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Great RNS this morning, rewarding the shareholders with a probable dividend at the end of the year.
And here I was, castigated a year ago for even daring to suggest that a dividend may be payable sometime in the future on this BB by one poster.
Oozes confidence, the bod clearly confident they can continue growing the company as well as pay a dividend, clearly shows the quality of asset Ela have here... Looking forward to taps been turned on at Gbetiokun!
https://www.proactiveinvestors.co.uk/companies/amp/columns/30634?__twitter_impression=true
"And here I was, castigated a year ago for even daring to suggest that a dividend may be payable sometime in the future on this BB by one poster"
You were not "castigated" in the slightest
Here is what I said:
"The "dividend policy" is technically slack terminology for what the company does with its free cash flow, either:
1. Retain it and invest in new assets/projects etc, or
2. Pay out dividends or repurchase shares
I believe they will purchase a new asset before paying out any dividends, of which I still doubt they will ever do. Its in the interests of everyone that they use ever penny to reinvest in the company to increase production rapidly"
Castigated? - Hardly.
Agree 100% with the brief on PI... whilst I'm excited to see any kind of dividend on my holding, I do feel it holds a bit of a risk.
But the management know more than me so I guess time will tell how well this goes! gla
S7ein My use of 'castigated' was over the top, but in my defence, you did say in a post in response to mine: - 'Eland are a growth company, they are unlikely to pay a dividend'. However, the company are brilliant, so well run compared to so many other oilers.
Shallwe:
"However, the company are brilliant, so well run compared to so many other oilers"
I agree with this, but I still believe that Eland are a growth company and the dividend, also welcome, is premature.
Broker target 160p. Opuama and Gbetiokun EPS plus Ubima EWT should take the gross production up to 45kbopd in the near term. With success at Amobe and the beginning of the prep work for Gbetiokun FFD, I’d expect the brokers to reissue a new target price considerably higher. 9 exploration wells have been drilled in OML 40, 8 have been successful and despite Nasai giving Amobe a pos of 42% which is good for exploration, ELA suggest the POS is 61% and an analogue to the Opuama field. The dividend shows a position of strength and confidence, 75kbopd is the forecast target through low risk infill wells and ELA clearly have an excellent grasp of the geology and operations in Nigeria. I would say ELA is an excellent company with a class asset and is able to deliver what most aim Oiler’s can not. 2019 will deliver growth through a significant increase in reserves, production and diversified export.