Member Info for PC01

Absolutely not - I'm saying and have ad nauseam said it so many times...the company has the cash, it has the manufacturing capability, it has the contracts and the IP...what is has failed to show is the sales and thus the ££ that this SP kinda craves to go up...what is happening here is absolutely what I suggested might happen at the start of the year...as we go down, doubt sets in and in an information void such as we have now that doubt leads to smaller investors maybe with shorter time horizons bailing as a 9p bid, becomes a 8.5p bid, becomes an 8p bid, becomes a 7.3p bid etc...is there a chance of 6p...absolutely...but if and all investing is about if...if we are right about IP, cash in bank, manufacturing capability and contracts then the last piece of the jigsaw will come...as I said I bought more last week at 7.6p...i'll buy more at 6p if it gets there...and if I'm wrong it will be a very poor year but I'm optimistic enough to believe these are cracking levels to buy for the patient long term investor...and buyers can come and take stock back off me at 20p.

from what i understand - having spoken with a sizeable (10%+ shareholder last week) - is that AK is very aware of the frustrations of the shareholders...but is strongly of the view that mindless updates (talks going well, hopeful etc) actually mean bu55er all. What will move the needle is sales and proof thereof. As we have all been saying ad infinbloodyitum. What also came out of the meeting was that he was offered a larger sum of cash at 7p when fund raising done at 8.5p and implied that enough was being raised and he didn't want a larger dilution at a lower price. Its also worth remembering that he and the board own 6.3% of the company with plenty of share options as well so they will also be feeling this pinch...but unlike the majority of the readers of this board, i doubt they spend every living hour worrying about the next trade.

occasionally on this board some good manners! Alaric, I love your posts, you defend your investment proposition with wit and are very happy to defend the company against the hostile attacks from the small band of desperados. What I really do fail to understand is the following -
Who or what is this band of misinformation-ists? its a bit like Lord haw-haw in WW2...
Why do they persist in their (m)utterings against SLE?
Is it because - I wonder - they were early stage investors who bailed out at the lows, believing the nonsense that was emanating from Nigeria and can't bear the thought that SLE will survive and likely flourish, against the odds?
I dunno - its all very weird. But explains why the SP failed to rally in the way we might have expected when SBB were first muted, or indeed when monies were received...
I guess SLE is a company that must continue to prove the haters wrong and as a result will likely trade at a discount to NAV rather than a premium with no value afforded for its other investments until they, like the capital return, prove the doubters wrong. Its been a lot of fun to be on the right side of this trade tho! Anyone seen B7 and my case of Felton Road?

Surely the great unknown is what will the SP be the day after the tender is finished and we know how many shares we all sold at 46p...if we decide to tender...as I said I will tender 50% of my holding ...if I get filled in all it will be because Tosca et SLE have held on and I would expect the SP to respond positively to that. If however I only sell 10-15% then it means most have tendered and I would not be surprised at all to see the SP slip back to 30p...or even lower given the current share price does not suggest that the believers are in control!
However having sold 15% of my stock at 36p this week and 10% at 46p I will be in a great place to enjoy the future fortunes of this company wheresoever they may lead us!

There is quite a lot of chat about Tosca and Martin Hughes on here - again we are guessing as to their end game but I’d be v surprised if they wouldn’t like to reduce a little risk here? I know the fund has a reputation for stickiness but they had a near death experience with SLE which required Tosca’s balance sheet to sort it out. Thus the 46p I believe as the tender price.
Time will tell - personally I will put in to sell 50% of my holding ...as luckily in cost on all between 23and 28p...then ride what’s left...

morning all - Stifel have felt it newsworthy enough to put research out today - reads very well...

Transaction metrics suggest AMER is undervalued:

$17 per 2P barrel would equate to an EV for AMER of $425M, +100% vs current actual AMER EV of $210M. Vetra highlights 6.1M bbls of 2P reserves vs AMER at ~27M bbls.
$47k per flowing barrel would equate to an EV for AMER of $274M, +30%. The Vetra assets add 2,200 bbls/d to GTE vs current AMER production of c.5,800 bbls/d (of which c.3,500 is in the Putumayo basin).
Transaction logic:

The acquisition consolidates GTE's position in the western part of the Putumayo basin and offers near-term exploration upside in the PUT-8 licence. AMER is the dominant operator in the Eastern Putumayo and the two companies portfolios will now overlap in the shared PUT-8 licence, which should see drilling this year. The most likely export route for any PUT-8 oil is via AMER's OBA pipeline.

