Subsea Resources Share Discussion Threads

[honestjim2] 19/10/2007 09:02

O/T re Falkland Islands & Oil etc, have a look at the FOGL, DES, RKH and BOR boards for information. FOGL are planning to drill late 2008 with BHP. Its a region and topic we will all hear lots more about in the coming months.

[blue59] 19/10/2007 08:47

PG- Points noted with tks

S83- Relax!

[stewart83] 19/10/2007 08:31

PG
You obviously dont know much about the falkland island, they dont need the UN
the UK govt have all the power in situ

[petergoddard] 19/10/2007 08:14

The Falklands' story is an interesting one, but has too many negative aspects for me really. There are many other prospects that are easier, safer and less riskier. Negatives include:

1. Too far away - I seem to remember an article saying that it would cost ££millions [10 or more??] to even deploy a drilling rig there, let alone the costs of the daily hire and actually drilling!! The article might have been re FIOG. So it would be expensive to drill for and expensive to get to market.
2. Potential "ownership" claims - I can imagine the Argentine Govt. becoming even more "Las Malvinas estan nuestras!!!" as soon as any substantial oil reserve was found. If the Argentines suddenly turned up off shore Port Stanley, UK Govt. no longer has the power to do anything about it - other than go running to the UN - and they'd do nothing! It might be different if the UK and Argentina ever came to a sensible [economic rather than emotional] solution. till then there is always the possibility of another Argentine land grab!
3. If it is drilled eventually I reckon it will be many years away. But at present there are many other potential "elephants" awaiting discovery in other parts of the world.

Hope this is of use
PG

[blue59] 18/10/2007 22:04

ff13...LOL but sick! Have you posted it on SPD's bb? would be esp apt!!

Correction, I took my eye off the ball re SPD and Umbro, hadn't seen this afternoon's news which now makes it particularly inapt!

[blue59] 18/10/2007 21:57

PG Time will tell I guess. Good luck to you too! Re oil do you know much about Falkland fields and in particular RKH?

[petergoddard] 18/10/2007 21:45

Further to my last, for completeness, I see there was another notification, dated 15th May 2007, that MG sold 700,000 shares [SUB closed at 4.75p on the 14th] and so no longer had a notifiable interest in SUB. [Though he'd still got around 6,000,000 shares at that time, being less than 3% of the company.]

[petergoddard] 18/10/2007 21:33

Blue - You say "MG has gone". I can't recall reading that he had actually left the company. I recall him resigning or being pushed from the board last year - but the announcement then said that he was continuing as a consultant. As of 31st January 2007 there was an announcement that he'd sold 2,400,000 shares [on Monday 29th January SUB closed at 11.25p!]. Apart from that I've heard nothing of him. Do you know when he left the company?

I see that you have averaged down and so I presume you still see value in the company. Good luck with it, blue! It's way too risky for my peace of mind, I'm afraid.

If you don't mind me asking, what price did you pay for your shares? And what is your current average?

Seriously I do wish you the best of luck. Personally I will stick with my boring low[-er]risk oil exploration and gold mining shares.

Cheers
PG

[blue59] 18/10/2007 19:36

PG. I have trawled back to June/July posts and reiterate my apology, I was confusing you with Witteklip (who also didn't hold any shares but posted a lot and wanted 2p before considering it). Sorry.
I do think that we need to move into the present. MG has gone (and good riddance) and/but the share price is 1.25p not 20p,30p or 44p. I may turn out to be a fool but I have faith in the basics of SUB, in RAB's judgement and more particularly of some of its remaining Board and have averaged down accordingly. It's not a blue chip stock..... it's a CALCULATED punt!
All IMHO, DYOR of course.

[woodpecker25] 18/10/2007 18:28

A valuable couple of posts PG for those thinking about getting in here. Like you watching from a couple of barge poles away to see how this sorry saga ends.

WP

[petergoddard] 18/10/2007 17:58

Here it is! The e-mail is dated 5th February 2006 timed at 12.20 and was addressed to "[e-mail]"

However someone cleverer than I might be able to sort out the columns.
There are three columns labelled "SHIP" "Cargo Type" and "Value US$". Unfortunately I can never get them to line up as they do in the e-mail!!!

=======Quote=============

Dear Friends and Investors,

In the not too distant future I expect our Operations Director, John Kingsford, will be reporting on the many tasks that he and our engineering team are handling at present as we prepare for our planned recovery programme.

In the mean time and only because I know that many of you do not have access to metal prices I copy below our most recent valuation on the vessels that we call our A class, that is to say of high value and around which we would build a project.

You will be interested to see that Celia, our planned recovery for summer 2006, now has a gross value of over US$29 million and Vanilla, our planned recovery for winter 2006, now has a gross value of nearly US$54 million.

Obviously these will change as metal prices change and we can never be certain of value until we are actually paid, nonetheless I hope you find this interesting.

Do please note that this is by no means an exhaustive list of our target cargoes!

