Seaenergy Share Discussion Threads

[maxmarilli] 13/4/2016 15:58

Cephalosaurus,thks.Can we agree a valuation of £5 mill for R2S to be sold?If so 8 to 10p can be the value of sp?

[cephalosaurus] 13/4/2016 15:52

Shareprophets are in the business of finding dogs on AIM. They predict 0p for all stocks they see as worthless, and have it in for corrupt fraudulent fat cat or incompetent mgt. They are not in the business of pity, they are just being frank, with a touch of melodrama and exaggeration. They could get it right sometimes, so on the face of it they could be right here too. It depends on the outcome of PVR/LOGP refinancing as to what the LOGP shares are worth for SEA. Then the final value of SEA as a cash shell will be determined by the sale price of r2s.

SEA will only be a zero if they cannot find a buyer for r2s, and LOGP cannot refinance. Who knows. I would not like to predict anymore.

As it is, they will end up a small cash shell - whether or not LOGP fail, or r2S sell for x or y - because they are selling ALL their assets anyway!

I am sure they will get a buyer for r2s but I suspect it will be hard to do more than break even. They are somewhat lucky they don't have to pay what they expected to pay for r2s, because I would guess they didn't meet projected targets.

As for LOGP, they only refinanced the loan a month ago. They ought to have had an idea the appeal could go either way. If not, it beggars belief. In this case, if they cannot throw a lifeline to PVR and LOGP, the loan company would have to write off a bad debt. That would be suicidal for the lender in the case where a Barryroe deal is contingent on getting all dirty laundry or unknowns out of the way.

[maxmarilli] 13/4/2016 15:43

Another tick up...it seems mms are looking to get shares....could reverse and go blue if traders arrive...

[maxmarilli] 13/4/2016 15:28

What is the problem with shareprophets and SEA?Are they shorting it ?Looks like,because a 0 pence target is telling that....Papillon,what do you think of all this?thks,max

[maxmarilli] 13/4/2016 14:32

The situation of sea is grim but that`s why the share price is 2.5p approx. to buy and not 10p.....IF R2S is sold I expect a multibag,otherwise problems end of april.Not long to go and it could go crazy with any news,up or down drastically.It`s a punt but could be a good one,imo.

[maxmarilli] 13/4/2016 14:29

Well if shareprophets say so.....I added some

[papillon] 13/4/2016 14:24

EPIC code: SEA


SeaEnergy – grim read across from appeal judgement vs Lansdowne/Providence

By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 13 April 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Oh dear, things have just got a whole lot worse for AIM-listed SeaEnergy (SEA) as fellow AIM company Lansdowne Oil and Gas (LOGP) – in which SeaEnergy has an 18.67% interest - has just announced that its shares are suspended pending financial clarification.

Lansdowne, along with its Barryroe project majority partner, AIM-listed Providence Resources (PVR), were in the Court of Appeal today where they have just lost out on a judgement regarding an aspect of a breach of contract case. The result is that an estimated $7 million plus interest and costs will have to be found.

Lansdowne has a 20% interest in the Barryroe project, and has already indicated that it will have to raise funds to meet its portion of the bill, as well as additional working capital. But critically, its shares are now suspended pending clarification of its financial position. That sounds to me as though a heavily discounted funding round will be sought in order to bail the company out – or it could be that another AIM company is off to the corporate undertakers. Given that Lansdowne’s market capitalisation was just £3.44 million at suspension, according to ADVFN, it rather sounds as though an equity-raise will be a big ask.

And so to SeaEnergy which was recently bailed out with loans totalling £1 million secured on its assets and repayable at the end of April next year. But with an interest bill of 10% per annum, rising to 18% in the event of a default (the conditions of which are not disclosed). Oh, and the company has already indicated that the cash will run out in May.

But worse was to come only last month as the company announced that the loans have proved to be insufficient and the company’s cash position is becoming constrained. Thus a restructuring is under consideration, involving asset disposals. For that I read stripping down to a (not much) cash shell.

SeaEnergy is clearly in considerable trouble – notwithstanding its series of award nominations and associated slap-up dinners for the directors – and now it is under threat of a further £642,000 hole in its balance sheet, should Lansdowne fail to raise the cash it needs.

Oh how the beleaguered shareholders must rue the fact that Seaenergy is still holding all those Lansdowne shares – a non-core asset which could have been sold for £12 million upwards not so long ago.

