Member Info for ShouldveSold

AGM voting results pending; The Chairman may find himself having to slim down the board & senior management & find some new directors & CEO to run the company.
Unless of course voting fell favourably & everyone gets a pay rise & more options :)

Well according to the RNS, CEG has received commendations for being a safe reputable company working in Trindad. And recent links for PRD is that they have had the backs of their hands slapped for their operations.
Guess we'll have to wait for the interim to learn if CEG has any funds to bid for acreage.
Should CEG be bidding for anything right now? If anything I would think surrendring acreage with legacy Wells which produce barrels in single figures might cut costs if the decommissioning costs don't exceed the costs of maintaining them.

My Dad's bigger than your Dad.

The way I am now looking at this is whatever costs come with the seismic & drilling ops for CH-1. Scirocco now has a means to meet some of those costs from cash generation. And the longer the Tanz gov take to allow those activities to commence, the more cash Scirocco will have in the coffers. So this delay delay delay tactic is now actually working for Scirocco.
:)

Great & if its ecolgically safe enough to discharge into a local stream or re-use onsite as washing/irrigating facilities, happy days.

I'm not gonna get ahead myself with this share Steve, thinking Scirocco will now be a nicely run profit making company.
It's still far off that in my opinion. We still have that Tanz ball and chain weighing the company down.
I said I would judge the Board on decisions away from Tanz and so I am pleased today. But until that first payment hits the balance sheet, I am not going to get carried away thinking its all roses from here.
The Tanz gov still hold Scirocco's future in their hands. But at least the Board have now got an new life line. There is hope :)

The funny thing is GROC is an exact copy of Alba. It's in the same position. An asset with potential but only holding licenses to explore.
Neither company generates income at the moment.
GF may of found a few nuggets which could of been flogged on Ebay so the workers have a sausages for lunch and warn caravans to take a tea break in. But in terms of a cash generative sustainable business, both companies are far from that point.

Still working your way through the RNS I see LLL.
What I found petty & irksome was Eytan's paragraph on how badly the company was run before the merger.
If that excerpt came from an independent source or a group of employees, then it would of held weight. Coming from Eytan it just read as propaganda. No one has verified that claim so it was a pointless paragraph.
More importantly it will now be the defining paragraph in which his tenure will be judged on.
CERP may have been gliding on fumes in 2019. But since the merger and new aircrew, the plane has nose dived. And from what I can see, it doesn't look like anyone can pull the nose up.

Toolstation lol. In terms of company scale that's probably accurate.

I have come to the conclusion that Alba currently does not have enough resources to sustain commercial production operation for maybe more than 6 months or so. So GF's only mission is to explore & find enough to resources to prove up the assets & convince the authorities that a commercial business is sustainable for 2 years+.

The world has changed now Hunter. You can't just dump things into the sea and walk away with no corporate responsibility anymore and rightly so. It could have environmental repercussions.
If that is fresh water, dumping it into salt water would damage the local sea life.
It may be fresh clean water safe enough to drink, it may also contain contaminates.

Once permissions are granted for the water to be drained, it might take a month/s to drain. It may not even drain if ground water keeps refilling it & its not a collection of decades of rainwater. Alba may have to abandon any plans of chasing the gold any deeper.

Hallelujah.
First revenue is on track for November as I expected. Finally the company fundamentals have changed for Scirocco.
Hats off to the Board, the have actually delivered on sonething they have told shareholders they would.
It will be interesting to watch the new trading range now. I am expecting the chart to look very different by year end.

I remember the SP being called to fall to .5p by this date with bad news for Ruvuma, HE1 and this AD deal.
Even with pigeon steps with Ruvuma & bad results for HE1, Scirocco has come through a difficult year to emerge with a cash generative asset.
Still a very long way to go for Scirocco to claw the SP back up. I don't know if this deal alone will turn Scir into a profit making company but its finally a step in that direction.
It's still in the bottom drawer for me but I was upbeat before & I am even more upbeat today. My confidence in the stock has gone up a notch.
Next stop, KN-1 news, if income can resume from that operation then I will take it out the bottom drawer.
:)

Any year now GF could turn Alba into a cash generating business. Wouldn't want to be out this in 2025.

Well Alba ain't supplying, the Welsh gold that's underlying. No end to the exploration shareholders find mystifying :D

Copland it's my understanding that the tiny plant was to assist exploration operations to see if the resources are worth mining.
From the RNS's it reads that Alba has at the very least another 6 months of exploring ahead.
I haven't read or heard anything that states GF has any plans to turn Alba into a commercial production company within the next 6-12months.

Actually I have misread your message. I read that as wtf are *you* here ( meaning me) Apologies.

Lee have you taken offense on behalf of the company or are your venting your frustration on me?

Neither GROC or ALBA have production licences. Both companies are still focused on exploration. Until these companies are ready to apply for production licences, get them granted & turn into commercial production companies, the SP has no where to go.

We all have the opportunity to vote to show confidence or no confidence in the upcoming AGM.
Use your vote wisely.

Maybe the Tanz Gov have decided they are actually going to pay Aminex & Scirocco the monies that are owed. I won't hold my breath though.
I think this impass has & will continue to hamper any sale of any Tanz Asset.
What's the point in producing gas & selling it if the Gov are not going to pay your company for it?

Maybe the might of the Zubairs may dissuade the gov from playing those kind of games with them. But for the tiny operators they can continue to stall and evade them.
A KN-1.decision and payment would be transformational for both Aex & Scir. I hope this new gov regime will step up.

No Pactrol that not the case. That was the fundamental reason for the separate listing, so that Alba shareholders would no longer need to fund the Greenland assets.