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Yes. The Germans in particular seem intent on increasing reliance on Russian gas, as well as persisting with coal and closing their nuclear capability. All bad economic and environmental policy imo.
I'm not so sure gas prices will go up. This new pipeline from Russia could mean this is the new normal.
The various deals and finance arrangements look good, but basically we need gas prices to go up.
Thanks for the news MT.
Haha not like me at all, my lucky day !!
You beat me to it :)
As predicted last year......This is why I made the flippant comment last year about HALO not re-listing until it is actually worth something. It was clear they had a cash shortfall due to drop in income. They have also addressed the de-comm liability with a bond.
HALO has taken the opportunity to increase its liquidity and working capital by expanding its facility of €4m with ENGIE. The facility will cover 122,976 mwH on terms similar to the existing facility announced last year.
Given the current natural gas price environment DSA commitments were required by the Company. HALO has placed securities to cover DSA liabilities by 31 Dec 2019 of up to €25.0m in respect of some licenses offshore Netherlands.
The security was provided by HALO entering into a Surety Bond which was sourced through Aspen Insurance Co UK (with a Moody’s credit rating of A2). The cost of the Surety Bond is 2.75% per annum for fields > 4 years life and 2.0% per annum for fields < 4 years life. In connection with the surety bond, HALO has also posted cash collateral of €1.87m.
....happy with this hedge TTF currently €10.6
Additionally, hedging arrangements are now in place for 2020-21 to better support the gas price HALO realizes for budgeting and corporate finance. The Group has entered into a hedging plan with ENGIE covering the following volumes and prices:
• 64% of annual sales @ €17.80 in 2020
• 24% of annual sales @ €17.63 in 2021
Further hedging will be considered in 2021 and beyond to further protect company revenues from any continued gas price volatility.
Hopefully by year end the finances are in much better shape all ready for re-list..;o))