Member Info for ShouldveSold

For Eytan this must feel as a personal triumph & career success. This is the first oil discovery of his career & he can now call himself an oil man.
I won't be surprised if the board vote for a rewarding renumeration package for him :)
(I suspect its already higher than the previous CEO's salary)  ;) ;)

Radio silence is hardly ever followed by good news, so I was expecting downbeat news.
81 barrels of daily production is relatively a plus for CEG. Yes 200+ would be better, but in terms of current production; 81 barrels is a daily boost to production of approx 20%.
For me, today's news cements the future of this company. The turnaround I was hoping for is no longer realistic. The company reset is no longer achievable & the company forecast is no longer achievable in the time frame suggested or with the budget proposed.

Unless flow rates can eventually get to 250boopd, I don't see the finance being on offer or available to pursue the 9 other proposed Saffron's, let alone the 5-9 Wells in the proposed development programme.

On the plus side at least its now been proven that SWP oil does flow.

I wonder if Stena will take 40 barrels a day as a payment option lol.
My SP expectation of .7p remains.

What makes the most sense to me is that 'Scirocco' the company is either being run by 1 person operating out of their home office or its being run remotely by very few people who have other job roles in other companies which take priority over Scirocco.

With both the 2month time frame since the go ahead for the biogas deal got the Green light & the 1 year time frame since the new company direction into diversification was announced; I am befuddled with Scirocco Energy being in what appears to be; the same position as it was in September 2020.

I am mindful that Scirocco has realized two tranches of profit taking from HE1 and have used at least one of those tranches to make an acquisition and the other tranche * I am presuming* has been deployed on upgrading the facilities at the biogas plant.

I don't understand why Scirocco still operates in a way that keeps shareholder in the dark. Communication has never been a strong point from the BOD, regardless of who was sitting on it.

An update would be great: An indication on when the deal is likely to be completed deal would be great. A confirmation that the deal has been completed would be great. An RNS to explain site/plant upgrades are in process and need to be completed before the deal can be done would be great.....something, anything.....

Based on what happened with S1, I imagine they are taking their time & perforating a very small section at a time so if they hit the water table; it can be located immediately & sealed.

Caddy1 I think your comment encapsulates the market sentiment perfectly.

Aminex are up 10% on this news. Its definitely this stock sentiment.
Scirocco = Zzzzzz

Only 30mins in but so far the market hasnt assigned any value to this news. Let's see if its the same at the close.
Seems like the CEO is writing these RNS's for the 7 people who use this bb because the market isn't interested in the stock any more.

Revenue from S2 should of been incoming & Suriname should of been flow testing by now. Radio silence & long delays are hardly ever followed by great news. Whatever is happening with the S2 well, based on the issues encountered with S1; I am now expecting similar news flow.

Whatever has gone wrong with the Bahamas & S2 will now be carried into proposed SWP development. I don't see how S3 can even be started this year.

Any SP recovery or stability I thought was on the cards by year end & company turnaround going into 2022 has been thwarted in my opinion.

I thought a SP of 1.5p would of been realised on the back of the fund raising outlined in the company reset. Now it looks as though that will be hit before any fund raising. Which has now revised my SP expectation by half.  :S
Personally I believe the merger has taken one badly run company and ruined the other.

Wondering whether Mr Riley is waiting for S2 results to decide whether to join the board or not.

I thought the Eytan tenure would maintain this new high level of comms he started off with to bolster shareholder confidence. But we find ourselves with operations taking twice as long as expected with little communication as to what or why.
Any initial confidence that Eytan started to instill in me as a shareholder has now been reset to how I felt before he took over.

I thought the company reset would enable the tying off of all these loose ends, settling finance, disputes & refocusing on core asset drilling. With the exception of a successful drill completion, nothing else has happened. All of the issues that needed settling before the company reset still remain, I am exasperated to be honest.

My thoughts were of capital to deploy on the Greenan acquisition; maybe for upgrades/increased scalability/or add ons.
Or for compensation fees for another aborted deal.

I'm wondering whether the latest profit taking slice from HE1 is to fund another purchase or for capex to deploy on the previous deal.
It could also be to pay for legal costs of an newly aborted deal lol who knows :S

I have no idea as I am not a geologist or oil services engineer. (Shrugs)
But I am assuming that a well estimated to take 4-6 weeks to complete & flow, taking 10 weeks; will come with 4 weeks of extra costs. Which will impact the planned drilling schedule.

Would never of thought drilling a onshore well would take as long or longer than an offshore deep water well.
Successfully penetrating these zones is clearly an arduous process.

With 10 weeks to drill & flow each SWP well , one would assume that it would change the field development time & costs by presumsbly approx doubling both....
So maybe only Saffron 3-4 is achievable by year end.
I hope S2 flow rates are on the higher end of predictions.

If one was to follow the money; with Oberon & now Scriocco profit taking, it could suggested the HE1 pilot well may fall short of expectation.

From historical chart memory I think. 8 is a 5 new year low (maybe longer)  If it falls through that I don't actually remember what the next resistance point is. That being said, fundamentals have changed.
With the outcome of 3 projects & announcements at any time, this could pop either way.
1. HE1
2. Ruvuma Licence
3. Greenan/EAG deal completion.

• The HE1 tweet today was ambiguous, even thought the helium shows from the lake are at 10% compared to the 2.2% shows at 70ft.

•The Tanz gov can continue to dangle the carrot as long as they want, the money spent there can never be recovered without maturity or a sale.

•Greenan deal could be aborted at any time with no recoverable funds & probably even additional costs for aborting the deal.
I can see the consultant cost messages already....

The market appears to be pricing in negative news on these 3 things.
Not a peep from the CEO to reassure the market or investors. I don't understand why communication is such hard work for Scirocco. They feel so out of touch & complacent as if they are as fluffed off with this company as LTH are.

I now have the impression that no one is actually running Scirocco Energy day to day & board members meet maybe every 6 months or so for a chat & they ask the  CEO what he wants to do & then say " ok mate, we'll leave you to it. Let us know if you need anything".
Feels like even the BOD has this company in their bottom drawer.

S2 hasn't even been flowed yet and the BOD are making sure they any value goes to them before shareholders.

No status updates? No communication on successful AGM & immediate outlook?
No information on when the Greenan deal or JV with EAG will be or estimated to be completed by. No estimated time for first cash generative income???????
Come on Scirocco, its not that hard to tweet a sentence or two to give shareholders are idea of what is happening.

With the previous deal so close to being done then published news that the deal had been aborted completely blind sided & T-boned LTH. Keeping shareholders in the loop can add some reassurance & maybe even confidence reflected in the spare price.
Come on guys......

I was expecting a little more new listco detail. No expected date has been given nor any indication that existing shareholders who have funded the acquisition of the Greenland assets will get an Open Offer opportunity to benefit from the IPO.

First Post of the day which is about company operations rather than bb members.
(._.)

I don't necessarily think its for disgruntled private investors to hurl abuse lol more so for operators & institutionals..