Member Info for Shedulike

There just doesn't seem to be any confidence in the market that even the declared value of the TE-5 horst to SOU can be achieved, thought that was our backstop. Guess the familiar pattern of exuberant RNS's followed by the bombshell is taking its toll and investors fear there's time for one more yet as JP 'comes into his own' for the final big deal.

Perhaps because as always suspected we were playing for time, strengthening our cash position for the settlement? Could we have played a blinder, goodness I hope so the state my AIM portfolio is in!

Quite you wouldn't want to complete the three well programme and then have to complete the company sale on half wages. Less risky for management to call it a day and run the pot down on their recently enhanced remuneration. I know negative posting is getting everyone down but Director and PI interests have been diverging since the TP.

...... but I can't agree with that. It was billed as a 'fully-funded', 'back-to-back' campaign. Like I said if he can get us out with a decent price he will have safeguarded our interests. But you can't get away from the fact he has failed to finance the three well programme and if it's an awful LE figure with contingency payments dependent on future drilling God knows when, then we have been shafted.

Sorry SOff didn't see your post before posting that - you make some fair points.

The big question is why weren't we fully funded for the three wells? Yes there were extra costs at TE-10 but wouldn't 'fully funded' mean there would be a contingency for testing, also we saved money at TE-9 with it being a straight dry well. I can only conclude that with the constant delays that always plagued SOU the increasing wage bill finally took its toll. Obviously TE-11 was just another high-risk shot but we have been monumentally let down by the remuneration committee, outrageous really. The only possible redemption for JP would be if he can actually deliver a decent LE for shareholders and that on balance TE-11 is a safer bet as a prospect rather than a do-or-die drill.

Yes Malcy and Doc we did realise it was high-risk exploration but we thought we had three shots not two, with the third being the most exciting. I know it was a pinprick on the cash reserve but what was Balls Brothers all about when they already knew money was tight? Oh of course spin, spin and more spin.

Mostly just putting the case for the defence of their buddy JP, quite miserable listening really - wouldn't recommend it to anyone hoping for inspiration!

Since things have started to turn ugly there have been a number of references to investors in serious emotional and financial distress, now that we don't need a PR department wouldn't it be wonderful if our 'dynamic and innovative' CEO directed these resources to help vulnerable people that were duped into losing everything. I won't hold my breath, after all there are wages to pay and you don't get the calibre of talent that has masterminded our drilling programme since TE-7 on the cheap!

..... a fight hasn't broken out yet over that 670,000 trade. On as a sell here but showing as a buy elsewhere.

Don't want to tempt fate but how long before Gerry pitches up claiming he bought just before the rise, sold at the top and states that was LTH's last chance to get out....

I think the only way £1 could be achieved would be if TE-10 can somehow add value. Lot of conditional tense there plus an 'if' for good measure! Is it possible that the drill and testing has yielded enough data to suggest a different well design could deliver a commercial producer? First we need some Lazarus like data from that pressure gauge, let us pray.

I think someone mentioned they had a copy yesterday. Won't do any good now but I don't think it should be allowed to disappear. As I said earlier let's reserve final judgement until we see what the dealmaker achieves for us. Unfortunately, I can't see it being anywhere over 50p, look at the evidence - Marco's distribution, the TP, unjustifiable wage rises probably to cover options not being hit. Also the RSU's issued to BM and JJ which with a little research you'll find are popular with Directors for their downside protection, in other words they didn't fancy more options just more wages and guaranteed bonus'. To think this cash has been splashed about to the extent that they couldn't deliver the promised third well is actually pretty disgusting. They could argue that such was the discovery at TE-10 they just had to throw everything at it but I don't feel very forgiving at the moment.

I do think with all the bitter disappointment we're forgetting what's in the bag here. Given the improving economics at the TE-5 horst I'm convinced we're underpinned around 30p worst case. Of course that is a huge discount on the daft hype of the past but if you think back a potential 3 bagger from the SP when we kicked off in Morocco. If there is a defence of JP the evidence is there that after TE-7 and even TE-8 he genuinely believed he would deliver a monster gas field (buying in the 80p raise and after Badile). My vitriol is more around the manoeuvrings as the seismic unfolded, that is where the interests of Directors and PI's started to drift apart, won't go over the timescales again but as the risks mounted we were in the dark, the DD feels like a confessional now.

Okay, so Luca, Sound and Schlumberger all didn't want it where it was, glad that's settled just to avoid recriminations.

Yes that's how I remember it. TE-8 was a relatively conservative step out well but we managed to find the only pre-historic river delta made entirely out of concrete in Godwana. What were the chances of that happening?

Plus don't forget the Dealmaker Pursuivant is about to 'come into his own'... be still my beating heart.

Quite Levelup the TP is still haunting us and would appear to cap our valuation 30-40p had we had two complete dusters. However TE-10 is a discovery and there is a possibility that another well design could unlock the resource. We haven't the funds to risk another drill but a buyer might fancy their chances and it could yet add value. I have had this clarified albeit cautiously from official channels but I do agree that the BM buy hardly blows the doors off.

I was actually thinking the same thing. Finishing (just) blue given the markets generally today and holdings yesterday's huge gains is something of a little victory, albeit at hardly triumphant levels!

Don't laugh, looks like he made £4-50, I can but dream.