SEPAC Conference
Talk about a group unprepared for success! SEPAC had no idea how much
interest there would be in this event. Sixteen companies paid to present;
the organizers hoped that 200 investors might show up, but were clearly biting
their nails (and inviting relatives). They didn't need to worry. At the time,
I thought there were maybe 500 people there: the hotel's estimate, reported
in the paper this morning, was 650. Whatever. It was definitely SRO.
(As an aside, does that mean the bandwagon is full, and it's time to get off?)
The format was to have two rooms going for presentations, so that it
was possible to see only half of the companies. This was to take place between
2:30 and 5:30 -- obviously it would have to be tightly scripted and ruthlessly
moderated to keep to that time schedule. It wasn't. I stayed for four
presentations, which took me until nearly 5:00, when I decided I'd had
enough of standing.
I'll share a few general impressions. One, everyone showed up with a good
story, knowing which buttons to hit (surprise, surprise). With the format
(esp. with so little time for questions) it was hard to pin them down on areas
they might not have wanted to go into.
Another: based on where they are trading today, none of these companies is
a drop dead, buy NOW bargain. Most are trading at 4+ times trailing CF.
None came with a story that didn't involve at least doubling production next
year (again, surprise, surprise).
I saw four presentations: Artemis Energy (not yet listed); Founders Energy
(FDE:ASE); Search Energy (SAH:ASE); and Probe Exploration (PRX:ASE). In terms
of overall impression left by the presenation, I'd give top marks to
Probe and Search. I had been particularly keen to see the Founders presentation
b/c B.J.Seaman is a director; unfortunately the presenter had the flu, so
didn't come across as too dynamic. I won't go into the technical datails here,
as the post would get impossibly long. If anyone has a specific question, pass
it along, and I'll try to give a useful answer (but no promises).
Did anyone else attend this event? It would be interesting to hear a perspective from
someone who found it less overwhelming. |
