Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Price now really roaring
I would hope its worth considerably more than $100m considering we bought it cheap for $325m
We will have no net debt at the end of this year at this rate 👍🏼
At least 100 million dollars is my guess. Happy days and a great move.
Remember we are yet to hear about the gas fund in Indonesia and there is lots of drilling planned this summer 👍🏼
What's it currently worth is the question we all want to know. Has a deal already been done for Jefferies to complete ?
As expected 18p next stop ….
Price now popped
''as it seeks to reduce debt levels''.....I do like comments like this from a company board
Possibly swapping one debt for another. AB gave the clue that Eagle wasn't benefitting from what we do best. Leaked today but who knows at what stage the negotiations are. I see this as a positive. Very encouraging.
*Reuters don't usually print without collaboration. This is possibly what The Telegraph were after.
Build it and they will come.
The more ENQ chip away at its debt the more virile and robust the company's equity becomes...more debt, less equity, less debt, more equity
We could do with the current production rates from GE and feedback on the new wells
Another consideration is that if EnQuest doesn't want it then who does? AB was less than complimentary about the production skills of CNOOC at the recent presentation. He wouldn't have said that off script. It would be intentional and these announcements are carefully placed at the right time by various parties. I think KO is spot on - another chess piece being moved. We could even make a profit.
I doubt it as we only paid ÂŁ325m for it and it hasn't performed as it was meant to, but back then Covid was still a major issue and Brent was trading around $60.
We must have another deal on the table that we require the capital for.
Could this sale eliminate the debt?
LONDON, April 16 (Reuters) - Britain's EnQuest is looking to sell its 27% stake in the Golden Eagle oilfield in the British North Sea as it seeks to reduce debt levels, two sources told Reuters on Tuesday.
It was unclear how much the sale of the non-operated stake would raise. The process is being run by investment bank Jefferies, the sources said.
A spokesperson for EnQuest declined to comment. A spokesperson for Jefferies also declined to comment.
EnQuest bought the Golden Eagle stake from Suncor in 2021 for $325 million - roughly equal to EnQuest market capitalisation at the time - to boost its production capacity by another 10,000 barrels of oil equivalent per day.
EnQuest has struggled in recent years with high debt levels and a drop in profits after Britain imposed a 35% windfall tax on North Sea producers after the surge in energy prices following Russia's invasion of Ukraine in 2022.
The company, headed by CEO Amjad Bseisu, reported a net loss of $31 million in 2023 and a net debt of $481 million, compared with $717 million a year earlier. Its current market capitalization is around 307 million pounds ($382 million).
EnQuest also announced in March its first shareholder distribution in the form of a $15 million share repurchase in 2024.
Shares in the company were up 0.1% early on Tuesday.
The Golden Eagle project is operated by Chinese-owned oil and gas firm CNOOC and includes the producing Golden Eagle, Peregrine, and Solitaire fields.
When the purchase was announced in February 2021, Chief Financial Officer Jonathan Swinney had said it would earn EnQuest around $13 million a month. The company also completed a $750 million debt refinancing in June 2021 to support the purchase.
EnQuest's website says Golden Eagle still has "significant development potential, including further sub-sea and platform infill drilling, with an anticipated field life extending into the early 2030s." ($1 = 0.8033 pounds) (Reporting by Ron Bousso in London and Deep Vakil in Bengaluru; editing by David Evans)
Nm
Stevo, Therapist, re point 4 on your posts of 11/4, I asked IR today: “Regarding the big gas discovery in Indonesia and EnQuest’s participation with an affiliated company, is there any update available with further details, including who the affiliated company is?”
I also submitted this question at the start of last week’s PI presentation but it was not answered then or since.
Almost complete. Only Ed missing. George Galloway, Corbyn and Claudia Webbe (cleared of acid threats but guilty of harassment)
https://www.telegraph.co.uk/politics/2024/04/15/starmer-sunak-commons-george-galloway-israel-iran/
I have eight of my shares in my portfolio which have been buying back for ages. Buybacks in my opinion are just an excuse for being unable to use spare cash to progress the company. Of course what would have happened without the buybacks is pure speculation. The real problem at the moment is the attitude to risk and many seeking to find safe havens.
That is why I’m contemplating trading a portion (half) currently holding just shy of 345000 shares and that’s 3.4k fluctuation per 1p swing.
The buybacks will lead to even more volatility.
The quandary is though this should be in the mid 20’s and not in the 15’s.
“The unprecedented direct attack by Iran on Israel highlights the increasing challenges to trade security as the West struggles to deal with tensions in Europe (Russia-Ukraine conflict), the Middle East (Houthi rebels disrupting trade via the Suez canal), sub-Saharan Africa and in the future potentially also in Asia (e.g. ongoing China-Taiwan tensions) or possibly South America,” warns economist Christian Schulz at the investment bank (Citi).
In other words, even if conflict is avoided between Israel and Iran in the near future, the world is becoming a more unstable place where energy shocks look ever more likely – and may be the least of our worries."
Source: Telegraph
And one of those worries is Ed Miliband and his worship of the child Saint Greta.
We are now trading at a 10% discount to mid morning Friday, Lost all gains over the previous week.
It will happen shortly and with the daily volume expected there should be some serious fireworks.
Could do with that RNS today.
Very surprised that this has pulled back even with the dreadful news in the Middle East.
Buy backs are around the corner and the low 20’s will be here asap.