No, no, no. Waha putting their man on the board doesn't necessarily mean anything. Their previous CEO, a certain Michael Raynes - who I am sure you are familiar with - was also on the board of SDX. They've been in control for years.
I find it unlikely it's Waha etc looking to sell as if they were, why not buy up to a 30% holding?? I'm sure they could do it slowly and without pushing up the price all that much and they'd then net a greater profit in any takeover and increase the chance that said takeover would be successful due to controlling a greater number of votes.
You need to look at costs of production at NW Gemsa rather than revenue. The cost of producing a barrel at NW Gemsa is going up with increasing water cut. So given they think it might become uneconomic in 2020 each barrel is probably marginally profitable right now. An increase in the oil price will help keep it going a bit longer. So I expect that some losing NW Gemsa is obviously not going to be ideal, the impact on PROFITS is not going to be much and SD should offset this and is already producing at 35mmcf/d and already producing cash.
Just in case you've got the wrong end of the stick, we aren't really talking about that pipeline, we are talking about a proposed pipeline from the port of Jorf Lasfar which will supposedly tie in to the existing pipeline (you've referenced) around the area where SDX's Lalla Mimouna assets are located.
Apologies if you already know that's what were referring to.
I don't think my comment says I believe anything. It looks like this proposed pipeline and plant are official Moroccan Government plans (whether they happen or not is another question), and given the location of the proposed pipeline it's interesting to postulate how SDX *might* make use of this etc.
I don't flat out believe anything I read or hear, and don't call me Sarah... lol
I have been trying to work out exactly what SDX might be up to regarding it's Moroccan gas projects. Given they aren't experiencing a great deal of demand for gas locally, how would the value of some larger/large gas finds be realised?
Well, aside from the possibility of bottling the gas and selling in to the Moroccan market I've discovered there are some plans afoot to build a LNG plant in the port of Jorf Lasfar on Morocco'as Atlantic coast (JL is south-west of Kenitra) and this new LNG terminal will be connected to the existing Maghreb-Europe pipeline which passes from Algeria in the Northern Morocco and then across the straight of Gibraltar to Spain. This line would likely go somewhere near to SDX's Lalla Mimouna assets (where incidentally they are hoping to open up a whole new area) and thus SDX's wells could link in to it to either sell in to Europe via a link in to the Mahgreb-Europe pipeline or perhaps go the other way to the LNG terminal or even to satellite facilities along this Jorf Lasfar to Mahgreb-Europe pipeline to sell in to Morocco locally. I've drawn a little map which I will upload later.
If I understand some of the articles below correctly, Morocco will be assuming ownership of the Mahgreb-Europe pipeline in 2021 too.
Whatever that means. Surely it can't be a sale of SDX's stake to a company as the field isn't economic. It might well be economic to the Egyptian government though. Perhaps they mean a sale of their stake to them? I doubt very much they'll get much for it though as the EGPC will have them over a barrel.
It's an automated system. No one is disguising the trades. Whether a trade is reported as a buy or a sell depends on what price the trade went through at and the mid-price (mid point between current quoted spread). If a trade goes through below the mid point it's reported as a sell. Above and it gets reported as a buy.