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Read the RNS and whilst there are some delays i believe the company is in a strong position.
Shell are fully committed to drilling Pensacola and Selene prospects.
Potential farm out on further two licences. Second half 2020?!
Multiple licences applied for with results expected this summer. One has been made jointly with an established international operator.
Strong cash position and fully funded until Mid 2022 (including share of two exploration wells).
Cost reduction exercise carried out.
Potential to acquire cash generative production. 'Window of opportunity that the company will look to capitalise on as appropriate in order to enhance shareholder value.'
Nice little write up summary.
https://www.proactiveinvestors.co.uk/companies/news/921183/malcy-s-blog---oil-price-president-cluff-gms-921183.html
I think the biggest thing to have come out of today was the acceptance of an acquisition
Watch this space!
Mamonaku shikansen ga hassha shimasu. Hayaku notte kusdasai.
https://www.youtube.com/watch?v=dwyaKQJZNrQ&t=3m03s
Still just under net current assets per share to buy. Bargain basement.
Does indeed. Topped up. Lots of oilers going mental this week. Our turn next.
Except the share wasn't at a discount to net current assets per share at 2p was it? Makes a HUGE difference.
Projects being progressed by Deltic staff during the lockdown
? Joint project work with Shell on the Selene and Pensacola Prospects
? Interpretation of reprocessed 2D seismic over Cupertino Licence
? Managing the reprocessing of legacy 2D seismic over the Cortez Licence
? Joint prospect evaluation work with Parkmead on the Blackadder Licence
? Ongoing OGA engagement on 32nd Round licence applications
? Additional prospect maturation work on Dewar
? Corporate re-brand
Like the tie in with Parkmead
Phoebus /purple
I thought the same at 2p
Very unlikely they will place until shares ramp higher as drilling approaches and this will be mulitples higher by then. Plenty of cash in the bank for a long while yet.
That’s the part that unsettled me too but I’m just pleased nothing has changed with our partnership with shell, undoubtedly our biggest asset.
I was worried you were in Woking with your pitchfork and torch Mike.
Just seen the rns pretty much as expected really
Dewar forget it
Selene the can well and truly booted down the road
But 2252 looks to be a goer as the OGA will hopefully put their foot down and make it happen as per the licence agreement
I think we have hit the bottom for now
The only fly in the ointment is the prospect of another placing with permission granted for yet more shares to be issued
Bought a small handful at 0.77.
GLA.
gloster a simple sentence added to the original RNS ( Office move) could so easily have avoided the sarcasm!
Sorry forgot, Shareholders don't own the Company and are not entitled to know.
remember they don't have a partner, we do. they depend on higher Oil price to justify viability and have, as yet, an un-quantifiable funding requirement for infrastructure and production platform.
They will only be spending money for the next 5 years until 1st Oil and then cash surplus in 2026 and we are where we are (SP)
It is good to see we are making admin and operative savings, just a pity the Execs have not volunteered a pay cut as many other Execs are doing including Shell's CEO who is taking a 50+% pay cut
Can't get quote for more than £1K at 0.7p.
It’s not amazing news but it’s not bad news either, a lot of answers to a lot of our questions. I’m pleased, and if honest was what we were expecting in terms of the delays. In my opinions catalysts will be shearwater results. OGA awards may help short term but the real driver will be the Pensacola results. All in my opinion and Good luck to you all.
Guys, are we happy now that they explained the reason for the office move? Or do they need to bring back Sooty and Sweep as IR contacts?
CLNR wasn't at cash per share then and sector wasn't in recovery mode after a huge collapse. Way better value at these levels.
Hope you’re right. That’s what folk thought at 2/1.8/1.2p
I'm more than happy to start building my position at these levels. Once it start to move it will go in big leaps and there will be little stock available.
Probably the same over at UKOG this morning.