Seascape Energy Asia Share Discussion Threads

[bones698] 04/3/2016 10:00

All those complaining can't say they haven't been warned here once again try listening you might learn something once in a while. Game over soon even the sale of r2s won't postpone the death for long as it won't bring in a fraction of its original purchase cost say 2m of which most will go to winding up and loan costs. Not long now until it's all over

[korkikorki] 04/3/2016 09:00

What a complete and utter fiasco, words fail me.

Someone remind me, how much our Current and Former Directors have "received"
by way of financial reward, over the last 5 years?

[cephalosaurus] 04/3/2016 07:52

Sorry for holders here, I refer to my post 31952. There might be a way that you don't lose much actually, from current prices. If it is marked down on open, there could be a big trading bounce. That is if LOGP is sold and money returned to shareholders. Then of course, repaying the debt money they raised recently would also salvage something. My guess is that R2S sale will just about cover it. Then Seaenergy will be a shell with a 20% stake in LOGP...their er...ahem..'non-core' asset.

[gcm18] 04/3/2016 07:29

Seaenergy = how to squander £38mil in 5 years and fleece PI for all their worth. edit and pay £10mil for a company which will go for a song in a fire sale.

[gcm18] 04/3/2016 07:24

Haha, Remp must be chuffed :0

[richpassi] 04/3/2016 07:23

my take on todays news
blah blah blah we said things would be good , now they are not we in talks with a mate who will buy r2s (at a rate reasonable to them)..... (further more we the ones at the top will do alright out of it) just to kill the share price completely we will say today that it may or may not happen ,ps we ain't got any money for our wages so we better dilute some more. they may have well have left school and become muggers...... mugged how does one spell karma !

[jack jebb] 04/3/2016 07:22

Aldersey Williams is probably in the running for the worst CEO in the history of AIM.

[slagchops] 04/3/2016 07:14

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

[gonuts1] 04/3/2016 07:10

Heads up

10m trade in ONZ 1.02p after hours yesterday

shares in issue 138m

[richpassi] 04/3/2016 07:10

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

[stockriser] 26/2/2016 21:24

You're right there Bones, just like the same analcysts are prediciting $15-20 pb!

[stockriser] 23/2/2016 16:19

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

[papillon] 23/2/2016 15:13

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.

[stockriser] 23/2/2016 14:31

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 ;-)

[papillon] 23/2/2016 14:25

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.

[stockriser] 23/2/2016 13:50

Or is it someone preparing to pump the hell out of it?

[papillon] 23/2/2016 13:40

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.

[reesyheli] 23/2/2016 09:55

Who they are?

What they're smoking more like

Assume none of them call's hi'self Bones perchance?

[stockriser] 23/2/2016 09:40

I would love to know who these ANALcysts are, even I am not that optimistic!

[jack jebb] 22/2/2016 18:18

Small rocket!