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Almost One per cent of shares. Could this Kraken be waking up a last ?
oldnic - not just board changes now - big player movement!
I do hope that with this raft of changes that this does not become another Bloody Matra. Now there is a can of worms. We have been left with a virtual zero asset and no chance to re-coup the Capital losses
You never know it might do what ged have done one day lol having lots of cash for greedy bod is never a good thing
This share has done nothing since the failure in Kurdestan really. It's sitting on a dwindling cash pile and not doing any deals much at all. If ever there was a case of a 'new broom' this is one.
The C E O tells us we have a robust cash position, that's as may be but when it is bleeding away at such a steady rate we will not be in that position for much longer. It is some 20,000,000 dollars less than a couple of years ago
SEY looks sound on paper but has failed to rise with the other oilers on all the opec news anyone got thoughts on why?
The company indicated if they are looking at an investment in the near term or are they loafing around playing golf !!
Oh Yes they are drawing big fat salaries. This share has done nothing since time immoral. I followed Beardsall et al here from Emerald Energy in the hope that they would repeat that performance. WRONG. What I made at E E has been squandered here.. They have taken their salaries whilst I have taken the losses
hi everyone - I just bought 55k shares at 16.025p today. here is the rationale. all feedback is welcome. I might add or sell on the back of it. so basically... looks like the company financials look like that: I ignore inventories, receivables and intangible assets. so they have $92.5mln cash which I assume will be more like $90mln by year end. on the liability side, there are quite a few things to take into accounts. decommisionning costs of approx $32.5mln over the longterm. while it is not immediate, it is real. Also over the next 12 months there will be a decision to be made about block C-10 in Mauritania. If they go ahead with a drill, the cost to SEY is $7.5mln. if they give up, it is still about $1.1mln of abandonment. By then, we would have burn an extra 6-9months of admin cash, which seems to be about $2mln per semester (hopefully lower with reduced BoD). so all in all, the net cash eqty to SEY by mid-2017 is about $45mln if we drill C-10 or $51mln if we do not. in £ (using 1.25 fx rate), that's net cash equity of £36.5mln to £42mln. or 16.5p to 19p. SEY is focused on 4 things: 1/ production and closure of loss-making chinguetti field 2/ c-10 block joint decision with Tullow to drill a hole or not next year, 3/ Somaliland, watching Genel do the seismic work. 4/ invetsing in new ventures. so all in all, at 16p you are trading at or below next cash by mid 2017. you have a potential drill which could go zero or fuego. you could find good data in Somaliland. you could see the company buying back the shares if they stay sub16p (it is value acreetive to do so). you could see the company buying distressed company that also trade below cash (not that many though) or have low breakeven producing assets. the one big negative indeed is the amount of money wasted on high salaries last few years. but it seems the Russian guy at Waterford has lost patience and kicked most of those guys out. pls give me feedback...good or bad... so I learn more about the company.
Be nice to have an update regarding planned progress. Surely there must be some planning going on and they are not spinning their wheels and drawing fat salaries for doing nothing.....are they !
Management are a disgrace.
Eh Up M'Duck They are doing sweet F A . Apart from drawing big fat salaries. Keep on being a Luddite
Thanks for that. It has cash in the bank but spinning their wheels it seems.
Not sure where you got the idea these had no value. They have not been suspended at any time to my knowledge just not going anywhere at the moment. Hopefully that might change for all us long term holders...
Somebody help me. My wife had some shares in SEY and thought the shares had no value after the Kurdistan debacle. They show 16p value today . Can you explain to this luddite ?
got nothing in the immediate pipeline. I think the rise is over. its just going to say within the 15p/16p range.
This is as may be but they are declining at the rate of some TEN Million per annum This has done Sweet F A for years apart from burn reserves in paying the Directors
Massive cash reserve here.
Apologies for board hopping; but ! The petition is going quite well; ~5450 signatures so far. Although it needs a boost. https://petition.parliament.uk/petitions/112044/sponsors/frRbCOsOLO6QqIN82UOX This petition was stalled in parliament since 12th Aug 15; finally green lit on 12th feb 2016. The FCA have finally replied, saying its nothing to do with them as they only deal with market abuse & insider dealing, now is your chance to have your say. If you hate seeing buys reported as sells etc!!!!!! Has already been sent to Martin Lewis, Daily Mail, Moneyweek & Watchdog. My local MP supported this petition by writing to the petitions committee to help un-stall it. There’s 650 MP’s in Westminster, So have you written to your MP? 649 to go! If this petition doesn’t reach 10,000; then imo we might as well have not bothered as it will almost certainly be filed B1N; @ 10,000 the government should respond. ONLY 8 weeks to go !!! So – If you haven’t yet signed or indeed have but haven’t passed it on to others, then now’s the time to do so.
nice sustainable increase. unlike those pump and dump fad stocks.
This was a buy, not a sell. Let's hope that the revised Board set up drives change and creates some serious shareholder value. Old Girl
slowly building momentum. Interesting to see Michael Kroupeev appointed as NED as he founded Waterford who own nearly 30% of the company.
all that cash they must be lining something up.