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I’m as angry with them as you are guys. Someone should start a shareholder action group and show these guys the door.

Morning Gents - I agree that the BOD have had their chance (4 years) and should do the honourable thing and stop drawing cash out of the business!!

The sooner these cowards depart the better IMHO, but they might need a little push.

*Seav

Drab - under 2021

https://www.enquest.com/investors/reports-results-and-presentations

Hi Therapist,

Yes I found this really interesting - very averse to committting to a large capital project.

Lesson learned I guess!

I do wonder if that will still be the story when FID is made in 2023/24.

One thing I am interested in is how much longer Kraken has in it. https://www.enquest.com/fileadmin/content/operations/ICOP_PDFs/EnQ_ICOP_Kraken_2021_07_F.pdf

I think a steady rise upward now. News on bond refinance will be another tick in the box, but actually I hope now that they wait until Q3. At current POO I don’t see much risk in letting them hang out there a little longer.

Not really my area but it sounded like JS thought that was an option, and one of the analysts mentioned possible bond re purchasing

Chris - unfortunately I think the BOD will soldier on as you suggest. Existing shareholders would do much better with a sale at any price. But of course Gneiss would then miss out on lots of juicy fees.

It is bad news.

My proposal is sell for something like $5-10 million and spend that on an asset that makes money and covers some of the overheads. Whilst we have Ruvuma we don’t have a sustainable business. The asset is too big for SCIR and always has been.

Well that is your valuation Chris.

It’s only worth what someone is willing to pay.

I’m not saying Ruvuma has no value. But I firmly believe it has no value to current shareholders (UNLESS the BOD can pull off a sale - any price is better than raising funds to develop it ourselves).

The analysts on the call were in a back slapping mood. Think we will definitely get some good broker recommendations off the back of this.

imho

It is a conscious decision to do drip drip funding.

Another “gamble” that has not paid off.

The only game in town for shareholder value is now a sale or relinquishment before any more costs are incurred.

My concern is that they may be legally liable for all costs in the current work programme. So relinquishment probably not an option until the work programme is complete.

What a mess

AIMVHO

I’m expecting an increase this year due to increased activity.

Not convinced there has been much real reduction on 2018 levels.

I watched as well.

I need to look at the handouts but it sounded to me like the only way of meeting the targets is with local (not grid connected initially) solutions. So hub developments realistically with local renewables generation and energy storage.

Floaters are also a potential problem (not sure if this was discussed).

SVT could play a part infields near Shetland.

The verdict is already here Chris.

As predicted, the market hated uncertainty around funding and SCIR are being punished.

We have a need for cash to develop the AD business as well so I don’t see the harm in raising the full 6 million dollars as soon as the work programme was announced.

SCIR would then have been able to boast of being “fully funded”.

Their “only for a good price” pitch to buyers would have been a lot more credible if they had the cash to back up their bluff to develop.

The funding strategy here is crazy. Should have raised the whole lot months ago at 1p plus. The longer this goes on the more uncertain the situation is and the worse the placing price.

Gneiss did something very similar during the CEG drill. Every time shareholders thought the funding was over there was a placing into any rise

Possibly depends if it is a new tax or a temporary increase in an existing tax rate. The former I’m not convinced we are protected against.

Anyway, windfall tax not going to happen.

Chris - I’m sure the guys on the CEG bb were not expecting a placing at 80% discount either.

All I am saying is that SCIR are at the mercy of whatever funding Gneiss can bring in. They don’t have a good track record of getting deals that are good for shareholders IMHO.

Gneiss are involved here.

Anyone thinking of buy should look at the history here and also look at CEG where Gneiss have also arranged funding.

Perkins is a cheerleader in both shares I believe.

Lol Chris- you have doubted a lot of what I have said…but it all seems to be coming true!!

The company is circling the toilet bowl and I think you know that all too well.

The next settlement of the prolific loan could be at 0.4p the way we are going then it will need to be a placing to fund the drill at 0.3p plus another consolidation.

I expect they won’t be able to fund the drill or any more AD deals to be honest.

I do hope that there can be a Nuremberg type outcome to this. The Russians have never really had to face up to the truth about their past like Germany and Japan’s did.

I would put the odds at close to zero, but you never know.

They are going nowhere positive for a while if they keep hold of Putin and his enablers.

Analyst - western investment is obviously gone as well. I expect cash from oil sales will be siphoned off by the state and the gangsters in charge rather than being re-invested.