GLA.

I would add to my friend Mclean91 who has been spot on with his analysis this last 6 months (alongside a few of us believers!)...in case portsmouth72 you havent gone back thru the blogs on here...SLE has a quarterly income derived from a loan which pays it some $18mm/quarter and will continue to receive this til mid 2020. The SP has been kept artificially low I think its fair to say by some pretty low - in fact maybe dishonest and deliberately misleading might be better words - behaviour, mainly eminating from the Nigerian mafia it would seem who had a vested interest from the failure of SLE.
The company is now on a firm financial footing, because in addition to the quarterly loan repayments it has, as has been noted on here yesterday, other very attractive assets including a 10% (near enough) holding in a Nigerian oil asset which has been termed by the industry as 'world class'. Its near 5% economic holding in BarryRoe will also likely lead to some attractive returns.
As a result of all this the company has chosen to return $30mm at 46p to shareholders, all of whom will get the chance to sell AT LEAST 10% of their shares to the company for cancellation at 46p on March 20th. The company has also left the door open to further capital returns as the cash builds up, thus why some on here feel the SP has further potential upside. I personally think 46p is a noteworthy price, given that is - albeit the world's smallest - a premium to its last capital raise and where it is likely we will discover in due course that Jite bought STT's equity stake.
The future is indeed bright, notwithstanding the twin risks of the price of oil and being involved in 'frontier mining'. I can't quite say my 45p target by end of march reached, but I reckon it was a bloody good call!

Hahahahaha - me2.

I have to admit to not being too surprised - as I have bored you all before...no news...SP lower...it is only natural for all shareholders big and small to start to worry...however, I happen to believe that Kongats is changing tack and instead of Jam tomorrow type RNS's, he will only announce contracts when they are in the bin.
to reiterate - I am very long...I have bought quite a lot more down here today and have to believe the raising in which I participated raised what monies were needed. I still have a 20p end-of-year target and believe this remains one of the better investments out there.

FYI - research from Stifel the house broker who have a £6.50 price - cash in the bank = almost £1/share...
The market continues to ascribe 0% probability of success for either of ReNeuron's retinal or stroke programmes, with the stock continuing to trade at a negative EV (current cash valued at 97p/share), which today's news shows is clearly wrong. We therefore look forward to continued pipeline progress and licensing deals over the next 18 months as potential catalysts for a re-rating
Like all of you, am long, been long, been wrong, but one day Rodney....

...the gentleman poster who went by the name of Brotherseven? I need to discuss that case of pinot noir....

Afamefuna - may i very politely suggest that you have no idea what constitutes a good deal for anyone apart from yourself. There are a few long suffering shareholders for whom the move from 30p to 46p represents a tiny improvement in the overall loss they have taken. There may be a few for whom this is the first step of many as they believe the % ownership of Eroton gives them access to a world-class asset, notwithstanding the problems of getting paid for work done in 'frontier-mining'. This board,or a few members of it, have got this story in recent months pretty much spot-on despite all the negativities thrown at us from all sorts. Indeed, if I remember rightly, you were just the other day decrying the performance of the SP...

Dear Afamefuna,
Don't let the facts get in the way of a good story! The company announced today that it will buy $30mm of its shares back at 46p. You can offer all your shares ...but if every shareholder does that, then you will sell only 10%. If, as per below say Tosca or Jite don't tender, then there may be not many shares at all for sale and you could sell a large majority of yours 9if you own any). However, I would be very surprised if many difficult months in getting SLE back on its feet if the major shareholder didn't want to take some chips off the table...but in this particular matter we know nothing.

Despite the absence of new news, it seems like the market is slowly losing stock to fresh buyers...technicals for what its worth look very supportative. A close above 31.5p should leave us open to a move to 35p...I still burn a candle for 45p by the end of march.

