Incidental stuff

The reason for ees post was to have a dig at Maynard Payton and tell us all how clever he is.

Of course, as we now know the final demise was due to fraud with the accounts, and while we should all be on the look out for that, I doubt any of us could put our hands on our hearts and say we would have spotted it?

On the same thread to which I linked we have this from "m06een00" (message 240) posted on the same day 22/09/2000

Something smells strange, and I hope it's not dishonesty on the part of MFW.  [.......] I'm not going to average down, because somehow I just don't trust John Simpson.

 

message 244 by the same author was also quite perspicacious

Well I can recall a few years back where directors heavily bought their company's shares to support a flagging share price, where it transpired that the company was in dire straits, some months later. Most of them resigned. The company; CVS, and there are others.

http://www.globalarchive.ft.com/cb/cb_analysis_comp.htm?COMPID=S0800222 shows very optimistic forecasts for the next 2 years. If these figures come to fruition, then MFW is a steal now. I'm very tempted, but something's amiss somewhere, and it's not just down to bad sentiment. The degree and speed of the plummeting share price rings alarm bells for me! Somebody knows something is seriously adrift somewhere.

We all get things wrong from time to time and I think very poor form for emptyend to have a dig at Maynard Payton.

Perhaps he likes to dish it out more than he likes to get back though, eh?

In reply to adam, post #1122

The reason for ees post was to have a dig at Maynard Payton and tell us all how clever he is.

Not actually true. The reason was to point out that someone who was once strongly opposed to investing in the company that is the subject of this board had finally changed his mind. davjo and others will remember those exchanges very well, even if you plainly are bored by the reminder of them.  It is worth noting though that young Maynard now considers it worthy of a dedicated video on YouTube, even though it seems a bit alien to him.

Thanks for your posts and reminding me of your previous efforts, which I had completely forgotten about. I will therefore endeavour to ignore any further requests from you for information instead of making the mistake of bothering to post a helpful response.

If you wish to post anything further about Mayflower, please use a relevant thread such as this one, instead of bringing further irrelevancies into this thread.

davjo and others will remember those exchanges very well

Ah, those were the days....not half as entertaining as the earlier exchanges with PYAD who remained steadfastly opposed to Soco as an investment though ;-)

In reply to davjo, post #1124

Ah, those were the days....not half as entertaining as the earlier exchanges with PYAD who remained steadfastly opposed to Soco as an investment though ;-)

Not only that but he was also steadfast supporter of Lloyds Bank.

PTT Exploration Seeks as Much as $3.1 Billion in Rights Offering

http://www.investorvillage.com/smbd.asp?mb=11837&mn=19208&pt=msg&mid=12341133

Interesting.... Now where could they spend $3.1bn and boost production without having to do very much at all :-)

Log

Can't think of an answer, Log! ;-)

To be fair the article is pretty old and it is mostly about raising funds to buy Cove but there is a bit left over (not enough) and it seems reasonable to have a bit of fun speculating!

Log

Cynthia joins the board.
http://www.investegate.co.uk/soco-international-(sia)/rns/directorate-changes/201212051719368534S/

I'll leave it to the Kremlinologists to tell me what the significance is. I'm not sure if there is any!

Worth noting this piece on Chevron perhaps?

$21bn is a chunk of cash.

I notice that today's fall in Tullow Oil (LON:TLW) has finally led to Tullow Oil (LON:TLW) underperforming SOCO International (LON:SIA) over the last two years:

...the race isn't always to the swift - and sometimes it is a good thing not to appear to be a hare.

nice graph ee - and over 1 year SIA is an absolute knock out vs TLW. I think it is fair to say this more down to TLWs recent problems than SIA racing northwards. However we have had a decent bit of strength in the last few months while others in its peer group have dropped. Coastal still doing well on a comparative basis though and its recent fracturing results look very encouraging.

Log

In reply to loglorry, post #1132

I think it is fait to say this more down to TLWs recent problems than SIA racing northwards.

...or even "fair"....which is why my comment was about Tullow Oil (LON:TLW) underperforming.

Same is true of PMO and CNE for example.....both have been dribbling downwards for ages. The reserves report will be key for SOCO International (LON:SIA).

Interesting move being considered by PTT:

PTT Plc, Thailand's energy flagship, is considering building a world-scale refinery and petrochemical complex in Vietnam at a cost of US$28.7 billion to tap into high-potential petroleum demand.

The company on Thursday submitted a pre-feasibility study of a refinery with capacity of 660,000 barrels per day, which would make it one of the largest in the world

A spot of idle Googling has revealed a live location record for the PV Drilling 2 rig. No doubt someone much cleverer than me could overlay that location on the blocks......  ;-)

More info on the rig here

Hi all,

Interesting (and perhaps timely ?) developments with ENI/VietNam ?

Eni Signs MoU with PetroVietnam on Business Development in Vietnam
Today : Monday 21 January 2013
.By Giovanni Legorano

MILAN--Energy company Eni SpA (E) said Monday it signed an agreement with Vietnamese national oil company PetroVietnam to develop business opportunities in Vietnam and abroad.

Eni added that under the agreement it will allow PetroVietnam to acquire shares in international areas and blocks where it owns the rights to exploration and development.

In a statement, the Italian company said the agreement was signed by Eni Chief Executive Paolo Scaroni and PetroVietnam President and Chief Executive Do Van Hau in Rome, after a meeting between Italian Prime Minister, Mario Monti, and the General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong.

Eni has been present in Vietnam since June 2012 through a 50% participation and the operatorship of three exploration blocks located in the Hong Son basin in the Gulf of Tonkin that is estimated to contain 10% of the hydrocarbon resources of Vietnam.

In reply to extrader, post #1136

Interesting (and perhaps timely ?) developments with ENI/VietNam ?

ENI have a strategy presentation tomorrow afternoon.

I'll be otherwise engaged, but there may be matters of interest...?

Can't find where I parked the comment about the recent increase in Chemsa's position but they have just announced a decrease that is 850,000 shares larger than the original increase. As usual, it isn't clear why this was done, but I'd guess it was a $3.4mn payment to a Maugein beneficiary - which may well have been just a transfer of shares since there is no evidence of a sale across the LSE (just as there was no evidence of a purchase 10 days ago).

Shuffling stakes around ahead of the capital distribution seems to be a popular activity......

Haoma on TMF has spotted that Soco has applied for pre-bid accreditation in Lebanon

see www.lebanon-exploration.com/DownLoads/Press/PQ_Application_Registry_3Apr2013.pdf

In reply to tournesol, post #1139

Yes - good spot Haoma  :-)

I've no doubt that they take a close look at all new opportunities - the problem is that the hit rate is often low, due to terms (or withdrawal of blocks, in some cases). Still, as they say about lotteries - you've got to be in it to win it...

It is obviously a consortium big situation, incidentally, perhaps with Cairn India, Inpex or ENI as the intended operator?

Presumably if they do go into Lebanon they'll have to change their sedar code?