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Started: legache, 3 Jun 2024 18:35
Last post: legache, Today 12:43
I am expecting an RNS tomorrow regarding the AGM, posting of accounts. the accounting reference date is 30 June.
If there is no RNS, they will officially be delaying their accounts and will be liable to a [small] penalty.
I cannot see any point in delaying posting the accounts. Unless there is some material reason.
I would have to make a takeover bid if I did,maybe 2 p ?
Good question. They "say" they are prioritizing shareholder returns... even the words "in the short term" were used. I guess we will have to wait and see.
Patience Barhut your Egyptian mummy will rescue you soon
But will you ever receieve any of the cash?
Last post: legache, 3 Jun 2024 16:41
Yeah, its surely a broker thing... They filled a little of the order for me. 76 shares in the closing auction at 4p. Thanks Interactive!
I have had no problem with AJ Bell
Struggling to buy with Interactive Brokers [I've been like this for weeks]... even putting my cash into tiny blocks of 500 quid, no joy. Set a limit order of 4.20, lets see if they fill it...
Started: legache, 15 May 2024 14:44
Last post: littlened, 31 May 2024 17:11
Smelly,After the news about WG,I specifically asked William if SD would need shareholder consent and he replied YES it would.Pretty clear I think.Ask them yourselves if you doubt it.
I'm sure it is possible BUT that is not what the RNS says - it says it will be over the limit for the entirety of the Egyptian assets so both WG and SD - so not knowing who you are ned an investor needs to take the info the company makes publicly available rather than reports of individual emails to individual investors on BBs. Perhaps if you are in contact you could ask them to clarify to the market at large as it would have a material impact on the SP
No,I have an email from William McAvock stating that
Hi ned - to be clear has that been anounced lately i thought it was the conbined WG and SD was 75% of market cap and obviously WG has been done already
We know that the SD sale will require shareholder approval because the CFO said so.That means it has to be more than 75% of market cap.
Started: littlened, 10 Apr 2024 10:11
Last post: Meraklous, 14 May 2024 13:02
New to this company but interested in buying shares. What makes you think they got stuck with the last well they have drilled?
What i have reservations about is that the buyer wants to pay instalments.
Sdx told us WG will sell for $6.9m and will be paid in instalments. Will SD be paid in instalments too?
Also sdx have stated the ksr well has not been put in production yet but they state they need to quickly complete drilling for bmk so they can quickly put it in production. Why do they need to bmk well when ksr is well is available?
Also Citix has not paid upfront for q2 gas like it did with the last two quarters.
We deserve update of whats going on...
Yes you are right of course about net assets but you are talking about past management failures.I think the new BOD are fresh,have new ideas and are proactive,hence the Egyptian sale. The whole company is still worth around 4 times less than net asset value which I have never seen before and half of that is being turned into cash so in my eyes 4p is ridiculous when we know the minimum size of the Egypt deal
No, total assets were $67.6M.
Net assets were $31.89M.
As to why I'm not buying, the answer is because this company destroys ~$5M of cash per year and there's no guarantee the net assets will ever be returned to shareholders.
They can change that with an RNS which could come any day, but will they?
As at 30/06/23 SDX net assets were $67m and 6 months EBITDA was $8m.
Anyone think the shares are worth less than 4p ? If not why are you not buying ?
Started: littlened, 9 May 2024 13:34
Last post: maestro1, 9 May 2024 23:07
They are only producing 2.5mmcfd in 25% share is to moroccan govt.
They need to find bigger gas resource. Lets see if the 50bcf comes in...
Agreed. The assets (existing and potential) are one thing but there is a step change in intelligence and clarity with this new(ish) leadership group.
Very positive for me.If their plans ever get to near their potential then I think SDX will get taken over but for now its looking good . I will be adding .Even Malcy might approve.
Started: littlened, 8 May 2024 15:12
Last post: littlened, 9 May 2024 09:47
Sorry to be terse .Transact is an Investment Platform for individual Investors via IFA's only.
Oh. Okay
Thanks.
No
Transact nominees are the aleaph consortium, aren't they?
There has been some solid buying in recent days with no effect on the share price
Started: legache, 9 May 2024 08:37
Last post: legache, 9 May 2024 08:37
Started: Ginoir, 30 Apr 2024 14:26
Last post: legache, 3 May 2024 08:11
Which social media platform bid you see the information about the additional gas discovery?
Then there is no justification for the delayed RNS. Not only was this info clear days ago to SDX and others in Morocco/connected to the drill, but they announce themselves on social media a couple of days before the RNS? Gee whizz...
It was announced by SDX on LinkedIn yesterday.
"SDX Energy was understood to have concluded drilling operation.."
Well going by the spud date, target depth and drill rate of the the other drills I could have also speculated that they have finished drilling operations by now.
