cash calls and Gneiss “success” fees.

BD - I tried my best to wake shareholders up in early 2021. I would have bought shares back then if a SHAG had been organised, and would have helped you. Matters little now, but it’s a shame that the likes of Chris and AA worked so hard to discredit my opinions. Hopefully I helped some avoid getting involved in this.

BD - the time to act was 18 months ago when I proposed a SHAG. I am sure you are doing great work but I can’t see any recovery from here unless SCIR get very lucky (TPDC need to make a decision and follow up with the Loan within the next month IMHO).

MT - anyone with even a little business / investing experience knows that you don’t “fund as you go”. You put funds in place early to protect your assets. Either the BOD are idiots or they took a huge gamble. Neither option make them investable.

HM - Targeted at MT really (who claims he was educated at “Eaton” and has old boy pals at big investment banks and at the highest level of government). I would suggest that someone that well connected would not have SCIR in their portfolio!!

Also claims to be an accountant but has only now realised that the directors have pulled millions out of this company.