Ramco Energy Share Discussion Threads

[skirbell] 29/11/2010 19:25

Never listen to me, I drink lager tops.

If they do take shares in logp, then your hypothesis might just be on the money. logp better be worth it!

[bones698] 29/11/2010 13:44

sea have said they intend taking shares in logp for the money owed skirbell

[skirbell] 29/11/2010 08:03

A lager top is a pint of lager which then has about a shot of lemonade added to remove the froth.

I can see SEA retaining the £800k as an accounting issue. If they write it off, then it goes down as a loss - something that SEA cannot afford to do in their accounts at the moment. Besides, if they don't need the money and don't want to write it off, they retain it on the off chance that logp might actually do something worth while and pay up in shares.

Christmas Eve last year I predicted (half heartedly I admit) that SEA would have Far Eastern involvement before the end of 2010. I expect the Chinese would be likely bidders as would any large electricity supplier in the UK without a significant renewable portfolio, although I think most do already. Large oil companies that have no exposure here are also likely candidates, I'm thinking DONG and perhaps BP, who might want to try and repair their PR machine.

The problem with most companies interested in the renewable area is their commitment - most already have projects on the go and the future funding expectations of offshore wind will mean that they are only likely to want a few in their portfolio, which would rule out a lot of the existing players in the UK.

[bones698] 26/11/2010 21:40

interesting, i just punched in a serl search and found an article which says ambrian see a 70% upside to the sea sp, that was on 30th sept when the share price was 23p, to me that indictes they expected the sale price to be around 40p or 25m region, add to that this may have been whatthey initially thought until the chinese got involved and maybe most guesses of 30m for serl look very likely. i dont see ambrian not having had some indication from remp of what possible buyers have indicated they would pay. not seen that before ie the 70% and interesting when you consider their borkers note said it was worth far more only a month or two prior to that at 121p

top line of that link

[bones698] 25/11/2010 21:28

hi mate wtf is a lager top, certainly sounds like a southerners tarty drink lol

as for logp i am totally of the same opinion as you with regards to logp being a waste of space as it stands now, ie potless etc but that would change with sea buying it back and hence why i raised the possibillity. star at present are concentrating on what they have and a few other things and there are plenty of operators around not just logp , maybe considering they have not long bought the asset then maybe they will want a period of getting to grips before buying other assets.

its a long shot i know but i just cant understand why sea have lent logp £800k aprox if they intend to do nothing with this asset going forward.another interesting point is that if remp converts that loan to shares then depending on exactly what price the conversion is done it could take sea back over the 50% holding of logp and some form of control. also the director resigning last month makes me think he wasnt happy with what was about to happen and so has left, but that is open to debate.

as for sea going forward i also agree that i am not very impressed with sea marine going forward and unless there is quick progress on something i will not be staying around for it unless serl sells for 50-100m, mayber then i could be perseuded to stay a bit longer tbh, anything less which tbh i expect and i will not be impressed with the prospect of waiting another few years for anything to happen.

time is running out for remp to actually achieve what can be classed as a success, maybe serl will provide it with a big sale price but i am not confident of this happening. mpc looks dead, logp not exactly awe inspiring but as shown could be quite useful, sea marine anothe long wait with many possible problems, monty totally unknown at this point. so not much to look forward to in reality.

always the chance remp could pull a few master strokes but i dont see much of the above doing that so unless something else we are unaware of appears and looks very promising we will have to see.

i intend speaking to remp once the serl sale is complete to discuss the future and how they will be spending the money and letting him know my feelings on his answers. remp has said the sale will also contain info on what the company intends to do with the money so i will wait until that appears before doing anything.

trying to remain as positive as i can but this share has been a disaster really. still he who dares rodders :))

[crashbang] 24/11/2010 21:22

I wonder who that could be ;)

[bones698] 23/11/2010 22:45

skirbell, as i did say the figures were rough but were to give the idea some credit and to show it was viable. personally i doubt many will have the stomach to wait for sea marine to come good especially those that have been here a while and the ride we have had tbh. i never like it when sea have to raise big sums of money for their ventures and with sea marine a massive amount of financing will be required.

as for logp it was a thought for something that may generate interest in a shorter timeframe than marines would. the only other thing which could do that is mpc really that we are aware of and that looks highly unlikely even though the rig deal is still in limbo with no confirmation either way.

