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So what happened to the $10m drilling costs for ENW? Or have you forgot about this....
For the record, there's no dividend coming here. Value is in the assets and ability to grow cash which gives the company untold opportunity
Enw’s latest update was a disappointment and I clearly said so
But then, a few days later, JKX issued its own update, which turned out to be a disaster. People on twitter continue posting various drivel nonetheless
But I changed my mind. Based solely on facts. In early January I thought JKX will perform better than ENW. Now I definitely prefer ENW
For the record, I still own both
gotabesirius, I only write what is relevant under the circumstances at any given point of time. And accounting for the prevailing share price
There were times when I said buy as much Regal as you can get. And there were times when I said sell by all means
Being realistic is vital to make profit on stocks like ENW
I do not hold it for years, I am not a happy holder but I made a lot of money on RPT in the past. Planning to repeat it in 2021, at least partially
You can scroll down for my posts dated 2018-2019, when everybody on this board put a lot of hatred into my face. Back then, I was right in pretty much everything. And most of happy holders lost a lot of money
Listen to me and I will make you rich, boy, lol)))
I don’t remember if Regal had ever paid dividends in the past, it probably hadn’t
But JKX definitely had. And its share price at a time was a multiple of the current levels
Announcing any meaningful dividend will by itself be sufficient for the stock to re-rate
Russian VGAS doubled on divi announcement in 2018. We can expect a similar performance
Unbelievable..... Take a look at Kroks posts on ENW. This boy has no shame.
I would be happy with a 3p dividend, but with gas prices the way they are, a special dividend would also be appealing.
Kroc congratulations
After your today’s positive comments the price has risen significantly.
Nice summary Krok - Thank you very much. Agree
Enwell should have enough FCF on annual basis to sustain a div of 3p, and this will act as a base to the share price.
3p per share is a mere $13 mn in total, of which $10.8 mn goes to Novinsky. Peanut for ENW
After the latest operating update, which was clearly a disappointment, the following developments can help ENW to re-rate
1) Results of the latest SV-25 well. Anything above 500-600 boepd should add a few pennies to the share price. Timing - early March
2) Reserves update. Following the completion of the Arkona legal case, I reckon ENW shall prepare a new assessment. Arkona’s 38 mmboe of C1+C2 reserves would likely convert to 20-25 mmboe of 2P reserves. This is a 40-50% increase to the previous assessment. Timing - tbd, depending on when they started/start
3) 1Q cash pile. I reckon ENW will have earned $10+ mn in 1Q. As a result, the cash balance should exceed $70 mn. They will spend it later on on their next well but who cares in the short-term, most people don’t get it anyway
4) VAS-10 well workover. Should minimize production decline at VAS field. Better still, increase it back to 2019 levels. Timing - May
5) VAS license resolution. Unlikely, given no developments for almost two years. Just for completeness sake
6) Last but definitely not least, divi announcement. 2-3p would be great. Depends on how tax efficient it is for Novinsky and whether he is willing to share the cash pile with minority shareholders. Can easily afford it from financial perspective. Timing - hopefully, April
All-in-all, we can expect to hear quite a lot of news in the next couple of months. Fingers crossed, we make a decent profit out of it. Including happy holders and unhappy dreamers))
Surely news imminent! Why didn’t I bloody buy ARB Instead of this! Lol
Yep, the longer the wait, the bigger the cash pile!.
Some buys coming in through today, maybe a leak, maybe people chasing stocks due to higher gas/oil prices?
Arkona adds 38 MMboe potential reserves. No current production. News of spudding in the Arkona region to come shortly.
Yes any day oldholder for the test results. I think these results are less important now that we have the Arkona capacity on board this year, not a bad acquisition for $8M. Still plenty of cash to distribute or buy more companies.
There is another license issue thats been going on for years in the VAS region. I dont think anyone seems to be that interested as the courts have said they can continue to operate.
The spud was 15 July 2020.
The last drill SV-54 same depth :Spud on 17 October 2019 and the results on 25 May 2020.Total time 7 months and 5 days .
So I suppose that as a possible date it would be the next week -as passed 7 months- since the spud from Tuesday to Friday....
What do you mean, the license is valid
I wish the license situation would be positively resolved this fast!
Quick response by Supreme Court.Things as seen get better in Ukraine in financial environment.
Ukraine needs foreign investments as I suppose from the decision.
The BOD takes 10 for the this acquisition after the end of this legal procedure.
Brilliant news after these years of pain. what is it with this site at the minute, nearly every share i hole the RIN is late or doesn't get put on here for 24 -48 hours
Enwell Energy plc
("Enwell" or the "Company")
Arkona Acquisition - Legal Dispute Update - Supreme Court Appeal Result
Enwell Energy plc (AIM: ENW), the AIM-quoted oil and gas exploration and production group, provides an update on the Ukrainian legal proceedings relating to the Svystunivsko-Chervonolutskyi exploration licence (the "Licence") in Ukraine, which is held by LLC Arkona Gas-Energy ("Arkona"), and which was acquired by Enwell in March 2020 (see announcement dated 24 March 2020).
As announced on 3 July 2020, NJSC Ukrnafta ("Ukrnafta"), as claimant, brought legal proceedings against Arkona, as defendant, in which Ukrnafta claimed that irregular procedures were followed in the grant of the Licence to Arkona in May 2017. At the same time, Ukrnafta also brought these proceedings against the State Service of Geology and Subsoil of Ukraine ("SGS"). Ukrnafta was the holder of a previous licence over a part of this area which expired prior to the grant of the Licence. Both Arkona and SGS dispute these claims.
In July 2020, the First Instance Court in Ukraine announced a ruling in favour of Ukrnafta, and subsequently delivered its full decision and written judgement, which determined that the grant of the Licence was irregular, and accordingly, the Licence would be invalid.
In August 2020, Arkona filed an appeal of this decision in the Appellate Administrative Court in Kyiv, and on 29 September 2020, the Appellate Administrative Court ruled in favour of Arkona, overturning the earlier decision of the First Instance Court.
In November 2020, Ukrnafta filed a further appeal in the Supreme Court in Kyiv, appealing the ruling made by the Appellate Administrative Court on 29 September 2020. The Supreme Court has now considered this appeal and delivered its decision and written judgement, in which the Supreme Court ruled that the arguments raised by Ukrnafta in the appeal were not substantiated, and that the proceedings against Arkona should be dismissed. The written judgement is lengthy and consequently the Company's legal advisers are now reviewing the judgement reasoning in detail.
The decision of the Supreme Court represents the final appeal procedure in the Ukrainian Courts, and accordingly, these legal proceedings against Arkona have now been exhausted. As a consequence, the Licence remains valid.
The Company's announcements dated 24 March 2020, 3 July 2020, 31 July 2020, 30 September 2020 and 23 November 2020 provide additional information.
official RNS was issued about Arkona acquisition. final victory for ENW and license remains valid. excellent news for new reserves addition
some one knows something ....up up and away
Hopefully news to come soon. Other key companies with results due soon include PRD, SENX and ZPHR. All seem to be debt-free and with good futures.