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I didn’t say that Member, the reason IMO that PMO is held back is by the level of shorts, because of the perception TD will need funding for the pipeline. ENQ are not in this position.
Beerbull... well... if ENQ assets are more important than ours, then I either know nothing at all or PMO has been misleading us with all the wonderful fairytale stories
Beerbull that's not quite true is it ! Have another look at Enq
Member as you probably know ENQ don’t have the pipeline like PMO. In time it should become a cash cow, assuming opex is maintained. This is its strength. IMO PMO’s assets are not seen by the market as assets, because of the investment they will need to get to production.
My thoughts are the market is pricing in the big unknown. Sealion.
If sealion proves to be success PMO will rocket. Also the market is seeing the fluctuations in the share price and I think alot of people are trading this share for short periods, taking 5-10 percent and waiting for the next opportunity, which doesn't help.
Bladesman... to tell the truth, the only problem with our board is that they always underplay our assets and strengths. Perhaps they don’t want to promise too much, but their conservative approach is hurting us. But I cannot think that CNE, ENQ, TLW, HUR, GENEL etc are run better than us. They have huge debt too and none of our assets or potential. Yet, they all hugely outperform our sp week in week out. Why? ENQ and CNE only have poxy Kraken and huge debt too!
Antigua you right about the SP but thats not TD's fault the markets playing games as I m sure you understand this is out of TD's hands he's done everything and more that was asked of him. This is where you listen to the likes of Buffet the market undervalues you buy as in the end value will out in a good company the time taken to do this is the unknown!! Trump is our biggest problem ATM and unfortunately see his standing again next year!!
Members, you are correct , spot on. So the question is why doesn't the market value PMO accordingly given those fundamentals and with 43% of sales hedged at a price higher than current poo and massively above the cost of production .The answer is the market does not have confidence in either the strategy or leadership, or both .
Antigua18... exactly, mate... the share price is lying in an abyss and there has been no reward for us long term holders since I bought 5 years ago at 180, with Brent at 45, our debt at huge levels, no Zama, Catcher or Sea Lion, operating costs hugely higher than now, no 45% hedging at 69 Brent etc. To see our sp in the 70s with Brent at 65 (67 yesterday) and needing to recover an incredibly 150 % to get back to 180, is beyond me. Great debt reduction and all the assets we have. A few months ago we were at 110. Now at 79.... it beggars belief. In the same time, ENQ were at 15 and now they are at 22.68, despite a massive Rights Issue at 21.
Yet with all those positives you’ve listed Grippa where is the share price?
We should be heading toward £2 not 1. All the news in the world won’t shift the price until Mms/shorters etc let it go and why would they when they are making so much.
This is a traders share at the moment and I question again where is the reward for long term holders.
TD hasn't lighted the touch paper............ What more could he of done catchers been a exemplary successes, he's found one the best discoveries in the last 5 years, and has tolmount so far under budget on schedule and is paying down debt as he said he would thats as good as any company could get he hasn't got a magic wand, if you find one please give it to him though!!
TR61 I don't think TD is the type of guy to sell Zama... I guess we will just need to wait and see.
Nice little recovery.
Antigua18, from my experience from the last time the SP was held down by large stock on loan, one week, it all just changed and they all reduced their shorts/stock on loan over the next month or two and SP lifted.
There will be a turning point when this will happen, just not sure when they will change their holdings but at some stage they will have achieved their aim I guess and just move on. When that happens will happen pretty quick.
I am now starting to think although should see an increase at some stage, 2020 will be the better year if oil holds, as think Zama will be sold during that year, once fully appraised which should give instant 400 to 500 million to the coffers ( which is same equation as nearly 1.5 years of reducing free cash flow to PMO)
Well we made the FT is that good enough for you ?
Hope no one sold this morning !
https://www.ft.com/content/6619de5c-a85c-11e9-984c-fac8325aaa04
Well put TCF, Durrant would be a good CFO but not CEO.
There is no question he runs a steady ship, his problem is he has no desire to light the touch paper on Pmo.
He should be shouting about everything this company has got, after all the Zama stake alone must be worth more than our market cap.
My question is where are we going. With poo being held down and our share price kept at tight ranges what’s got to change for us to see true worth in our price. I know debt is coming down but it seems to have little impact on the share price.
TCF I think if you research it PMO drove a hard deal with refinancing and did well to get what they did, the odds were heavily against them and can not make a silk purse out of a pigs ear!!
antigua Warren Buffet explains it best the market often gets valuations wrong both ways, but of course the debt is the current weakness but he's doing well in taking care of it. next year we will be producing over 100K barrel of oil equivalent with 1.6/1.7 billion debt thats without selling Zama. In my opinion were undervalued but the future looks very rosy indeed!!
Antigua - yes your right
TD is doing a good job BUT only a good job not an excellent job. Its the same old story - the markets know TD simply sits and does nothing from an IR perspective so they push and pull and do whatever they like with the shares. To suit their own needs.
Grippa i disagre with you in some area's - he totally screwed up the refninancing, royally ! and he is an accountant FFS.
IMO he is merely steering this ship and taking pot luck shots on new developement, nothing inspiring, just delivering as expected.
IMO the CEO most important role and responsibility is to deliver shareholder value - ummmmm, i dont see that box ticked sorry
so what happens as a result, the markets 'play' with the stock as they want to, TD is so predictable they can short it all they want and move it where they want, when they want becuase of that predictability and security on their investment. and hence we have what we have today
Grippa, I agree he is moving the company forward but where is the reward for shareholders?
Pmo is constantly being pulled around by shorters/Mms why is that? Is it that they see weakness from the leadership.
Every market update is met with the same negative share price reaction, even though they are generally considered good. Td has to take responsibility!
The market values the SP not TD as far as I can see he's done everything he an the last few years the company is s far getting stronger by the day. The Market/sorters are the ones to blame for the SP!!
Whilst fully agreed with the points of post... let's not hope that such ongoing performance knocks another 40%+ off our SP. Cause despite the half bill debt reduction n all the rest of it, that's currently where we are. Over 40% down
This drop on open is a farce
And hopefully my share account funds will look total different too!
Well put Colonel, WOW 1.6/1.7 Billion next year we are looking a totally different company then!!
Am baffled when people say he's no good, He's turned premier round from a company very nearly finished to a highly leveraged, high performing mid cap leader. The future looks great what more could you ask of him, what do you want James Parsons Hyping it up t the nines only for it all to be hot air and worthless. He's had a hard job the last few years and done a fantastic job to get where we are!!