Member Info for ShouldveSold

Cool

Eytan's left jab he keeps throwing lol

Pactrol & Tully, I am certainly not the claiming the lead voice of authority on this. It has been discussed at length in this bb what the Greenland assets will require to mature.
Commercial production is probably 5+ years away & funding/manufacturing/site building operations will probably cost £200M+.
That's not plucking this figures out of thin air. If you look at graphite mining companies & operations, that's the equivalent scale.
Im my opinion that doesn't mean GROC will require capex of £200M before it starts to generate cash.
There is no reason it can't develop as it goes and starts with a very small operation & income funds the growth scale.
At the moment GROC is a company that only owns an exploration license. It needs to raise tens of millions of pounds many time over at different stages of growth.
Basically the IPO is for the exploration license. Hard to value that at £11M in my opinion.

Yes the mineral resources are there and when GROC or what ever the company name is by the time its ready for commercial production is in full swing. I'm sure the value will be 1000% higher than what it is today.
I think the expectations some have is  someone like Elon Musk or a conglomerate Mining Co or manufacturer would step in and buy GROC outright.
Even though that is a possibility, I think at this stage, that possibility is extremely small.
I don't blame Yanis from selling up. Personally I feel as thought GF used shareholder money to acquire those assets and he has span the company out and shareholders are seeing the assets they funded trade in a separate stock that they/we have NO slice of.

Another way I am looking at the real time value of GROC is, Alba now has those assets off the books and the SP is relatively unchanged.

The GROC spin out was announced some 5 or so months ago. Investors have had a lot of time to make decisions on their investments.
Were you expecting GROC to double & drag Alba up 50% today?

Pactrol why do you feel shafted?

Doesn't take much for this bb to descend into personal squabbling. I don't know why users are more interested & place more value on what Starchild has to say rather than what the company has to say or what results it produces.
Perhaps the company should be renamed Starchild Energy Group lol

Antha I think to continue to push that rhetoric is asinine. But if you feel it's necessary, ok. It's your opinion which you a free to hold on to & express.

The data said the was no commercial oil in that location. Even if drilling continued.
If Eytan had claimed re-enetring the well to drill to a deeper depth with a Farm In/Out partner for another Well. Ok that would certainly support your opinion.
Every update on #P1 has said the acreage still contains other targets worthy of exploration. Not in the same location.
Hope my opinionated reply doesn't cause you any offence.

A higher oil price throughout 2021 should improve current financials, however I maintain. A company can only operate for so long with expenditure being greater than income.
Its one thing to pay the going rate for qualified personnel to match industry positions. But if the wage bill alone is greater than income, one has an insolvent business.

Which in turn jono increases the ROI for S2 and if one extrapolates that over the field development of the SWP, it no longer looks like this operation will save the company. In my opinion it will do the opposite.

There is so much information in that RNS that it's impossible to make sense of it all today.
I am assuming those travel costs are purely from helicopter & short flights for personnel to facilitate #P1 operations, so will not read anything more into it than that.

That is probably the longest RNS that has ever been released and is bound to tie shareholders in knots quoting paragraphs & sentences to argue and counter argue points that will he discussed for the next 12 months......
I think that will take at least 2 weeks to disseminate.

The figures that stood out to me was the biggest financial loss ever of $13M, which I was already expecting. But more importantly an income of $1.4M with a wage bill of $1.5M.

The sense that this new board is constantly trying to prove that they are managing the company better than the old board remains. But with those financial figures, I do not agree.
Covid and the resulting oil price annihilation explains the "company running of fumes" in my opinion. I don't know whether daily production figures pre-merger are contained in that RNS, with a comparison of current production. I'm sure someone will find & quote over the next week.

I think CERP would have recovered with the oil price stability & increase and those fumes would have turned into profit with the oil price rising past $60 again. So I don't agree with the narrative Eytan is pushing onto shareholders.
But this is old news & has no impact on current operations. So constantly using this jab I do find irksome.
Like the Tory's arguing with Labour over old policies.

