Soco Share Discussion Threads

[emptyend] 26/9/2017 08:33

No.....just reminding people of recent posts. The water handling news should be in the next 7-10 days, I suspect.

[richalert] 26/9/2017 08:11

Is that EE ramping? I wish you good luck. I need some of it.☺

[emptyend] 25/9/2017 22:18

Brent nearly $59 and so SOCO will be getting $60+ on liftings.............not long to wait for production capacity news. Or possibly other things.....?

[jotoha2] 25/9/2017 21:34

Oil price rising and this little gem is still floundering at these silly levels , come on management lets get some positive news out !

[emptyend] 21/9/2017 16:24

Sigh.Regarding kenobi's observations, he identifies one party that I have long expected to get involved. Coincidentally, or not, I understand that same party is now the operator on the Cabinda Nord block......so it is an obvious counterparty for an asset swap deal.

[gengulphus] 21/9/2017 15:41

especially reports by people who don't consider such information useful!

An unnecessary aside that misrepresents what I said.

No, it doesn't represent what you said at all - if I'd meant it to, I'd have said so. It represents what I wanted to say - that other people's reports are based on what they consider useful, which is not necessarily the same as what I consider useful.

I won't be entering into a debate on it, so save your pixels.

No need whatsoever for you to enter into a debate about it - but also no need whatsoever for me to obey your instructions...

Gengulphus

[kenobi] 21/9/2017 14:46

I think it's pretty well known that everything in Africa is on the chopping block,
Cabinda is not really material, but I guess might be worth something to someone,
that leaves the Marine blocks,

you'll have to forgive me I can never remember if its IX or XI or some other roman numeral, but we have a low producing discovery there, they've been talking about unitisation, so that might be of some interest to ENI, obviously they'll be in no rush to do anything, given they have a producing field and we just have a uncommercial (probably at the moment) hole in the ground, the question arises then, what might ENI have that's of not too much value that might be of interest to us, and yet, not material to ENI who might be willing to offload it for a bigger prospect right on their doorstep ?

Well,
hxxps://www.eni.com/enipedia/en_IT/international-presence/asia-oceania/enis-activities-in-vietnam.page

block 124 eh ? that sounds like it might be near say blocks 125/126 ???


Alternatively I guess the other options are something like unitisation, but if they were keen on that wouldn't they have done that ? or taking the majority share in our blocks in return for a free carry ??

K

[emptyend] 21/9/2017 13:42

especially reports by people who don't consider such information useful!An unnecessary aside that misrepresents what I said.I won't be entering into a debate on it, so save your pixels.

[gengulphus] 21/9/2017 11:54

Everything I quoted is exactly what you said, as anyone can see. Everything else is what I said in response; if you feel it wasn't a fair response, you'll have to say why.

Gengulphus

[emptyend] 21/9/2017 09:59

That isn't what I said, as you well know.

[gengulphus] 21/9/2017 09:17

Precisely HA. Negligible difference in useful info - ...

Quite possibly as regards hard factual information. But things like what someone is stressing and what they're downplaying, whether they seem comfortable or uncomfortable, etc, are also information, and at least some shareholders would consider such information useful. And they're things that people are likely to want to judge for themselves, not by other people's reports - especially reports by people who don't consider such information useful!

... and possibly/probably less, due to greater caution and legal advice.

Such caution is merited anyway, given the possibility of people who wish the company harm recording covertly.

Gengulphus

[emptyend] 20/9/2017 21:33

Precisely HA. Negligible difference in useful info - and possibly/probably less, due to greater caution and legal advice.

[emptyend] 20/9/2017 21:30

Hi Rhomboid,Yes - that is the plan for several corporate deals, including at least one of substance. At least one will get done this year, I believe. It is likely that some of these will involve asset swaps, probably cleaning up the Africa portfolio but possibly elsewhere.Having got the core business back on track (or it should be once the water-handling is finally tested and brought onstream in c 2-3 weeks) they are definitely looking to material growth. My best guess is that the first deal might involve a substantial asset addition.rgdsee

[haideralifool] 20/9/2017 20:02

Gengulphus, if there were recordings they would be of the open forum Q&A, whereas the more interesting discussions are often the 1:1's and I doubt they'd ever be recorded.

[rhomboid] 20/9/2017 19:39

Q , does anyone have a clue what this is referring to from the Interims:

"Transformational business development involving growth and rationalisation of the portfolio"

I'm paying attention EE 🙂

[gengulphus] 20/9/2017 18:03

Just on kenobi's point about disagreements afterwards, there are very many issues that are open to interpretation. For example, you might see something as "glass half full" whereas I might see it as "glass half empty" - and it is healthy to debate such things. There are also the nuances of timeframes, which seem to have been a regular source of disagreement.

Which is all very well for you and for kenobi, who have both attended and can debate your interpretations on the basis of your memories of what was actually said and how it was said. But Lauders, who has not been able to attend, has no way of deciding which of you he thinks has the better interpretation - being able to see a recording would give him the chance to look at what was actually said about the point at issue and decide which of your interpretations he thinks is the better fit. And I, who might have attended but not realised that it was a significant point and so not have a clear memory of it, might also benefit from looking at a recording to refresh my memory. Or indeed one or both of you and kenobi might wish to have another look at it to see exactly what triggered their own interpretation and/or whether there might be something in the other's interpretation...

