Aldersey Williams is probably in the running for the worst CEO in the history of AIM. |
 If you're still in, get out now.
SeaEnergy PLC
("SeaEnergy", the "Company" or the "Group")
Trading and Working Capital Update
SeaEnergy, the innovation-led offshore energy services business, announces an update on trading and working capital.
Since the acquisition of Return to Scene Limited ("R2S") in August 2012, the Group has developed the business internationally and begun to diversify into sectors in addition to oil and gas. Progress towards Group profitability was good until the significant decline in the oil price which commenced in late 2014. This resulted in the deferral or cancellation of many projects by our oil company customer base.
Signs of improvement in the market were evident through discussions with our customers in late 2015 as their budgets were finalised for 2016. However, trading conditions within the oil and gas industry have deteriorated further since the start of the year and a number of projects which were expected to be undertaken in the early part of 2016 have been deferred to later in the year or beyond.
Despite significant cost reductions and the exit from Marine and Ship Management activities, the Group is generating losses at current activity levels. The loan facilities announced in November 2015, which were intended to bridge the gap to improved trading conditions, have proved to be insufficient and the Company's cash position is becoming constrained.
The Board believes that the longer term prospects for R2S software and services remain positive, but any short term improvement in performance would require a rapid upturn in the oil and gas market. Given the uncertainty over the timing of such an upturn and the current working capital position, the Board is in discussions with a number of parties who have expressed an interest in the acquisition of the R2S Visual Asset Management business and/or other assets of the Group. If agreed, such a disposal would be likely to be classified as a fundamental change of business under the AIM Rules for Companies and require the approval of shareholders.
There can be no certainty that such a disposal will be completed and, if not, the Group is expected to require additional funding to be able to continue to trade beyond May 2016.
Further announcements will be made as appropriate.
ENDS |
Heads up
10m trade in ONZ 1.02p after hours yesterday
shares in issue 138m |
ouch , that even hurts me and I sold back in the summer ! sell r2s ! what then will be left ! muppets back in the day I bought in and stayed in ........far far too long I hope these have taught me a lesson |
You're right there Bones, just like the same analcysts are prediciting $15-20 pb! |
Aye, a large overdraft, but they do have revenue coming in! How much CURRENTLY nobody knows, unless of course you are in the know ...lol
And, as you say yourself "any reasonable farm out deal for Barryroe will see the LOGP share price many times the current sp"
LOGP mcap currently stands at approx. £3.2 mill - Can I presume that by "many times the current sp" you mean at least a 5 bagger?
In that case LOGP would then be valued at £16 million
SEA own 18.67% of LOGP, so their stake would then be valued at approx. £3 million.
No brainer in my eyes...lol |
Of course LOGP are desperate for a Barryroe farm out, because they must be desperately short of cash and they have debt (a loan from a big shareholder). A rise on farm out news would enable them to raise cash at a much higher share price and hence repay the loan.
However SEA are seriously indebted. It received a £1m funding package partly backed by a big shareholder, but it also has a large overdraft with HSBC. It's not in a good place. |
Pap - I think it's LOGP that's desperate for the farmout! Admittedly though, LOGP will have a more significant rise on that news, that's if they are not sold prior to a farmout ;-) |
For the SEA share price to rise significantly in 2016 it will depend on it's stake in LOGP.
SEA must be desperate for PVR/LOGP to farm out Barryroe in 2016 on reasonably good terms and with an appraisal well being drilled asap (the third party alliance includes a drill rig operator so presumably there will be a suitable rig readily available). If the LOGP share price could rise to 10p on good farm out news that will push the value of SEA's stake to circa £3m (assuming that SEA's %age stake in LOGP doesn't go lower on a fund raising by LOGP in the meantime). That's 50% higher than SEA's current Mkt Cap.
However, IMO, LOGP is a far better punt on a Barryroe farm out being concluded sooner, rather than later, than SEA. |
Or is it someone preparing to pump the hell out of it? |
Stockriser. It's only one analyst, not analysts. I agree with Reesyheli; what is he smoking and furthermore is his firm being paid by SEA? He could be an analyst working for Edison for all we know. They are paid by the companies they analyse. Or is the analyst working for SEA's broker? Again they receive a fee from SEA. |
Who they are?
What they're smoking more like
Assume none of them call's hi'self Bones perchance? |
I would love to know who these ANALcysts are, even I am not that optimistic! |
Small rocket! |
share price rocketing on news? |
We should be due (overdue?) a Trading Update.
These were provided in each of the last 2 years, in early and late February.
Why they can't get the actual Results out, after nearly 8 weeks, is beyond me. |
Wakey wakey !!! |
 Apologies if this has already been posted!
Panoramic views
The manipulation of visual imagery is key in two other aspects of the use of new technology in forensics - the virtual autopsy and in crime scene reconstruction and mapping. Jurors often find it troubling to examine pictures from the morgue, especially where dead children are involved.
Aberdeen-based Return to Scene Ltd (R2S) has developed sophisticated layered-imaging toolkits that represent the corpse and relevant injuries as a neutral 3D model while retaining the anatomical detail of the autopsy in hidden layers. A representation of a baby’s body as a 3D mannequin can be used to show a history of old and healed repeat injuries or fractures. These can then be separated using colour from recent, fatal injuries and be presented graphically to a jury. “Jurors are more likely to be able to dispassionately examine this kind of imagery, when they might turn their attention away from conventional autopsy photographs. We find that this kind of visualisation of injury helps the court,” says Laura Fairley, lead forensic consultant at R2S.
R2S’s proprietary software is also used in crime scene reconstruction and mapping. First, a 360-degree image of the crime scene is made using a panoramic camera and multiple images are stitched together. These are then integrated with a high resolution aerial image or plan of the area. After elimination of lens distortion, this allows the creation of a measurement-accurate depiction of a scene.
From this it is possible, through a technique called photogrammetry, to determine the height of a suspect from CCTV footage by comparing fixed points such as window ledges, floor tiles and doors against the 360-degree image. The system can also calculate whether a witness could have seen what they claim to have seen from any particular viewpoint in the area.
The result is an interactive and walkthrough crime scene that can be explored visually but virtually, eliminating visits and possible contamination. R2S software is a platform on which case information can be collated, managed and presented. Embedded markers link to multiple information types such as the location and audio recording of a 999 call, DNA and other trace evidence samples with their attached forensic expert reports, relevant CCTV footage, crime-scene photographs, incident locations and routes travelled by suspects through the scene.
In its simplest form it can deliver a visual reference to jurors, avoiding an expensive and time-consuming site visit. Viewed at all levels it is a complex case management system and is used in murder enquiries.
“Essentially R2S is a hugely more sophisticated, permanent, 21st-century version of the TV detective’s whiteboard stuffed with photographs of suspects, arrows and links to the deceased,” says Fairley. It also delivers a permanent, navigable visual record of that location over time, long after the original crime was committed. The company’s software is used by over 15 police forces in Europe and North America and in many solicitors’ offices.
Approaches like this can also help in countries where violent crime is rare and police lack expertise in homicide investigations, by permitting remote crime scene access to international forensic experts, who can advise on procedures like appropriate sample gathering and processing. |
Panic over - normal service has been resumed. |
Clucking bell - sea AND logp up this morning!
Can't last. |
"Decommissioing and Abandonment Awards 2016: The short list for each category includes:"
They can't even spell the award category correctly!!
Title just about sums up SEA anyway. |
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