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It’s very possible then that our market cap is currently less than the sum of our cash less debt.
The last interims update way back in September stated ;
“ Net cash and cash equivalents stood at €247 million at the end of the period, with net debt of €42 million following the assumption of Mime Petroleum's outstanding bonds”
So i would think that net debt has been significantly reduced since then. Also production has likely increased in the last quarter.
Very unfortunate that Andrew would just present the cash without the debt.
Would be nice to know where we stand.
Whilst i think all will come good here, the company could really do with improving their comms - some sort of regular update would be a start.
As Shell gets approval for Victory with its 179 Bcf of recoverable resource and 150 mmcf/d of gas production levels, which tie into the Greater Laggan Area infrastructure and hence generates tariff revenue for Kistos is clearly good news for the company. It also extends the life of the project and. its infrastructure and of course reduces operating costs so good news all round for the company.
I wish he'd put what debt/net cash was instead, we have to try and figure it out
Thanks Woodster - I think we took over Mimes debt of around Euro 40 million. So we should now be net cash positive.
We have debt as well that we took on at the time of last year's acquisition. We shouldbe net cash though now -were due 40 odd million in december from norwegian government
Https://www.shell.co.uk/about-us/news-and-publications/media-releases/2024-media-releases/shell-invests-in-the-victory-gas-field-in-the-uk-north-sea.html#:~:text=London%20%2D%20Shell%20U.K.%20Limited%20(Shell,homes%2C%20businesses%20and%20power%20generation.
Yahoo says market cap is £142 million, RNS mentioned just now by NQM says cash of EUR 275 million at year end. Have I got this right? If so we are currently valued at less than cash!
Berenberg raises Kistos price target to 485 (475) pence - 'buy'
I assume so,
Redemption date of the bonds was 22nd December and the company states in the rns that at the end of the 2023 calendar year we had cash and near-cash of approximately €275 million (including estimated tax receivables).
Very good news regarding the victory development too. From GLA we have had approximately 100MMscf/d going through the Shetland gas plant. From memory the plant has a capacity of 500MMscf/d, so our operating cost per MMscf/d has been relatively high.
Once Victory is online (and hopefully Edradour west and Glendronach) we should be processing 250-300MMscf/d with plenty of spare capacity for further additions.
aimo
The fact that we have to make an assumption isn't great comms, however that would be my reading although there is also n mention of the level of debt or net debt/cash. I know AA likes to minimise the blah blah but nevertheless either say something or say nothing!
Morning, are we to assume that YE cash was €275m after redemption of the 76.8m of the bond in December? If so, that’s brilliant news
With no comms from management, does anyone have a view on what we will hear on next (and could therefore be a catalyst for share price growth)?
Think there might have been a decent buyer in market today.
Big cold spell for whole of europe starting this weekend and looks to be quite extended.
I would forget about Serica trying to buy KIST, that was just a tit for tat response with KIST trying to buy SQZ, it wasn’t a real offer
I think we are at an inflection point, we have good opportunities in all our jurisdictions. The next 2-3 years are about turning those opportunities into profits. That is what I hope AA is concentrating on.
Kistos is the one true 'dog' in my portfolio at present but I'm still confident that AA will turn that around. As he said "We built a profitable business and then the government came along and took away all the profits"
He will readjust.
BDEV +9%, GSK +4%, LGEN +6%, SHEL +11% SQZ -4%, KIST -29%
Thanks that makes sense .
I do wonder what AA will do next , another deal on the cards? Or will he be giving shareholders dividends ?
Plus serica , will they try and buy us out again ? I see they have recently had a new finance deal announced.
Diamondguru,
In my humble opinion there are benefits and drawbacks, I suspect Total insisted that we take our share of the SGP along with the producing assets.
The main benefit being that we are not paying a third party to process our gas via their infrastructure.
However, we also are now responsible for our share of decommissioning costs.
From the interims...
"In the UK, the Group's share of the estimated cost of plugging and abandoning the producing and suspended Laggan, Tormore, Edradour and Glenlivet wells, removal of the associated subsea infrastructure, and demolition of the SGP and restoration of the land upon which the plant is constructed."
I don't know what the costs are for the UK, but for all of our assets the abandonment provision currently stands at 198m euros.
aimo dyor etc etc
Ah yes they are , my apologises , can I ask you a question in regards to the Shetland gas plant . What are the benefits of kistos owning a portion of the asset?
Diamondguru,
They are included.....
The Norwegian assets of MIME are the Balder area.
Any reason why you havnt included Mime's producing assetts? I believe they produce 2k
Production in October rose again to 9.6k boepd (September 8.5k boepd)
Production split equally across our jurisdictions and a gas/oil split of roughly 60/40.
GLA
Edradour and Tormore offline.
20% Net production from Glenlivet and Laggan = 3378 of gas and 147 b/d of oil.
Balder
10% Net production = 3030 barrels per day of oil
Q10-A
60% Net production = 3064 boepd