Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Production at end of H1 was approximately 15,200 BOPD (average 12500 for 6 months) Full year guidance range 12,000 – 14,000 boepd Fully-funded with a Net cash position of £84 million at 30 June 2018 EBITDAX in H1 2018 of c. £76 million!!!! So if you use those figures you’ll get an approximate EBITDA of 150 million for full year! Rember Q3 was the highest BRENT prices! So EBITDA might be higher for half 2! If you add the extra production from today’s announcement for next year which is at least another 8000 BOPD to the 12,500 average for H1 you’ll get around a 60% increase in EBITDA! I make that around £240-250 million EBITDA for 2019! If they offer £900 million that’s less than 3.5 x 2019 EBITDA! That values each share at £2.42 based on 372 million shares approximately! They’ve got themselves a very good deal there !!! I can see why management want to tell DNO to FO
DNO need to act fast now or they will lose out. I'd settle for 2 quid.
After today’s news anything less than 225 is a complete steal! Simply won’t happen ! I like how they talk about returning capital to shareholders!
Yes....that looks like a good move to me as well.
Wow! What a great time to add significant near term production!!! Got to hand it to Faroe management and Board they are playing a stormer. Be interesting to see how DNO react to that news today!
Plus two impactful exploration wells drilling!! All Faroe shareholders (including DNO) have got to be happy with their investment. GLA
Yes they are boring (sorry) the Brasse East exploration well at the moment. That’s exactly what Faroe mgt should be concentrating their efforts on and good luck to them with the well result. It’s now up to the bidder to make their intentions clear now with an official offer to the Faroe shareholders. Like the Brasse East well result I suspect that the official offer will also be coming soon.
Not much to say at the moment ! Takeover won’t happen at the derisory offer that DNO have tabled! The FPM management team saw them coming a mile off when they asked for director seats! Game of chess and a case of wait and see! DNO have to table a better bid or risk waiting another 6 months before being able to make another move ! That’s very risky because all it’ll take is a couple of explo drills and the Sp Could be sitting at significantly higher than £2!
Very quiet here for a company in the throes of a take over bid.
Fully understand why you won’t sell for less than 200p per share in cash! I think the Faroe team are excellent and they will add significant value in the future and DNO clearly agree! Plus DNO MUST diversify their asset base away from Kurdistan. Should be an interesting few weeks. GLA
Nobody is forcing them! They don’t have to... if it’s too big an acquisition and they can’t af it, they can easily retract their bid and all is well! Most shareholders of FPM know it’s worth far more than 152p and will happily hold and add on any weaknesses! In fact, I had a buy order the week before the announcement to buy another 10k at 120 but it never went below 125. 200p is the minimum I would accept!
A rather dismissive article on the DNO bid quoting L&G. It looks like they are trying to squeeze a higher cash offer out of DNO. They may get another 10 or 12% but no more I suspect, this is actually a rather big cash acquisition for DNO so I can’t see them paying a much higher price.
Agreed notrac They’ll probably take their time to see if they can get any support at all for this deal and at what price ! There’s no rush ! According to takeover rules they’ll have a PUSU deadline by COB 21st December!
Nothing will happen before the OPEC meeting next week.
£1.6 is an amazing UT figure for a company that should have a closing price today at £1.48 based on bid figure ! We shall see! I hope they don’t improve the offer and no takeover takes place ! That will be perfect for me!
Well the price action after the offer tells you that anyway. The market thinks that fair value is higher than what DNO have offered. All I'm saying is that nobody has been tipped off, the auction print was the best possible price to uncross the maximum number of shares, therefore there were entities just as happy to sell at 160.80 as buy.
As much as I would love to see FPM get taken out for £2+, I don't think it will happen. The share price has tracked oil for the last few months and DNO have been opportunistic in their timing - makes total sense for them to low ball from a business perspective. I think they could have probably worded their statements a little differently, some bits were a little derogatory (prob due to the resistance to their initial approach to get on the board) and they haven't won anyone over but it seems that the market is hoping for only a slightly better bid. Hoping that I'm wrong and it goes for much higher or is left alone to create its own value over the next few years
If people (multiple entities) want to buy at higher than the offer price, that tells you everything you need to know about DNO’s derisory offer! Nobody buys knowing they will lose part of their capital! Nobody will entertain such a ridiculous offer!
it was 3% above last traded price and offer pre-auction. Let's not over exaggerate.
Also, it wasn't a single entity buying that many shares - the auction mechanism finds the best price depending on order book liquidity at each price point. Yes it was good that there was a clear buy imbalance but nothing to get too excited about
Invesco suggested 20% higher would suit "most shareholders" and L&G said it significantly undervalued the work the board has done over the last 3 years. A couple of analysts who distribute client notes also suggested 10-20% hike could be enough
It is an uncrossed trade whatever that means.
Someone has probably been “tipped off” regarding what is coming ! Nobody would buy that many shares at 6% above the offer price unless they knew that an improved offer was on its way! I’m tempted to top up also! If we get an improved offer and the price goes up then great! If the takeover doesn’t go through then I’ve bought more shares in a solid company that will give me multiples of today’s price in 18-24 months time!
Purchase of 460,000 shares at close of business. Price paid 160p.
DNO only have less than 3 wèeks to "Put up or Shut Up" or face a 6 months Standstill, unless any extention is agreed with the FPM board which is highly unlikely in Hotile T/O. I think that that there is a strong possibility that next week we will see an improved offer or at least one more would-be aquirer may emerge. Cannot really tell from the 8.3 and 8.5's but I think the II's will want more and have little doubt that the BoD will have already been in touch and will have a pretty comprehensive defence documemt and plan in place given that this Hostile Takover attempt by DNO was fully expected.
190p would be nearer the mark IMO but you never know.
A sweeping statement Kimi
Who are the institutions? When and where did they say it ?
choice sorry