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Thanks 99ice...useful!
I am pretty sure it is linked to a formal contract/project gate sign off. What I am not sure about is the payment schedule. I do't recall that being disclosed anywhere, but I am pretty sure Shell invoiced Delt quite late in the process for the last drill. I will almost bet this is a contractual issue rather than an immediate cash flow issue.
Does anybody recall the same?
DrPatience - The end of May date would appear to be linked directly to the date on which Valaris 123 starts its work on the Two-well drill for shell.
Currently Valaris 123 is drilling in the Erskine field for Ithica Energy contracted for 45 days to 72 days. It arrived on 21 April - which suggests a completion date of 6 June to 3 July. It then start work for Shell at Selene and Pensacola (estimated 154 days total).
The contract schedule for Valaris 123 is from the Valaris website (Fleet Status report 15 Feb 2024).
The current position of Valaris 123 can be found on various sites e.g. :
https://www.vesselfinder.com/vessels/details/9721396
David85, give it a go, that's all I can say! Let us know how you get on please!
Director buys would typically also be very welcome, but I presume they are precluded from doing it right now.
I don't buy in to the gravy train story, neither will any of the large shareholders. Lord Spencer et al are pretty sharp business people. If Pensacola is lost, as soon as the Dell team has given the support needed to the Selene drill/ postdrill, I believe we will have one or two people left, who will switch the lights off and close the door behind them once Selene has been wrapped up. This would be a rather sad end to the whole thing. I will judge the CEO once we have the full picture. For now, the main issue for the NS is the mixed and ever evolving views of politicians. I blame them. Having said that, Labour's stance is pretty clear; they will leave existing licences alone, adjust the tax slightly upwards and reduce the tax deductibles. That's been known for a while actually. If it was totally nasty, surely Shell would just stop the Selene and Pensacola drills right now. They are not. Also don't forget a lot of Labour voters and Northern communities rely heavily on the NS. Hence, it will be a slow change over time, despite the grand promises to go green.
DrPatience, My proposal about the BOD taking salary reduction and/or part salary in shares is more than a constructive comment.
idk how long youve been investing for, but this is a known thing for BODS to do to show they actually believe in their own company.
As for DELTIC reducing staff when Pensacola is lost, we both know that's not going to happen, because the company is a gravy train.
David85, you are kind of talking to yourself, pretty pointless. If you want to make constructive proposals, I suggest you write to investor relations addressed to the chairman: ir@delticenergy.com
I would suggest you tell them how many shares you have; it matters.
Keep it constructive and factual. Forget telling them they are useless, creaming it, skullduggery, it's not gonna help.
With your views on how this is going to collapse, you really should cut your losses. Surely you have a portfolio of different shares. You win some, you lose some.
If Pensacola is lost, I think most staff will no longer be needed, as we just need to extract what we can from Selene and return funds to shareholders.
Maybe time to get in the life boats before they're all full?
Queue The Titanic theme tune.
Pensacola... Will stay... Forever this way(Undrilled, Alone)
My heart will go on... and ooooonnnnnnnnn
The BOD here should be taking salary reductions AND/OR register to a scheme that automatically puts a Percentage of their excessive salary into Deltics Shares - as a gesture of interest in the performance of the company and in support of LTH, in my case, 7 years.
It looks to my like they have no faith in the company that pays their bread and butter, Its used as a front to cream money from investors via Placings, Subscriptions, and other forms of skullduggery
Your having a laugh if you think a raising / placing takes place without dilution, Dilution occurs almost every single time, and thats why its bad for any current holders.
As for participating in the fund raising, you're having a laugh, I wont be putting anymore money into this rotten company.
That's my point, only ok if offered to ALL holders based on current holding, pro rata. Otherwise, not ok at all!
If you maintain your percentage, dilution is not an issue.
If a raise done now and only involving large investors, then it's better to let Pensacola go. I would vote against the allotment,
Dr. It does matter what the share price is. At say 40p compared to 14p it's like 250% more dilution.
I agree CEOAdam. I would take my fair share anytime irrespective of what the price is, be it 40 or 10 p, as long as I am not diluted percentage wise.
Clearly the large shareholders did either not want to or just assumed plain sailing for the farm out and did not engage.
Without the large investors and/or institutions, you can most likely not raise £15 million as most retail investors here would not do it (too many people with short term trading objectives, I think).
This could have all been sorted at 40p. We are doing a fund raise of £15m for the largest discovery in the north sea in years. Who in the right mind would have said no??
I don't get it.
Like the Titanic sunk and gone. BOD silent and no word. Utter disgrace.
G_G_G, they are not playing any high stakes game, as there isn't one to be had.
From the election results this month, Labour won a overwhelming majority of seats, taken from the conservative party.
Labour are very likely to win the coming election, which is going to have drastic unfavorable outcomes for UK O&G regulations.
Wouldn't surprise me if they try to stop-by-force any type of extraction at all.
The Labour parties supporter base hold incoherent views to their very own existence.
They believe everything in the world is unfair, they should be given everything on a plate, by default, automatically, without any resistance, and funnily enough, any "Labour"
less than 2 full trading weeks for mgt to update the market. if they don't have a solution for penascola they should just bite the bullet and give it to shell. i get the feeling they're playing some sort of high stakes game with a potential farminee, or shell. either way they should put investors out of their misery if it's unlikely to result in anything worthwhile. i also don't understand why they cannot raise finance with shell. surely there's some type of loan, or ownership give-away they can get done.
mgt have truly f@cked up here and caused a lot of people to lose a lot of money. the government position has been known for sometime. and labour's position as well. to not focus on getting things wrapped up a year ago is a huge miss. and to stick with pursuing a f/o only and not be prepared to raise capital is an even bigger miss. absolute amateur hour by the bod. less than two weeks to find a solution or the company's future relies on rolling the dice with selene. what a ****show.
