Seascape Energy Asia Share Discussion Threads

[slagchops] 26/4/2016 13:18

SeaEnergy PLC

("SeaEnergy" or the "Company")



Statement re. Suspension



Further to the announcement on 4 March 2016, the Company confirms that it has sufficient funds to remain trading until the second half of May. Since that announcement, SeaEnergy has been in detailed discussions with a number of potential purchasers for the Return to Scene business ("R2S"), several of which are still ongoing (the "Potential Disposal").



The Potential Disposal would be classified as a fundamental change of business under the AIM Rules for Companies and therefore require the prior approval of shareholders at a specially convened general meeting. The Directors are of the opinion that it is now unlikely that a sale and purchase agreement can be agreed and executed in sufficient time to allow the process of shareholder approval to occur while the Company remains solvent. In addition, the suspension in trading of the shares of Lansdowne Oil & Gas plc, a company in which SeaEnergy holds an 18.67% interest, on 13 April 2016 means that it is unlikely that the Company could currently raise funds through the disposal of its interest. The Directors are therefore taking advice from insolvency practitioners.



As a result, the Company has requested a suspension in trading of the Company's shares pending clarification of the financial position.



Further announcements will be made as appropriate.

[slagchops] 26/4/2016 13:18

Looks like the show is over from the last RNS.

[pogue] 26/4/2016 12:51

Maxmarilli
I will bet you any money u want no oil company will buy this.
I personally have talked with people from companies I would expect to buy this, not oil companies, and they have said no chance therefore I do not expect a high sales price to be achieved. Good luck with your bet.

[philmiboots] 26/4/2016 08:33

Don't get too excited Stockriser!
;o)

[stockriser] 26/4/2016 08:23

Stupid signal in Portugal arrghhh!!!

[stockriser] 26/4/2016 08:23

And of course they may only sell the VAM part of the business and keep the forensic side which is making a profit. But of course we may all get a shock and Barryroe may get sold for a hefty sum!!

[stockriser] 26/4/2016 08:23

And of course they may only sell the VAM part of the business and keep the forensic side which is making a profit. But of course we may all get a shock and Barryroe may get sold for a hefty sum!!

[maxmarilli] 25/4/2016 14:44

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. Yes they could pick it up from receivers but since there are more than 1 interested the best offer will get it....And companies like chevron,BP Texaco have a cash force that £5 or £10 mill is peanuts for them....Oil will be much higher by end of this year as well...

[pogue] 25/4/2016 14:23

Maxmarilli
the thing you have to ask yourself is who and why would buy R2S at that price.
Who as oil related companies are all conserving cash just now and why would anyone pay £5 million if the company is desperate and close to collapse? Potentially they could wait and buy it of the receiver if they really wanted it.
A buyer may appear but the odds are not in your favour I suggest.

[maxmarilli] 25/4/2016 13:39

save cost in new and decommissioning platforms not long in use.I think it will be sold for sure.how much is the only question.IF sold for £5 mill could make share price from 5 to 10p alone.....as always the truth is in the middle.....to me this stock is not worth 2.5p so I`m adding.No advice to buy or sell given

[stockriser] 25/4/2016 10:03

Thanks for that Pogue, I will take it on board.

[pogue] 25/4/2016 09:35

expensive untried cost saving software

Here is the explanation of each word I choose to use.
Its is expensive when you have had your budget slashed.
Untried as the company you are trying to sell to have never used it, oil companies are always wary of new stuff I have been designing equipment for them for 20 years so have a little knowledge there.
Cost saving if you are cutting many helicopter journeys but you aren't as nobody is actually going to the rigs to do surveys right now.
and it's definitely software.
I try to invest with my eyes open I went in with eyes open and have come out in the same manner a lot poorer. I suggest you look at the facts if you are nursing large losses realize the chances of getting the money back is low don't blame the messenger.

[stockriser] 25/4/2016 08:01

"expensive untried cost saving software"

Not sure how you can state that Pogue, unless you're trying to down the Co.

"We saved millions on helicopter journeys alone in the past few years. We have now captured all of our assets in the North Sea and Gulf of Mexico"

[cephalosaurus] 24/4/2016 14:59

Seaenergy has become a cash shell investment company, sadly. They are indebted, so even if some sort of deal is done on either asset they own, they have to pay down that debt first. Whatever cash is leftover will have to be invested elsewhere, but it is more likely to be returned to shareholders - Cannot see Sea as a going concern due to their lack of direction, and the fact that r2s is up for sale.

[pogue] 24/4/2016 13:01

Nothing going to happen until the oil price picks up. If Seaenegy survive they will eventually make a load of money but IMHO it's bust and will not last until oil price raises to a level companies start re inflating maintenance budgets. During low oil price all companies cut their maintenance budgets by sacking people and shelving all but essential maintenance so expensive untried cost saving software is not necessary or affordable. Nobody flies out to rigs to do surveys etc unless it's critical and there are very few people employed anyway.
The way to play this is to wait and see if SEA survives till the oil price picks up or more likely buy the company that buys R2S assuming they have decent directors who actually know the oil industry as the current directors clearly have no idea.

[stockriser] 23/4/2016 17:19

Come on BP, get your fat wallet out.....
-----------------------------------------
“We needed something that would help us save precious bed space on board our offshore platforms. Non-critical operations staff were an issue. Surveyors, trainees, planners all had to wait their turn but took up valuable space on helicopters and on board that would be better spent with operations and maintenance staff.

So something that would help teams plan more effectively onshore so that they knew exactly what needed to be done, what tools and equipment would be needed and how we were going to do it would make the most sense. We initially looked at 3D laser scanning but that proved too expensive.

R2S came to us from the forensic world and immediately caught our eye as something that would give us the perspective we needed to plan our activities. We could navigate through corridors, measure our way through tight spaces where we would move equipment, observe the condition of pipes and valves that might need replacing and position within the images all of the documentation and permits needed to complete the job.

We saved millions on helicopter journeys alone in the past few years. We have now captured all of our assets in the North Sea and Gulf of Mexico and are now going beyond to Indonesia, Azerbaijan and Angola. The R2S team have been superb at working within and around our teams seamlessly.”

BP

[maxmarilli] 22/4/2016 15:08

Just curious...anyone of you buying at the moment?I`m adding when I can...

[stockriser] 22/4/2016 08:06

Current bid is actually 2.3p ;-)

[philmiboots] 21/4/2016 14:27

270k buy just gone through. Don't tell me bones has had a change of heart?

[sweatin] 20/4/2016 18:27

This company was gone when Steve Remp was pushed .

[papillon] 18/4/2016 14:10

You are probably correct, bones698.

[bones698] 18/4/2016 12:49

Muppets buying a few not listening to the warnings. Still it's their money to lose. Can't help some people

[stockriser] 18/4/2016 11:55

Maybe there is no tomorrow Phil!

Edit: Then again ;-)

[philmiboots] 18/4/2016 11:53

People piling in like there is no tomorrow.....er....oh....hang on....