Enverus, a paid-for, highly-regarded industry intelligence service, it will be accurate (not that they say anything sensitive anyway)
Started: legache, 3 May 2024 07:20
Last post: legache, 3 May 2024 07:20
In the old days an RNS like that would send the share price into orbit. Would be interested to know if this was planned all along ... Guess we will find out on the 9th!
Last post: legache, 1 May 2024 17:36
What do we think all think re results?
I'm fully out ned - good luck to you fellas - financial results should be out very soon.
Where is Smelly ? Has he stopped trying to get the price down ?
Started: legache, 25 Apr 2024 13:41
Last post: littlened, 29 Apr 2024 16:56
The tide has turned.First time for ages that an RNS has lifted the share price
Looks like we are fir real, barhut. 🎉
Are you two for real.
You could be right Legache.With a large discrepancy between asset value and market cap I am sure we will get a bid once extricated from Egypt
I'm going to stick my neck out here but I've been watching some of these trades and I reckon there is a big buyer. All the little trades presumably that fella chucking his holding away rate just getting eaten up, same day after day.
Started: legache, 29 Apr 2024 09:53
Last post: legache, 29 Apr 2024 09:53
So the final payment, due before september is for 2.2 million less 1,4 million in escrow for tax liabilities. "settlement of any tax liability (if any) in full."
Does anyone know how much tax we will pay? It's just a strange remark "if any" to make in the RNS if they're paying 1,4 million into an escrow account.
Another confirmation of progress, short and to the point. Onwards and upwards hopefully.
Last post: littlened, 24 Apr 2024 15:50
Takeovers only take place with the agreement of all shareholders.Noone here has the clout to force a takeover and once the SD sale has taken place outside parties will be able to see that 3.5p is far too low and we will get a big one
"CEO said we are aiming for a share price of 2p and aleph takeover of 3p"
PMSL! Of course he did!
They now have more flex to create shareholder value. CEO said we are aiming for a share price of 2p and aleph takeover of 3p. Theirs your value and strategy. I’m not bitter just stunned by this show
Would make sense. Would perhaps indicate the deal is going ahead sooner rather than later perhaps. Otherwise, why incur the higher interest rate?
I was a bit concerned why SDX had fully repaid the EBRD loan and then drawn more from Aleph loan which is of course much more expensive.SDX have explained that the former loan was secured partly on SD and sale was dependent on EBRD approval which was not certain to be given.This could be one reason for delay in SD sale
Started: Doubler, 23 Apr 2024 12:56
Last post: legache, 24 Apr 2024 08:53
Still, even it takes a year thats IRO 700k in interest payments. We're expecting the deal to be worth 12-15 million USD. The cap is just 7.3 million. Still, if they complete within 3 months the interest payments will be dwarfed.
Legache
If SD sale was gonna happen within the month they wouldnt have extended drawdown period for additional meagre $700k. Remember interest on the $3.5m is 20%..
There's no reason to think the SD deal will take another year to complete, Maestro. Nothing they have said indicates such
I'm hoping as suggested in the RNS that SD could not be sold as it was used for security. I hadn't thought of that. So hopefully things will progress quicker.
Maybe they could have mentioned the interest rate on the loan note again.
All the money faffed away from WG already now SD will take another year and that would be spent too imho.
Last post: littlened, 20 Apr 2024 13:52
That suggests the capex for 2023 is much reduced
Why the need to drill more wells until the complete sale not done?
The current cash received from WG has already been spent inc admin expenses.
Very dissapointng on top we paying $1.4m in liabilities.
The reason why this is not yet in production is because the Moroccan authorities have not yet signed off.In any case current production is sufficient to satisfy the demand
Nice! Hopefully the RNSs come more regularly now and with more good news. Have a good weekend all.
The 500k deal is my buy !
Ridiculous reaction. Let's hope they can get the other deal quickly concluded.
The figures for WG are pretty much as set out previously so why the negative reaction ? I think we have a concerted move to to get the price down.But for what reason ? Noone has the clout to force a takeover below NAV
Well, it's progress. And as much as we have felt starved of info on various fronts, seems that RNSs will indeed only come when there is material news, no problem for me.
Started: legache, 19 Apr 2024 07:15
Last post: maestro1, 19 Apr 2024 07:35
1.4m of that is going to tax liabilities.
So they will get 5.2m dollars, 2m from there to pay for current drill and around 700k of interest to aleph for the year.
Why is sd taking so long?
Nm
Started: Smellyben, 14 Apr 2024 12:28
Last post: maestro1, 16 Apr 2024 19:02
12 months results you have 6 months to publish them. Interim results you have 3 months.
Been over 3 months since that rns, also why are they paying in instalments and taking so long to pay?
The Jan RNS, "Egyptian West Gharib asset sale documentation agreed with execution and closing expected later in January, subject only to administrative steps being completed.".