The last balance sheet of SeaEnergy was in the interims to June 2015, which showed net assets sitting at £12.7 million. Of those, £11 million was goodwill and intangibles and £1.8 million was Investments (one assumes the Lansdowne shares which could be worth norralot even if a heavily discounted bailout placing can be arranged). Things, as we know, have deteriorated sharply since then.

In other words I think the fat lady is drawing breath for the final warble in this sorry saga.

Those awards dinners may put on the pounds in the boardroom, but they don’t bring in the pounds for the company.

SELL – 0p target is a when, not an if.
- See more at:

[maxmarilli] 13/4/2016 14:12

another tick up...

[maxmarilli] 13/4/2016 13:35

1 buy and ticked up...I wonder...

[julcester] 13/4/2016 12:47

I think LOGP could be toast...

[soul limbo] 13/4/2016 12:39

Providence estimates the financial implications of the Court of Appeal's judgment will result in the payment of approximately US$7 million (excluding interest and costs) to Transocean. The parties and their legal advisors are currently in the process of agreeing the final amount payable to Transocean (together with any costs and interest thereon) and the terms of payment. Accordingly, at this time the Company cannot confirm the final amount payable to Transocean, nor the terms or timing of such payment. "


Lansdowne, through its 20% interest in the Barryroe Field, will need to raise capital to meet any liabilities arising from the court ruling and for its on-going working capital requirements. As a result, the Company has requested the continued suspension of its shares from trading on AIM pending clarification of the Company's financial position. In the meantime, the Company is in active discussions with its financial advisors and current debt provider with the objective of ensuring that the Company has the appropriate financial resources to satisfy its obligations under the Barryroe Joint Venture Agreement and meet its on-going working capital requirements.

On the basis of this issued judgment, Lansdowne will now make a provision for its net amount in its Financial Accounts for the year ending 31 December 2015.

[papillon] 13/4/2016 12:35

Could be lights out today at LOGP. SEA share price already tanking.

[ronan7] 13/4/2016 12:30

well might be getting in sub 2 after all.....

[bones698] 13/4/2016 11:44

Stockriser think again of course any negative result for logp will impact here but keep dreaming after all you have called this wrong at every turn so far. This stock is worthless and riddled with bad management, mounting debts and misfortune at every turn. Heard the phrase writing on the wall. I suspect logp is close to finished and sea even closer.

[stockriser] 13/4/2016 08:34

Julcester, that depends on the outcome of the appeal! However, I do not think LOGP is actually priced in SEA, so any negative judgement 'should' result in minimal movement here!

[julcester] 13/4/2016 08:30

You couldn't make it up. It's like a magnet for bad news!

[stockriser] 13/4/2016 08:19

When the appeal was made, did they make that positive adjustment or not?

Providence fully provided for the claim by Transocean in its accounts, and the associated legal costs, and once matters are finalised, Providence will make a positive adjustment to its accounts.

[reesyheli] 13/4/2016 08:17

Transocean appeal due 10.30

Best of luck holders

[philmiboots] 13/4/2016 08:12

WTF? LOGP suspended "pending announcement".
Is this good, bad or terminal?

[stockriser] 12/4/2016 22:28

That's not the point I am making Bones!

[bones698] 12/4/2016 15:19

I think we can all agree they vastly overpaid too

[stockriser] 11/4/2016 22:18

I think you will find that sea paid more like £10 million....

The company bought the entire issued share capital of R2S for an initial cash consideration of £5m.

A further cash payment of £500,000 will paid next March if revenue targets are met.

SeaEnergy will also pay up to £4.6m in March 2014, subject to R2S achieving certain profit targets

[bones698] 11/4/2016 15:16

Oops buying shares without having a clue isn't a good idea. Firstly r2s is suffering and in decline therefore only worth a fraction of its original price. Then there are the debts that need paying around 2m.then there is the fact it's a fire sale. All of which means the shares you thought were cheap are pretty much worthless. Rise in share price is more likely the mms suckering in mugs with no idea

[maxmarilli] 11/4/2016 14:43

High,i bought some sea recently.Anyone can tell me what is the value of R2S if it was acquired for £5mill in 2012?If the same would it worth 9p per share?(£5mill:56mill shares=9p)if so we are at very good value,here,imo.(also may is a deadline so a deal,if so,must be concluded b4 that).