Member Info for redeyemines

Yes it's another good deal, ---essentially for nothing.--- A $15 mill loan @14% over four years, is worth having on it's own, but we also get a 10% stake in the co-giving us more long term income.
-------can't be bad.

Barry as a cash machine, running long into the future, is much more beneficial to us, than a one of injection of funds.
---We do not need cash, we need investments/JV's to give us long term income.
-If we sold our NPI in Barry, what would we do with the cash ??---pay a bit of a Divi, and then look to invest what's left in another venture ?
-Nothing we could invest in would be better than our NPI interest in Barry, and if OF has any sense he will hang on to it, and reap the rewards of an ongoing, long term return, for absolutely no outlay.
-
-Nothing we could buy now would be better than what we hold here.
-
-Barry should not be for sale, at any price.

---Has anybody managed to get their DWT back from the Irish authorities yet ??

If things pan out the way OF has been saying on all those Pod Casts, then at some time next year we are in for a 10p plus Divi.
---With the SP drifting towards 20p, then once that Divi has been paid, that would give an effective "in price" of just 10p, ---------- giving a mkt cap of just £45 mill, as against what should be about £60-£70 mill cash in the bank, even after the divi has been paid..---Add to this whatever we receive from Eroton for our 10% indirect stake, plus whatever we earn from our Service Agreement, and the SP looks to be way out of kilter.
---I'm hoping that we will buy into further assets, (which will generate more income for the future ), so maybe our cash will be reduced to something around £30-£50 mill after that Divi has been paid, but by then our earnings will be underpinned and moving upwards.
-
--The first sign of a good Acquisition/JV, (just using some of our cash), and we should be off and running.
-
-Oct 2021 before we get that Divi, may seem a long way off, but things will happen between now and then, and the prospect of getting nearly 50% of today's purchase price back in cash, should not be overlooked by anyone.
-Don't get complacent thinking you have a year to buy in---you could get left out in the cold.

Hope you make a full recovery Bees.

Nice to see a bit of corporate activity in the sector Blue.-----
---I've not followed RockRose at all, and although at first glance there does appear to be basic similarities with SLE, there isn't much of a connection.
-Having said that, for almost two years now, I have been expecting something to happen with SLE that would change the Co, as we know it today.---I had a list of possibilities in my mind, ranging from acquisitions, to mergers, right through to a complete re-organisation of the whole group, and I have still not ruled anything out.
-Idle speculation has never been something I like to get involved with, so I have kept most of these ideas to myself------but this development at RockRose is certainly in the direction of some of my thoughts.--------Do you see the same thing ?

Are you just a complete pillock ???-----READ THE ACCOUNTS PROPERLY.
-
-Or if you want it in plain English.
-
-Read my last post.
-
-Please don't bother posting again.

As always it's easy to "quote" a small portion of anything and give the wrong picture-
-
-Are you deliberately trying to mislead people ???
-
-There is Downtime and then Allocated Losses to take into account.---------------READ THE REPORT PROPERLY.
-50/- down to 39/- after down time
and
-39/- down to 29,500 after allocated losses.
-
-• Full-field gross oil production before allocated losses was around 39,000 bopd. Removing the effect of field downtime, gross production during uptime was approximately 50,000 bopd (2018: 45,000 bopd)

• Two new wells drilled and completed with the third started (completed in April 2020). 14 workovers were performed during the year (cement packer reservoir zone changes, gas lift installations and retrofits, perforations and hot oil treatments)

• Oil sales averaged approximately 29,500 bopd (2018: 30,000 bopd) after overall downtime of 24% (largely associated with NCTL export pipeline downtime) and pipeline losses of 22% (2018: 12% downtime, 26% pipeline losses)

Every fund manages dreads the nightmare of a collapsing market and a run of redemption, but when the market falls, it falls and there's no stopping it.
-Many funds (including Tosca) were hit hard, and cash still had to be raised for all those redemptions.----
-The "crown Jewels" in any fund, are normally the ones that weather the storm best, and are held on to at all costs, but in bad times, these are sometimes the only ones that it is possible to sell in any volume, and raise badly needed funds.
-
-No wonder OF bit his hand off.

During Q4 this year, we should at last see our FSO and new pipeline come into operation.
-Over the years we have suffered badly from the effects, of aging infrastructure, theft and vandalism, with the result that we have been losing 30-40% of our annual production.
-It was never possible to sustain daily production on a monthly basis, and although the fields could produce well when everything was running, the above problems always held totals back.
-We can produce 50,000 BOPD , but our monthly average was down to about 30,000 (all sold of course), as a result of these problems.
-Now at a stroke, with our new FSO and pipe line, , most of these problems will be solved, and we should be able to maintain production (and sales), closer to our daily highs.