maybe remp has a surprise for us, something we are not aware of and would provide a quick income to boost morale and the books but that is what we are waiting to find out.

for me only a sale of 50m+ would make me think about staying for marines but whilst there is a chance they could get that i think it is unlikely. answers will come soon enough 23 days to go max :)

[skirbell] 23/11/2010 08:14

Interesting thoughts on LOGP however I don't buy it. Firstly I've never rated LOGP's assets and always though ROS/SEA would have done far better selling all their shares rather than retaining a stake. I expect that the reason SEA have kept 800k losses has little to do with taking the shares and taking over the company. I expect it has more to do with LOGP can't afford to pay and to avoid SEA having to write off the 800k, they can keep it on their balance sheet. We may well find that once someone ponies up the cash for SERL, the 800k will get written off as they can then disappear into the balance sheet.

I think that there are a number of flaws in your calculations that would reduce the profit and push up costs and these are,
1. While there is infrastructure in the area of 7 heads, I think it is more gas related. So it won't just be as simple as hooking the well up to the existing platform and away you go.
2. As you state, the oil is waxy and poor quality and not going to sell for spot oil price (usually quoted as WTI). It will sell for less than this
3. You've assumed 365 day production at full capacity. This never happens due to servicing, weather etc etc.

I think 7h oil is marginal as it stands. If it were any different, LOGP would have a partner by now, with Star Energy (buyers of Marathon's Irish interests) being the most likely candidate. The fact that there isn't to me underlines the poor quality of these assets.

I believe the proceeds from SERL will go to investing in Sea Marine and I can see cash being spent very quickly here. I wouldn't be surprised to see some investment in onshore facilities to assist in servicing turbines.

[djmoggy] 23/11/2010 01:25

Hey Ron - I'm ok - still here as well - nice to see another old face :)

Have to agree with Bones - LOGP in its current state is worth sweet FA!

Mogs
:)

[bones698] 22/11/2010 11:10

ron no i stated at the beginning that logp was wothless if sea didnt buy it back and still stick to that, however if sea can buy it back and fund it going forward then the game changes. you need to pay a little more attention to how i say things then you will understand the reasoning, ill put that down to age and low tenagents supply lol

as i posted without sea backing it is worthless to us going forward , couple that with the fact lc have rights to acquire all the shares then as it stands it will get screwed over in any deal done at present. however if sea manage to acquire it all back and cancel the rights lc have then its a different story especially with cash to back drilling.

its just an idea i had quite a while ago but wether it happens remains to be seen. its the only real way i can see logp being worth anything and of any use to sea going forward tbh. plus it could provide pretty quick results withthe knowledge we have on that site

[largeronald] 22/11/2010 09:21

Now there's a blast from the past - how goes it, mogs?

bones - bit of a seismic shift regarding your stance on LOGP, no?

Have you now followed Ron's example and tucked a few away?

[djmoggy] 21/11/2010 01:43

I piled in at 2.5p in late 2008 bones and have been adding ever since. UEN is the new ROS lol!

[bones698] 20/11/2010 21:35

uen was one at 6p lol

[djmoggy] 20/11/2010 17:36

What tips are those - I'm hardly ever looking at the boards these days tbh!

[bones698] 20/11/2010 12:37

yeah good mate tbh, could do with sea getting a move on like we could all do with though.will have to see about the agm nearer the time but sure we will sort out that small drink anyway.

you been following my tips mogs lol :)

[djmoggy] 20/11/2010 11:18

I'm good Bones me old mukka - it has been a while. Will definately be coming to the next AGM without fail. So if you're about we can have that long awaited bevvy. Then we can kick Remp and co into shape after that!!

Hows you anyway? You should get back in UEN at some point not going to ramp here but I can see handsome rewards over the next year or so there from current price.

Mogs
:)

[bones698] 20/11/2010 10:02

lmao nice one mogs me old shipmate :))))

how you doing btw, been a while

[crashbang] 16/11/2010 12:25

Wouldn`t be difficult ;)

[bones698] 16/11/2010 12:17

lol hi crash, i see the quality of your posts is the same as it used to be lol. at this rate this will have more posts than the new thread :)