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https://www.elandoilandgas.com/umbraco/Surface/MediaDownload/Download?file=umb%3A%2F%2Fmedia%2F86f3b5ab6435431ea0a99058360ae7d2 It’s worth remembering at $60 oil, 30kbpd to pipeline delivers a net back to Elcrest of $35.98.
Well actually. Worry it is looooool.
Actually nothing to worry about. Lol. Market all red
Marked down when everything is up. Let’s hope they get the flow rate going.
https://www.energyvoice.com/oilandgas/189120/eland-targets-start-up-of-nigerian-appraisal-well/
Great update, Gbetiokun progressing as per geological expectations a step closer to 50% increase to production. In the old core finance interview George Maxwell suggested Gbetiokun-1 may deliver 10kbpd alone although the CPR suggests rates closer to 8kbpd with the new well Gbetiokun 3 in addition to that. GLA and happy Christmas ....
Does anyone know how much has been spent buying back shares so far ? Will they be buying the max allowed ?
Hope this is just market sell off reaction. Usually Ela is much stronger in a down market. Hope there’s no flow rate issues. The fact they said 13,500 bopd will come online sets the mark and if it’s say 10,000 bopd then the market will mark us down. Hope not. Results should be coming through Anyday now. I did say Wednesday ( tomorrow) last week. Let’s see hey
Yes a good early Christmas present and two full trading days to capture any share price bounce before everyone starts closing down early on Friday. Here’ hoping.
Judging by the nov 16th update in which GM said they HAD re/entered the gb-1 well and it had good oil shows with encouraging flow rates and that the rig will move on to gb-3. I’m guessing each appraisal normally by industry standards takes 30 days or so on shallow wells and 30 days on from the 16th makes it end of this week. Remember he mentioned flow rates were encouraging so gb-1 is or was tested by that date. My personal guess is we get an update next Wednesday or so.
Well done Munch your predictions are always there or thereabouts. No reason to suspect a different outcome this time.
19k shares at £1.0488 was me !!!!!
Much appreciated - thanks Bigspike.
There’s a lot of knowledge out there so I would be gratefully appreciate any insights/views on whether the OPEC cutbacks and Nigeria’s participation (I think) will impact on ELA’s short term drilling plans. I am holding long term regardless. GLA
Lol.
Check out the 2 x £1.5m buys, is that you munchbox?
Will add to my position tomorrow morning as I expect sell off to continue tomorrow. Bargain prices at the moment. OPEC meeting due and some kind of cut is due / agreed on even though it may not be as many expect. Still it will underpin oil. Hope I can get £1.02 to buy and I’m in for another 20,000
I guess this gives another opportunity to buy in on the cheap, although would've preferred to see this around 120. O well eh? Here's to a strong 2019!
1000 bpd isn’t to be sniffed at, but looks a little less than hoped for. The F7000 reservoir was better than hoped for and once the ubima field is appraised using the optimised new well locations based on the 3D I would hope there is still room for improvement here. Ubima offers diversified production based on land so the operations will be much cheaper when compared to Opuama. I’d expect the next new well will produce from the F7000 reservoir plus another. No doubt what has been learnt here and through the extended well test will be applied to the full field development to optimise production. Oil produced during the EWT will add to revenues. GLA. I’m expecting Gbetiokun to be very fruitful!
Looks like ubima won’t be as fruitful as they thought hence they didn’t include any cash flow from this well in the presentation. I guess every little counts and it will help add some kind of cash flow to the bottom line. Wouldn’t it have been nice to have had flow exceeding 2,500 but not to be the case.
Thanks Bigspike. My below assumption was clearly incorrect. Moral of the story is stop blood- skim reading lol
https://www.proactiveinvestors.co.uk/companies/amp/news/210293?__twitter_impression=true
Hi Bangrak. I think the cash has gone to fund the drilling programme. Capex 15/20 m per well. Payback 90 days. Take care.
It will be 9000bopd net so allowing for some downtime of 20 days pa and oil at $65 minus some for expenses etc on a low PE of 6-7 its worth IMO about 180p when the oil is flowing next year, right now its 6000bopd so now about 120-130p hence the selling at 130p recently IMO. Brokers have EPS at 21p & 38p so 147p and 266p but they are using higher oil prices.
I still feel it will be challenged until after the elections in February. The recent buybacks and director buys are appealing but i just have some doubts niggling away here and need to see some cash generation rather than placings and further debt.
Where is the Cash going?
End of 2017 Cash balance of $36.7 million
6th April 18 cash $35m
30 June 2018 Cash of $29.8 million**
This is during a time when 100% of cash goes to ELA due to the loan payments
Results RNS.....**
However post period end we have received $50.5 million in cash receipts from our July and August liftings totalling 679,000 bbls ($74.37 pb). A further 350,000 bbls have been lifted in September which will provide an additional $26.6 million cash ($76pb) when funds are received in October.
Cash in RNS 29th Nov $30m??