If SLE follow through, with the aims set out in the last few Pod Casts, then Nigeria is where all our futures will live.--------Further acquisitions, and JV's, all in Nigeria---that is where our business will be from here on in. True we still hold a stake in Barry, and an interest in Albania, Spain , Poland and the Netherlands, but more and more we will continue to consolidate around Nigeria, as that is where we will earn our living.
-The amount of time our CEO (and other board members) spend out there is already about 25%, and as our business grows, so more and more time will be spent in our Nigerian office, as apposed to the UK and Ireland.
-Maybe the thought of spending an ever increasing amount of time, in a far off foreign country, away from family and friends, didn't suit everybody's life style choice, and decisions had to be made.

Yes Timber the pattern never changes.--------

FSO now Q4, ---production much the same--ect, ect.

Gazza, just another complication which will arise when you reclaim the Tax on stock held in an ISA.
-That Divi should be free of Tax in an Isa, but with SLE being an Irish company, the withholding Tax has been applied.
-Once you have gone through the procedure of getting the Consolidated Tax Certificate (if you can ), and then filling out the form to the Irish Tax Author--you will be asked, which account the money is to be paid into.
-You, obviously, want it paid into your ISA account-but I bet you cant.--------That would imply that your broker/intermediary is acting for you----which they are not.
-So the money will be paid directly to you.------------Now you have to get that cash back into your ISA , without it being classed as part of this years ISA cash allowance---------make sure your Broker /Interm understands this and comes up with a solution, before you agree to have the cash sent to your private account.

I'm afraid this is not as easy as some may think.
-
-You need to get on to your Broker/Intermediary and get the Consolidated Tax Certificate from them.
-Then you have to fill in the forms on the link given by TIMB, and send them together with the CTC to the Irish Revenue.
- Once they have received your claim form the Irish Revenue will contact your Broker/Intermediary requesting a copy of the block dividend voucher which they received and details of the amounts which they have on record as belonging to you.

Seems a bit of a shame that SLE's first ever Divi has met with these teething problems....----I'm sure it will all come out in the wash, and be sorted out reasonable quickly,----so not a great drama.
-
-The Irish DWT is causing a few probs, especially if your stock is in an ISA, and your intermediary is leaving it up to you to sort out---------but no doubt that will get sorted in time as well, so time to look forward.
-
-Mr Fanning's "director Dealing" was on the 7th of May, so any 30 day "closed period" for news should be over, come Monday.
-
-Now we should be looking forward to hearing news of those talked about acquisitions and JV's.

That's interesting------------ I wonder if any of our directors actually have a direct shareholding here.
-Maybe any holdings are too small to show up on that list, but my guess is that none of them actually owns a single share directly.
-Apart from Mr Tangs indirect holding via Polo, even he doesn't make the shareholders list.
-
-As far as I can see----All Mr Tang, Gary Lyle , and a former Director hold , is Options.
-Not one of these directors, both present and past, has committed to actually buying and owning a single share here.
-And why would they commit themselves when their options are to all intense and purpose, open ended.---------Any expiry date stated on these options seems to be just a figment, that has already been changed, and has now just been changed again, and extended for another four years.
-So no need whatsoever for any director to commit himself, they can just wait and see, ----if things look like they might proceed, then they can exercise those option at the drop of a hat-------if it looks like the venture will fail, then they can just walk away from these options--absolutely no need to risk a penny.
-
-Even a director who resigned four years ago, still has over a million of these free tickets, and by the sound of that last RNS our newest additions to the board could be next in line to get some "no loss" stock.
-
-Not like us poor old shareholders, who have to put up hard earned cash and then sweat it out for years.

We have a substantial amount of options that expired yesterday (7.5 mill).--
---------Will the company say anything today.?
-
-In theory, if they have expired, then the company need say nothing, but as these options would have represented about 6% of the enlarged shares in issue, I think we are entitled to some sort of confirmation.
-
-Normally the company have been reasonably good at returning and answering questions, but I have had no response from the company now since the 15Th May (that is why I asked GPback to contact the Co, and see if he got an answer).
-
-Apart from being given the strike price and the expiry date, it is always difficult for Share holders to get all the terms of individual options, and each company has their own mechanism and terms.
-So if Mr Tang has not taken up these options, then I would expect to hear that the terms have been amended and the expiry period extended.
-
-Lets wait and see if today brings clarity.
-

PLEASE------i asked GPB the question, and i'm sure his answer was just directed to me---------basically that there would be no answer from the co -(that's why I asked the question)------------so stop making mountains out of mole hills and let it drop.
-
-The real question still remains--what about Tangs 7.5 mill options ??

As you say Mcl, most intermediaries are well versed in this, and most should get their Tax back in about a week.----------As a rule most Divis are paid about two months after announcement, but this has been paid within one month, ---so in theory we have had 75% of the Divi a month early-----if that is how you want to look at things.