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Katherine Roe describes Ntorya as a "World class asset". So the message from shareholders to the board is go back and renegotiate a better deal. We can't have a BoD who just complain that they can't get a deal or that they can only agree to what's being offered. You need some backbone and need to be prepared to walk away. Unfortunately the board have got themselves into this situation by not preparing properly with their negotiating position by having funds in place should they need to go it alone. The company have always had the obligation to honour the Ruvuma work programme but have not prepared in advance as they should have when the company was in a stronger position to raise capital and conserve capital as they should have, but instead have sucked money out of the company which they blame shareholders for.

Maybe Mr Calgary has started buying again. AGM next week. Calgary might want to get to 8% before the meeting. I tried dummy sells Friday afternoon and couldn't get a quote for 400k, but could get a quote for 100k at 3.07p. After 4pm I could get a quote to sell 400k at 3.13p, which then went up to 3.15p.

In the meantime they've wasted money on broken down ADG plants that are not profitable in any meaningful way and no-one wants which need considerable investment to maintain them, and cynically blame shareholders that this is what they wanted when they voted to change investment strategy. They are now holding a gun to shareholders heads to vote for another poor deal just so they can bail themselves out and continue with further poor deals that do not create any real value. All the while the main asset the company had is squandered as they had no plan to really keep it.

They can't get the loan until the deal completes. The problem they haven't explained is the deal is so poor they still don't have enough cash to run the business and so will need to raise further funds by a significant equity dilution. They are relying and hoping that if the deal completes the sp will boom and they can raise money at a higher sp with less dilution. However, as the deal is so poor the sp will not rise.. If they were getting $16m as a lump sum on completion, then it would be a different story.

Someone accumulating..

I had a vivid dream about Borders last night. They released an RNS and the sp shot up to 10p and then 55p. I clicked on the title of the RNS, but before I could read it I woke up. There is one word I vividly saw in the title of the RNS.... Acquisition.

The SCIR board really haven't fulfilled their duty in protecting the Ruvuma asset by ensuring that funds were in place to honour the work programme. Extremely poor thinking to try and sell the asset without having the funds in place for their share of the seismic and drilling. They just left themselves at the mercy of any prospective buyer. They had loads of time to complete the funding before the work programme began. Dereliction of duty by directors.

Here's a couple of interesting articles. BOR on the cusp in the current oil and gas market.

https://oilprice.com/Energy/Crude-Oil/Is-It-Too-Late-To-Invest-In-The-Oil-Price-Rally.html
https://oilprice.com/Energy/Natural-Gas/Buyers-Scramble-To-Lock-In-Long-Term-LNG-Contracts-In-2022.html

Gus. Are you picking up more stock if you think it's going to turn.

I'm sure Calgary is accumulating, albeit slowly. MM's paying more for larger trades 100k+

Looks like Germany is running out of gas.. who else? Italy? How many countries are going to run out of gas this winter..
Can't believe BOR won't get a partner or finance, but they need to deliver. AGM next week. Anyone going?

Mr Calgary must be picking up stock on the quiet, inching closer to 8%

Did a dummy sell for 100k and got offered 3.06p.
Tried one for 400k and got offered 3.12p
Does that mean they want stock?

Ah yes, silly me. And there I was thinking about the shareholders. It makes you realise you have to think with a different mindset of a director and their salaries. This is why they will need to do another placing after the deal.

This deal that the BoD have done relies on CH-1 being successful, yet they talk down Notrya saying it's is a major downside risk for the company. Do they not realise that SCIR are still exposed to this risk by agreeing this deal?. Do they not realise the company is being lumbered with a loan from WEN which they will need to pay back if CH-1 is not successful?. It seems WEN get to take over the asset with all the upside in the success case and their exposure to any risk is zero as SCIR become indebted to WEN if it's unsuccessful and will have to repay the loan and shareholders are left holding all the risk with further funding required to drill another well. The deal is perverse. What are these people thinking of?

Might aswell sell your SCIR shares and buy Aminex. At least you'll have exposure to the upside at Ruvuma and will get your money back. Leave the SCIR BoD to their nonsensical ideas and watch them sink on their ship. Don't go down with them.

Seems rather desperate from Ferguson. They obviously are concerned they are not going to get the deal through. You can bet that they will do a placing anyway after the deal does get approval as they just won't get enough cash in time to do the other things they want. What they want to do is not much of an investment proposition anyway. Ntorya discovery is far more accretive with the risk reward in favour of success. It really will be a kick in the balls if they do a placing anyway after saying they need this deal to avoid a dilutive placing. Squandered opportunity.

£20m Mcap is a joke. Oil price staying at +$100 for the next few years. Supply tight for LNG. BOR with a huge asset worth billions...oil companies missing out on huge opportunity to make serious cash. Bonkers.

Not much stock about then?
They don't want you buying any and making sure there is a huge spread.
Looks like a bit of buying will send it up.

Gus, maybe buy a few tomorrow.