NO TA ON THIS THREAD PLEASE - (edit) and no pointless speculations either!
I've created this thread just to park stuff in that is only tangentially-related to SOCO's interests and doesn't relate to any of the specific assets.
I could not agree more tournesol; I do it already by just not reading any of the posts.
That is sad as some are useful but the number that are not greatly exceeds the good.
Maybe Stockopedia could check the thumbs down / thumbs up ratio.
MD
Buffy
If TGD works it will dwarf the value of TGT IMO. There is Oil in TGD, but I don't have confidence in the management's ability to extract that value, this view is based on the numerous attempts we have had on the drill bit and taking into account the money and time spent.
I shudder at the thought of re-entering TGD.
Prior to drills Cladhan was great for Sterling/Encore, as was Miran for Heritage, Africa for Soco, Greenland for Cairn, Nyuni for Aminex etc the list goes on.
There are numerous stocks with blue sky ability, but very little deliver.
Soco have had their shots at TGD - it did'nt work. Move on.
Believe it or not my average is below the current share price, I could get out at a profit if I wanted to. But I understand the value here and will stay put.
And yes that is a compliment to management, I am supporting their endeavours.
>> yes my average is below the current price too, but we're both holding on because we see more value here than the market does.
this isn't a great complement to the management, you just see more value than the market does. you're not holding because you think they've done great deals, because you're impressed they held onto the tgd licence and want another shot at it because you trust their judgement, you'd just like the market to more fully value soco so you can sell up and get relatively better value elsewhere.
Nothing wrong with that, but lets not pretend you're holding is a complement to the management.
The management have much more skin in the game than us, and they're not just going to sell at an ok price so shareholders can make a quick turn and move onto the next share.
I would like the share price to go higher, perhaps at 4.50 I would reduce, but I think there could be considerably more value here, so I'm not urging them to sell at that price. If they did I would be a bit disappointed, but management are better placed than us to see the potential, I know we've had a few hard years, but I think we need to give them time. It was never in the plan to take tgt to production other than as a last resort, well here we are, luckily, soco had the funds to take tgt to production, prove up the reserves (hopefully we'll get an upgrade at the end of the year), oh if only encore had been in the same position.
K
shudder at the thought of re-entering TGD.
Prior to drills Cladhan was great for Sterling/Encore, as was Miran for Heritage, Africa for Soco, Greenland for Cairn, Nyuni for Aminex etc the list goes on.
There are numerous stocks with blue sky ability, but very little deliver.
Sorry do you understand what an Exploration company does?
It explores.
Some dont work, some deliver less than expected, some bang in line, some beat expectations.
You do remember that TGT was an explo well dont you?
So I take it that you have sold all your exploration companies?
Darron
No need to sound patronising and personal. Let's stick to discussing Soco fundamentals rather then what you think my understanding of the E+P industry is.
Just wanted to make sure Isaac.
As you say, lets stick to fundies and not endlessly dissecting management abilities.
Isaac,
If TGD works it will dwarf the value of TGT IMO.
OK, that was a little bit unfair of me to ask. I knew you'd give a vague answer.
You have resisted my urging you to learn to understand the E&P business, and to at least have a rough stab at valuing a discovery, or a prospect, where sufficient metrics are known.
I really think it would be productive use of your time. You've still got four decades before you will get your bus pass, so I'd say it was worth it.
Just having a break from posting for two months, and using that time to study, would be ample. I reckon you'd be an asset to the boards if you did.
Anyway, I must be off. I've some research to do!
Buffy
Sorry to interrupt, but here's a minor Friday afternoon update:
http://af.reuters.com/article/energyOilNews/idAFL3E7L71I820111007?pageNumber=1&virtualBrandChannel=0
SINGAPORE Oct 7 (Reuters) - The Asia-Pacific crude market held steady on Friday after Rosneft kicked off December trade with the sale of Russian Sokol at a similar premium from the previous month.
The sale of new Vietnamese Te Giac Trang crude progressed with Vitol selling part of the first cargo to BP, which will be the first refiner to process the grade, traders said. The price was not immediately available.
And now your normal programming will resume...
Hi all,
Second bit of 'devil's advocacy' (and thanks for feedback re the first) :
- on the one hand, we have Soco, lots of management and difficult well experience (if not expertise); lots of cash-flow; a few months wait whilst we await seismic /drilling etc., as a precursor to presumed eventual sale and emergence of 'Son of Soco' with an Africa focus.....
- on the other hand, in AEX, we have a cash-constrained minnow, facing a difficult well or two (but with good /interesting risk/reward prospects), but hampered by current market conditions and perceived vulnerability.
In between, we have Isaac..........
Isn't there the makings of a deal here ?
At PI level, it seems likely that there's a reasonable degree of overlap; at management level, I could see benefits accruing to both sides as a 'pre-swansong' high-note to end on.
In AEX , we now have a supposedly iconoclastic /rulebreaker / dealmaker CEO.
And in between we have ee........
I see (only half-jokingly) the makings of a win-win here....
Sometimes truth is stranger than fiction !
ATB
PS And no, this isn't (I believe) in the category of 'pointless speculation' ! I for one would be delighted for both co's if something sensible could be worked out as I see benefits on both sides.......and yes, I hold both shares, so I guess I have a vested interest.
Not such a daft idea ExT, smething Ive said many times over the years.
Im sure Roger and Ed wouldnt mind taking AEX paper... ;-)
mmmm....very amusing (in parts....and a worrying juxtaposition in others). Sadly I am unable to comment on half your subject matter or to correct misimpressions ahead of the IMS....
....but with respect to SOCO, I see no reason at all why they wouldn't be interested in doing deals to broaden out "Son of SOCO". As you say, they have the cash - though my guess would be that VN is an over-riding focus for now.
I don't see it at all as a win-win, incidentally. The win-win deal would have been for SOCO to take out Dominion Petroleum (LON:DPL) before they farmed-out to Mubadala......and I'm not sure why they didn't.
ee
Here's some stirring stuff for Soco investors!
http://www.youtube.com/watch?v=iRa8xfgi9S0
Perhaps next year's AGM could do with a bit of a brush up? I'm sure Andrew Lloyd Weber could throw something together!
Is it possible that the cash was earmarked for acquisitions, but redirected towards buy-backs when acquisition targets (like ee's suggested DPL) were taken out or negotiations broke down?
P
They still appear to have a bit left:
http://af.reuters.com/article/energyOilNews/idAFL3E7LJ1UF20111019
- PV Oil has offered three 300,000-barrel cargoes of Te Giac Trang crude for November-December loading in a tender that will close on Oct. 24 with bids valid until a day later. The cargoes will load on Nov. 30-Dec. 5, Dec. 11-17 and Dec. 22-27, they said.
Thank you Peter, you have made my day.
What a fantastic party, it is almost worth waiting 11 years to see so many happy faces.
It shows us how important Soco is to Vietnam and confirms the good relations between company and government.
No doubt Son of Soco will be offered some good prospects.
MD
http://www.youtube.com/watch?v=iRa8xfgi9S0
Stirring stuff indeed.
Did anyone else spot the morris dancing team at 2:57 ?
Did anyone else spot the morris dancing team at 2:57 ?
Technically they are referred to as a "side" not a team :-)
Perhaps some of them have been moonlighting and providing copy to the Investors Chronicle, since the phrase "pull the other one, its got bells on" comes immediately to mind! ;-)
cheers
ee
