Member Info for NewKOTB

So the merry-go-round continues ...

https://www.lse.co.uk/rns/SQZ/holdings-in-company-b1u2oincu9d9npw.html

Gooner,

lol .... Thing is, you know once he starts that there is an inevitable ending, no matter how long it takes, so excellent analogy.

atb

BB,

"Founders: 2,877,698 of the Consideration Shares (which would have had a value of £8 million at the time of signing the SPA) will not be issued to the Seller at Completion, but will only be issued to the extent there are no successful warranty claims. These Consideration Shares will be issued in two tranches: 50 per cent of these held back shares will be issued 6 months after Completion (assuming no warranty claims), and 50 per cent of these held back shares will be issued 12 months after Completion (assuming no warranty claims)..."

So not only do the founders (Stephen Edwards, Jacques Tohme, Tomasz Ujejski and David Freeman), get more share in their own right, but also the dividend paid between completion and issue too .... nice work if you can get it .... esp for Samos owner, Tohme !!

AIMO & DYOR

BB,

"2,877,698 of the Consideration Shares will not be issued on Completion, but will be held back as collateral against warranty claims, to be released in two equal tranches after six and 12 months..."

aimo & dyor

They (SQZ) had some shares 'held back' for 6 months period as part of TW deal completing just in case of any 'Big Narstie' that may appear !

Hence their true holding now !

aimo & dyor

"At the moment, the UK is a net importer of both oil and gas...."

We all know, logic dictates the more we produce from our own shores there's an instant WIN, WIN in terms of lowering emissions and greater tax revenue too (more so if EPL was removed to fire-up investment across the board too), yet the UK Gov appears 'ell bent on destroying the industry......

Gov is run by a bunch of Scarecrow's, with not a brain cell between them, If they Only Had a Brain, Toto could probably do a better job, just ask Dorothy !!

aimo & dyor

NSTA have to rubber stamp ours now.... not long to wait

https://www.bbc.co.uk/news/uk-scotland-scotland-business-66933346

"The controversial Rosebank offshore development off Shetland has been granted consent by regulators.

Located 80 miles of west of Shetland, Rosebank is the UK's largest untapped oil field and is estimated to contain 500 million barrels of oil.

Development and production consents have been given to owners Equinor and Ithaca Energy, following the acceptance of an environmental statement..."

https://www.bbc.co.uk/news/uk-scotland-scotland-business-66933346

BB,

"Perhaps Jacques and Samos is that big reveal.."

LOL, wouldn't put it past Mitch (Cough .... Mercuria), SQZ's so happy being Dun Over (son of Ben Dover) buying one company from Tohme et al (Tailwind) we buy TWO !!

aimo & dyor

Bit of a merry-go-round of late !!!

https://www.lse.co.uk/rns/SQZ/holdings-in-company-flqmjvxr6tj7py6.html

Tohme has kept his connection with Samos very quite , no mention on his SQZ bio, yet he was the founding director of Samos since August 2018 that was then known as Saratoga Ventures, later to become Samos in March 2023, at time of TW deal completing.

NQM,

Great find Sir.

"I assumed he would replace Andy Bell in the near future, looks unlikely now? If he ain't with us 100% what are we paying him for?.."

Indeed so, pity I didn't know this before the Q&A's last week.

In run up to the TW deal being complete, SQZ accidentally stated ( later removed from linked document btw) that Tohme would replace Bell within 3 months, clearly that has not happened, now we know why.

See BlackRock Infrastructure are mentioned, not sure if connection exists between them and Blackrock Inc who recently issued TR-1.

Also, given Tohme's connection with Samos, interesting they state :

"Samos Energy is a newly formed upstream energy investment platform and Petrofirst represents its first acquisition. Samos is pursuing further acquisitions of global upstream energy assets in developed basins and jurisdictions with focus on Asia, Africa and South America..."

https://www.samosenergy.com/news

aimo & dyor

"Blackrock further increases position, 5.07 announced last week to 5.25%.."

"Date on which the threshold was crossed or reached vi: 22/09/2023.."

So they picked up a further ~800k of actual shares in 4 days !!!

Well, well, well ..... I know what I make of that.

Thanks Flexmw

aimo & dyor

FH1,

Howdy Folk's

"Not a lot of comment on this part of the RNS. Why would GKP be starting up wells if pipeline wasn't going to open..."

Exactly, can cause a lot more damage by starting up a well unnecessary, then having to shut it in again rather than leaving it shut-in.... yee-haw

aimo & dyor

Flexmw,

Thanks for re-posting link.

The most important one is 'NBP All Day D.A' as this is what we get paid.

Future's are all well 'n' good and a great guide for direction of prices and as a guide from which to negotiate hedges. SQZ (Mitch) did say during last presentation that SQZ are now in the market to look for suitable hedges again. In 5 days time, the last of our gas hedges expire, just as well as they are at 40.7p/therm vs current 102.4p/therm but luckily only on 50,000 therms per/day (~860boepd).

Hedging is usually required as part of RBL (as per historic TW deal for oil) so makes you wonder why we are back in the market again given the direction of NBP as it looking likely to stay elevated for some time to come.

Historically, hedging has not been SQZ forte but now we have added 'complication' of Mercuria being on board (oh dear), guess they will be calling the shots with all hedges probably obtained via Mercuria's trading arm (double Oh Dear). So MASSIVE win, win for Mercuria, not so much for SQZ imo !

aimo & dyor

Its trying a new approach this morning .. lol

Morning belgrano,

Exactly, you don't "injecting all crude sales into the pipeline" for fun, note "all" as this is part of phased startup imo. This RNS is just letting the market (us) know real progress is being made ..... Not long now.

atb

TIA

SP still below early July's price and May's 22 placing's @ 18p/s too, that don't forget was over subscribed to the tune of over 347%, so plenty more open skies on offer above these targets.

aimo & dyor

Really ! .... lol

btw, answer is 53.4cm if you need to know 'How Long Is A Piece Of String'.