Soco Share Discussion Threads

[emptyend] 09/1/2019 08:00

The key points for me are:- TLJOC tie-in well apparently the cause of the compression issues- Tie-in agreement has expired. PV plainly conflicted by a position in both blocks but both PTTEP & SOCO aligned to protect TGT production- 2D infill/update over 125/6 scheduled for mid 2019, implying we will enter 2020 with a plan for either a well or 3D (may depend on the ENI well meantime?)- well currently drilling what is effectively an exploration target horizon on TGT. No details?- RISC doing reserves audit for RBL accordion capacity etc- RBL drawdown in 2018 might imply an expectation of an early completion of the Merlon deal? Otherwise why draw down? I'd be hoping to see completion this month, especially with results now pinned to 6th MarchKey omissions:- Data on Merlon 2018 production/revenue or on 2019 forward plan (perhaps understandably re the later?)- Lack of visibility on timeframe for resolution of compressor/TIA disruptions to productionIn sum......not there yet but there seems to be now light at the end of the tunnel, and 2H should be rather clearer?

[lauders] 09/1/2019 07:43

It does look "dead" boring here, got to admit! Perhaps once the deal is over things will start to progress? Here's hoping. May we all be bullish by the end of the year!

[eggbaconandbubble] 09/1/2019 07:41

T&OU. No comment by CEO or MD and strangely a 'glossary' with no explanations!

Gives the impression that no one is enthusiastic or can actually be bothered.

Is this a company just 'going through the motions' & going about the daily grind??

[buywell3] 08/1/2019 17:52

A whist-drive followed by a tiddly winks knockout

Tea coffee and biscuits included though

[0rient] 04/1/2019 21:38

Great seeing the rise today but the volumes still shocking for such a good market day in general..only 140k shares traded. Hope SOCO have something planned to generate more institutional support!! 👍🏻

[brucie5] 04/1/2019 14:27

Well in timing terms, Ed, that probably makes you a genius. Even if the share price doesn't perk up immediately you're being paid to wait.

[ed 123] 04/1/2019 14:25

Ta, Orient. :-)

I'm not expecting anything particularly good or bad in the update. On 5 December Soco reported "no material change" regarding "current trading, trends and prospects".

My reading is that, after waiting so long and while the oil price was low, the Merlon acquisition was viewed by the market as underwhelming. Time has moved on, the oil price is off its recent low, and the merged entity may perform to management's plan. At today's level I decided to take a chance on that.

[0rient] 04/1/2019 14:01

Nicely timed Ed :-) Hopefully share price a lot higher this time next week after the trading update 👍🏻👍🏻

[ed 123] 04/1/2019 13:47

Ok, confession time .... I bought some today. :-O

Gulp!!!

[brucie5] 04/1/2019 11:19

Hopefully someone will chuck in a bid here and put investors and EE out of their misery... by vindicating the ENDGAME.

Ten years late, and at some considerable opportunity cost but wth. Down here there may even be some value.

[buywell3] 03/1/2019 16:55

Does one

I don't

[wbecki] 03/1/2019 13:23

Regarding

"The only question mark, will they get paid by the egyptian government?"

This from malcy comment on Rockhopper.

"All is going well too in Egypt, at the Abu Sennan concession production remains solid at 3,800 b/d (840 b/d net to RKH) and at Al Jahraa-10 production is 130 b/d and subject to further increases....

Rockhopper is seeing continued payments in Egypt and receivables are now only around $1.5m, another fall from the last update"


One expects payment should be forthcoming Egypt side therefore.

[0rient] 02/1/2019 18:24

Disagree with the ' no material selling interest' at these levels..i think there is but there's just nobody willing to pick up the shares despite the depressed share price Market has been continually marketing this down virtually every day to generate some interest. I'd love to see them cleared as i've bought enough now :-)

[emptyend] 02/1/2019 18:07

.....well who'd have thought that Nigel? The fracking fad will pass as soon as investment in it is properly-priced.

[nigelpm] 02/1/2019 17:40

This will help :

hxxps://www.wsj.com/articles/frackings-secret-problemoil-wells-arent-producing-as-much-as-forecast-11546450162

[nigelpm] 02/1/2019 17:29

Agree Wbecki - huge consolidation and this year will probably be the one given the continually depressed prices among junior E&P but stable oil above $50 brent.

[wbecki] 02/1/2019 17:04

Interesting thoughts.

I'm expecting a bid myself. Going to be significant consolidation Oil sector side this year(and elsewhere)

Weak sterling going to make that even more likely.

Great time to be nibbling on the oversold companies imo.

[emptyend] 02/1/2019 16:44

....well summarised in the first six words, as evidenced in the remainder of the post. I don't believe there is any material selling interest near these levels......the last few weeks has been small volumes. Hopefully the EGM will be followed swiftly by the (one?) remaining Egyptian approval, and new investors can be brought into the stock at completion. Certainly there is a need for newsflow - and I'd hope they are ready to go with a major 2019 drilling programme as soon as the deal completes.

[kenobi] 02/1/2019 16:13

I don't understand the current slump, they have just bought an asset where they have free cash flow, and scope to develop and grow production not just in the south region, but significantly in the northern region. they plan to double production over the next few years, and get a development licence for as much acreage up north as possible. The current management of merlon, have stayed on and taken paper in soco, so they're going to be pretty motivated to make it happen.

The only question mark, will they get paid by the egyptian government ?

If we can get production up, and start seeing the cash flowing in, I think the doubters will doubt less, and if production starts to grow significantly, even if in the short term the additional cash flow is used to further grow production, it'll put a completely different face on the single country time limited assets which we are unable to grow production.

I don't believe Ed storey and the board would have been duped into a bad deal, I think this will prove to be a good deal, we need to get production up, profits up and the share price up so we can do further deals.

Ed wants to retire, that's fine, give him some chairman or board honorary role where we roll him out where he has contacts, the strategy is to pay divis perhaps in part so that they have plenty of cash and don't need to sell shares. I'm not sure it's in the shareholders interests, wouldn't those millions per year be better spent on acquisitions or minimising debt ? but that's where we are, and some shareholders have bought for income, so lets just accept the way things are now, and move on,

K

[emptyend] 02/1/2019 15:59

Agree that YASRUB. Next week's update should provide some solid numbers to back that idea of a turning point.

[0rient] 02/1/2019 15:40

I’ll be doing cartwheels @140 nigelpm!!:-))
Hope you were still holding OPHR this morning..good call by yourself. I remember you mentioning them a few times a couple of months back 👍🏻👍🏻

[yasrub] 02/1/2019 15:40

I cannot see SIA being in play - current shareholder structure and corporate deal to be completed. What I would would hope is this is the bottom and now the management start achieving tangible progress. Due to the recent volatility in the oil price it might be likely they are looking at picking up another deal.

[nigelpm] 02/1/2019 15:29

Doubt that SIA will follow,

Interesting. I'd say right now would be the perfect time to strike.

Share price decimated.

Why not dangle the directors a carrot at £1.40 - certainly no way they'll get away with paying that price in 6 months time.

[buywell3] 02/1/2019 15:14

Will that bottom be when OIL hits $35 ?

[emptyend] 02/1/2019 14:49

Doubt that SIA will follow, but one would think that the message that the sector is trading too cheaply would be received and understood. Both Faroe and Ophir would seem to be opportunistic attempts to pick up assets near a short-term bottom.