Yes agreed - I heard that Feb 8th was the magic day...but as per a previous post we are due quite a lot of news not the least of which is the price STT have sold their remaining shares to MidWestern...I still kinda think that may have happened at 45p?

No, the new MIFID rules that exist make sharing of research a tough gig - but the opening paragraph says :
'Our unchanged thesis on HUR is that technical de-risking during the first six to nine months of production, i.e. by around ~YE19, should close the 66% discount to NAV (vs sector 27%) implied by our unchanged 130p target price. Today Stifel hosted a desk presentation from FD Alistair Stobie. The next attempt to hook up the production vessel, a precursor to first oil, should be around the end of February (weather permitting) while exploration drilling will recommence in April. No impact on valuation (Figure 1) or financial estimates.'
and
'Hookup possible from ~month end: HUR is waiting on replacement kit for a third attempt to hook up oil production vessel the FPSO Aoka Mizu to existing subsea infrastructure installed over the Lancaster oilfield (UK West of Shetland).

The spare should be available from around the end of February with a hookup attempt possible thereafter depending on the weather. As a reminder, a period of ~24 hrs with swell < 3 metres is required to attempt the operation.
We come away with more comfort the failure mode of the first and second attempts will not be repeated, i.e. was chance rather than evidencing systematic engineering failure.'
Hope this helps...

New to posting on here - just fyi Stifel who did the convert deal have sent some research out this evening...all positive stuff expecting hook up subject to weather end of Feb...px tgt still 1.30...interestingly they also suggest Hur more than just a 1 truck pony touching as they do on the new drilling starting in April. Think perhaps we are all guilty sometimes of worrying too much about every penny move (if down!)...we have no idea if a big seller is purely hedging a convertible position? GLA

Agreed, tho I am happier to be sleeping with it sitting at 30p and no volatility then watching those gut wrenching drops to 20p as all that nonsense was spouted...i think we have quite a lot of news awaiting us...not only the start of the share buy back, but also are we not due a further $18mm on Jan 1st? Prospective Eroton dividend as well...I'd be surprised if it all came out in one RNS...

Sadly, this is not a stock for the impatient...newsflow remains extremely limited...someone asked the other day why we can't hold the big moves we occasionally get on announcements...its because of exactly what is going on now...huge periods of inaction...a slow drift in price on little or no volume as private investors with a shorter investment horizon get bored and want to invest in something with a little more oooomph...so when news does come and we get a 20% move, those who have been looking to sell do exactly that...as such, there is no momentum per se and until the SP breaks first above 9.5p then 13p we will continue to trade below moving averages (technicals) and recent highs... we all know the potential catalysts, what would be nice is to hear more frequently how said catalysts are moving...if indeed they are...one other point which will make a few of you cross...just because one large institutional shareholder is buying...sadly does not make it a certainty that CPX is a sure fire winner...one look at Carillion's shareholder list tells you they are as fallible as the rest of us. And more pertinently, he won't know more than the rest of us...the only insiders are directors of the company, all shareholders great and small have access to the same info even if price action on AIM suggests otherwise!
So, like most of you I imagine, I remain optimistic, frustrated and a little worried which is why the SP is at 8p and not 16p!

Fondly is a strong word...not sure what Alaric will do if he can't vent anymore...still he might console himself with the thought of all that ££ washing around his pockets...so SBB starts Friday and we said 45p end of March...sound about right?

Been away for a few days - seems like the house broker likes this Maxwell / Tesla deal from what I gather - I have read a short report which doesn't garner anything not said by this board...

My thoughts - - for the very value that they hold! - - despite the complete radio silence from the company in recent weeks (gosh is it months already) I do believe there is a lot going on behind the scenes...I remain very heavily invested and believe the fact that the SP is at the recent cash raise level is an endorsement of the prospects. I remain worried however that the company has a much better product line than sales team (as per previous posts) and wonder if the next TU might point to some further investment in that area. i'm still a 20p optimist this year and think this Tesla deal further highlights the potential M&A opportunities to which I have alluded in the past.