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@saint-tropez
Good to see you over on the BLOE board, that is by far my biggest holding. Got in here sub 3p with a modest holding and looking forward to both companies BOOMING in the next 12 months! Good update this morning, all on track for a nice Christmas present hopefully!
Agreed SF. Everywhere you read it talks of majors divesting some of their interests so there is/is going to be excellent opportunities for the right companies with the right people with the right connections. Which is where this bit from the 15.10 post comes into its own; '.....the company will continue to utilize its experience and relationships to add new assets.....'.
The strategy is simple which is what appealed to me because it's not just a hopeful strategy based upon whether exploration is going to be successful, they are kicking it off with a realistic and significant money earner/leverage project for rapid expansion.
@NoEasy
I feel (just my opinion) that they have timed things about perfect, albeit that is a fair bit of luck.
By this I mean there will be a lot of majors wanting to diversify and offload assets, so it will be a buyers market. I would expect that the mid-tiers will therefore be looking to acquire some of the larger assets, so they will either be looking to offload some of their smaller assets, or JV with someone. (Of course, this could all be b*llocks lol).
As you say, B10 is the trigger for an exciting few years I feel.
@SF, I don't see shareholder returns being for some time. They are looking to rapidly expand into a mid-tier, once they get there then that option for me becomes more likely. Like you I am happy to see the SP appreciate as each success/new JV is achieved.
Buffalo is the engine.
@NoEasy
" We expect an element of shareholder returns" - personally, I would prefer them to retain the working capital in the company and use that to fund growth. If anyone needs any cash then sell a few shares, but don't look for dividends. SP growth is preferable to me.
Just my personal opinion.
Funds - 8 weeks before they have a result here that they can leverage to high heaven, that would be a shame (I'm being polite!)
Pretty certain things will be a lot easier for them come December. We know they've got two projects ready in the background plus another two simmering what would be the rush to get in before the results are known? Plus this from Tennyson, '
'Once onstream, the Buffalo project generates substantial levels of free cash flow (187m net to ADV, at US$60/bbl during the first full year of production). This provides optionality with respect to the redeployment of capital. We expect an element of shareholder returns, however the company will continue to utilize its experience and relationships to add new assets to the portfolio and redeploy capital.
In terms of timing of new assets, we understand that the company is looking at assets which can be brought into the portfolio in the near term with no upfront consideration (i.e. no dilution for equity holders). We wouldn’t expect any larger transaction – for example one requiring additional equity funding – to be considered at least until the results are known from Buffalo-10.'
https://www.advanceplc.com/media/1081/210420_recipe-for-success-2.pdf
Was today's RNS to generate a bit of volume? Maybe to clear last of placing shares.
Or just to give confidence all going to plan?
I wasn't seeing things after all, shows a buy at 9am 5.6 mill shares bought @3.28p
Some big chunks being thrown around at this price. All very good for the next leg(s) as others have said.
That's odd google spiked at that price and then reverted back,sorry
sp 3.28p some action at last,takes time to sink in sometimes on this one.
Gargantuan buy just shown @ 3.3p this morning.
Nice buys, plus it's good to see it's slowly getting some exposure:
https://www.upstreamonline.com/field-development/confidence-high-about-buffalo-oilfield-offshore-timor/2-1-1071187
Yes some really big ones as well
Smart RNS from BoD as they know the placing shares are being churned so this message helps to support the SP in the face of some significant sales.
It really is a joy to read what is essentially an unnecessary (but very positive) RNS. Further solidifies the fact we have a great BOD here. Been involved in so many AIM stocks, where the CEO promises regular news flows, yet you get nothing. Seems we have the opposite here. Hooray.
Placing sellers day by day getting closer to finishing. Love today’s unnecessary RNS. All good from where I’m sitting. GLA
another day closer to spud, another day with the placing holders selling, leaving them with even fewer shares to dump cant be many left if you take 1/3 sells from late march as being churn
Dear oh dear.
It’s all down to when to take a position looks like drill results mid December so a fair while to go till decisive news
Also added…placing shares are holding this back imo…
The wider market issues seem to have been rowed back overnight so I've done the same Rhum, just shy of 600k bought.
Agreed very positive RNS. I have bought a further 600k ( shares ) but its showing as sales. I would have expected a higher uplift in the SP given the news but can only assume its allowing others to realise a profit!
Still such a cheap entry point for newcomers. Almost slightly irritating! (I mean that in a nice way. Sort of).
'85% probability of confirming a sanctionable development project'
The interesting bit is that to get to that 85% figure involves an even higher percentage of things happening.
1.Development is expected to proceed after appraisal provided the appraisal outcome is not worse than 1C (~95%)
2. Acceptable commercial arrangements can be secured with facility (FPSO, MOPU, FSO) owners (95%)
3. ADV & Carnarvon (joint venture partners) can secure development funding (95%).
RISC estimate the probability of development to be 86%
(95%x95%x95% = 85.73%).
https://www.advanceplc.com/media/1092/risc-cpr-buffalo-23mar2021b.pdf
plans not planes. lol