Stratic Energy Share Discussion Threads

[7kiwi] 03/8/2010 07:15

ENQ takes out SE.

[steelwatch] 02/8/2010 22:18

• Net debt at May 21, 2010 reduced to $70.6 million following receipt of proceeds from the sale of our Italian and Turkish businesses Disposal Program

• Sale of the Company's Turkish business agreed and completed in May 2010

• FirstEnergy Capital appointed to advise on the sale of all or part of the Company's interest in the Crawford field with a target completion date before year end

Kevin Watts, Stratic's President and Chief Executive Officer, commented: "As outlined in our annual results issued last month, we are continuing our disposal program in order to eliminate bank debt and balance future capital commitments. We continue to manage our capital extremely carefully, as we shift the strategy of the company away from existing high cost areas to lower cost areas in which we can acquire and exploit new growth opportunities".

[surfer2] 02/8/2010 21:59

around 200 million in $ debt as of march 2010 -is this correct? any guesses as to the current debt ? and what they might acheive by selling off everything bar say the existing 1000 bopd in west don? sell all other north sea exploration stakes and the crawford reserves ( around an average of 1500 bopd for say 7 yrs worth of production i make it )

[jotoha2] 18/7/2010 09:26

It makes sense , clear debt , watch the cash flow in and reinvent the company on pastures new, its been done many times before , some risk here but also some potential mega returns at these levels.

[steelwatch] 18/7/2010 09:22

It seems Stratic aims to sell down its share of Crawford to clear the outstanding debt.

[peterbill] 18/7/2010 09:01

Been looking at this as a posible takeover target for Enquest ... do you think they may be interested in buying out SE. (their partner in West Don)

Down side is that they will be taking on Stratic's debt.

Any thoughts?

[rrogans] 09/7/2010 16:33

Does anyone have a game plan with this one?

I was wondering how I ended up with Stratic in my portfolio, but looking back through all those dusters that they had in quick succession, there was plenty of potential for Encore like success.

I was trying to work out what is left. Debt is obviously much reduced, but is still about $70.6m

There is ...
West Don Production (1035bopd), with a possible 3rd well Q4

... and jam for the future ...
> Crawford development plan, and aim to sell this asset by Q4. P2 reserves are 5.27 mmboe for Crawford, of which 3.48 mmboe are P3.
> Farm out of Quad F in the Dutch NS. From the last annual report there is a commitment here of $29m, if Stratic retain their 60% interest.
> Morocco, no immediate plans
> Slovenia, Petisovci-Dolina likely to be some activity here with partners Ascent.

If Crawford goes, then I presume it would be worth more than $20pb since all of the donkey work is complete. Assuming the pessimistic case, then the income from Crawford could clear the debts and leave them in a position to pursue Quad F. If they farm it out, then hopefully there'd be some cash left over too.

273m shares in issue values them at £19m @ 7p. They should be earning $25m per year from West Don, assuming $70pb.

So maybe things will look a bit better once some of that cash drops onto the bottom line.

[steelwatch] 01/7/2010 07:34

minor mention:

[steelwatch] 02/6/2010 03:24

For anyone interested, I have removed some out of date guff from the header, but left the code in for future use as, if and when Stratic comes up with anything worth mentioning.

[ferries5] 28/5/2010 13:53

If they meet there mid targets It will give them income of $19 to 20 million for the remaining 9 months of the year, assuming $70 dollar oil. So should be able to service there debt

[sg31] 28/5/2010 13:09

That will be nice...no debt...there won't be much production either by the time they have sold the assets.All we will have left is the management.Is this a good thing?

[steelwatch] 28/5/2010 11:57

Hopefully, the continued sale of N Sea assets will pave the way for a debt free re-emergence.

[rrogans] 28/5/2010 11:21

Anyone have any views on the quarterly report?

Lots of mentions of the phrase '... continue operating as a going concern ...'. Difficult to take any comfort from it.

Rich

[ifudrillittheywillcome] 11/5/2010 20:17

Stock up on good volume for the past 2 days after reporting the usual dry well and sale numbers for the Black Sea property that raise more questions about this management.

Something must be in the works. Just can't see any other reason to buy it now.

ifu

[jotoha2] 10/5/2010 07:50

All very well saying it will free up future cash requirement, but the question the CFO should be answering is why did they not sell up earlier when they had a chance to limit the loses on this venture, smacks of total ineptitude at the highest level...resign now and get in some people who can think on their feet.

[jotoha2] 07/5/2010 18:18

What a shambles , about time this shower decided to sell up what is left and move on , cfo needs to go now before he totaly fu*ks up this company.

[westmoreland lad] 07/5/2010 16:49

Ho Hum -- not what the Dr ordered

More than covered elsewhere Steel ;- ))

[steelwatch] 07/5/2010 16:30

Damn! Oh well, flog some more family silverware then.

[ifudrillittheywillcome] 04/5/2010 16:42

It's the "pre-drill results" price jump. Bugle results due any day. Same jump occurred before Bowmore and before Syria results....only to see it fall when reults were reported. A change of luck with this one would put the cream on the scone.

ifu

[lr2] 04/5/2010 16:22

Yes, Very well thanks. Hope you are too.

[westmoreland lad] 04/5/2010 16:20

Thanks LR2 -- missed the 29% jump yesterday. Trust you're keeping well ?