Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Derampers? I'm not Jeffrey Auld
They drilled Sancrai as well. A successful result for Canar will shift the SP more.
Agree, nothing has really changed. More delays in Tunisia.
I thought we were going to open up 80% up? Laughable
That's a childish response. No we won't run out of money for now, but we're not taking advantage of the high prices with good production either. Same old presentation & uninspiring answers. Looks like the market agrees as we're only up 4%. Not the huge re-rate ramped by Earl.
Good results but disappointing that a) no date for Tunisia pumps, sounds pretty bleak situation b)Even if Canar flows Gas, have to wait 3 months for it start contributing. All the while, production is declining.
I've been holding SENX for almost two years, bought in at the drop to 14p (2.8 in old money) and trebled my holding recently at 10.75 and 11p.
It's always surprised me how the Mcap (£14M) is so out of touch with NAV (£37M) >50%. Most exploration Co's have Mcap at multiples of NAV, based on sentiment and expectation, SENX has this AND is making a very good profit - plenty of room for a real re-rate - starting by closing that GAP at 26p.
https://invst.ly/yr3jd
Looks like today's RNS may be enough to give sentiment a shove the right way and alert a few to the incredible value here!
Fully agree, bought in this morning as I think it’s very undervalued especially with current revenue generation, newsflow over next few months and very small market cap. Arden have a price target of 61p and although all news need to be good to get there it just shows the upside potential going forward with around 1,000 bopd as solid base production.
Big disconnect between performance and market cap.
Market cap and SP should be at least 2 or 3 times higher for me based on those figures. Should see a significant rise during the week.
I'm really pleased with the results. I'd point out a couple of things:
Compared to Shore's 2022 estimates (who I would remind you have a target price of 85p) today's results are:
1. FFO +10% over target (pro rata).
2. Revenue +6.7% over target (pro rata).
3. EV/EBITDA = 0.7 not 0.8 per target. This is the metric of comparable EV/EBITDA that Shore use to arrive at 85p. Suggests an upwards revision.
4. Supportive, cash-generative environment for investment for H2 growth and 2023 growth.
Lots to feel pleased about I think.
**$18 billion worth of gas **
181m @$100 boepd = $18billion!!!!
The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the 181 million barrels of oil equivalent prospects
Operational
· Canar-1 exploration well commenced drilling on 4 August 2022
· Canar-1 will be drilled to 1,600 metres, targeting three prospective hydrocarbon zones and with success will be connected to the Moftinu gas plant, utilising current plant capacity
· Immediately upon completion of the drilling of Canar-1, the rig will be moved to the Moftinu Nord-1 location and will commence drilling of the Moftinu Nord-1 exploration well
· Moftinu Nord-1 will be drilled to a depth of 1,000 metres and will target a field similar to the Moftinu gas field. Moftinu Nord-1 is approximately five kilometres to the north of the Moftinu gas development project
· Management estimates 181 million barrels of mean unrisked resource are present within the Satu Mare concession area
· The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the 181 million barrels of oil equivalent prospects
Financial
· Revenue for the six months ended 30 June 2022 was $29.3 million (30 June 2021 - $15.9 million)
· Funds from operations for the six months ended 30 June 2022 were $8.2 million (30 June 2021 - $5.3 million)
· EBITDA for the six months ended 30 June 2022 was $8.1 million (30 June 2021 - $5.5 million)
· Gross profit for the six months ended 30 June 2022 was $8.0 million (30 June 2021 - $2.1 million)
· The Company realised a net price of $154.83/boe for the six months ended 30 June 2022 comprising:
o Realised oil price - $101.63/bbl
o Realised natural gas price - $33.80/Mcf
· The Group's operating netback remained strong for the six months ended 30 June 2022 and was $113.38/boe (30 June 2021 - $26.72/boe), comprising:
o Romania operating netback - $171.01/boe (30 June 2021 - $28.73/boe)
o Tunisia operating netback - $63.49/boe (30 June 2021 - $21.85/boe)
· Capital expenditures of $4.2 million (30 June 2021 - $5.9 million), comprising:
o Romania - $3.5 million
o Tunisia - $0.7 million
· Working capital improved to $2.8 million (31 December 2021 - $0.6 million)