Member Info for scetchy

There are a couple of things in the original deal. Tranche 1 and Tranche 2 amounts have to be converted to shares before Tranche 3 onwards can’t be drawn down. But at the same time they cannot hold more than 29.9% of the share capital - so they pretty much have to convert and sell and convert and sell. Existing shareholders won’t see any value until the dilution runs its course but for people wanting to buy there will be cheap shares available, subject to MMs not being *****

Been like that since accounts were released last Thursday from what I can tell. Not sure why…

No longer saying shares suspended - just saying N/A now. Anyone else on different brokers seeing a change?

14 days before the meeting is 29 October I think...so trading from 30 October I assume?

Wood should be getting ready to put calls into Ithaca, Shell, bp, Tullow, CNR etc and be positioning to sweep up Petrofac contracts that will be at risk of termination. Most contracts will have clauses that allow termination if one party enters administration.

The Wood EVP for Projects, Nick Shorten, put most of these Petrofac contracts in place so he will know exactly how to maximise benefit for Wood.

Even if the 2P is valued at a very punchy $10/bbl, once you account for the net debt, the company is worth about a $1. No?

They are just carrying the name of the existing OpCo over to the TopCo. Buccaneer Operating LLC is the entity that runs the assets in Texas.

$30mm net cash for the disposal is what they reported.

Https://www.woodplc.com/news/latest-press-releases/2025/ratawi-field-redevelopment-in-iraq

This is not what a 35p company looks like.

…to buy WG than pay for all the engineering contracts they have with them!

Not just content with selling US$18.9 million of value, they are actually paying Conrad to take it. And are asking shareholders to say yes. The ONLY reason this might be ok is if there is evidence the farmout efforts by Conrad have totally failed.

Https://www.afr.com/rear-window/asic-sniffs-at-worley-s-1-4-billion-monster-block-trade-20250310-p5lif9

forgot to post the link!

Can't get behind the paywall for this article, but it seems the Australian Securities and Investments Commission (ASIC) are asking questions about the block trade when Sidara sold out of Worley. I wonder if that is why the current approach for Wood by Sidara is being played extra tightly to avoid any FCA scrutiny here in the UK?

I wonder if KBR would be a better bet for Wood, gives the former access to the Operations arm of the latter, and creates a joint group to rival Worley. I believe Fidelity are major shareholders in both KBR and Wood or at least used to be.

The bit I don't quite follow is the original RNS on the 24 Feb Wood confirmed they got an "approach" from Sidara, fine, no problem.

In the PUSU RNS on the 24 Mar this was expanded to say not only had they received an approach, but they had subsequently "received a non-binding, conditional proposal from Sidara" after which they made the DD available to Sidara.

Why are they not required to RNS the details of the "non-binding conditional proposal" and if they are not required to, why not do it voluntarily anyway, surely the uncertainty benefits Sidara more than Wood?

Am I missing something obvious?

So is that 35% tariffs on AML, 25% auto plus 10% UK? If so that sounds bleak?

$5m is cheap as chips - great deal for Xtellus - not so much for others

Possible path to operator ship according to the Africa Intelligence article also...that becomes interesting.

"Already owner of 30% of the 3/05 licence and 21.33% of the 3/05 A licence, Afentra could be entitled to operate these blocks if it reaches 35%, after the acquisition, with Maurel & Prom. The issue remains highly sensitive, however, on the Angolan side. The current operator, state-owned Sonangol's production subsidiary Sonangol P&P (36% and 33.33%), is particularly reluctant to lose its precious role, which is far from merely symbolic. These two blocks represent the only producing offshore licences that Sonangol P&P manages directly with its men on the ground."

I had the same thought, Coro sitting with a larger equity than EME - they release an RNS and nada from Coro. Surely the NOMAD would have picked that up even if the company didn't.

Surrounded by producing blocks with existing wells on the acreage.

http://omanep.com/block-54/

Great opportunity to get rapid production going.