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Nothing but a wishful thinking
My understanding is that with 75%+ stake you can delist an AIM company at any time
Novisky’s purpose in 2012 was the delisting .But he didn’t succeed because a few people ,like me , didn’t deal with the offer price.
Due to this situation ,good for us bad for him, Novisky has one of the biggest % like no other share holder in AIM and not only.
As a consequence the liquidity of the share is approximately 0.
That is not normal I think.
Time has came to decide ....what ?
Krok
The only thing in my opinion for the enw remains in AIM is only for Novisky to increase his status mainly in Ukraine.
But I think this has a deadline since 2012.
Sell enw , acquire an other AIM company, merge with other are some of many cases I think he can apply.
Because the share as is now has no any chance to be attractive by the seriousness people’s and he knows that even though he is not interested .
Of course I should mention his efforts to increase production by investing money and for this reason has my appreciation.
Oldholder, you are trying to position Novinskiy as a white knight saving poor minorities. He is not, by any chance
Back in 2012, he couldn’t but pay 42p or 54p or whatever it was. That was a completely different game in a completely different environment
Now, in 2021, he can choose whatever price he sees fit to buy you out. You will have to accept anyway
But he won’t, in my view
Fenm, I think he will not choose to de-list any time soon. Why should he?
Dividend in 2021 is highly unlikely. ENW’s capex is going to be $40-50 mn in the next 12 months. The cash pile will decrease, as a result. No room for the dividend under the circumstances
The production is going to decrease throughout the year, this doesn’t support the divi either
I think the silence majority of the shareholders prefer the delisting because they don’t have the patience anymore to wait their investment could give money ie divid or higher value of the share.
But for Novisky is an “ asset fame” to have a company in AIM because if he would to delist it since 2012 ,he could .
That’s the problem.
Regarding the price for delist -when and if it comes a day-my opinion is that Novisky should give an attractive price ie 42p ( plus 10% of this 2011) in order to succeed his purpose and to be accepted from the rest of shareholders remained in this share without to receive last years even a penny of earnings.
Krok, in your opinion, is Novinsky likely to de-list?
Plus what's the chance of a dividend being announced short term?
Naive, very naive))
With the shareholding Novinsky has he can delist it any time. At half the price you offered. And you will have to accept
Dear all and especially the BOD,
After many years awaiting a better price for the share , I think that has came the time to propose to the BOD the following:
As it's known the free float now is 56,374,016 shares (POPE included) and the cash is 43,500,000GBP.
The BOD can make an offer for the rest of 56,374,016 shares with a price of 42p each (10% of the last in 2011) and to pay an amount of 23,677,000GBP.
I think is a win-win situation because the company has ALL the money IN CASH and delisting from AIM can profit the rest of money in cash 43,500,000GBP-23,677,000GBP=19,822,000GBP.
Because for a share to close a day with a trade value of 4.37 GBP , down -5.58% (-1.08) and a volume of 5,280 shares , £799.37 Turnover (on book)I think it’s no need to a company to be listed in AIM.
At last something is moving:
http://www.fixygen.ua/news/20210423/arkona-gaz-energiya.html
As seen they move fast in order to have some definite facts , because there is Ukraine and nobody knows clear how can things end up....
A bit of good news at least (for all concerned)
It is now on the front page of Ukrnafta website
Oldholder, your link proves it is way more complicated and far away from being over. CEO then is lying in the interview
Some Ukrainian politicians and the prosecutor clearly want to void the court decision
Doesnt sound right, particularly given ENW already paid over $6 mn
Is the Arcona issue over or not , because according to https://poltava.to/news/60447/ is seen something else?
What's going on?
I don't like to believe that we can have another episode in this series.
And a few thoughts on Arkona:
- risk of losing $15 mn if the 1st well is unsuccessful
- in case of success, no immediate impact on production and cashflow, as there is no infrastructure on the field. Will need to shut down the well till the pipeline(s) connect it to the processing plant
- most importantly, do not understand why they burn their money on this new (i.e. risky) asset when they have 28 mmboe of proved and 50 mmboe of proved and probable reserves on the existing fields
The existing 1P and 2P reserves cover 16 and 30 years of the current production. Why not develop these reserves, which have lower risks?
