2016 is looking to be a productive year. Things are starting to stir. I have exactly 350,000 shares. I'm in balls deep. FoE and Green Party et al are losing. They've caused us a lot of trouble but it looks like things are slowly going our way. A special thank you to buttiboy for updates.
The Secretary of State for Communities and Local Government is to decide Cuadrilla’s appeals against the refusal of planning permission for fracking at two sites near Blackpool.
The news came in letters today to the company and Lancashire County Council. They said the Secretary of State, Greg Clark, would rule on the appeals, instead of a planning inspector, as had been planned.
The letter said this was because the proposals were for shale gas and were regarded as “development of major importance”. They had “more than local significance”.
The letter, signed by Mark Boulton on behalf of Mr Clark, said the appeals raised “important or novel issues of development control and/or legal difficulties”.
In June Lancashire County Council turned down Cuadrilla’s applications to frack up to four wells each at Roseacre Wood and Preston New Road. It also refused Cuadrilla’s application for a monitoring scheme at Preston New Road.
Cuadrilla appealed against the refusals of planning permission and against conditions imposed on the permission granted for a monitoring scheme at Roseacre Wood.
A public inquiry, lasting 12 days, is scheduled to start in Blackpool on 9th February 2016. There is nothing in the letter to suggest it will now not go ahead BOOM ! .
I'm no accountant but I think you've looked at the wrong figures. Their loss was 19.3 mill versus 3.8 mill last year, all down to the drop in the price of oil which is effecting everyone in the industry. They have reduced their debts from 80.8 mill to 64 mill (which was the figures you quoted). Companies like this have to pay high interest rates on debt, I think on the US financial markets, around 10% which puts a strain on finance obviously but since they have reduced the debt (don't know how) and have 39 million in the bank and are cutting costs they have "financial flexibility" as Bowler phrases it. Put another way they can last out either til shale gas starts flowing or the oil price starts to rise in maybe 2016-2017.
Nice to read the somewhat boring presentation today, it gives an impression of professionalism unlike some oil companies I could mention.
Of course they could issue more shares but more likely, if they need more cash (which is unlikely for the next year) they could do a cash for licences deal with a major company as they did with INEOS earlier in the year.
Don't think the SP will fall much more this year (although it's possible with the current oil storage glut), more likely a temporary recovery after the 14th round announcement which is likely to be accompanied by news of more JV's. As many have said on this BB the SP is very news dependent. If 2016 brings good news, such as planning permissions, then we can be cautiously optimistic.
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