As well as 2023 results at end of April, management need to restore confidence. Maybe some 2024 cashflow scenarios are appropriate given the higher debt interest than expected in Q1 2024?
But they burning cash, they borrowed money from aleph with high interest rate.
By now the disposal should have been done. And we could move on. Char are trying to extract gas from northern morocco when this happens their leverage will go.
Need to hurry in Morocco
It's easy to say it was a good offer with retrospect. I voted against and given our nav, would again
Almost a year and we dont have a clue whats going on.
Aleph screwed us with rejecting that offer.
If the potential buyer is playing hardball why not move on?
Last post: maestro1, 9 Apr 2024 23:02
2x 1 million trades shown from yesterday?
Was that yours SmellyBen?
Thanks. Seems to me ,that just maybe it will be a good year for gold and silver miners. Fres looked good a couple of weeks ago just gone up 20% not to sure how much further it will go. Long term maybe a good investment, divi poor so a share to trade
Congratulations!
Sold of most of my shares here last year at a big loss. Bought into hoc and Cey and now have doubled and even tripled my investments .
If that is true, why do they not acknowledge this in the previous rns or any rns. I’m sorry but something stinks here. I think this new management are out of their dept, are obviously struggling the concept of running a business. When you have shareholders and you give them approx timelines or dates, if you can’t keep to them ,it’s good practice to keep them updated after a long time.
Started: Smellyben, 21 Mar 2024 13:26
Last post: legache, 3 Apr 2024 19:22
Tbh. You'd have to look really hard to find anyone who'd admit to voting Tory these days. Even old guys from Yorkshire are wavering!
Barhut keep up,I have told you before I am not a Tory.Ghengis Khan Renewal Party !
Oh gosh. This is desperate. Could be fellow tories
I have had a response from CFO.
Production from KSR-21 has not yet begun and RNS will be issued when it does.
No material changes have taken place in Egypt and RNS will be released when they do.
This board means exactly what they say ,no more no less. That makes them reliable in my book,they could almost be fellow Yorkshiremen !
It doesn’t matter what Smelly does.The events in Egypt will decide the share price in the short term and Moroccan ambition in the long term.
I haven’t bought any shares for 2 months but intend to shortly if no news from Egypt..
Started: littlened, 3 Apr 2024 10:38
Last post: maestro1, 3 Apr 2024 11:24
I think you misunderstood me, im talking about funding the moroccan well they have spudded today.
In any event the sale payments will be neutral.What SDX takes out the buyer will replace surely ?
Maestro, SDX is a foreign oil company ,so is the buyer !!!!
Taking dollars out of egypt is still difficult.
Payments to foreign oil companies have resumed following the recent $57 billion support packages in Egypt.
Started: Smellyben, 19 Mar 2024 02:20
Last post: maestro1, 20 Mar 2024 20:15
Smelly they agreed to two small offtake agreements, the 2nd one was mentioned in jan. Still negotiating longer term one.
WG is good earner they will not let that go until SD is agreed on too.
No I don't own multimillion dollar companies but I'm a FD in a multimillion dollar organisation so I know about buying and selling companies - we do two or three transactions each year
Yes I know they agreed a short term off take but they have been trying for a long term one for close to 6 months - Nada - we also have no idea on current financial of Egypt- its been a long time since there have been any numbers on receivables, parables, depletions, write offs , FX - we simply do not know anything because er THEY SAY NOTHING 😀
SmellyBen
They agreed another offtake for q1 24, they are currently negotiating a longer term offtake.
Company has $15m in receivables
Smellyben
You own multimillion dollar companies?
What you do with is plebs taking on anonymous boards, i woulf assume you advisers would be making your investments. :))
Started: maestro1, 18 Mar 2024 15:57
Last post: Smellyben, 18 Mar 2024 19:39
All good for Egypt and that's good but our Board continue to stay completely silent - nothing re WG , nothing for SD nothing for KS21 - months after they said it would complete in December. - all from a board that said they would improve communication after the share price has dropped 70% of so - really really poor - the market has priced sdx below NAV because they think they are leaking cash day after day and nothing from the Board
First the imf, then UAE and now EU.
Maybe now sdx can recover. Just look at NAV of the assets. Way higher than current mkt cap. Board just need to pull out finger.
Started: maestro1, 15 Mar 2024 09:45
Last post: maestro1, 15 Mar 2024 11:02
Ned
"Islam is practiced by 90% of Egyptians."
In my view they still plan to liquidate in egypt and now the board only mention MOROCCO, whther in rns's or tweets. So nothing has changed.
Egypt is officially multifaith
Sdx giving Ramadan Mubarak to Moroccans no mention of egypt, so it looks like the deal is still on to divest all from egypt.
https://twitter.com/sdxenergy/status/1767571871476658270?s=19