JackDiamonds, I will elaborate as you try to play the semantics game.
DELTIC isn't a producer of any Oil or Gas, its an exploration company at this stage(high risk), Therefore it wouldn't need to pay the 35% EPL Tax Levy recently introduced by UK government to all companies producing Oil & Gas in the UK.
In order for DELTIC to become a producer, they MUST find a partner who's willing to carry out most of the costs and work.
Therefore, DELTIC is indirectly effected by the EPL levy, as the producers they seek to attract have free reign in choosing the most favorable Jurisdictions to pour their money into, IE lower taxing, higher profiting.
David85, Lack of volume is lack of interest in the company.
As for my advice, The same applies to your advice, have you thought about that?
This is an open forum, as you post, I also post.
I appreciate you would like a one way street forum,all all posts are only bias, tilting any new investor into pilling money in this trashy company with the hope it lifts the SP, but that's not how it works.
DELTIC has roughly 14 days to find a partner for their Pensacola prospect, else the license is likely lost, Just like the 5 licenses last year when their previous Joint-Partner Capricorn decided to abandon $10m of work and leave the UK for Greece.
Well my top up came in as as sell 20k shares @ 12.33
David85, lack of volume just means those who "wanted" to be rinsed have been rinsed. 90-95% of investors have decided to wait and see. Those who sold may be right, this is the game: everybody has their subjective view and judgement.
I would say this: if you feel the company is useless, that the NS is collapsing etc, that perfectly fine, but I do hope you have already sold then, as in those circumstances high risk ventures like Delt are not for you. However, we don't need to be saved by your advice in that respect.
It's not black and white, some of us hold for a reason and we know we could lose it all.
I am unhappy with the current situation, but still maintain Selene alone is worth more than the current mcap. Could the drill fail: yes! Could it go well: yes! GCOS is stated to be 70%, which believe is very conservative, so the main challenge will be whether the business plan hangs together afterwards. Could that turn out to be not feasible: yes. Not so likely in my view, so that's where each of us have to make up our own minds.
David85
I think you need to make your mind up.
Clueless but mildly entertaining.
Jack
“ I am aware DELTIC isn't a producing company, therefore the EPL obviously doesn't apply”
“ If you havnt worked it out for yourself, DELTIC and any partner(s) would be effected by this Levy.”
Of the grand total of only 20 DELTIC trades today
10 of them were within the value of £0-999
The other 10 were £1000 - £3154
A true reflection of the terrible state DELTIC is in...
JackDiamonds claims everything with DELTIC is great, yet the Share price and volume say opposite
Using basic Metrics, When things are great, the Shareprice will reflect this and rise, when things are not, it falls.
What is it doing?
Believe what lies you want. A fool and his money are soon parted.
JackDiamonds, you talk rubbish.
The reason so many O&G companies are pulling out of the UK, such as DELTICS very own Capricorn, is because of taxation such as the EPL.
You're delusional to try and spin it as a positive. its a Negative, but the fact your post got 4 uplikes demonstrates how easily lead retail investors are into parting with their money.
I am aware DELTIC isn't a producing company, therefore the EPL obviously doesn't apply, however DELTIC has been seeking to partner with producing companies for over 6 years now, therefore the less producing companies operating in the UK means the harder it will be to find a partner.
Prior to the EPL, UK O&G operating companies didnt have the EPL tax to pay, now they do.
Heavy taxation drives away companies to jurisdictions with less taxation. its not rocket science.
The lesson with this stock is to stop investing in junior exploration companies, because 19 out of 20 of them do not succeed, and your investment in most cases is severely reduced.
Rot, I am with you!!
Rot/all: On Shell/c&nt point, as I recall from past drills, we will not pay our share of the drilling costs for Pensacola until some time during this autumn. But presumably the reason for the RNS talking about a deadline at the end of this month is a contractual step, ie we are obliged to prove to the JV (Shell/Onedyas) that we have the funds at hand.
That means Shell quite easily could grant a relaxation to that requirement and buy us more time, potentially until after Selene is well underway. That is if they want see us as a valuable technical partner and don't want to be seen as a c$unt in the market place!!! In reality Shell would lose nothing, as the fallback position is that we hand over Pensacola to Shell if we cannot pay the bills.
I am not a practitioner in this specific area, so would welcome thoughts from others.
Bad A after my initial disappointment and thoughts of complete incompetence by the management and i am down such a large amount of money (on paper at least ) that i wouldn't own up to the actual amount. I have come to the conclusion that at £15 M mkt cap and around £5m in the bank a drill commencing soon with Shell and fully covered i would be investing at this price, But and it is a but and i very much hope and think some type of deal on Pensacola will be done, it clearly won't be the deal everyone was hoping for but they are not going to give it away for free, for one Shell would look like C -nts, and although that's business, i think they would think twice to completely shafting a partner especially when they can claim near on everything back on tax, and as a previous poster said this licence must be worth even more if there actually is a slow down in new licences being issued. So when a deal is announced,what ever it may be it will be the start of a share price rise.