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Why would Barclays not be closing that short now? I can’t understand it.
As luckcounts said, I feel 50% from here and that is still a steal imo.
Artemis 1.84%
Standard Life 7.11%
Dimensional Fund 1.84%
State Street Global 1.1%
Norges Bank 2.37%
Legal & General 5.3%
Ruffer LLP 1.15%
River and Mercantile Asset 1.24%
Nomura International 2.644%(-2.644% ?)
Prudential Plc / M&G 9.18%
State Street Global 1.12246%
Carlson Capital 2.525%
Schroders plc 0.686%
FMR LLC / FIL Ltd 7.10%
The Vanguard Group 2.95%
BlackRock 3.44%
Barclays 1.25% (short 1.26%)
Petrus Advisers 2.61%
Azvalor 8.063%
Bybrook Capital 4.3%
Hotchkis & Wiley 13.7%
Carlson Capital 2.375%
Total declared = +84%
8.3's on Monday/Tuesday :
Bybrook Capital added a straight 3,500,000 shares at 44.2563 on Friday !! note ADDED
Prudential Plc / M&G added +800,000 shares at 43.87 on Friday !! note ADDED
Petrus Advisers added +880,000 shares at 44.71 and 45.00 on Friday !! note ADDED
Azvalor added +300,000 shares at 43.46 and 44.86 on Monday !! note ADDED
Azvalor added +1,100,000 shares at 44.84 on Tuesday !! note ADDED
Legal & General reduced -500,000 shares at 45.1262 from 5.5% to 5.43%
Legal & General reduced -900,000 shares at 45.12 from 5.43% to 5.3%
Interesting one is Schroders who have been reducing ... now at 0.686% and would guess be fully out by Tuesday
Ophir are firmly in a holding pattern until the offer period ends or Medco make an improved offer or another curved ball enters the arena.
Great link, thank you. It’s nice to see others recognising the value here, we are in a great position now.
Their asset valuation also makes interesting reading as well
https://petrusadvisers.com/media/ophir_energy_update_january_2019.pdf
DrillPipe,
Thank you so much, No I hadn't seen it !!!
Must read imo for all
So I'm glad my thoughts on Sunday "Stick Or Split" are inline with Petrus.....
"Having given more thought about Medco, it makes little sense to go for, well I wouldn't even call it optimistic, more like stupidity opening potential offer of 48.5p..... why, knowing you will not be successful let alone achieve anywhere close to that !
Are Medco after just after our SE Asian assets, to me it appears so, when they value Ophir at 48.5p
If this is the case our board should be looking for takers of our Mexican and Tanzania assets. Shell or Pavilion should be interested Tanzania with 15 Tcf of gross contingent resource, net contingent (2C) resource of 3 Tcf (501mmboe)
Sell SE Asian at +60p and get Tanzania and Mexico sold at the same time.
Sum of the parts has to be more than 48.5p, does it not ?
Could Shell or Pavilion be our boards white rabbit out of the hat ?
Putting our 20% share of Tanzania LNG up for sale at only 25% (75% discount) of what we achieved for our last 20% we sold ...... would give us 35p/s
I would take that on top of +60p from Medco
95p/s that is more in line with a realistic valuation imo."
-----------------
Sell off SE Asian portfolio and return excess capital to shareholder, then put Mexico and Tanzanian assets into an holding company with minimum overheads until sold also I hadn't included any value to be recuperated from our Fortuna licence ..... this would take a long time in itself, probably several years imo. Way forward, unless someone wants the lot in one go !!
--------------
gla
Interesting DrillPipe, so they responded to point 1 pretty quickly in making Dr Chaouch a non-exec. What do they mean in the final point about return of capital to shareholders? "Tax free capital reductions" that seems like a weird way of asking for a dividend?!
Just in case people haven't seen this letter from a shareholder to Ophir board .... worth a read
https://petrusadvisers.com/media/letter_to_ophir_board_14_january_2019.pdf
Excellent update today but unfortunately no reaction from the SP. All looking good here for the medium term and will look to add more later in the week.
Very well said
Hold tight
We looking strong
GL.
Artemis 1.84%
Standard Life 7.11%
Dimensional Fund 1.84%
State Street Global 1.1%
Norges Bank 2.37%
Legal & General 5.3%
Ruffer LLP 1.15%
River and Mercantile Asset 1.24%
Nomura International 2.644%(-2.644% ?)
