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Licence worth in billions.
What is Selene worth to DELT?
Price keeps falling
Getafgrip, correct, but I cannot see the board (and large shareholders such as Spencer and Sneller) accepting a low ball offer. Then it's better to just give up Pensacola and take it from there.
@getafrip - well said. Ithaca or Harbour seems likely predators. ORCA recently tied up with Ping, LBE with the Japanese. We are now a sitting duck. The board is begging for a white Knight without actually saying it outright!!
Right now a predator company wanting to partner with Shell in the North Sea, can make an approach based on the Deltic Market Capitalisation of only around Β£18m, and share in 2 x proven oilfields in Pensacola and Selene. Plus Syros and other prospects in the pipeline plus new licences.
In terms of Enterprise Value Deltic is extremely vulnerable right now!
No placing now.Big JV expected.Situation changed.
They messed up. They should have released 1 rns placing at 38p. We have won more licenses and are placing shares raising Β£15m for pensicola. Release a placing on good news! Do you want me to run this...
Because a Labour govt has already guaranteed that it WILL NOT REVERSE any licences already granted at the time it takes office. Simple.
Huge volume building up.
Very easy to get funding ? Even Deltic are saying in the RNS they dont know if they are going to accept the liceneses
Now itβs very easier to get funding for company.Great achievement.
CEOAdam, yes, unless theysort out Pensacola, there is no point. Simple.
It's not over yet though. The market has assumed Pensacola has been lost. An assumption rather than a guaranteed outcome.
Strong reversal time.ππππΌ
Maybe a placing coming
Why get these new licenses? They can't fund Β£15m for the biggest North Sea find in years.
Boom
The majority of licences awarded in Tranche 3 of the 33rd NSTA Licensing Round are mainly focused on gas extraction and are located in the Southern North Sea.
Deltic Energy: 43/2b, 43/3b, 43/4b, 43/9, 43/14a & 47/5e, 47/10c, 48/6c
I got the impression that Cluff is out of Deltic shares or if he has a shares, it's not a lot (less than 5% for sure).
Cluff and Spencer clearly doing business together. If Delt fails, I can only assume Spencer will be a very unhappy bunny and it may impact their relationship. After all he has in good faith put a fair few millions in, although it is small change for him, of course!
https://newzwire.live/meet-the-two-british-aristocrats-targeting-one-of-zimbabwes-biggest-lithium-assets/
Unless he ( Algy) has done a private deal with his friend, Michael Spencer, he still holds stock here. Algy did a private deal with MS just before he retired. He exercised options which he immediately sold to MS
What happened to Noel? sectioned?
I know we were all shocked by the rns of a few days ago but I still cannot stop asking mysel the question "why the issue was not tackled by a share issue when the sp stood on the threshold of 40p?"
After all Swindell and the board have known for months that we would have to stump up the funds. To let the company's very existence ride on the possibility of a farm in and not have a plan B, just in case, strikes me as unbelievably incompent, criminally incompetent in fact.
I am still baffled and wonder what Algie Cluff makes of all this.
Getafgrip, that's an extraordinarily thoughtful and insightful post! Thanks! Lots to reflect on.
Dr, totally agree and to be honest all North Sea producers are in a death spiral if they don't replenish their reserves, no matter what the draconian tax leveys are, they will put then selves out of business, that's why i think a deal will be done, but probably rubbish terms, it also must be that the time frame for Selene whent to the wire