George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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FT Today......got oil?
Saudi Arabia has dropped a plan to expand the kingdom’s daily oil production capacity, in a major policy reversal by the world’s largest oil exporter.
State-run Saudi Aramco said on Tuesday that it had been asked by the energy ministry to abandon a plan to increase its maximum sustainable production capacity from 12mn barrels a day to 13mn b/d by 2027.
The multibillion-dollar investment programme had set the company apart from much of the industry, where spending on oil production is generally falling because of concerns about climate targets and future demand. Saudi Aramco accounts for about 10 per cent of the 100mn barrels of oil the world consumes every day.
"Gran Tierra Energy Inc - Calgary, Canada-based and South America-focused oil and gas company - Reports net asset value per share at December 31 of USD44.48 before tax at 1P, more than triple that in 2020, and USD79.13 at 2P, more than double that from 2020; and USD116.56 at 3P. Total production in 2023 averaged approximately 32,650 barrels of oil per day, up 6% from 2022 and within guidance. Plans to grow production in 2024 while adding new reserves and future growth through exploration. Company is "excited to restart drilling" in its high-impact exploration portfolio this year. Forecasts 2024 production of 32,000 to 35,000 bopd, up 4% year on year."
If the NAV is $44 a share then one might hope the sp would rise this year? Two issues for me, the cost of debt at 9.5% interest and political instability in Combia.
9.5% interest on loans to cover the debt.....ouch!
Gran Tierra Energy Inc - Colombia and Ecuador-focused oil and gas exploration and production company - Says it has issued new 9.500% senior secured amortising notes, due in 2029 and worth USD487.6 million. Issuance forms part of Gran Tierra's previously announced offers to exchange its 6.250% senior notes due 2025 and 7.750% notes due in 2027. Chief Executive Officer Gary Guidry says due to "successful completion" of offers, "[its] balance sheet is now stronger due to an improved amortisation schedule, less restrictive conditions, and overall reduced leverage."
OK first problem, Colombian unrest and a left wing government.
Second problem, oil and gas shares all down, GTE very much so.
The Good news 38,000 bopd with new wells online.
https://www.lse.co.uk/news/gran-tierra-energy-quarterly-production-rises-as-wells-brought-online-k95pk6r3ibnd1j2.html
Really?!!... on 2 trades?
GTE is in it....
The 7 Most Undervalued Energy Stocks to Buy in February 2023
https://investorplace.com/2023/02/the-7-most-undervalued-energy-stocks-to-buy-in-february-2023/
Going to buy more shares in GTE as I believe the results will be strong.
https://www.ft.com/content/80119e85-8e80-48cd-9740-1594d0bd8d87
FT today, the new leftie gov having a rethink about no new oil and gas permits......progress!
Your call BB but in this market it might be wise to take say 20% as a point to take some profits? DYOR and good luck!
I admire your tenacity easyp - Bull Dog grade hanging in there in the bull ring - u inspired me to buy a 100 shares to keep you company on the boards - so - when do think that we will hit $2 US so I cash this puppy out ??
For what it is worth I bought more shares today.
Correction to my post it was news not an RNS.....but very good news.
More good news......tumbleweeds roll by.
Oh well, will buy some more this afternoon!
Well the market likes this news, just wish I had bought more when the price was 30% lower!
Why swap debt at 6% in exchange for paper paying 8%?
Yay! At last another GTE supporter to chat with.....sorry I did not reply sooner.
2021 Operating Costs:
Operating expenses per bbl were $13.69, only 2% higher than 2020. This small increase in 2021 was primarily due to a higher number of workovers related to electric submersible pump replacements in the Acordionero, Costayaco, and Cohembi fields.
The above from my FT portfolio page, at current oil prices GTE likely to be debt free in a year or so while producing 30,000 bopd. I am inclined to buy more.
Up 6% on the US market.....https://seekingalpha.com/symbol/GTE
Here we are still floating around way below the investment radar in the UK but what a great little oil producer.
After a gap I have resumed checking GTE's fortunes.
Not a single trade following today's update.
This was once a very healthy outfit on the TSX.
easyp is the only familiar name I recognise on the bb.
Would like to think confidence can be restored.
does anyone elses Robinhood have this share missing
I am lucky in that I trade in blocks of 10-15,000 shares, bought early and when you are 160% up the fees are an irritation rather than a major bleed on your profits.