Prudential Plc / M&G 9.18%
State Street Global 1.12246%
Carlson Capital 2.525%
Schroders plc 0.686%
FMR LLC / FIL Ltd 7.10%
The Vanguard Group 2.95%
BlackRock 3.44%
Barclays 1.25% (short 1.26%)
Petrus Advisers 2.61%
Azvalor 7.896%
Bybrook Capital 4.3%
Hotchkis & Wiley 13.7%
Carlson Capital 2.375%
Total declared = +84%
8.3's on Monday/Tuesday :
Bybrook Capital added a straight 3,500,000 shares at 44.2563 on Friday !! note ADDED
Prudential Plc / M&G added +800,000 shares at 43.87 on Friday !! note ADDED
Petrus Advisers added +880,000 shares at 44.71 and 45.00 on Friday !! note ADDED
Azvalor added +300,000 shares at 43.46 and 44.86 on Monday !! note ADDED
Legal & General reduced -500,000 shares at 45.1262 from 5.5% to 5.43%
Legal & General reduced -900,000 shares at 45.12 from 5.43% to 5.3%
Interesting one is Schroders who have been reducing ... now at 0.686% and would guess be fully out by Tuesday
Has to be, I bet we see so,e huge buys go through after close yet again
Artemis 1.84%
Standard Life 7.11%
Dimensional Fund 1.84%
State Street Global 1.1%
Norges Bank 2.37%
Legal & General 5.3%
Ruffer LLP 1.15%
River and Mercantile Asset 1.24%
Nomura International 2.644%(-2.644% ?)
Prudential Plc / M&G 9.18%
State Street Global 1.12246%
Carlson Capital 2.525%
Schroders plc 0.686%
FMR LLC / FIL Ltd 7.10%
The Vanguard Group 2.95%
BlackRock 3.44%
Barclays 1.25% (short 1.26%)
Petrus Advisers 2.61%
Azvalor 7.819%
Bybrook Capital 4.3%
Hotchkis & Wiley 13.7%
Carlson Capital 2.375%
Total declared = +84%
8.3's on Monday/Tuesday :
Bybrook Capital added a straight 3,500,000 shares at 44.2563 on Friday !! note ADDED
Prudential Plc / M&G added +800,000 shares at 43.87 on Friday !! note ADDED
Petrus Advisers added +880,000 shares at 44.71 and 45.00 on Friday !! note ADDED
Legal & General reduced -500,000 shares at 45.1262 from 5.5% to 5.43%
Legal & General reduced -900,000 shares at 45.12 from 5.43% to 5.3%
Interesting one is Schroders who have been reducing ... now at 0.686% and would guess be fully out by Tuesday
Solid update and a solid future for Ophir!
Unless they get an offer that can't be refused then there is no need to even look at any silly offers!!!
Rookie1,
Yep, I would have put money on at least a 1p rise ... the fact we didn't even open up, is as disappointing to me as it is no doubt to our board.
We do however have more ammunition now to get the offer, (when it arrives and not if imo) rejected and still let the market know Ophir are a valuable company.
As mentioned, the Medco saga is far from over imo.
gl
That wasn’t a response to your post mate,I know what you mean. Can’t beleive we haven’t gained 5% on the back of that RNS
The point I was making, is the deal or a deal, is still alive otherwise the market would have let this go today imo.
Doesn’t bother me if no deal gets done with them results. Happy to hold, if oil recovers this could be 80p by year end anyway
SP still being pinned down after a great RNS .... Medco must think they have a shot at 48.5p ......lol,lol,lol ....
....interesting where the new appointment is coming from. Change of direction maybe, look out Medco?
Yes, not too shabby trading update.
"· Year-end net debt estimate reduced to $35 million (from $65 million previously) as a result of lower capital expenditure.
· Cash and cash equivalents estimated at $323 million with gross liquidity available (cash and undrawn debt facilities and after assuming repayment of the Bridge Facility on 3 January 2019) estimated at $390 million. The 2018 leverage ratio (gross debt/cash flow from operations before working capital adjustments) is estimated at 1.5 and 2018 year-end gearing ratio (gross debt divided by gross debt plus equity) is estimated at 32%. On a net debt basis, the leverage ratio is estimated at 0.2 and the gearing ratio at 5%. The company's balance sheet therefore remains strong at year-end 2018."
50p+ today.
Explains why all the institutions were loading up for the past few weeks
New and interesting appointment
"track record of managing stakeholders and transforming relationships into business opportunities.."
Does this sound like a company that is looking to sell to the lowest bidder !!!!
Yep descent update, steady production and expansion plan. Good cash flow, low debt, nice little hedges for c.20% of production @ ~$70. I'm feel like we could go above the offer price today.