Member Info for mrc_mrc_mrc_mrd

Everyone knows that cash is not coming back to shareholders any time soon.

Some chunky sells gone through today. Looks like someone is offloading blocks IMHO

Yes the website and name are red flags. Never seen so much BS.

Hope you are right MT, but unfortunately AIM is like the Wild West and I expect what the BOD have done can be squeezed within the rules. It’s not fair but these financial wizards know all the loop holes.

The SHAG may be successful in accelerating the demise of the company? I’m sure Gneiss have some expertise in liquidations that they could earn a fee on. Or some related party in the background waiting to take the company private?

I was tempted to buy just to give these guys a booting. But sensible head on and will wait and see what happens. My feeling is that they will get away with it. I expect there are too many shares in friendly hands.

There was plenty in there from Aberdeen and Great Yarmouth MPs. Not sure what the timetable is for this going through but I suspect there might be some time for some further concessions to be drip fed in.

Am I right in saying we have decomm costs included now? That is a big chunk that we can offset.

Hopefully some other little sweetners to come like a small producer allowance, heavy oil allowance, allow historical tax losses.

Once this is all set in law I would hope that the next government will not be stupid enough to change it again. Labour talk a socialist game but not sure they are ready to go back to being seen as unfriendly to business.

Steve Brown used the EPL as a marketing opportunity. He is hoping that others will invest to make his company. Now he is being used by the government propaganda machine. This is the guy that doesn’t believe in climate change or what not. Very strange world we live in.

Seems to have all gone quiet on the Action group. I guess the BOD are probably going to get away with this. Claws well and truly embedded in this corpse.

Finally peeps are waking up to what these guys are getting away with!

Hopefully some real action soon to put a stop to these shenanigans.

It depends if company B used the debt to buy an asset. That is really my point. Sitting on cash for 8 years is a great way to erode value.

I don’t think skerryvore will be drilled unless PMG can convince someone to pay for it.

The cash is waiting for a GPA partner and FID. Zero may well be fair value for that given the history of that field and the uncertain future.

I agree it’s pretty good value at the moment, but there are a lot of bargains out there at the moment!

Also the risk to that cash if it is spent drilling a dry well…

Marine - OK fair enough…so essentially you are saying that everything but the cash is valued at £29m.

It’s up to people to decide if that is expensive for discounted cash flow from NL, renewables business, land, and all the speculative stuff.

We must also consider whether we trust the company to spend the cash wisely, and the erosion over time with inflation if it isn’t put to work.

Not sure how you have arrived at £29 million EV. It is significantly more than that.

Sorry MT I have no desire to get into the accounts. Are you sure the new loan was not a refinance of the existing?

My view is that EAG is a non-business unless they can get funding for more acquisitions. Even in that case I’m not sure if EAG adds value to these mom and pop businesses. Perhaps access to funding (obviously a disaster so far) and expertise gained from owning multiple assets would make it a good business case.

I don’t like the opaque structure. This BOD treat shareholders with contempt in my opinion.

Agree with your take on it Robs - the gross production figures really annoy me. Seems aimed at fooling naïve PIs.

I guess what MT is saying is that the debt is higher than what the asset is valued at. E.g. SCIR /EAG paid a significant premium?

Edinburgh dry

Banks will not fund an appraisal well either.

They might chip in some RBL for Perth but I think even that is unlikely in the current climate.

I’m guessing the directors of EAG will be taking hefty fees. That is the only way they can get money out of the business until the loan is repaid to SCIR. I suspect between these fees and the rundown plant being refurbished there is nothing left in the kitty to repay the loan.

PMG has zero chance of securing Debt finance for a drill.

Even Perth is a high risk development and debt finance is very unlikely unless the project is derisked by farming out a large percentage.