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Very nice.
Why the late evening rns ??? Brilliant news that should hopefully give us a kick start early morning.
The RBL Facility has closed with commitments of US$75 million from Stanbic IBTC Bank PLC (a member of the Standard Bank Group) and Mauritius Commercial Bank. In addition, the RBL Facility has the potential to increase up to a maximum of US$200 million subject to incremental reserves and production. The Company is also looking to syndicate a further US$25 million to a third lender in the near-term. The RBL Facility has an initial borrowing base of US$103 million from existing Opuama-1, Opuama-3, Opuama-7, Opuama-8 and Opuama-9 wells with further upside from future inclusion of Opuama-10, and Opuama-11 wells in the next borrowing base review. The Company currently has a cash balance of $30 million and an existing $27m of debt drawn. The RBL Facility will be used to refinance the current debt and provide low cost strategic capital for growth to support the ongoing development of the Gbetiokun field, the wider OML 40 licence and general corporate purposes.
smasher, I've been in for 1 1/2 years now, started at about 45p and love everything about it. They may not grow an MC as great as some due to the inherent terrorist risks in the Niger Delta, however, these risks appear to have been built into the price. I've bought and sold during the year, top-slicing when necessary then building up again at lower prices. To me it's a share that keeps giving nice and steadily.
DYOR and GLA.
Only been here myself mate a few weeks so just picking up on what the company is all about. Still absolutely huge profit coming eElands way over the next month or 2.
Yes mate it’s 45% of 45% and not 100% of 45% lol
Smasher your numbers look as close as to me. However as I understand it (I am often wrong lol) they don’t take into account capex. I read in one of the announcements that this is around 15million per well with a 90 dayish payback. GLA
I work that out to be around 129 million profit at $32 a barrel . Looks like next year it will increase substantial again looking at the wells next year. Just my opinion of course but think these figures are not far off but you need to adjust for oil prices as and when and if up even better.
I apologise I haven't taken Ubima into account, so I will take 40% or around 1000 bopd as it stands . The Ubima well might produce considerably more oil than that . I work it out to be around 10,200 barrels or over 11,000 bopd attributed to Eland altogether if you want to take in the extra percentage on this well.
As you say Smasher. When production from OML 40 gets to 45000 bopd. ( 30000 from Opuama and 15000 from Gbetiokun ) Ela share is approx 9000 bopd
ELA has approx 20 % of the OML 40 Licence, 45 % of 45 %.
( ELA has 45% of Elcrest . Elcrest has 45% of OML 40 )
ELA has 40% of Ubima but is entitled to 88% of Production cash flow until costs recovered
To me that reads 3 companies and if so then my calculations are not far off. Rougly between 9150 and 10000 bopd . And at $32 a barrel profit . At $40 a barrel profit gives around 135 million a year and rising. And the 450000 bopd was a combined estimate from the company of the fields . New to the share so going through it bit by bit mate.
Not sure mate . It clearly states
On completion, the 45% interest in OML 40 will be held by Elcrest, a joint venture company of the Partners, in turn held 55% by Starcrest and 45% by Eland. The Nigerian National Petroleum Corporation holds the remaining 55% interest in OML 40.
To finish off answering the remainder of your questions, when u get a few minutes the look up the Eland website and the nov18 presentation which will give u the percentages etc etc. Good luck
Smasher ..... how have you worked that out mate ? 45,000 bopd on what ? The oml 40 licence ? They own 100% of elcrest which is a company that owns 45% of anything producing from oml 40 so going back to your 9150 bopd it’s way off. I would say Ela share would be about 20-21,000 bopd from the 45,000bopd u mention and that’s just oml 40, remember gbetokin field will give us 7,000 bopd or so in 4 weeks ..... there’s ubima which is at 2,500 bopd although we only have 40% of that .... every little helps. So I would say re-evaluate your figures to include oml 40 pumping 45k ( 21k ours) gb pimping 15k ( 7k ours) and along with others you will have a 30,000 bopd company come June July 2019 and a share price that will most certainly reflect that and I for one would be very very surprised if by August and the start of drilling further appraisals that will just add more oil and money to the coffers that he sp will have a 1 in front of it. I can rest assure you that the 1 will be long gone !!! Here’s to £1.10+ tomorrow
Chaps am I correct in saying that if output goes to 45000 bopd then Eland get 9120 bopd . So at today's prices roughly around 105 million profit. If oil goes back up to around 65 / 70 dollars well need I say anymore. If I'm wrong please point me to the correct percentage Eland have across it's fields. Cheers all.
Thanks for that. Fingers crossed :)
Totally agree Munch.
Market is not pricing in the 50% production increase that’s coming online within 4 weeks. Market is down heavily and due a Santa rally. Share buy back will support the sp .... it’s why they have done it. Look at Faroe ( fpm) got offered £600m yesterday and they do 12,000 bopd not rent and a few % in some fields etc etc. Ela producing 21,000 bopd by jan and at £200m valuation is a joke. Work out the maths mate. Easiest 50% u will ever make. It will go higher but personally it will race to £1.50 very quickly from here.
What makes you so confident?
2 x 9k shares was me. Glad I’ve got in just as I wanted.
ELA holding up well considering the oil price. Well done George with the share buy backs. Hopefully enough to weather the storm before OPEC meet in December.
Trades really. Haha .
Had £1.06 for 6 seconds lol. Still waiting to enter. Must admit this has £1.50 early new year written all over it. Easiest 40-50% anyone will ever make short term.
Don't hang about do they.