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They have bought 50% of the business, not the field. And had to pay 72% premium. So, that kind of proves that it’s a good asset? Even more than that, it shows two of the biggest oil and gas companies in the world think it has even more upside….
So BP and Abu Dhabi National have jointly taken 50% of New Med.
if the Leviathan Field is such a brilliant asset, why are they so keen on selling such a big chunk?
Time will reveal all. I have no regrets about my vote.
Not long now till the results of the strategic review.
That was your trading platform going berserk I guess. For a brief moment just after 08.00 my HL platform showed an SP of 275p. It reverted back down to 245p before I could hit 'sell'
A 6p jump in the Sp again today on no substantial news but can anyone explain the spread?
I am seeing buy 248, sell 207.
41p is one hell of a spread on a 2 quid share.
Lots of 'unknowns' in the trades as well.
Cause for concern?
Wan'st there some 'activist II's' who were dead set against NewMed deal?
Wonder how long it will take for next II sympathetic BoD to come up with something that beats the NewMed offer.
I know it's only been a few weeks but surely they would have had an idea in what direction they were going to travel?
I'm not defending any of that, but it seems the majority on here are blinded by their hate for the old board.
Black and white, plain as day the options were:
A) Merge with NewMed (who it turned out were a massively under valued company) and become a small part of the largest % owner of one of the most exciting assets in the world, regular dividend, very low risk, energy transition fit, massive growth from Leviathan and Aphrodites as a bonus if it ever goes anywhere.
B) Focus on Egypt, an under performing non-operated asset in a high risk country which has a track record of not paying. poor emissions, not an energy transition fit. And potentially get a smaller dividend? or try and find another buyer who actually wants Egypt and not just our listing.....
The old board made very bad decisions, but the merger was a new board (bar 2 people and the CFO). A new CEO and a new majority owner. So tell me where Senegal and the North Sea decision tie in with the above?
Anything better than a board that sold off our assets for pennies in the pound. Senegual and the North sea fields jump to mind. Then swap a 1.8 bill Award for 1 bill almost a 50 discount. And you complain about their replacements before a strgic review. Also which board was it that dragged us into Egypt do you remember by chance.
That's fine. Unless its an option that the board have assessed and dismissed.
The target is set: ~£2.70 odd or so. If they dont beat this questions should be asked.
Its always greener elsewhere.
We sure did. what an own goal that was voting out the old Board with their proposal for a very large and immediate cash distribution plus a % share in NewMed's giant eastern med gas fields! Now we are left with a mature, small, declining gas asset onshore Egypt reliant on an Egyptian operator selling gas to a country running out of hard currency plus a disparate bunch of exploration financial commitments and no coherent plan from management. Hmmm...
Can’t help but think we really missed out on something. BP and Adnoc offer to buy a 50% stake in NewMed at a 72% premium.
This would have valued CNE (in the original merger) miles north of where we currently are. Instead CNE seem to be stuck in limo and will be left with a poor asset in Egypt (the second most indebted nation to the IMF in the world) at a time when countries will be struggling to pay their debts…..
Offloading expensive Edinburgh offices and reducing UK headcount sounds like preparing to make a sell off / closure more attractive / easier to me.
Not sure the play. But have to expect a sell option is their plan. But more in the 3 pound plus other than the previous boards plans. Only 300mill shares current available still awaiting north drill results as a big poss. Best to wait and see
Redundancy packages.
The breathtaking masterclass in how to make a billion disappear continues apace under new management.
Very strategic.
poor commercial terms, deep water Mexico, one untested exploration well. hmm after drilling this well probably a few million dollars less cash now available to distribute to shareholders and no real prospect of realising any short term value from the Mexican acreage.
The terms are so poor in Mexico, 200million bbls in place probably doesn’t cut it commercially.
Everyone has fallen because of the state of the banking sector. So it makes sense.
6.2p raise on zero news and a fall on 30% of a 200 million barrel find.
Makes no sense.
Well that’s a pleasant change from the normal CNE ‘duster’. CNE have a 30% stake in the well. I wonder how this will influence our new management team’s strategic thinking…?
Perhaps it was the cosy jobs for the old guard or the greasing of unknown palms with special bonuses.
Just saying, but that's democracy for you.
In Egypt "certain gas wells performing below expectations" doesn't sound great. Non operated fields in Egypt so no control on timing of new wells or cash invested. No mention of the exploration Capex commitments in other countries either. This exploration expenditure will deplete cash balances further.
Shareholders voted down $620m of immediate cash plus another $300m of cash from Newmed producing fields over next
five years plus promise of much more from discovered gas in the eastern mediterranean. Amazing.
Why is it that despite winning a $1bn from the Indian Gov this company makes me feel depressed? The RNS prod figures not great and despite awash with cash and very little debt the management look rudderless?
Sp down some more on this Op Update?
6.2 p jump in SP.
Someone knows where we are heading.
But clearly keeping it secret.
As I said they will be just getting up to speed, so I doubt they will have really started looking forward in much depth! I doubt they know where they want to go yet, and certainly won’t come out publicly with anything until they are certain that is the route they will take. This isn’t the AIM….
"Fools", I said, "You do not know
Silence like a cancer grows
Hear my words that I might teach you
Take my arms that I might reach you"
But my words like silent raindrops fell.
I don't remember signing up to the official secrets act when I bought Cairn Energy shares.
I suggested that insight may have been given, anything wrong with hoping for that within 5 weeks?
Not even a forecast. Which gives rise to the suspicion that they are all working from home, with PJ's on and exercising on Peloton bikes. Not even bothered about giving insight. Or anything. Maybe next year?