Member Info for ShouldveSold

To be fair Earl, my first reply was to Bigpats post. So have never disagreed or missed any point you were or are making. Sorry for any confusion.

This story has been on hold for quite a few years now. This is in infrastructure that has been necessary to unlock all these gas fields both on & offshore. It should of been completed by now. Sucks that the work hasn't even started yet. That news suggests even if work started yesterday, the plant and various pipelines won't be ready to 2028.

My message was responding directly to the 08:15am post. So no point was missed. Hope that doesn't cause you offence or friction.
I searched the Bloomberg home page and searched for Tanz Gas news, but I couldn't find any story.

To be fair Bohemia, Eytan didn't say or hint this. He intimated a couple new Wells will have to be drilled. He didn't say where or when.
From memory the Goudron Wells ranged from pretty shallow to deep. And a couple flowed at over 1000bpd. I also recall a drill program of some 20 something Wells, which was never achieved due to that drill bit becoming stuck. I don't recall the cost of each well though. I'm sure it's gone up a few pounds since the Goudron program was halted.

If a company is going to spend $700+M on an asset or set of assets. I would presume those assets would be turnkey and already producing oil/gas.
Spending $700M without having any guarantees of cash generation, let ROI by 2025 is highly speculative.
If KN1 remedial works had started and CH1 was going to flow test & then put into production by mid 2022, I might be encouraged by this "news".

Eytan calling 10 year + LTH holders "impatient" lol
So the $200M jurassic well is off the table, drat !!!!
I hope these new Wells will be in the Goudron Sands and not SWP.

Wouldn't if be funny if the new board & senior management team consisted of Bahamian gov ministers & Stena execs.

I might use my Secret Santa money to buy £5 worth of shares today to average down :)

LLL read the second paragraph under Operational Matters
I'm going to have a look at the CEG website to see if SC is now the new chair.

I am hoping this is a debt forgiveness agreement and every party who is owed money has been persuaded to take a tiny payment and close the matter because there was no money to give as stringing arbraition out only served the lawyers.

I am very glad to read that rather large board & senior management structure will also be thinned out. I always thought it was unnecessary.

Well, erm.... that's s surprising RNS. I wish I had these guys negotiating my outstanding debts.

I agree that providing interim numbers would be unusual.
What I would like is just a confirmation that revenue is inline with the forecasted numbers in the AD acquisition. TR did make a comment that energy prices are higher which affects the bottom line, which is of course good news. But being as no confirmation that revenue is being generated, assuming it is can lead to 2+2= anything but 4.

As with the pre-acquasition presentation and forecasted revenue for the Greenan deal. I would of liked an introduction into this H20pe deal and what kind of value it could bring.
I don't know what the value of SEM H20pe business is or what kind of revenue their business generates. I understand the deal is still in the works and its early days, which is why its hard to get excited about a deal when one doesn't know how financially beneficial it will be.

Personally I didn't hear anything that I haven't heard or read before. I think the bulk of the questions were regarding things that have happened in the past that have no bearing on the business today or going forward.
I understand investors want an explanation to things that have stayed on their minds and hope everyone who submitted a question, received a reply that will help them sleep a bit better.

Oh, there was a response I didn't quite understand to do with EAG deals going forward.
I thought Scirocco was in partnership with a 50/50 split with EAG. But the reply TR gave leads me to believe either Scirocco is a passive investor in EAG. Or EAG is a passive investor in Scirocco...
Can anyone shed some light on this for me.

I have just listened to the Investor Meet Q&A on YouTube.
I want to be fair to Tom & Alistair so will not go over the topics that we have all beat to death on this board.

I was expecting both Tom & Alistair to attempt to put lipstick on a pig and personally I think that pretty much what I heard. I think that is a direct result of very little communication over the past 12months which forces a Q&A session like that due to disgruntled shareholders wanting transparency & answers.
I didn't see any point in the Chairman being there, he didn't contribute, he looked bored and I think he could of used his time to scroll through and address any additional questions.

In regards to Doug; investors see him as a double dipper and having a conflict of interest. What I heard is that he is the most valuable person for the company so I guess its just something we have to accept.

I didn't hear anything that reassured me going forward. I didn't hear anything about revenue or potential revenue. Nothing about cost or expenditure, so am none the wiser about Scirocco's income or cash burn.
Its hard to trust the board to do what's best for the business when investors can't see the metrics to understand what's best.

I continue to be underwhelmed and roll my eyes at the bottom drawer.
Why the Greenan financials have to remain hush hush, baffles me. The deal is done.
It's also hard for me to value the H20pe deal as a good one when no financials have been given.

So, 2022 is just business as usual, mum's the word.
;) ;)

Great news... I think.
So Scir has arrange an investor forum with submitted questions and none of those questions will he about this H20pe deal.

With no mention of cost, revenue or potential revenue which will either be generated or saved, I'm not quite I understand how great this news is.

I'm expecting a proposed AD plant upgrades are still waiting for the go ahead and that it will increase Scirocco's income within 6 months to £30,000 net a month. Up from £25,000. Although expect £2,500 of that increase will go to Gniess for brokering the upgrade.
Possibly a new acquisition to be proposed which will tie in to the Greenan company or be in addition to. Maybe completed by May 2022.

The Ruvuma sales process blah blah blah and possibly a investor open offer to help fund the upcoming cash calls.

So my understanding is, BPC's mission some 11 years ago was to buy up all the acreage they could of the Bahamian Basin that had already been swept by the majors. In order to find oil they missed.
They have repeated this process with Uruguay lol

For a set of company execs who have never found oil and have managed to take over a company who was already producing oil and bring that one to its knees is mind blowing.

There isn't any news to raise the SP at the moment.
• investors don't know how much money Scirocco is generating
•any cash reserves it currently has, will now be spent on the seismic
•a necessary couple of rounds of funding has just been as forecasted to advance the CH1 well in preparation for a sale or possible maturity in 2024-25.
I think the sp has only one way to go until some positive news is released.

I think the longer this sales process drags on, the larger the windfall will be for Scirocco. So that something to be optimistic about.

.4 is not a SP prediction by the way. Its where I have adjusted my scope to. So if it does have a stepped downward movement over the next 4-6 months, I won't be losing any hair as I have already factored it in.

A bit of news this morning, communication is always nice, even if its bad. At least investors know what is going on.

So a couple rounds of funding will be on the way next year. Cool, at least we know what to expect.
I now know to adjust my SP expectation to .4 by pre-spud.
Hopefully some AD news will bolster the SP by then. If not, it is what it is.