Interview of Sergey Glazunov, CEO of Smart Energy and ENW (in Russian, requires an e-mail to get full text):
https://nv.ua/biz/markets/biznes-novinskogo-kak-uvelichivaet-dobychu-gaza-kompaniya-smart-energy-intervyu-s-sergeem-glazunovym-50154276.html?code=64831f7a-027c-41f7-9f8b-6309506bf5a7&fbclid=IwAR1VxYfDVwW2x0KwzWIuH7hmTuGnNdFqE5umXRdQID4VzH5XgBihjw0Towo
Key conclusions:
- 2021 production flat at best, likely to decline
- drilling one well, will spud two more in 2021 (one on Askona field)
- plans to shut down a gas processing unit in 2H21 to boost production of LPG in 2022
- no plans to merge UGV and ENW
- Askona legal battle is over
My takeaways:
- Production will decline, particularly due to the shutdown in 2H
- capex of $45-50 mn in the next 12-15 months
- substantial decrease in cash, down to maybe $40 mn
- no dividends
- impact on production from new drilling remains to be seen
- boost in LPG production is good but it will materialize in 1H22
All-in-all, no positive developments in the next 8-9 months. Gas prices can help a bit
The share price will likely stay flat or decrease somewhat throughout 2021
What's going on? Down 9% for the day on no new news?
Agree..Krok consistently offers accuracy for this share
Morning Krok, I always read your research messages with interest. Do you specialise in small cap energy companies? If so, have you looked at/ ever seen Serinus Energy (SENX). It’d be interesting to hear your thoughts... Regards.
ENW gas production:
1Q20 - 598.5 mcm/d
1Q21 - 612.5 mcm/d
A huge increase of 14 mcm/d (2.3%)!
This is after completing two wells - in May 20 and Feb 21. Having spent $30 mn on these
They either stole a significant chink of that capex or are plain idiots. Not sure which one is worse
Being a London-listed company gives some kind of protection on the turbulent Ukrainian environment. I think Novinsky therefore sees some value in retaining the listing, it costs him nothing
Other than that, minority shareholders are of no interest to him. Why should they?
Don’t see any positives in the next 9 months. This is likely to be a 20p stock for the rest of 2021
I am really ****ed off by their recent operational performance, on top of all this fuss about dividend and cash pile
Free cash flow in 2021 will likely be negative, so cash will decrease. This means no dividend, again
To complete the picture, they will beed to f@ck up on the next two wells. Like they did with two previous ones
FROM THE WEB SITE......
Why invest in Enwell Energy
While we continue to focus exclusively on Ukraine’s growing domestic gas market, we are currently developing our fields, facilities and equipment as part of a major and fully funded capital development programme – making Enwell a significant investment opportunity.
I don't understand, why Enwell changed its name, redid its website. For once Enwell seemed to have turned a corner. Yet still after all these years it fails to deliver any shareholder value time after time. This last blow is hard to bare and begs the question why keep putting investors through this slow torture. Either deliver and annonce a dividend and increase share holder value or buy the last few long suffering share holders out. Or are we all missing something? Has anyone ANYTHING positive to say anymore?
Looking further into the report, I am shocked of how awful the results of the two latest wells have been
This is simply a disaster
Before digging into details, a quick look at what they spent. Capex was $19.0 and $12.8 mn in 2019 and 2020, respectively. Total capex was therefore almost $32 mn. Huge, given they just drilled two wells
Now about the wells
SV-54 was put in production in late May 2020, the flow rate was 565 boepd. Ten months later, in late March 2021, production fell to a mere 212 boepd. This is a 62% decline! 75% if annualized! Really?
Most recent well, SV-25, started its production in late February with 452 boepd. Just one month later it is producing at 423 boepd. This is 6.4% drop in a single month! Again, almost 75% annual decline, if annualized
How is this possible? What are they doing there?
They spent $30 mn to get 600 boepd of production, which will fall to 400 boepd by year end
Their current CEO, Sergey Glazunov, is a financier. He has no technical background. Don’t understand why Novinsky has not fired him yet to replace with a proper CEO
Disgusting
Only the grave will fix the hunchback. Ukrainian proverb.
About Novinsky.
Every single trade today is shown as sell. Solid update, silly shareholders
How on earth could they lose $1.6 mn of cash in 1Q21 at $236/mcm gas price and stable production is beyond me