Member Info for Rktech

Exactly SL:

Despite all the criticism he has taken over the ramp(s) before placing(s), his enthusiasm for the project is clear.
When we get the word to go I have full confidence in his ability to get the stuff out of the ground.

Bob:
I was trying to be positive.....If I get asked what happened to the money I usually rely on the old.
" I think the dog's eaten it !! ! "

Carribean sounds good to me.

I've been reading some of the posts over at the SOU board today where they're nursing their losses after the duster was formally announced (again).
I noticed a post from you Funky and I have to say my journey with Sound was very similar.
I sold out a substantial holding in several tranches over about six weeks, average about 74p after the Shard corporate rampathon in July 2016 and said thanks and Byeeee.
Parsons orchestrated it perfectly....plenty of free food and champagne in a prestige venue.....slick PR from Ancona......Old beardy Malcy bigging it up and it being his " Banker "......(well sounded like that anyway ).
Tame Mr nice guy PI on board with a rally the troops speech ( you know who I mean ) and then the main event.
The JP show.....remember this metric £1/TCF, with a rolling video of a flare. Followed by the CFO mentioning 25 TCF.
Well you couldn't make it up, however a lot of peeps got drawn in by the hype and the promise of free money.
Three dusters later and I reckon it's game over now. I still have a shedload of free warrants I got after the 2015 open offer that will now probably expire worthless.
That's what happens when a slick accountant runs an E&P company.
Always reminded me of that quote from shakespear's Julius Caesar:
Yon Cassius has a lean and hungry look, such men are dangerous.
Certainly can't say that about Arthur.....full time oil man who doesn't look like he needs a decent meal !

Bob:
If we're all going to Panama for the party which coast........Pacific or Carribean ??

Well she gets my award for stating the bleedin' obvious.

And in the time honoured style of:

" Ongoing Situations, Incorporating meaningful, relevant and viable scenarios......at this moment in time ".

Very interseting and well thought out analysis NoEasy..

You said:

" It is also not widely discussed, if at all, is that Schlumberger who have now committed a $700m investment into the neighbouring Analya development were informed by Shorecan that their development was not the most valuable constituent of the two. Sclumberger they have said, though not in these exact words I hasten to add, has the arse end of the donkey, a valuable arse end mind you, but that we have the heart. "

Where was that reported ?

If true then it would mean that OPL226 sits at the crown of the anticlinal structure and is surrounded by the anyala development.

I have not wanted to get into discussions on the details of the project itself until we had crossed the line with the admin, for want of a better word but it should be noted that the historical 2D seismic data has been reprocessed and also we have additional 3D data now.
Interpretation of seismic data is still a continuously evolving science and for the benefit of everyone I would give the difference between 2D and 3D being like the difference between a simple Xray picture and a CAT ( Computer Axial Tomography) Scan.
These are things with which people have some familiarity.
I would add that the processing of the data and it's acquisition are constantly being improved and that acquiring and analysing seismic data is far more difficult than doing medical imaging.
It's also important that COPL have a world class technical team.
Just some additional food for thought.

No Easy et al:

We all knew that Essar had threatend legal action and they set their own deadline of 60 days which expired on 9th Oct.
I didn't realise how significant this was and so I asked a specific question:

Q: As I understood things this dispute was a stumbling block to concluding the SPA agreement and NNPC approval.
Is it true that this dispute is no longer holding things up and are we now close to completing the deal with no hindrance from Essar ?

Cathy was very good enough to promptly reply with:

Yes it is true. As stated in the latest press release, the 60 day notice has lapsed without a lawsuit (This stems from their agreement.)Regards

And so Essar were throwing their toys out of the pram and issuing idle threats with the no doubt intention of trying to get more out of their deal with Shorecan......not surprising really.
They played their Ace with a threat of legal action and their bluff was called, showing it to be a hollow threat.

Rift got the same response from Arthur and If you factor in the added dimension of a new service provider offering an agreement and finance in early November it reinforces the belief that Essar were just posturing.

I've had it confirmed by Cathy that the Essar dispute is no longer an issue with respect to the SPA.
Although the 60 day period for legal escalation expired I didn't realise how significant that was.

Effectively we got a sixty day timeout from August and so we are now just over a month in from that.

Given Arthur's August statement that an SPA could be in place within a month or so and now also another player in the form of a different service provider throwing their hat in the ring I don't think it's unreasonable to think an announcement could be imminent !

Day traders.

Just random noise.

Why would they bother ???

