Member Info for ShouldveSold

I think its poor form from TR, in that he is leaving market open to speculate negatively.
Scir have arguably completed the largest deal in recent history and the SP does not reflect that.

The market doesn't even know if this AD deal is now cash flow positive for Scirocco or if it is actually costing the company more because of how it acquired Greenan.
I had optimistic hopes for the end of the 2021 to be positive for Scirocco and that we were indeed on a solid path to profitability & a higher SP, regardless of what happens in Tanz.

Clearly that hasn't happened and neither I or the market understand the metrics.
I maintain that my main point of focus now is the AD business, not Tanz. Regardless of whether a deal is being worked or not, this diversification; at present, does not seem to have added any value to the company.
We should be riding high with first income news, instead the SP is failing back to year low levels.

Any praise I had for the Boards recent performance now feels premature.

At the end of the day, the geology of the SWP is the geology.
Could an experienced CEO or different drill team have used a different technique to get S2 to flow at the projected figures? Who knows.
It's possible that the oil that is there in the larger reservoir zones just cannot be tapped.
Really that's spells the end of CEG not the P1 results.
If each Saffron well could come in at the flow rates projected, then CEG had the scope to clear up any debt with whatever finance. But now as admitted by the CEO, the company is operating at a daily lose even with today's oil prices.
Skin in the game or not, it doesn't change the geology.
I am willing to guesstimate that out of that $200,000 a month to keep the lights on, $110,000 is salaries of the Board & Senior Management.
I'm sure someone has a Texas Instruments calculator who can do the Maths & correct me.

" Trinidad is kind of on the cusp on being profitable". Lol read into that what you will.

I honestly cannot see a way that CEG can save itself. Yesterday was the first time I considered selling and realizing that 99% loss.

I wonder how much of that $200,000 monthly overheads are boardroom salaries.....

Other than a continued rise in the price of oil which will keep the lights on for a bit longer, I think administration is inevitable.

:/

Zag I distinctly remember a chastising reply from you instructing me to stay out of your posts. Have you since reneged on that stance?

I think its beautiful that investors are more concerned about Starchild than CEG fending off administration.

Lol nicely done

Yea PoC & Bo I have just re-scrolled over the financials and see my misinterpretation. And so resolve back to $2.3M net income.
I appreciate the breakdown Bohemia and can now see how the "breakeven" quote is plausible.

Personally I am of the opinion that the $150,000 payment will go straight back to reduce the Gniess fees. Now Scir only have to find another £300,000 or so.
It's a shame Scir have chosen to not breakdown these fees and so will leave the market speculating just how much is outgoing each month in consultancy fees.

Ah, I did make this calculation in my first reply. Apologies I didn't maintain. I have just noticed that I doubled the net income to $5M but I didn't doubled the expenditure from $4.7M to $9.5M

A disagree that CEG is operating at breakeven.
Net income is $2.3M. Operating & admin expenditure is $4.7M unless I have misinterpreted those figures.

Antha I wish when the merger was proposed to shareholders that I did my due dillengence on not only BPC as a company but the Bahamas oil exploration results over the past 50 years.
I did take the view that if Leo says it's a good deal, then it's a good deal. So voted to approve the merger.
I have no one else to blame than other than myself for not doing my own research.
I can only chalk it up as experience. Luckily for me I did not invest more than I could afford to lose. Even though that loss is hard to swallow.

PoC I disagree. Please don't take this as me trying to convince you to change your opinion.
With current liabilities of $22M, for Eytan to claim the company is relatively "debt free" is not only disingenuous but insulting.

To believe a finance solution greater than $22M can be sourced which would then mean the company is again "debt free" I also disagree with.
The finance black hole is still $22M be it owed to legacy arrangements of new creditors.

*·ongoing monthly overhead in the order of $200,000 per month (with no further one-off expenses to come);

Net income of $2.3M
Opex and Admin cost of $4.7M*

If I have understood those figures correctly, CEG is currently operating at a $2.5M loss every 6 months. So circa $5M loss a year.
How does any company operating at a $5M loss secure finance of $22M through whatever means or instruments?

I am left asking myself "who would take that deal other than Shareholders?"

Shareholders approved all resolution in the AGM including to support pay raises......
I had an expectaion of .075p by year end and now the insolvency concerns I had have been realised.
If a credit solution isn't found, I would expect the business to cease trading.

I presumed that with capex halted after drilling S2 & CEG choosing to lock in income for a few months, it would have plugged the leak. But the ship is sinking faster than I thought.

The Chair & group of directors are an embarrassment to themselves. Looking back at their 11 year history, their track record is abysmal.

This time next week I am expecting a first cash inflow RNS of 100 billion dollars muhahahaa...I also hope that has an affect of the SP which this acquisition hasn't really underpinned yet.
Maybe the market is still questioning whether all the income plus a monthly bonus is going to Gniess or if its the upcoming cash call for CH1 that is preventing the SP from breaking to the upside.

I really though Scir would he testing the 2.4p resistance by now.

I wonder if the interims will provide figures which would show if profitably has been possible and will be possible in the next 6 months.

Lol

I care about interim figures.

Best of luck with that :)

This matter is in legal arbitration and you guys are contacting the people responsible to ask them to admit what happened & are expecting a reply admitting liability?