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Big buy not bug buy
Something went on with a big jump for the uncrossing trade. Bug buy delayed reporting perhaps?
R we moving or is it flatulence ? :)
Perhaps Happy Sparrow buying back in after spewing false news for a week?
Some funny goings on at present
100% agree Snaffleman - well said.
In my experience on aim is that good news travels very fast. On the other hand when companies hold back information or delay announcements the results are rarely good. Like many I am feeling angry at myself and pretty depressed about the situation but I accept that the responsibility is mine and mine alone.
I want to know about the Niger licences too. Will they give answers if you call them as they never answer emails.
Alternatively Zengas might have the answer.
Zengas
I agree but an update would increase volume to help clear sellers, allow nervous shareholders an opportunity to price average down and above all, help us sleep better!
I’m nervous about risk of defaulting/losing Niger Licences if work temporarily mothballed? I know we had satisfied commitments as of last year but this year?
World Bank Guarantee should allow SAVP at least a years grace which should be more than enough. I’ll be amazed if oil price not significantly higher by Xmas.
Nigeria non payment a real risk if oil sticks at
If Putin sticks to a plan for a price war to get 'normalcy back to $45/b+', it would simply be him using Oil instead of the military to undermine the World order as we now know it. The implications for small oilers catastrophic of course.. but thats tip of iceberg stuff in a bigger picture view..far bigger nation and societal implications off the back.
Thank you Zengas. Thank you for your reassurance. I’m worried but will probably sit tight. We’re unfortunately the collateral damage here.
Don’t think situation will improve much over the next few months. Perhaps not the rest of the year.
My only complaint is you know too much :))
Trading update might help confidence but not necessarily the share price. As for the others mentioned that have done so, including PTAL & JSE (which i hold), WEN, PPC, TRIN all 5 are all back down again to their lows until this is rode out and some kind of normalcy returns.
Re a farm in for Niger - may be parked, delayed or might happen on a reduced work programme but at some time in the future. Obviously the Niger government will want to become a meaningful producer, earn some revenues to invest in the country and the Chinese will want to monetise their oil - so possibility of reduced tarriffs etc may be up for negotiation in a lower oil price environment. Russia saying they see normalcy at $45/b+ returning presumably with some US production knocked out. The breakeven for the prosposed Kaduna/Agadem pipeline was $28/b so a possibility that costs could be shaved for the Niger/Benin pipeline. Everyone will have to take a haircut be they governments, drillers, suppliers, pipeline tarrriffs and not just the producers alone if everyone wants to stay in the game as happened in previous cycles.
Obviously growing the gas business into the expanding electricity market is even more key. They beleived they would be running at full capacity by year end so let's hope that is still the case through new customers - that's one area of growth and if Niger is parked in the short term, well cash won't be immediately needed there.
Certainly would love to see some director buys at these levels. Haven't seen too many oil company directors actually buying that much. Exception was Kosmos Energy down from 500p to 50p and the share price shot back to 90 odd pence.
President -PPC- did a reassurance update this morning
Pharos issued what seemed to be a reassuring update yesterday and even did as Paul told them to do regarding the dividend! Still hasn't stopped the decline. I'm resigned to hunkering down.
I wrote to company last week and again like others on here have received no reply, i also see Niger being on back burner along with debt restructure as i mentioned yesterday. An update of reassurance would be welcome.
Is 6p on the cards today ?
You may be correct that SAVP at be wanting price low to clear out loose B/Hs but a reassuring update would greatly increase volume.
Multiple companies have issued trading updates over last few days such as WEN, TRIN and JADE. Can you name some more? Will try to ‘shame’ SAVP into an update although I suspect there is little happening right now re Niger farm out.
However this is the time to reassure that we can survive low oil and, if issues re Accugas deferred payments, that we can mothball Niger without risk of losing licences. Cash is King right now. At least we know the World Bank Guarantee undrawn so that buys c. 12 months?
With the shares at 8p (hopefully just sector carnage - Shell £13!/10% yield!) this is all about surviving with assets intact. IMO farm outs and new gas sales would be lovely but quite frankly I don’t give a damn!
Now understood, SQ320. Thanks for the clarification.
happysparrow - if there is material news, sure they have to report it, but providing reassurance for the sake of it, is in their gift.
Nigeria and other top oil-producing countries are under close watch by some global rating agencies and could face sovereign downgrades as a result of the tumbling oil prices and its implications on their economies.
Nigeria has constituted a panel to review its 2020 budget estimate in line with the reality of the collapse in global oil prices.
The West Africa’s country based its N10.9 trillion 2020 budget on $57 per barrel of oil and expected to produce 2.18 million barrels of oil per day.
https://globalfinancialdigest.com/nigerias-naira-falls-0-83-at-parallel-market-as-investors-panic-over-oil-prices/
Savannah Petroleum plc – acquisition of Seven .
https://www.scottishlegal.com/article/burness-paull-tops-dealmaking-table-for-fifth-year-running
"If you have a complaint relating to an AIM company or a Nomad’s compliance with the AIM Rules, please e-mail aiminvestigations@lseg.com."
SQ320: 'The company have no legal requirement to reassure shareholders'.
I disagree. As Swindon pointed out, this failure to inform us on material matters could be Market Abuse? In my view $66m of unpaid invoices and, according to the article, the letter of demand being the first stage in triggering a default, all this seems pretty material to me. Too, if the guidance on incoming funds is not per the previous RNS, that too is pretty material. More importantly, the non-disclosure of this critical information (since Jan 2019) has allowed a false market in the shares to develop, whereby those in the know have traded at the expense of those not in the know. [Note these possibilities: CEO takes big performance bonus, directors do not buy, bondholders(?) sell down from date of Peterside-Brown's letter, shorts taken out (hedging by ii's?) (and who amended the last Euroclear report?, and what is the true short position?), shareholders like myself sell up immediately on reading article - others short? etcetera. This situation is entirely unsatisfactory. All shareholders (not just those who read this site) need to be properly informed so there is a level playing field.
If it's Market Abuse, then presumably this is a matter for the Aim Regulators:
Aim Regulation:
AIM companies and Nomads are regulated by a dedicated team at the London Stock Exchange -
AIM Regulation is a team of professionals including lawyers, accountants and corporate financiers, responsible for:
- providing advice and guidance on the AIM rules
- monitoring and investigating AIM companies’ compliance with the regulations
- approving and monitoring Nomads
- development of AIM rules.
I have no children.
At 5p I would be tempted to buy back one fifth of my previous holding.
In the USA apparently the 'moms and pops' were sold the shares that others were trying to sell so desperately - they were promoted as being at bargain prices and the 'moms and pops' duly obliged.
Are we moms and pops?
The company have no legal requirement to reassure shareholders.
Could it be possible that the 7E bondholders who are selling are having their stock gratefully bought up by people who the company want to favour and as a result don't see anything wrong with the current share price?
If that's their game we could well see the price go down a few more pence yet. Because the bondholder likely has not finished.