Member Info for mrc_mrc_mrc_mrd

We are only told half the story as usual (the jammy half).

More or less as expected.

Nothing funded…just more promise of jam tomorrow.

As I’ve been saying the 3D seismic is not complete. November drill date does not look possible.

Sounds like wishful thinking Matt.

There is no reason not to release an operations update in a timely manner. A sale of Ruvuma or placing deserves its own RNS.

A few more investors had enough I guess? Could see a tick down today.

When the BOD take a month and a half to produce a quarterly report there is something wrong IMHO.

Buffet is loading up on oil and gas. He doesn’t typically buy at a high price. I suspect oil and gas producers have at least a couple of years of boom times.

Major projects are another matter.

Running at 9% over the last year.

If the remaining 525k pounds worth is issued at 0.0046 then that will be more dilution - 15%.

This is all money that has already been spent!

Millions more now needed if they keep Ruvuma.

Chris - it’s not nothing. It’s dilution on top of dilution. In other words it’s all part of the death spiral.

The next £100k may be given away for 3%, then 5% etc etc.

That’s another 2% dilution

Drip drip drip

I wonder what they will get the next tranche away at? SCIR could be forced to use the remaining facility soon too.

Bad luck Chris

Lol Chris - worst case news AD plant chugging along?

Surely you can imagine a worse RNS than that?

Maybe this will be where they finally come clean? Maybe that is the reason for the delay? A few weeks extra salary before they get the boot?

Lol Steve - they can’t even write their own BS

AA - the failures have already happened IMHO.

I want SCIR to succeed. It has been obvious for some time that Ruvuma is a liability in the hands of SCIR. Get rid and focus on AD plants to at least have a chance of preserving shareholder funds. It is vultures like Gneiss and Prolific picking over the bones of what could have been a great company now IMHO.

What are your thoughts Frank?

Will they come clean with shareholders?

https://www.bloomberg.com/news/articles/2022-05-04/germany-netherlands-push-north-sea-drilling-to-shun-russian-gas

They could pick up this 800k worth of shares for 0.5p if they push the button now…seems they expect a lower price?

I wonder if they are making the drill funding difficult? Can’t imagine SCIR getting a placing away with those shares waiting to drop on the market??

The market does not seem to share your certainty about funding Chris. You make it all sound so easy…well if that is the case then our BOD and their good friends at Gneiss come off in an even worse light!!!

Agreed - this is going nowhere with uncertainty around SCIRs ability to meet obligations in Tanzania. There is a good chance of relinquishment now IMHO. Market pricing that in to an extent.

Chris - I shared your thesis. I guess the difference is that I made a profit on my positions so happy enough on that front.

My disappointment is related to the inefficiency and what some might call immoral business practices. I thought these guys might be technical and delivery minded. But it seems like just more fee takers thinking about their retirement pots and that of their mates.

Indians are negotiating at sub $70 delivered. Can’t be much profit in that.

The cost of the sanctions will be spread over all buyers.

Yes Chris - all professional fee earners with little regard for the SP or the success of the company.

Your friend Dan included.

I invested when TR and AF came on board, foolishly buying into your thesis that these guys were serious, competent oil men. Very disappointed.