TT Gold

I noticed a few people getting worked up by old mate @tt2000 so decided to take him off ignore and have a look at his recent posts. I felt I had to start a new thread to capture the irony and misinformation in his posts.

Firstly and perhaps the most ironic post refer to 39075040 in which TT said:
"COE signs up with AGL Energy - an energy supplier SXY signs up a gas deal with some glass packaging manufacturer - which in itself would be subject to higher counterparty risk"
'Some glass packaging manufacturer you say? Would that be the same I-O Australia that is a foundation customer of COE's Sole Gas project???
Here is what COE say about O-I after signing another gas sales agreement with O-I in late 2018:

Not quite just 'some glass manufacturer' eh? Had a good laugh at that one which shows TT maybe hasn't done enough Due Diligence on COE given he doesn't even know the foundation customers.
Now using TT's logic of jumping at shadows and drawing conclusions that most likely are not there, why would I-O need gas from SXY if they are getting gas from COE? Maybe I-O are worried that COE cant supply their company and have had to sign up SXY to guarantee supply. Laugh


Secondly let us refer to post 39119881 in which tt said:
"SXY also have $150M debt ~ another $15M in interest expense"
Firstly Senex still had $23m of net cash at 31 March 2019, not $150m of debt but let us glance over that little oversight.
$15m interest on $150m debt means the interest rate must be 10% right? Wrong. The interest rate starts at 6% and decreases as per SXY announcement on 31 July 2018:

This interest rate is on par (or less than) COE's which was disclosed as being 6.36% in their 2018 annual report page 104. SXY have the same interest rate as COE, seems the banks are seeing that SXY's and COE's projects are both pretty low risk, in fact SXY may be lower risk going by the lower interest rate. This snip is from COE's annual report:



Thirdy let us refer to post 39020983 in which TT stated that Senex spent $45m to maintain 1m Barrels of Oil production of from the Cooper. Funnily enough he used this as his supporting document:
That snip shows the Capex was up to $45m rather than $45m but let us gloss over that. The 'up to $45m' includes a new large 3D that is an investment in future production (it has nothing to do with this years production). It also includes testing of the new Gemba discovery which will impact future production and not the current level of production. Also, and perhaps most critically there is still $13m left over to spend of the BPT carry in the future which wasn't spent this year.

There are more posts I could go on with including how TT still doesnt get that the WSG gas sales are on a JCC oil-linked pricing structure or where Senex told the market that drilling was starting but he refused to believe it, but I think I have done enough for now.


Seeing there is some arrogance coming through in TT's post where he is gloating about his swap in COE, let me timestamp his buy and sell prices for future reference so that they are not exaggerated or misrepresented in future posts. Here is the post where TT said he sold 'today" 38908558 being 4/6/2019.

Now TT has said he wont touch SXY again until 3mmboe of gas are achieved so we wont be seeing the 'Held' disclosure on SXY for a while.

SXY traded between $0.295 and $0.28 that day, as TT was actively selling I am going to assume he sold at $0.29 which may be generous.
COE traded between $0.53 and $0.505 that day, as TT was buying then I am going to assume the purchase price was $0.515



Anyways back on ignore you go TT. Go get a life and stop worrying about selling out of Senex, of the 51 posts on the Executive Change thread, you have posted 17 of them, not bad for someone that doesnt hold....
You have posted a total of 5 times in nearly three weeks over on the COE threads, which is nearly the same number of posts as you have posted on the SXY thread just this morning by 10am.....