Member Info for mrc_mrc_mrc_mrd

No danger of a sale IMHO…who would want a 25% stake in a project like this? Certainly not going to be many that also have $60 million burning a hole in their back pocket that can be tied up for the next 5 or 6 years.

Thanks Chris - sounds like it’s dead in the water then.

Surely a BOD worth their salt could work out some sort of deal there. A few million from Zubairs, and KN1 stake from AEX and SCIR hand over Ruvuma.

At least SCIR would then be in control of their own destiny.

Even partial energy security is very sensible. Hopefully some investment in speeding up the approvals processes as a minimum. However I suspect more incentives or downside protection is needed to encourage investment with the risk of stranding. Help with Decomm costs, loan guarantees, etc.

What is wrong with these people…” Scottish Greens spokeswoman Maggie Chapman called on the UK government to hit energy companies with a windfall tax, and "not give them carte blanche to continue wrecking the planet and fleecing their customers".”

They live in a sort of fantasy world.

Energy firms warn of UK oil and gas dependency https://www.bbc.co.uk/news/uk-scotland-scotland-business-60907660

Are there no licence conditions for KN1?

Surprised they are allowed to just leave it there for years on end.

I’m not sure what the relevance of your facts are to what I said AA.

“ The BOD can barely run a £5 million company…does anyone think they are up to running a company 10 times as big (by MC)”

As far as I can see they have never run a listed company other than SCIR.

They have had a play at running a company and seem to be unsuccessful. Maybe we should try and get an experienced and BOD in to replace them?

AA…it’s easy to hide in BP. I have met quite a few losers who have stagnated there for years if not decades.

Anyway as someone else says…what are they doing going from a company worth billions to a tiddler like SCIR. Seems like a cushy retirement job to me. Perhaps left previous employers under a bad odour and this was all they could get??

Bullfrog - I mean more the management of proceeds rather than the operations. So far all of the cash generated (from asset sales) has disappeared. Under the current BOD I’m not convinced we would see efficient use of any cash that could come imho the business.

If they can capitalise and fund FFD (around $40 million if I remember?) then SCIR move into a different league and once cash flow turns positive could start investing in growth.

The BOD can barely run a £5 million company…does anyone think they are up to running a company 10 times as big (by MC)

Beyond the drill and placings there is a bigger problem here.

The BOD have not been performing well and cash burn has been absolutely horrific. We have related party transactions going on and there a perception of nest feathering.

If SCIR is recapitalised then I think the BODs departure will be prt of the deal. No serious investors are going to allow these guys to manage a 25% stake in a project of this size.

Hi 44 - sorry force of habit.

Yes it is positive for the asset…though there has supposedly been high demand since 2017 and bugger all has happened.

I doubt we will see gas produced in 18 months but always good to have political support. The market will believe it when we see it I think.

My original point is that the funding picture needs to change. SCIR can’t afford a seismic survey at the moment so a field development seems way out of reach without a full recapitalisation (effectively neutralising any benefit for existing holders)

Looks like the gov are now turning the screws on SCIR too.

Where is the money coming from?

The bet is on PMG partnering up on some of these assets. The gas price is great but it can’t even cover the overheads.

I think we probably will see opportunities closer to 40p again.

https://youtu.be/chJyzojez1o

Not sure if this interview has been posted

The real clanger in L3s post is this one

“ Clearly, production in Jan&Feb, average production in 2022 will be below 50Kboepd given the shutdowns ahead.”

How on earth do you make that leap L3? Do you know what ENQ have in their model? Do you not think they would allow for all planned maintenance? What about these wells we are drilling?

Personally I suspect we will hit near the top end…AB caught with his trousers down in September and he will not want to be in that position again.

Lol, well your big man balls have got you in a bit of bother this time AA, haven’t they?

I’m not emotionally or financially invested here so have no interest jn anyones but or sell decisions. Whereas you need to attract buyers to get your exit.

If we go with Chris’s logic - I have never posted a sell or strong sell recommendation, therefore my posts are completely neutral?

I bought back my spreadbet today…possibly too early but can hold for a few months if need be, and tolerate a sizeable pull back.

Momentum is to the upside. A lot of supporting factors.

Chris -
It’s quite obvious you are in deep stook and desperately trying to prop up your investment by trying to suck in new guys.

I think it’s a disgrace, and you should be ashamed.

Plenty people agree with me and are agree with the BOD. This BB does not belong to you.

Hi Steve - yes the BOD sounded really impressive when they first came in 4 years ago.

I think for all but the true believers like Chris and Ariel the scales have now fallen away from the eyes of the plucky PIs.

Seems like it was all a clever trick to give a few out of work oil execs a cushy retirement job, and sling some cash towards the fighting Fitzpatricks and Gneiss.

I don’t know much about the FPSO but west of Shetland is a ship breaker.

Not convinced EP could hack it to be honest.

Chris supposedly had my IP address and was getting the heavies involved?

I can report that there has been no knock on the door yet.