Valeura Energy Inc T.VLE

For completeness re Sold Out.

[earache]

The following are two of my lse posts from Wednesday, 20th.

First one - Re Webcast:
"Ankara, London, Calgary and Toronto all linked up in a live charade. Very impressive, lol, but what a waste of time, just like the last one. SG gets to say his bit, good old buddy Charles Knight asks the first softie question as always, someone else mumbles away and then we get a sensible secondary question from Panmure Gordon (I think): "Are you planning a share buy back?" "Nope", says SG, "I've got a better idea". Then end of session with no further questions. Allegedly!

I'd been on hold throughout the webcast and Q&A session waiting for "the next available operator". They knew my question was about the top heavy BoD. I was still waiting for the next available operator when the curtain came down and lines were cut!
Question was "With the deal effective July 1st then we have no revenue from there forward. Royalties only pay if the deal is profitable under BOTAS terms and even then we only get between $200k and $500k pa over five years. So having farmed out the search, at whatever cost, for a possible deep Thrace farm in partner, but not expecting one this year, and with nothing much else to do having sold off the only income we had, and with the cash pile reducing by the day can you please tell us how many of the costly and unnecessary dozen or so Directors and/or Senior Managers will now be let go?"

Of course we'll never get an answer, even if I followed it up off-line but I'd have liked to have heard how SG handled a direct critical question live. After all, he thinks the cash pile's best use is extending their 'sit on your fanny' life style whilst pretending to be looking at 'producing assets' in the Middle East and North Africa rather than sharing it with us.

What he's now got is an empty cash rich shell with an exploration licence for a potentially massive deep gas play from which Equinor, our previous major partner (ex Statoil for the newbies), walked away from having handed us $100m and 100% ownership rather than cough up even more development wonga given the poor results to date. Where's a serious new farm in partner coming from given that recent history.

I think hpsp could have it right. All being lined up for a cash shell RTO and happy days for the BoD.

Second one - Angry? Moi?
"You bet!! Deal of the century? NOT! US$15.5m with maybe US$200k, max US$500k pa royalties over five years. It stinks.

What is this over indulged, bloated, lazy bones BoD doing to let this deal go through? They've got feck all else to do or don't they care as long as they're well looked after! Just building a bigger trough, boss. Know what I mean - oink, oink!

SG has misled everyone. Check the values in the new October corporate presentation. Shallows 1P valued at US$23.8m and he gives away 2P reserves valued at US$66.1m. WTF? Oh, and all our pipeline and processing infrastructure plus customer base thrown in for free? Double WTF!! This is not "a multiple of 1.1x to 1.2x the assets’ proved developed reserves value, as evaluated at December 31, 2019".

Look at page 3 - 7: https://www.valeuraenergy.com/wp-content/uploads/2020/10/2020-10-Valeura-Corporate-Presentation-V1.pdf

I can't stand lying CEO's, especially when my money's in their hands. Whilst putting out that presentation he was rejigging the TBNG side of our subsids to meet sales terms with TBNG Ltd, London. This deliberately named-to-confuse private firm was only incorporated by Ian Hamman on 22nd Sept specifically for this sell out.
https://www.companysearchesmadesimple.com/company/uk/12896550/tbng-limited/

SG holds a tiny amount of shares in VLU (lots of warrants/options though). In the RNS, TBNG Ltd is described as being 100% owned by Hamman and "its management team". Who's on that team, then??

Company formation shows TBNG Ltd to be 100% owned by European Acquisition Partners 2 Ltd, incorporated 21st Sept 2020, and who's only active Director is Mr Jonathan Ashley Steinberg, British • Director • Born in Jul 1966. It also shows this company to now own the two Covid-19 testing and China face mask import companies that never-miss-a-trick Hamman hastily set up earlier this year.

What on earth is Sean Guest doing getting involved with and selling out VLU assets for a song to Ian Hamman and this company? Hmm.

[Dave4444]

Wow, chill out there.  Fact is they had some cash that they were going to waste on the useless shallow assets and the stock was going nowhere.  The shallow assets have been useless for years, just generating enough money to pay the bills but not the shareholders.  The deep assets are a bust and no money should go there unless information changes, the deep gas is to complex and they

[earache]

Dave4444. So you're saying that every corporate presentation, every interview, every PR event  over the last year or more and the statements in the current Annual Report have been a pack of lies?? You're confirming SG has lied to his investors so you've bought back into the stock. I've been round many a block over the years and have learned different values.  

[nozzpack]

The corporate presentation event timetable shows that acquisition/ Merger will happen in Q4. We are already 25% of the way through Q4. So, it may not be an extended wait...

[earache]

It also said: Production Enhancement Operations Growth Opportunities Workover/recompletion of Production wells Proven ability to offset natural field declines and increase production Focused work-over programme in Q4 2019/early Q1 2020 yielded lowcost production growth – Low risk/low capital with payback in few weeks or months – Program halted in late Q1 2020 due to COVID-19 – Operations