With best wishes

Mark FJ Gleave

Cargo values 2 Feb 2006
Ship Cargo type Value US$
Audrey tin, wolfram 14,280,500
Barbara copper, tin 35,422,620
Brigitte tin 15,740,000
Celia copper, zinc 29,612,595
Diana tin, wolfram 38,315,000
Fifi tin, wolfram 16,279,000
Gloria silver coin 44,435,866
Greta silver coin 22,217,933
Jane copper 23,032,200
Jean tin, wolfram 15,161,000
Jennifer copper, cobalt, tin 43,874,712
Lola silver bar 26,956,305
Marina molybdenum 16,402,100
Michele copper, cobalt, nickel 32,547,077
Miranda nickel 36,214,078
Samantha tin, wolfram 31,275,000
Sue silver bar 29,623,910
Tara Copper, cobalt 18,407,529
Tina gold bar 41,000,960
Vanilla copper, tungsten, vanadium 53,791,798
Vivian tin, wolfram 10,894,000
Total 595,484,183
Source: Metals Bulletin 2 Feb 2006

You are receiving this newsletter because you subscribed to it at www.subsearesources.com.

If you do not want to receive this newsletter in future, please send a message to [e-mail], and your address will be removed from our circulation list.
======Unquote==================

[jfishy] 18/10/2007 17:07

"I still have this e-mail, dated 5th February 2006, and could produce it here if anyone wants to see it."

Yes please, I'd love to see that.

Interesting post (4497) & you clearly have had similar thoughts to myself, thanks for taking the time to outline your thinking.

[petergoddard] 18/10/2007 16:47

No, blue59 - I've never held. As I've said before, I got very interested initially; got hold of the Placing Document from the company and did some research into the company. I was seriously considering buying a "few 'K's" worth of shares. But, luckily as it turned out, I dithered around without buying. There was just something about the company that I didn't feel was right!

There was one poster on here [the famous or infamous bello39] who was so incredibly bullish. He somewhat hacked me off after I'd dared to raise one or two queries on this board, hoping for a sensible reply or two and got told off. But I've broad shoulders and one meets types like this on many boards!

But Finally two things did it for me.

1. Mark Gleave had kept shareholders informed in late 2005/early 2006 with regular updates on the progress of: the buying of various bits of search or salvage kit; the fitting out of the John Lethbridge; and the time scales for sea trials. [Most of these bulletins later disappeared from the company's website after MG's demise!. But I still have most those that were e-mailed to me by Mark Gleave from June '05 to April '06]

It had always seemed clear to me at the time that there were likely to be slippages in this type of programme. But when I asked the company directly and raised the question on on this thread, my queries were always turned away. Here's what MG wrote to me on 9th February 2006: "Although I regret that I cannot answer your specific questions I can confirm that at the moment there are no changes to our programme and should any arise the company would inform the market in the usual way. With thanks and best regards
Mark FJ Gleave"

2. The main thing that troubled me was on 5th February 2006 when Mark Gleave issued a really silly announcement onto the company website and by e-mail which listed all the "targets" with their likely tonnages and what minerals involved [gold, copper ingots, etc.]. He then totalled each of these to an incredible figure of nearly UD$600 million dollars!

I still have this e-mail, dated 5th February 2006, and could produce it here if anyone wants to see it.

Frankly I really couldn't understand the reason for putting out this list, which I thought was interesting but valueless! It certainly could not be taken as any kind of valuation of SubSea Resources at that time. But I suspect that a number of un-sophisticated investors may well have run away with the idea!

The day after the e-mail, on Monday 6th February 2006, SUB's share price was 25p. From then on, apart from a brief few days at 24p, the share price stayed well above 25p till August 2006 reaching a high of 44p. The collapse since then is well documented!

By that time, I had decided that I couldn't put my money into SUB. Events have proven me right! But I remain interested in what finally happens to SUB - I can't see that they will remain in operation for much longer. But at least SUB is a good example of the City's old watchword - CAVEAT EMPTOR!

By the way, buying this share at 1p wouldn't interest me either!!

[blue59] 18/10/2007 15:08

Monis....respect at your deft avoidance of using either 'tale' or 'tail'!

PG.....Have you ever held? Didn't you say at some stage that you would consider it at 1p? (Apologies in advance if not the case).

[monis] 18/10/2007 13:55

PG- At a guess what do you think the twist could be?

[petergoddard] 18/10/2007 13:41

blue - those that bought in sub-1p recently, may well have a nice ending to look forward to.

However those that bought in at 20-30p last year on the back of the over-optimistic noises coming the the then management, [and I guess that there are still a few of them around] will not be facing much. It's they who will receive the twist in this tale, I'm afraid!

[blue59] 18/10/2007 13:02

PG Hope you like your stories with a twist in their tails!

[petergoddard] 18/10/2007 09:18

andy - It's simply that I wanted to follow the whole of this sorry saga to the bitter end. I nearly bought in, as you know, I intend to keep a watching brief!

[petergoddard] 18/10/2007 09:18

andy - It's simply that I wanted to follow the whole of this sorry saga to the bitter end. I nearly bought in, as you know, I intend to keep a watching brief!

[petergoddard] 17/10/2007 13:35

Sad story!

[petergoddard] 17/10/2007 13:35

Sad story!