I am presuming income is now up from $1.5M per year enabling the company to cover its cuurent wage bill of $1.6M.
I have probably missed or skipped passed the financial data which explains if the company is currently solvent..... 

That RNS feels like Bill & Eytan are both wagging their finger at shareholders as in a " stop complaining, we are doing are best & we saved the company from extinction. Be grateful " tone.

Still none the wiser on if the IT well EOR is working and adding to production.
I am going to assume that S2 producing 81bpd makes it CEG's most productive flagship well. Which is probably why the Board feel pleased with themselves.
I certainly do not share that opinion, if that is indeed how they feel.

Would be nice to get a company update.
Any change in the S2 figures?
Has the Upper Cruse been perforated?
Has this gained geological data fundamentally changed the forecast of the entire SWP?
Will Suriname be drilled this year?
Have the IT Wells been a success?
Has Mr Riley joined the Board?
What value or purposed does Mr Bizzell provide to the Board?

Eytan; You started off so well projecting a confidence which convinced me to give you the benefit of any doubt. Since that initial interview it's been a rapid downward slope. CEG has gone back to radio silence & leaving shareholders guessing. I am bewildered.....

Lol what a load of cobblers. I had a sense it would just be rehashed rhetoric. Literally not a single piece of new information to tell shareholders.
Well it matched my expectations so Im not gonna complain any more about it.

I personally appreciate you providing this link to the live feed. (Thumbs u)

So far, nothing new has been said.

Aminex has a habit of giving up any gains in the following sessions to resolve back to its resting SP. I'm guessing this is a regular trade for some professionals to ride it up and back down.

Even if/when seismic approval is gained, completion of that could take 3 months. So I would expect a further 3 months of range bound trading.
Hopefully by then Scir will have separate eggs & more productive chickens to tend to.

I would of thought the corporate wage bill would have doubled since the LK tenure. So any uplift in the price of oil would have been swallowed up on salaries.
This time next year Lady Lay, we'll be in the know by having the year end figures.

Its nice to finally hear LK speak about the merger. Although he didn't say anything operationally based which satisfies any questions I have. He pretty much said the shareholders were responsible for the merger lol. I don't rate him for that at all.

He didn't work for free so I feel he was entitled to do what ever he wanted with his shares and get his salary equivalent.
I thought the S1 results was pre-Covid. But regardless, oil did fall to $0 so if he is saying " if the merger didn't happen, CERP would of gone bust" (I paraphrase) ok; I'll accept that on face value as a satisfactory answer.

I suspected he was forced out of BPC, but based on that interview my beliefs have changed somewhat. Had #P1 been a commercial success, I think he would of still been on the board.
But his success continues elsewhere. He is still head hunted as a CEO and I'd choose LK & his corporate team over the current CEG board every time.

On a separate note, I think the infamous Autopsy #P1 results some are waiting on have been sealed in the Dukes Will for 90 years. 

LLL yes I completely agree with you.

I hear what you are saying but I can no longer read into any Tanz news and think good things are about to happen.
I'm trying to not repeat myself here.
When income is acually being generated from Tanz, awesome. Until then its just a side fairytale to me, which the company can attend to when the Tanz gov are ready. For now its go go gadget anaerobic digestion.

The way I see it, Scirocco is starting from zero. As the past 14 years of investment has been buried in the Tanz earth. At any time the gov could refuse applications or delay until the licences expire with no return.
It sucks that all money is locked away and has a higher probably of being lost forever. Again Scir has no control over them.
If by 2025 the assets mature, great. If they don't, ok....I'm never gonna break even.
Its a bitter pill to swallow but that's investing.

I just want full focus and full steam ahead from the company on this diversification. This is what I will judge the BOD on, not legacy assets.
I will still be here holding in 2025 thought because it makes no financial sense for me to sell at such a loss.