Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Thankyou very much for your response is that a tip your giving me there?
I am not a holder here, but would say to look at prs or lgo. Good luck with whatever you go for.
Im new to this and i hope a little help could help me, i have been watching these shares since 2010 when they were at around 90p i put a message on the board asking if it would be worth putting £1k down, i got really snoby responses telling me not to waste my money as its not alot but im thinking now at the price it is is it worth a go??
i ever put my money into this share,zero chance of getting my investment back,thank god i only put in what i could afford to lose.
this share like all the other falkland oilies have been steadily decreasing as not much is happening in the area. As soon as anything happens with any of them, they will all raise. Rkh is a prime example, just wait until they get going.
Worth a punt at 10p for a dead cat bounce.
Coming close to a 5 year low now here. Has to be worth a look soon
Sorry didn't mean to snipe ,I'm so clever I'm still in, lets just enjoy this weather eh! Good luck
its only my opinion - i guess i should keep it to myself next time - we live and learn and then die and forget it all - have a better one
well a week has passed since your question , think it answers its self eh!!!
Bought in at 17p just recently after jumping ship when i got burnt from the drop couple of years ago. Would buy more now as I have a feeling these are a steady straight up bunch of guys and recent posts re: the AGM only confirm this.
http://www.findingpetroleum.com/event/Finding_petroleum_in_the_South_Atlantic/82ef7.aspx Interesting mention of FI oil halfway down.
Many thanks for your report I don't contribute to this board but have a small share holding and read the posts avidly. Appreciate the time you've spent writing this up. I bought in at 19p Oct 2011 and maybe should have sold in feb last year at 30p but always thought I would double my money at some point. Looks like it could be this year if the farm in materialises. Thanks once again ATB borolad
Asked Phipps whether he and his family had considered delisting DES and taking the company private ? Definately not – costs of drilling etc mean that having a public listing is virtually the only way to raise finance. After the meeting I asked SP and KB whether they knew when FIG might be releasing new license areas for companies to bid for. Both agreed that it was a long time since the last licensing round in 2005, but thought that FIG felt that all the FI companies had more than enough on their plate at present. DES would definitely bid for any new areas. SP commented that they were only interested in the FI and had no ambitions in Africa or elsewhere. Both Ian Duncan and Stephen Phipps commented over coffee, that the AIM market will only take an interest in any E&P company once they start drilling, although both agreed that by 2014 the improvement in the FT main market may have spread to small caps etc. I suspect that a Farm In announcement might do the SP no harm either ! Hope to see more of you next year – SP seems to be expecting a bumper attendance in 2014. DEM
Responses to Questions – including those raised after meeting KB asked re Farm In? DES will ideally be taking a farm in partner to cover the company’s share of the appraisal costs of PL004B – whilst attempting to retain the maximum percentage possible for the company. Unitisation discussions will commence once farm in process is complete (H2 2013). KB asked whether DES would just sell their share of SL to PMO. KB said that whilst other options, such as this, have not been ruled out – obtaining a farm in partner is definately the preferred option. In a later discussion with SP where I asked whether DES would hold onto its share of SL right up to production in 2017/18. I got the distinct impression that DES will sell at some point – but probably not until the Appraisal process is complete and production is much closer. KB commented that DES is an exploration company (this mantra was repeated several times by different Directors) and as such are keen to participate in the next drilling round. Hope to be ‘carried’ by farm in partner, whilst retaining max equity etc. Follow on Question to KB re Data Room timescales. Opened in Feb and is still open. Process was expected to take around 6 months. Farm Out process should come to a conclusion ‘fairly soon’. After the meeting I asked SP re timescales, bearing in mind that negotiations with farm in partner could take another 6m. Whilst reluctant to commit, he did say that he hoped/expected that the farm in partner will be ‘all signed up’ by the end of 2013. This all suggests that DES may be quite close to announcing who their partner will be. KB was asked whether the license requirement by FIG for DES to drill a well by 2016 would be discharged if an appraisal well was drilled on PL004B by PMO as Operator. Answer – yes. KB was asked whether PMO might not wish