Valeura Energy Inc T.VLE

Sold out!

[earache]

Deal of the century? NOT! US$15.5m with maybe US$200k, max US$500k pa royalties over five years. It stinks.

SG has misled everyone. Check the values in new October corporate presentation. 1P value at US$23.8m and he gives away 2P reserves valued at US$66.1m. WTF? Oh, and all the pipeline and processing infrastructure plus customer base thrown in for free? WTF again! 

Whilst putting out that presentation he's rejigging the TBNG side of subsids to meet sales terms with TBNG Ltd, London. This deliberately named to confuse private firm was only incorporated on 22nd Sept specifically for this sell out.
 https://www.companysearchesmadesimple.com/company/uk/12896550/tbng-limited/ 

SG in bed with a proven crook?  https://en.wikipedia.org/wiki/Ian_Hannam  

"FCA decision

In July 2014, Hannam was fined £450,000 for market abuse by the UK's Financial Conduct Authority (FCA), "one of the largest handed down to an individual and was considered a major coup for the authority".^[15][16] The fine was in connection with "wrongly disclosing confidential information to Iraqi Kurdistan's oil minister, relating to client oil firm Heritage in 2008", when Hannam was working for JP Morgan.^[15] In April 2012, Hannam stood down as JP Morgan's global chairman of equity capital markets, in order to deal with the allegations."

https://www.cityam.com/london-s-king-mining-forced-pay-450k-fine/ 

Stinks all the way from Calgary to Ankara!

[smxmcx2]

I bought in late 2017 made some money and lost some after it became obvious the Thrace deep is not commercial. I held too long. Based on the messages I traded with executive management I feel extremely mislead. So now they sold their only producing asset. I would assume that the sale means they have a plan for it. If it is for more drilling in the deep, it is a waste. If it is for another

[smxmcx2]

I dumped all of my remaining shares last month by the way. Wish the sale would have been a month earlier.

[nozzpack]

SMX..just another bitter loser like your " friend " Hanna ...and I quote.. " I bought in late 2017 made some money and lost some after it became obvious the Thrace deep is not commercial. I held too long. Based on the messages I traded with executive management I feel extremely mislead. So now they sold their only producing asset. I would assume that the sale means they have a plan

[RockLobster1]

Earache... you raise very good points... it is the whole of the original company and we moved up 7 cents... ouch. Hope we get a vote on it.

[firstworld]

When viewed from this perspective which is very legitimate it looks very corrupt and pretty much a blatent theft per Russia 1990's LOL. Either that or they are desperate for $15 MN for a deal and can't get it anywhere else.

[nozzpack]

Acquisition prices must be viewed in the context of the market. For example, TransGlobe has 18.5 m barrels in its PDP reserves, with NPV10 of $161 million. Yet, its market cap is less than $43 million. I doubt that anyone will pay 1.1 times its PDP for those reserves.. But, Valeura is. There aren't many buyers  floating in hard cash these days, so it's a buyers market..

[MissStock111]

Totally agree with you

[earache]

Nozzpack. WTF you talking about - "it's a buyers market". We weren't supposed to be selling! FFS. SG didn't even get 1.1 times 1P reserves. He quotes a 1P valuation in the October presentation of US$23.8m yet sells 1P + 2P + infrastructure + customer base = total value >US$100m for just US$15.5m. You can forget the royalties. You were against he deal earlier. You change