Member Info for Temple_of_Doom

Looks to me as though NNPC are creating noise to scupper the Exxon deal until the new president is sworn in who is then not obliged to be bound by the approval given by the incumbent.

POLR is on the up today .... just needs the RNS on AUMs

Seems like I’ve joined you on DUKE Trek …. TRENT is also in a similar space … bought back some yestrday.

The 5.00am hedge fund has been popping 250,000 sells onto level II during auction last night and this morning …. Spoofing maybe but I need to move money into ISA from trading account so taken 7p today on here looking for a dump in a couple of days.

2019:
"SEPLAT Refutes Allegations in Newspaper Publication Against Roger Brown Newly Appointed CEO
Posted by InvestAdvocate on November 30, 2019"

"Seplat Petroleum Development Company Plc has reacted to a newspaper publication alleging that the appointment of Mr Roger Brown negates the provisions of the Nigerian Oil and Gas Industry Content Development Act, 2010 (the Nigerian Content Development Act)."

Seems like the issue of Roger Brown's appointment has been simmering on for quite some time .....

Bought back .. missed the merger details ... did I see 3.5p dividend to Cenkos holders due by year end?

Back in just under 61p.

"Seplat In The Eyes Of The Storm: The Lies, The Facts"

A must read.

"if the UK government decides to retaliate against millions of Nigerians working in their country."

It's a fair point on Roger Brown.

People are getting nervous .....

"Crude futures surged at the reopen of futures trading with WTI and Brent crude futures up around 7% each following the surprise announcement by OPEC+ members of voluntary oil output cuts"

The aggrieved shareholders had something like 156 shares between them if I read rightly ...... obviously a con.

Jumped in for a few at 235 .... bargain.

.. but you make a profit if you sell and buy back lower.

"CSO Blames Seplat’s Crisis on Omiyi’s Sit-tight syndrome"

"Roger Brown and some interests in the company were plotting to acquire the company through the Capital Market, using some South African fronts."

Nice gossip.

It would make an easier route to listing sure Seatank … a reverse takeover as in Seplat taking over Exxon assets.

It’s a no brainer … why pay $2 bn for Exxon assets when $1bn will buy Exxon assets plus Seplat.

"It is indeed a sorry situation, that Seplat has effectively broken ties and burned bridges with it's own two founding shareholders. "

The concern is that the founding shareholders will dump their shares ... but on the plus side .... NNPC might buy them and us out ....

... the founding shareholders have been a pain in the Seplat **** for a couple of years .....

.. and at the end of the day .... a bloke tried to get a deal pretending to represent Seplat.

It will blow over.

This seems a little deeper than appear on the surface ... Bloomberg revealed more details today of the letter sent .. it called for NNPC to gain an additional 10% of Exxon assets to seal the deal. Some will remember claims a few months back, that such a deal had already been struck to compromise over the assets - but from the last results it seemed to me that Seplat were still keen to take over the agreed Exxon assets as per the original deal.

As such it means Orjiako has indeed stepped out of line and rather stupidly put something in writing that was a lose lose for Seplat the moment the letter was sent.

What it also implies is that rumours for a compromise deal were simply rumours, maybe Orjiako has panicked who knows - but it certainly is not good PR for Seplat.

Going forwards, I can't see the Exxon deal pushed through before the president elects takes office, from which the new president is neither constrained nor in the same embarrassing situation as the incumbant.

So for me, it looks like Orjiako has blown the deal - albeit unintentionally.

Going forwards further ... not good until Brown gets back in charge and then - well who knows ... back to 85p seems more likely in the current market than 140p.

So I had a small day trade this morning but not looking at this share as a bargain given the wider market at this point.

GLA

The Brown court hearing was scheduled for yesterday anyone seen any news?

Corporate excellence is one thing …. Politics another …. A bad couple of weeks.

Meanwhile, Biden is doing some market manipulation stating the USA will not be buying oil at $70 after all.

Below 104 I’ll start dripping NESF shares into Seplat ….. slightly annoyed renewables have not held their own in this sell off.

GLA