to drill the Appraisal wells and not be prepared to share any of the drilling slots? KB thought this scenario was extremely unlikely and stressed good relationship with both PMO and RKH. I asked whether DES and other FI companies were concerned at delays by FIG in sorting out arrangements for temporary harbour and new harbour at Port William. Both Stephen Phipps and Bob Lyons commented at length. This has clearly been a major issue and is still ongoing. Now the responsibility of PMO to sort. Cost of £200m mentioned – unclear whether FIG expects any contribution from oil companies. I asked why MOD had not been approached regarding shared use of naval base at Mare Harbour. See Google Earth image: http://screencast.com/t/nnle6n7ptZoD Sounds like Bob Lyons has already had this discussion but MOD not keen on idea. (In the unlikely event that Philip Hammond reads this BB – please sort !) Asked Phipps whether he and his family had considered delisting DES and taking the company private ? Definately not – costs of drilling etc mean that havin
Morning All - time for my annual LSE post ! Intro Jottings on the 2013 Desire AGM, based on notes taken at the meeting. Have tried to convey a ‘feel’ for the meeting. Hope I have not duplicated too much info already provided in Kisuli’s earlier excellent post on the iii BB. Apologies for any E&O and misinterpretations – just my view on the day! Really glad I went – my second DES AGM and like last year quite impressed by attitude of BOD. I know they get a right hammering on the BBs but in reality are very approachable and happy to chat. Both Ian Duncan and Stephen Phipps remembered me from last year, so I must be on some sort of troublemakers black list! Had a right moan about the lack of food again – was promised next year there will be some. Meeting held at the Cheapside offices of Buchanan – Desires PR company. All 4 DES Directors + the 3 Non Execs present. Of the 30 or so other attendees, I would guess around 22 were private investors, the others being analysts etc plus representatives from PWC and the company Nomad, Peel Hunt. For comparison, there were around a dozen PIs present at the 2012 AGM and over 100 the year before. All very relaxed and friendly. All of the Directors were chatting to investors for around 30 mins before the AGM and for a similar time after. Voting There was a slide on screen showing proxies etc already received – over 98% votes in favour of each resolution, so it was clear the 20 of us in the room were not going to change things. So, the six resolutions were all carried ‘nem con’. The guy from Peel Hunt commented that Desire have over 12,000 shareholders – far more than one might expect for a small E&P company. Of these only 5%-10% are Institutional Investors. Definately not your average investor profile ! With 342m shares in issue, average holding would be around 30,000 – but allowing for Phipps family holdings of approx third of company, probably nearer 20,000. Presentation After the formal business – which took less than 10 minutes – Ken Black (Exploration Dir) delivered a 20 min Power Point Presentation. The 18 slides were clearly a shortened version of the 33 slide pack produced for the Technical Presentation in April. No new material as far as I could see. The PDF is on their website. http://www.desireplc.co.uk/presentations.php
I know that Des changed accountancy reporting method around 12 months ago and from memory I think they now show all previous drilling costs as a trading loss rather than a capital loss or the other way. Which meant once they received money be it income ( unlikely as they have mad it clear they have no plans to go in to production) or from sale of asset etc they would enjoy x amount per share tax break. Its clear if you read the RNS its about a year ago as I say its all from memory.
Check RKH info there for you
The tax loss situation was mentioned to me in discussions after the presentation I am sorry I cannot expand on this but will check with my broker.
"I feel they have around 14p of tax losses" Could you expand on the above a little. Anyone got any broker note links to the AGM?
I was at the AGM Board somewhat under the weather 8 at the front table and around 30 at the back not well attended however LIZ wet /gas maybe commercial!!!! Their best bet is Jajne a 1/3 cos I feel they have around 14p of tax losses but you should all do your own home work as I live in Chigwell so not do difficult to attend.DYOR
kisuli, Re: My AGM notes Thanks. BW
As posted previously its only a matter of TIME before the glass slipper fits.Hold tight have a good day all.
Maybe or 50p, just a waiting game here...
I think these will get bought out. If you investing billions then why do you want to consider a partner with a market cap of sub 50 million. Also if you are investing billions then why not another 100 million to increase your reserves and return on investment as well as having all the exploration acreage. I don't think farm in but my money is these will be bought...