Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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At somewhere around the top end of that range though they just might get enough shareholder support if a deal was on the table - but I still think most investors would be disappointed, especially if oil prices behave as predicted over the next few years! Certainly a far cry than where it was at times back when it was SOCO, in terms of the SP!
That would be low for 60 million barrels of 2P (assuming the Egypt upgrade is as expected) - when compared to what is being paid in other deals at the moment, and given that the Thai oil sells at a premium to Brent? Could do with an improved PSC in Egypt, as other companies have recently renegotiated. Personally wouldn’t be happy if it sold for anywhere near as low as the amount you mention - when you also consider what they paid Merlon when oil wasn’t much higher than it is now. I do see a possibility though that rather than farming into Egypt, an interested party might just try and take the whole company at a discount.
Blimey in current market 150 to 200 mm absolute max.? Very nice to be proven wrong on that though.
IMHO and DYOR.
You're very polite Gary, the management are not only getting on a bit, they are hopelessly inadequate and have been for years now. I suspect a takeover at anything like fair value would be welcomed by all shareholders.
The more I look at this at the current market cap the more I think there is a chance that someone could make a bid for the company - more so than doing a deal to farm into the Egypt assets. Given the 2P reserves here and the amount that other assets are now fetching (even the gas assets CNE just acquired went for $6/boe) it might make more sense for any party interested in El Fayum to just make a bid for the whole company. The management here are also getting on a bit now and might take that option. Possible a bid as low as 45-50p could be enough, although at that price the buyer would be getting a really good deal.
Thanks for the link .
There are a couple of shares I'm following that Zak has commented on.
I'm not familiar with his track record, does he also look at shares where he expects the price to move down ? He seems pretty 'boosterish' at first glance.
TIA
www.share-talk.com/weekend-edition-bulletin-board-heroes-sunday-14th-march-2021/#gs.vnuq0h
Zak thinks it can move as well.
you took the words right of my ...
Nice tick up late Friday afternoon
Hi PB2 - been in and out of PHAR / SIA for years but only small amounts!
Just got fed up with the EOG "gravy train" but it's a fair price now for someone to purchase but with relative high risks?
Re PHAR, I think currently undervalued but just my opinion and backed by NAV - certainly with recent oil price strengths.
All imho and dyor.
7th Update and results not 9th
Dunderhead - you leave me on EOG but join me here. This is a very quiet board. Its lovely!!
It just needs Vietnam to continue and I agree with the post before yours. Just demonstrate some progress with acquisition.
Used to pay a great divi - another aspect that would help price. 9th of April update I think?
I think regardless of obvious management "limitations" this should really be valued in the region of £140MM assuming they can get the rights money working up the Egyptian "assets" constructively. CNE just taken a relatively big stake in Egypt and this "could" be an indication either from themselves or others of interest for a certain size company in working JV's in this area now?
All imho of course.
They paid ~235 million for merlon petroleum. It's currently producing about 4,000 barrels per day. They're having to farm out to get cash to get production up. I think once it's clear they're on a pathway in Egypt to significantly increasing production in 2021/2022 it'll rerate fast.
They're supposed to be getting better terms in Egypt (as other companies have) but nothing concrete yet. News on that would help. Only people truly in denial trust the competence of the management here.
Vietnam is fine.
But surely there should be some price movement with the way oil is rallying. Hoping for a turnaround in its fortunes.
A total collapse in confidence due to repeated management missteps and very high G&A costs.
Does anyone know why this is not following other oilies rising? How much do they produce and have they hedged their prices long term or something? Even so just general market sentiment should see it rise slightly unless there is something rotten going on... Either way I have topped up at these prices.
Oil almost $66. Pharos 20p. Management should be dragged out.
Can some one explain these big buys coming in? thanks
Reflection of an incompetent management team and concern that going forward, given the opportunity, the incompetence will continue.
12k boepd but not reacting to increase in oil price?
Where does growth come from with this share?
The SP here acts strangely and looks like being suppressed Oil incredibly bullish but PHAR does nothing.... Could very well be $70+ oil soon and PHAR will probably still be 18-22p ... WTF ...
The market is very strange at the moment, oil price on the increase but demand surely has to be on the decrease with the situation going on in the world
Some of my other oil stocks rose today, some including Pharos dropped. It’s inexplicable and unpredictable every day
I think it’s time to switch screens off and check back in here in 6 months maybe more. I purchased between 15-20p and its not nice watching this slide
I wonder if the market don't like what has happened with raise?
Cynically, is it to allow any of those that didn't succeed in the placing , be it individuals or institutions, the opportunity to get in at the same price. Even if this raise doesn't drastically change Egypt , this business is worth more than 19p a share!