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"Moreover the head of state assured Ugandans that Tanzania will not hesitate to sell them natural gas & the gas pipeline could be could be constructed alongside the oil pipeline."
His Excellency President
presiding over the signing of the Host Government Agreement (HGA) for the East Africa Crude Oil Pipeline (#EACOP) project between the government and Total. Witnessed by
#MUSEVENIMAGUFULIWAKUTANA We will soon return to talk about gas, Uganda needs gas as there is little there, we thank the President
for his offer to allow a gas pipeline to pass through the pipeline. That is the brotherhood - President Museveni
interim results have been released and still in closed period , that indicates a further anouncement
I guess "closed period" could simply refer to that WEN was about to release their interim results?
It would appear the staff at Wentworth are still in closed period and that a event will be triggered soon , what that is ?
Regrettably, I can only agree with you Sabel. I can understand AXA, and to be honest, if profitability doesn't increase soon (either by an increased production rate or lowered costs), I fear that more will follow... I wish Wentworth had bought back at least some of AXA's shares, at 14p!
Mick, They should maybe look at who is actually selling the WEN stock to trash value. Rather then refering to dissenting Norwegian shareholders.
It is their trusted long terms shareholders like AXA. If that is not a statement to the board and Kat, I do not know. The reply is that AXA needed liquidity in the fund. I mean who do not want that? It is rather a statement: get your foot out of your as... nd create some shareholder value.
Correct (supposedly it's also the reason why the dissenting Norwegian shareholders haven't been bought out yet)
Not sure why though. I suspect (or better: fear!) that it has something to do with their M&A plans...
Insiders are not able to buy shares..?
During the call Katherine mentioned that K1 start-up is now expected in H1 2021 (unsurprising )
Some other interesting comments, that may be of interest:
WEN is likely to use it's take-or-pay provision if annual production is below plateau
Katherine sees little value for Tanzania, for a third gas supplier in Tanzania, given that both WEN and Orca have a take-or-pay agreement
The company is currently in a closed period (without explaining why)
All we need is more demand.... waiting, waiting, waiting....
All the best!
Mick, agree GSA still to high for a company like WEN. Dividend good. In the presentation it is mentioned that K1 will start later in the end 2020 with 20-30mm. If that is the case, we can hope that WEN will guide around maybe 90mm during 2021 (?)
If so, it should not be a problem to keep the dividend around the same level.
20% dividend increase to silence the shareholders I think....
The results remain crap. G&A costs are still above 5 mln (on an annual basis) and net profit in the first 6 months was only 1.014 mln. A dividend pay-out of 1.2 mln is simply not sustainable in longer term, with only 1 mln profit...
· Adjusted production guidance range of 60-70 MMscf/day (gross)
· 58.28 MMscf/day (H1 2019: 66.17 MMscf/day) for the period to 30 June 2020 following weakened demand due to COVID-19 related restrictions in March and April and an extended rainy season in January and June (normally March to late May)
· Industrial demand now recovering after the lifting of COVID-19 restrictions and natural gas-fired electricity generation displacing hydro-electric power due to the onset of the dry season. Proportion of supply to Tanzania's national grid provided by natural gas increased from 47% to currently 60%. Production averaged 68.48 MMscf/day for the period 1 July 2020 to 31 August 2020 and 71.77 MMscf/day for the period 1 August 2020 to 31 August 2020
A dividend is declared of GBP 0.48 pence per share (US$1.2 million), payable by the end of October 2020. A final dividend for the year ending 31 December 2020 will be determined by the Board with the full year results and is expected to be approximately $2.4 million in line with the Company's stated policy of 1/3 : 2/3 split between the interim and final dividend. Assuming a final dividend is declared, subject to shareholder approval, this would equate to a total distribution of $3.6 million which represents a full year dividend of 1.43 pence per share, a yield of approximately 8.2% at the current share price.
20% increase in todays macroeconomic circumstances is pretty nice, isnt it?
I dont expect any more interest in this share what so ever, but still.
All gone quite
Wentworth looking strong , lot of advertising on the latest interview suspect to hear news soon
"she has men on the ground and they can get their dirty hands on the cash from their 20% Share"
Really don't understand what you are trying to say, but it surely sounds dodgy. Are you talking about WEN's 32% stake in Mnazi Bay or TPDC's 20%? Or something completely different? What "dirty hands" do yo mean? The hands of the local Tanzanian staff working for Wentworth? Are you a racist by any chance?
"people that are in the Hotel game in Zanzibar" sounds even more dodgy.... your local brothel I guess?
Stay out, that is all I can recommend!
Assuming she can control Magufuli the President she will be ok, but he introduces Taxes at the flick of a pen, I know a few people that are in the Hotel game in Zanzibar, he is completely corrupt, but at least she has men on the ground and they can get their dirty hands on the cash from their 20% Share ! Acacia had to cough up and was eventually helped out by Barrick as they have better "connections" . Good yield but a one trick pony !
All conditions of the farmout have been met by both sides Mick, just waiting on the Energy minister to sign the FO agreement and handover to the new operator. If they do complete this next week as they seem to expect then you will be wrong on 2 counts.
1.0 That the zubs will not invest without a GSA etc
2.0 That the gov is not very interested.
I freely concede as in my last post that there are no guarantees with Tanz gov timelines, but 5 working days and we should know.
I still think it might make sense for WEB and AEX, your own CEO is looking in Tanzania, not so many choices then.
If you think that the “Zubs” will start investing in Ntorys without certain guarantees from the government, such as agreement on the construction of the pipeline or a preliminarily GSA, I think you are a bit naive... At the same time I can’t escape the feeling that the Tanzanian government is not very interested in Ntorya.... Not surprising of course, given that there is no shortage of gas supply.
Personally, I don’t expect anything to happen next week.... let’s wait and see...
Haha Mick, AEX are likely to have a $40 million farmout within the next week, July 14th is the deadline.... never a guarantee with the Taz gov as you well know, but we will soon see..
I think it makes a lot of sense, if they merge then they are no longer a competitor but a partner., it certainly would be quite ironic Mick, I guess you would vote no.
Time will of course tell.
All highly unlikely I would say. Spending money on an asset only to compete with Mnazi Bay in the south sounds like a terrible plan. Why not let Aminex go bankrupt and pick it up for next to nothing, in a year or two...
Amazing how well aligned their respective MCAPS are, £33 mill apiece at the moment, 1:1
All speculation but certainly a possibility imo.
I find it very unlikely that WEN would merge with AEX. I think WEN only would buy part of Rovuma at distressed valuation. AEX stock isnt exactly distressed valued.
Maybe CT, could also be a merger WENAEX. Vike 1 was just posting about this on the solo board. One merged company with gas production and significant near term drilling & upside. Of course the Zubairs would need to buy into the deal and I wonder what their position would be, maintain cornerstone status and almost 30%?
Certainly the AEX and WEN CEO seem very aligned in their respective interviews.
Sounds very much like they will acquire something in Tanzania. Strong cash balance and no debt creates decent position to grow with little risk. I guess its fairly likely that they could buyout one of the partners in Rovuma (Aminex, Solo or ARA). Tanzania looks less key to Solo lately with the focus on European gas so they might be a seller.