Gengulphus

[emptyend] 20/9/2017 15:05

Just on kenobi's point about disagreements afterwards, there are very many issues that are open to interpretation. For example, you might see something as "glass half full" whereas I might see it as "glass half empty" - and it is healthy to debate such things. There are also the nuances of timeframes, which seem to have been a regular source of disagreement.Nobody goes to a Pearson AGM expecting to learn anything new, by the way - and the same applies to the vast majority of FTSE100 companies. I've not attended many large company AGMs but my perception is that they are heavy on legal process and very low on useful info. Its not a great exemplar.

[nigelpm] 20/9/2017 14:38

Nigel. AGMs are NOT "public meetings". Quite the opposite.

Fair point - poor choice of wording. I meant public in a shareholder sense i.e. anyone who can claim through certificate/CREST/financial derivative/CFD that they have a financial position in said equity/bond - should have the right to see the AGM if they can't physically get there.

[kenobi] 20/9/2017 11:21

why would there be no informal discussions at all ?

the last couple of years directors have been kind enough to come and speak to me before the meeting, as well as after, I can't imagine this would change in any way.

Re my version being more likely than yours ee, well that goes without saying ;-)
but why should people have to choose between different versions of the main event at least ? and why should there be disagreements afterwards ?

I think the point well made is that anyone wishing to damage the ocmpany could easily smuggle equipment in these days to do so, the only people being disadvantaged are shareholders and potential investors. Sure keep before and after informal off the record, but why not make the rest available at least to shareholders?

K

[emptyend] 20/9/2017 10:51

redhill,I'll just make one final point. There is a formal legal element to all AGMs, the agenda for which and the outcome of which is fully disclosed to shareholders in writing and/or RNS. In addition, most/all companies voluntarily offer shareholders an opportunity to listen to a presentation (the slides for which are invariably made generally available via company website) and to ask questions of the management, both formally and informally. People will (as I do myself, on the grounds that nothing is said to me that wouldn't be said to other shareholders) report their interpretation of the verbal exchanges on bulletin boards - and so, in a well-attended AGM, those who aren't able to attend are able to decide whether (to pick a non-random example ;-)) kenobi's interpretation of discussions is more likely than emptyend's.....and, of course, we don't operate with precisely the same info because we speak to different people at different times. There is generally no lack of such post-AGM comment.If you get a recorded presentation with a recorded formal Q&A, I can guarantee you that the information given out to those attending will be less - and indeed there may be no informal discussions at all. That in turn will reduce incentives to attend AGMs and disseminate information. And so, over the space of 5-10 years, you will have AGMs turned into what is, in effect, a propaganda video in which there is no face-to-face discussion. I don't think that would be healthy for corporate accountability or for investors' financial well-being.

[lauders] 20/9/2017 10:43

Of course SIA should be transparent to their shareholders and make AGM's public. I can assure you I for one would not travel from the Far East just to attend an SIA AGM and lose even more money in the process. The idea is preposterous! Other companies are open enough there is no reasonable "excuse" for SIA not to do the same.

[kenobi] 20/9/2017 10:37

Well there's no reason that the "cosy chats" after the agm need to be videoed, but what is being made available to the shareholders there, surely that is public domain ? I think it would be good to have a record of what is said and at least how the questions posed in front of the audience are answered.

Don't other ocmpanies do this ?

you only have to google to see that many do, here's an example

hxxps://www.pearson.com/corporate/investors/investor-information/annual-general-meeting.html

The only thing I can see they might be shy about is discussing the relationship with the joc, and future drilling plans, perhaps a bit more diplomacy would be needed.

It might also help the share price, since anyone thinking of buying in would have access to this information.


K

[redhill9] 20/9/2017 10:25

emptyend20 Sep '17 - 07:58 - 19839 of 19842 2 0
That might be your thought. My clear view is that it is an unrealistic can of worms......and, inter alia, would lead to a less informative event, rather than the reverse.

Less informative maybe but only so for those able to attend and engage in cosy chats with the directors?

Certainly AGMs are not "public" meetings but they should be easily accessible to all shareholders and not just the few able to attend. What is wrong with putting a video of the meeting on the company website? Agreed, non-shareholders could view it but currently non-shareholders can read detailed reports of AGMs on internet bulletin boards from those who do attend.....

[emptyend] 20/9/2017 10:08

Nigel. AGMs are NOT "public meetings". Quite the opposite.

[gengulphus] 20/9/2017 09:49

It strikes me that given the sort of covert surveillance equipment that is now possible, a 'no recording' rule is pretty useless at preventing a determined organisation that wishes the company harm from recording an event that anyone who buys some shares (as a certificate or in a CREST account) is entitled to attend. The only really effective countermeasures are to take great care not to say things such an organisation can exploit, and for there to be other recordings available to expose any attempts to edit them into existence...

Gengulphus