Offshore Hydrocarbon Mapping Share Discussion Threads

[robson1974] 08/3/2010 11:57

Electromagnetic Geoservices ASA (EMGS) has today received a Letter of Award from
an oil and gas company to provide 3D EM data acquisition services offshore West
Africa.

The survey will be performed using the purpose-built 3D EM vessel BOA Galatea.
This vessel is currently in transit to the survey area following completion of a
previously announced contract in the Caribbean.

The work program in West Africa is worth approximately USD 5 million and is
expected to commence in the beginning of April.

[noxious] 04/3/2010 19:19

The director sells were due to Landon Clay refusing to be diluted at the time of the CGG buy in. Not sure whether a yachy was purchased or not.

[bones30] 04/3/2010 18:54

This one's a right deanroberthunt!

[jungle jim] 04/3/2010 18:26

Nuts. Been out all day and missed my 4p entry point.

[deanroberthunt] 04/3/2010 12:52

free options sell em for 240p to some mug and then order your yacht....

and all that for running a company thats never turned a profit in its existence.....

[deanroberthunt] 04/3/2010 12:49

one couldn't make it up.........

[deanroberthunt] 04/3/2010 12:49

What canny guys they are...........obviously saw the future!

19 September 2007

Directors' dealings

Further to the announcement by the Company on 20 August 2007, Offshore
Hydrocarbon Mapping plc announces that on 18 September 2007 certain directors
(specifically Mr Pratt and Dr. MacGregor) sold 1,425,228 ordinary shares of 1p
each in the Company ("Ordinary Shares") to Landon Clay and his affiliated
interests (together the "Clay Affiliates").

Dave Pratt has exercised options over 457,267 Ordinary Shares and has sold these
Ordinary Shares, together with 255,347 Ordinary Shares already held by Dave
Pratt, at a price of 240.0 pence per share to the Clay Affiliates.

Lucy MacGregor has sold 712,614 Ordinary Shares at a price of 240.0 pence per
share to the Clay Affiliates.

Director Number of Number of Price at which Resultant Resultant
Ord Shares Ord Shares Ord Shares holding of options over
options sold sold (pence) Ord Shares Ord Shares
exercised over

Dave Pratt 457,267 255,347 240.0 Nil 1,126,276
Lucy MacGregor Nil 712,614 240.0 839,686 240,374

Application has been made and admission to trading on AIM of the new Ordinary
Shares following the exercise of options over Ordinary Shares by Dave Pratt is
expected to occur on 24 September 2007 ("Admission"). Following Admission, the
total number of Ordinary Shares in issue will be 43,094,415.

[bones30] 04/3/2010 12:45

Its a bit of a deanroberthunt isn't it!

[deanroberthunt] 04/3/2010 12:43

300p to 5p >>>>>>>>>>>>>>>. not bad going

[humbugg] 04/3/2010 08:28

comedy,
hope you got your money out of these?
dogs that chase cars....................
regards h.

[nicd] 04/3/2010 08:20

more selling hitting the price

[robson1974] 03/3/2010 22:13

I echo JJ's sentiments.

For those worried about the creditor-shareholders pulling the plug I believe the first payment to service the debt is due in May off the top of my head so they would not as i understand it be able to claim any default event before that? Furthermore this is a people business and they would risk the wrath of employee-shareholders if they did crunch the shareholder equity. I'd certainly expect any fundraising to have been completed by May hopefully on the back of good contract news.

I would also note it would not make much sense for BGP to do a 'global strategic deal' with a company which went out of business a couple of months later. If they can afford to pay $2.5m for a single CSEM survey I imagine if they are happy with the results of that survey like victor kiam they may decide in for a penny etc.

I hope. (overall i remain relatively relaxed but admit the floating charge can always give cause for concern).

[jungle jim] 03/3/2010 21:52

GWR7 if this was a dodgy samll-cap oil exploration company I would agree with your sentiments but I can't see that happening here. If I was sat on the board of Seatrans or East Hill I would read that RNS as positive and worthy of further suppport.

They lent money in December so they had an idea that all would not be rosy in just 3 months. OHM have cut costs drastically and have high prospective sales activity. They have clung on through the worst recession in their industry for decades. The time to pull the plug was December, not now. Now is the time to fund the business for another 12 months. If it survives that it will be a very strong and thriving business.

I have a very small investment in this so can afford to lose it if it goes wrong. If it hits 4p in the next few days I'll add 50% more.

[bones30] 03/3/2010 17:28

Is that allowed? Excuse my naivity. I do feel I've learnt an awful lot with this particular one in how not to do things.

[gwr7] 03/3/2010 12:37

24th December 2009 RNS
"two other significant CSEM opportunities which we had been anticipating to convert into contracts by this stage have now been delayed until 2010 due to reasons beyond the Company's control."

Extract from Robson's AGM conversation with CEO 15th January 2010
"Regarding the 2 delayed CSEM contracts mentioned in the RNS, one is now completed the other still delayed due to 'geopolitics'."

2nd March 2010
"However, as previously indicated in our announcements of 16 November and 24 December 2009, income from CSEM surveys in the first six months to 28 February 2010 has been disappointing largely as a result of geopolitically induced delays to a number of programs which were in train of award to OHM...."
"As discussed above, CSEM acquisition, data library and processing revenues were disappointing and for the six months to 28 February 2010 amounted to £1.5 million (six months to 28 February 2009: £3.9 million)."

What do we make of that lot? The £1.5m CSEM revenue presumably arises from the BGP contract which was therefore their only award in the six months to 28th February 2010. Robson accurately reported the issue of geopolitics delaying one of the two significant contracts 'until 2010 due to reasons beyond the Company's control' but now they're saying a number of contracts were delayed for this reason.
So why did the CEO tell Robson one of the significant and delayed contracts had been completed?

[jailbird] 03/3/2010 10:46

bones,

i'm not invested here for a while as you know.
always monitoring, but DRH makes a good point.

Improved order book does not mean they will be profitable, may just mean reduced losses.

Unless they are cashflow positive only option will be dilution..so any confirmed orders will be dilute the mkt cap anyway.

I cannot see any positives in the near term, and i cannot
see my buying again now.

The 21.5p placing was really what pulled many in.
maybe a takeover maybe the only option or just selling it technolgies as as compnay it is loss-making.

[5magic] 02/3/2010 23:23

looks like its going bust to me, buring 400k a month on overheads, lossmaking and not much revenue. need more money for directors salaries by look of things

[robson1974] 02/3/2010 20:17

will email out the latest kbc peel hunt comment piece later

doesn't add much extra

[bones30] 02/3/2010 17:21

I'm not really sure there was anything in today's RNS which was particularly unknown.

[deanroberthunt] 02/3/2010 12:52

the order book is improving....jeez with an 8m loss it needs to, and f'ing fast...this co. is leeching cash faster than the housing bubble.