Fool me once ...shame on you .

Fool me twice.....shame on me !!

All the lights appear to be green and so the question is:

Are we waiting for a particular shade of green ???

That of course is the old joke !!

I can only speculate but one thing I know for sure and that is when the dam breaks there is going to be a huge flood of news and a massive re rate and scramble for shares.
Anyone buying at these levels will be well rewarded.

Bob:

I think the news that NNPC have extended the PSC licence for a further two years is incredibly positive.
It means they are on side and want the full field development to go ahead ASAP.
Arthur now has said the EM dispute is not affecting the SPA, however something is clearly holding things up and it would seem reasonable ( to myself at any rate ) that any corporation about to commit tens of millions of resources to a project would be reticent to finalise things when there is a " loose cannon " in the form of EM with no doubt powers of veto that could adversely affect things if they were working to get more out of the deal by throwing random spanners in the works.
I am thinking that an impasse has been arrived at and it needs something to break it, that could even be the Nigerian Authorities themselves as deliberately holding up a project that would produce National revenue is quite clearly acting against the Nigerian national interest in an attempt to maximise corporate gain.

There seems to be no doubt that someone is running the clock down on COPL.
It's my opinion that someone is Essar.
I can't see it being anyone else, it makes no difference who drills it, deals will be done and everyone will get there share. Moreover Kola is highly influential in that part of the world.
Art and his technical team are highly regarded in the Industry and have a great track record for finding oil and getting it to market.....the reasons for the namibia duster were explained in great detail and it was the seismic that fooled COPL and Exxon Mobil.
How many times have you seen a duster just explained away in some unceremonious one liner.
Plugged and Abandoned !!
It's just a question of who blinks first now or more realistically goes bust first.

Morning All !
Well the sun's shining where I am and feels like a good day so far.
Indi:
I posted the contact details for Essar Nigeria ( just looks like a local rep who answers the phone....maybe ) if anyone was interested.
I don't know how to contact Kola , other than to say he is on LinkedIn, Facebook and Twitter and I guess you could try through Shoreline. He supports Arsenal.
I doubt if he would respond personally to some random enquiry from A.N. Other but you never Know.
http://www.shorelinenaturalresources.com/new/meet-the-team/

Good Luck if you want to have a go.

These are the contact details for Essar Nigeria:

Essar Exploration Nigeria Limited
E-2, LSDPC Flats, 24 Adeola Odeku Street,
Victoria Island, Lagos, Nigeria
Tel.: Mobile 002348055499056 Messrs Essar Projects Nigeria FZE
C/o Mr AK Bansal, Block E, Flat – 8,
12, Adeola Odeku Street,
Victoria Island,
Lagos, Nigeria
Mobile : +2348055097551

Thanks R_Dunc

So it was in an Email, good enough.
I get the impression that right now Arthur is just as much a passenger as we are in this, insofar as things are no doubt going on around him and he's just waiting for the call to action in his self appointed role as COO .
I hope it's very soon.

R_Dunc:
When and where did Arthur say that Shorecan had an unsolicited offer from another service provider ?

Thanks Jiving for putting everyone right on this.
I didn't want to say anything to spoil the euphoria.
We have seen a few false dawns so far but I think this time it may be the real deal.

It had already been announced.......just a question of when.....now we know.
Nothing new.

Once again that old Agamore chestnut has another day in court.
I think it's clear by now that they have no legitimate case and are merely throwing up smokescreens and using delaying tactics to deliberately hold up shorecan's plans to develop OPL226
I think they are a front for Essar, that is too say they are just a shell controlled by EM or EN.
Surely the Nigerian juduciary can't go on ENTERTAINING THIS FARCE. it amounts to contempt of court.
Essar Group have used Numetal as a front to try and bid for Essar steel and are being shown to be taking a cynical attitude to the law on many levels.

Jay:
Right now I think conditions have never been as favourable for Shorecan to negotiate a way to buy out the remaining 20%.
When a company or in this case a conglomerate is fighting for survival, liquidation of non core assets is the mantra.
I think we can be sure Arthur and Kola are on the case.

My only point was that shoreline has cash and I for one would not care if they took a 60% stake by buying out EM if it meant we could get approval etc and move on with the operational side of things instead of being stuck in this impasse.
Kola clearly has his dealing hat on right now.
The upside here is massive but Mr Market has us priced to fail ATM.
There may be some brinkmanship going on here, not knowing makes it even more frustrating.
It may go right down to the wire.