No FT - No Comment !

By BeanStalk69
Fri, 24 May 2013 09:04:00 GMT

Not much by way of bb posts last few days, even the rampers have gone quiet. MA did put a lot of effort into his 'analysis' of SER, but there was nothing new there, just an optimist's veiw of SER. Optimism is all sh have to go by, not a lot of 'good news' in the air from the SER BoD (and that is just JE solo!).

No 'outside capital' provider in sight (unless the 'Katar' Sovereign Wealth Fund volunteers!);
No increased oil output by way of monthly bopd, despite ongoing cyclical steaming;
No TSR or Dr Ali simulation models output data or reports;
No Kansas Pipeline gas-flow revenues yet, or oil and gas sales (over-imminent now!);
No JV partner in sight, unless SER goes into a 'Same Sex Civil Partnership' and JV's
with another similarly broke oil explorer (one can forget about Oxy or Berry Pet).

So it is still ' next year in Jerusalem' !! And don't say I am de-ramping, @ 0.44p it can only go UP (one hopes !)

By BeanStalk69

Re: FAO Yehipers

By BeanStalk69
Wed, 22 May 2013 12:59:00 GMT

Y - and how about a 'blowout' at Tapia well Hartje 18 - that light crude oil reservoir , which they did not know existed? SER won't need any 'outside capital' then ! By BeanStalk69

Re: FAO OF

By yehipers
Wed, 22 May 2013 11:56:00 GMT

I also don't understand "outside capital" if not a placement
....
perhaps (and my tongue is well and truly stuck in my cheek!) the outside capital is what they expect to receive in damages from the BMD/TW libel case....!!!

Yips By yehipers

Re: SER - MA Analysis (on LSE)

By BeanStalk69
Wed, 22 May 2013 08:49:00 GMT

No doubt that MA has put a lot of effort into that analysis, which is well presented. One would not say he is trying to present a rosy picture of SER in it, but it does have a pinkish' hue to it and is attempting to project a positive future for SER. That is for others to debate (on iii and LSE)

But the fact remains the sp is down to it's lowest, and could so remain for some months. I still feel the PV10 figures for the Calif assets (HO reserves) may have been overstated by over-opimistic and 'tweakable' consultants. The market reflects that in the sp. By BeanStalk69

Re: DOGGR

By epiphany99
Wed, 22 May 2013 08:32:00 GMT

thank you nahkit By epiphany99

Re: FAO OF

By epiphany99
Wed, 22 May 2013 08:31:00 GMT

Thanks OF.

Although I disagree with his assessment, I like this sort of debate.

I should probably come over and participate on LSE, but I can't stand those bulletin boards.

I do want to clear one point up.

I didn't misquote MA. His second sentence in his original analysis reads;

"Some placings money (US$2.5m) was used to buy additional Kansas oil and gas acreage and to connect gas pipelines to S Star and to develop Vanguard pipeline into LAGGS/S Star interconnect"


Perhaps it is a typo and he meant US$1.5m?



I also don't think I misquoted or misinterpreted the next statement, when I referred to it as a "game changer"

He said

"It seems Kansas is where Sefton sees its real future in the long term."


So even if he objects to the use of "game changer", my point still stands. If Sefton really does see its long-term future in Kansas, why has there been such a huge disparity between cap-ex in Kansas and cap-ex in California?


I understand his points about what the cap-ex was spent on, but as of today it is not looking like a good use of company funds.

Production is down dramatically over the last 4 years and it looks like the $3.8million was barely able to arrest this decline. This looks extremely expensive.

The company urgently needed to deliver substantive revenue growth over the last 12 months, if it was to stand a chance of meeting its own long term goals.

It hasn't and I believe there are very valid questions to ask as why it hasn't.


Finally MA maintains his defense of the corporate overhead.

He is wrong, it's as simple as that.

The corporate overhead has been squeezing every last cent it can out of this business for far too long.

Remember the $1million profit in 2008 and what happened to that?


The following quote makes me laugh so much, I am seriously considering getting it framed and hanging it in my toilet so I can sit and reflect on the subtle nuances of the general standard of management of AIM companies, while emptying my bowels....


"We have for the first time charged a retirement annuity provision of $1,112,000 of which $730,000 relates to our Chief Executive (who is closest to retirement), and the balance to other employees. The greater part of this non-cash charge relates to amounts incurred in respect of prior years service. The directors believe that the relevant employee contracts are necessary to ensure the Company's continued success. "


No doubt we will all be revisiting this in the coming months, but I believe we are all going to look back on this one and say "oh my God, it was so obvious all along".

By epiphany99

Re: DOGGR

By nahkit
Wed, 22 May 2013 07:23:00 GMT

They have until the end of May to post the April figures, after that they are in default. In the past, DOGGR themselves have been known to occasionally forget to post the results and will chase them up if you drop them an email once they are in default. By nahkit

Re: FAO OF

By OilyFish42
Wed, 22 May 2013 06:42:00 GMT

E99, MA on the lse bb has put a response on his dropbox to your post:

To other investors, please be sure to read this as it will help you to make a considered decision about this share.

Good luck all. By OilyFish42

Re: DOGGR

By epiphany99
Tue, 21 May 2013 20:31:00 GMT

when do they normally go up on DOGGR?

Must admit I don't follow it religiously! By epiphany99

Re: DOGGR

By BeanStalk69
Tue, 21 May 2013 20:24:00 GMT

Per SER RNS dated 15th May 13 " Note: April final numbers are being submitted to the DOGGR to be posted on its website. " No doubt, they will have been submitted to DOGGR 'imminently' ! QED By BeanStalk69

Re: FAO OF

By epiphany99
Tue, 21 May 2013 20:18:00 GMT

I think the company is going to struggle for further funding.

I am not certain the BoD will be able to get another placement off, given the performance and revelations since the last one.

As for bonds, JV or a farm-out I just can't see it.

One of the points about the absurd delays in delivery of Dr Ali's report is that they have simply served to highlight the engineering challenges Tapia poses.

These have been further emphasised by the last two RNSs. The Proved Developed reduction and the $3.8million spent to stand still are not encouraging indicators at all. By epiphany99

DOGGR

By epiphany99
Tue, 21 May 2013 20:15:00 GMT

Does anyone know why April's figures aren't on DOGGR?



By epiphany99

Re: FAO E99

By BeanStalk69
Tue, 21 May 2013 19:29:00 GMT

Sounds like North Korea 'Rocket Science' !! They land in the middle of the Pacific! By BeanStalk69

Re: FAO OF

By OilyFish42
Tue, 21 May 2013 19:06:00 GMT

E99, maybe but I was also thinking Bonds, JV, farm-out etc. By OilyFish42

Re: FAO OF

By epiphany99
Tue, 21 May 2013 17:53:00 GMT

I also don't understand "outside capital" if not a placement

Bank funding? By epiphany99