Member Info for shakeypremis

There it is, another missed timescale for South Disouq. Can this really all be incompetence/Squelch being too optimistic? Maybe they really are trying to keep the price down.

If you look at the Waha presentation I posted a link to a while ago, you can see they used to refer to MEA Energy as a 'Special Purpose Vehicle' for holding their stake it SDX. It doesn't appear they ever used it for anything else. They are now changing the name of the same SPV to 'SDX SPV Ltd'. I still think a takeover attempt is possible because of the delist but after finding out the above I am less concerned. I think they will definitely buy more shares, along with Ingalls.

If they are willing to wait as long as they've waited. I am too. I am sure they see what a lot of us see here but are much more capable of waiting than some PIs are. The TSX delist will have had to be approved by them for SDX to announce it. I just hope the intent isn't to take SDX private. They don't seem to be in the business of doing things like that so I think we will be OK.

Given they're only doing 6mmcf right now I think it'll be quite unlikely they'll hot 9mmcf by the end of the year. Another missed target.

Smoking an SDX spliff with a bit of PW's BS in it clearly. He said in an interview last year/early this year they were producing right around 9mmcf/d in Morocco. That must have been just a bare faced lie.

At the moment we don't really know quite how much they'll consume. It can't be all that much if PW only expects 9-11mmcf/d consumption from all customers by year end when they are supposedly producing around 9 right now.

Very true. While *this* time I do expect SDX to bring SD on more or less on time, I will not be at all surprised if it's delayed by another 6 months to a year. PW for say in the recent presentation that it'd be online in July and producing at 55-60mmcf/d straight away too. Let's see what happens.

Jesus those holders over there must be ostriches or something. How could they not know by now that's what sdx plan to do? ??

Won't be for sdx on fixed price gas contracts, especially if they aren't actually producing has... Was there anything in the SD contracts with the State that allowed the price they receive to rise if there is a significant increase in natural gas prices?

Also, down to 33p equivalent on the TSX (again).

No one cares.

Sdx back in the downward channel after the fall from results day. A gap has now closed on the TSX however. It's going to be a long wait for H2 when SD is 'supposedly' going to be online. Not looking forward to said wait.

Because SDX.

I doubt it, Waha have owned shares via MEA since early 2017 and don't appear to have ever sold any. They're in this for the long haul.

See SEDI filings for MEA Energy Investments Ltd;

https://www.filehosting.org/file/details/789159/SEDI%20-%20MEA%20Energy.pdf

The SD delay is more likely incompetence by SDX, PW being characteristically overoptimistic with timescales or the Egyptians being Egyptian. However, I still very much entertain the idea something a little shady is going on here and I do think the TSX delist is absolutely not about costs, but about allow Waha to get more shares.

If what I am saying is the case then they'll want to keep the price low so they can acquire another circa 10% in SDX as cheaply as possible.

So MEA Energy Investments - now SPX SPV Ltd, a fully owned subsidiary company of Waha Capital, can buy more shares without having to issue a takeover offer.

More stuff;

It would appear that the sole purpose of MEA Energy Investments Limited (now SDX SPV Ltd) had the sole purporse of carrying an investment in SDX for Waha Capital.

See page 37 (numbered 35) of the below 2017 Full Year Report for Waha Capital;

https://www.wahacapital.ae/docs/default-source/default-document-library/enfs-al-waha-cap(dec17).pdf?sfvrsn=0

"Holding Company carrying an investment in SDX Energy Inc."

The other companies they invest in are all much bigger and produce much more revenue and profits so one would assume they see a very bright future for SDX.

There was also another company in the UK called 'MEA ENERGY ADVISORY UK LLP ', which was renamed to 'WAHA CAPITAL INTERNATIONAL LLP' in October 2018, a few months after 'MEA Energy Investments Limited' was renamed to 'SDX SPV Ltd'.

While I still think the delist is being done to facilitate Waha being able to purchase more SDX shares I am now thinking it less likely that a takeover move is afoot.

https://beta.companieshouse.gov.uk/company/OC413379

"Waha Private Equity will seek to achieve long-term capital appreciation by acquiring majority or significant minority stakes across growth sectors primarily in the MENA region."

From the presentation I linked below. This encourages me to some extent as it appears after looking at Waha for a while that they aren't in the business of taking over companies. Although they still possibly might with a view to sell it on at a later date.

I've been doing some digging around and it looks like MEA Energy Investments Ltd (now SDX SPV Ltd) is some kind of investment vehicle for Waha Capital who are an investment company based in Abu-Dhabi, who as of 2017, had some £2.3B of assets.

https://www.wahacapital.ae/docs/default-source/default-document-library/fy-2017-investor-presentation-feb-18627a5ec39b1f643a8bfaff00004bf08c.pdf?sfvrsn=0

Michael Raynes definitely works for them in some capacity and even has an email address with them; michael.raynes@wahacapital.ae

Now it's clear that Waha aren't going to run the company but they might well be interested in taking it private to fully reap the cashflow SDX is likely to produce in the future. They could also simply just want a bigger stake in SDX. They look to have bought their entire stake of 19.4% in 2017. I bet these guys will be buying more through SDX SPV Ltd once the delist is complete. Now we just have to hope the SPV is just for holding the shares and not a vehicle to take the company private.

The Oil Walrus isn't going to put anyone on the spot because they are paying him and providing him free lunches and drinks by the looks of things too.