Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Not good news, unfortunately. Shame as the SP was just starting to look lovely again.
Ha hahaha, haha ha ha, Krok is back, the man who knows everything, the man who said Russia will never invade Ukraine, then disappeared when they did. You seem to be dressing your opinions as fact again...
And it won't flow at 535 bopd at production, half of that would be best case.
This well will not produce any time soon. They will need to build all the infrastructure at the SC field for that
So far they only spent $15-20 mn on the well…
ok then let him buy us all off for 40p/sh..in the mean time great result today for the SC 4 well. After all the delays and testing and in the state of war to get 535 boepd is excellent and will increase current production easily up to 3000 boepd
The company is controlled by an oligarch and I'm sure his energy business has been hit but the last round of missiles and rockets. I doubt the holding is able to satisfy the receivables. I'm sure it is not in the interest of the holding or Vadym Novynskyi to distribute any dividends. It could happen that the make the financial position become worse and worse until they decide to launch a tender for the non-controlled stake. However, I doubt it will happen soon (cash being used elsewhere) and at a fair price. This company should not float in a public stock, it has all features of a private-to-be Co.
Ukraine is in talks with US drillers to pump gas from its vast untapped reserves to Europe and ease the region’s energy crisis by the end of the decade, The Telegraph can reveal. Naftogaz, Ukraine’s state-owned oil and gas giant, is preparing to market its national gas reserves, the second-largest in Europe, to international drillers and is already in discussion with US firms. A move to prise open the reserves could help Europe find new sources of gas once the war in Ukraine ends and help countries shift away from more expensive liquified natural gas (LNG) imports. The company has identified huge gas reserves waiting to be tapped, including in the Dnipro-Donets Basin. Myron Wasylyk, adviser to the Naftogaz’s chief executive, told the Telegraph it has held discussions with US companies about joint agreements to prise open the reserves. Naftogaz “soon will be marketing some of the projects”, he added. Mr Wasylyk said: “We have a number of resources and gas reserves there that are basically the second largest in Europe. There is exploration potential there and also export potential there. We estimate there could be up to 40 billion cubic metres. “There is a lot of potential there but it won’t come online until the second half of this decade… We have a number of basins which are currently undeveloped.” He said tapping the reserves would “absolutely” help meet Europe’s future gas needs. Europe is scrambling to find alternative supplies following Vladimir Putin’s invasion of Ukraine. Tapping the reserves in Ukraine will likely depend on the direction of the war, though its army has been retaking huge swathes of territory from Russian forces. The bulk of Ukraine’s gas production and reserves are east of the Dnipro River, which cuts through the centre of Ukraine. Russia supplied around 40pc of Europe’s natural gas before the war but the Kremlin has been choking off supplies ahead of what threatens to be a bleak winter for the region. There are fears the shut-off could spark power shortages this winter, though gas prices have fallen in recent weeks after a successful drive to boost storage levels. Benchmark European gas prices have more than halved to €145 per megawatt hour since peaking in August. Prices have fallen thanks to successful efforts to cut energy consumption on the Continent and as European gas storage levels have risen above 90pc. However, experts still warn that much will still depend on Europe avoiding a particularly cold winter that forces households and businesses to turn up the thermostat. Figures from think tank Bruegel suggest gas imports to the EU and UK from Russia are down by more than 80pc in recent weeks compared to a year ago. Meanwhile LNG imports are double 2021 levels and are on track to hit record highs in 2022. LNG is more costly compared to the cheap Russian gas Europe is used to. Analysts have warned gas prices are likely to remain high this winter despite recent falls.
you make good points about dividends. fully agree. Maybe oligarchs are also giving their own money as well I am sure they would want to prove themselves and show their ''love'' for Ukraine. again example of FXPO who paid much more than ENW in charity (although maybe proportional) but they continued paying the dividend. But ENW must continue paying humanitarian aid from their accounts, imagine if they didn't.. just how that would be selfish and cruel and they would be destroyed in the country at every level.
Also, you are correct and I guess its the cold truth, we are anticipating for this to go the route of JKX, I am sure 40p would make many happy here
I reckon by now Smart Energy has accumulated $50-60 mn, which belong to Enwell
If they had made an offer at, say, 40 pence to take the company private, it would have cost them less than half of Enwell’s money they keep retaining. Most minorities would have been happy, given the circumstances
Instead, they continue scr@wing the miserable minority shareholders, while their methods are more and more infamous
If they pay a dividend of let’s say 25,000,000$ they get 20,500,000$ and the rest 4,500,000$ go to shareholders < 5,000,000$ donations.
It’s real crazy!!!
Kroc
Instead to give dividends to their shareholders the oligarchs are giving receivables to anyone without control because the company despite is considered a public company the reality is that company is almost a private.
So they have sufficient money to make donors and to offer receivables because all these help only their own business.while if they pay dividends they will loose their money.
$5 mn per 6 months is $10 mn per annum. That would be a mora than 10% yield, if paid out as divi
The right thing for them to do would be to pay out dividends and then for a majority shareholder being a citizen of Ukraine to donate his own funds to whomever he likes
For a UK listed company making such generous contributions in the absence of any dividends is not right
All their operational issues are well known for a long time. Nothing new here
receivables are a worry because of the overall situation in general and who knows when and how they might be paid. They did recover some of it recently which is a good sign and UAH might collapse further or even recover.
Regarding charity, I mean what do you expect? They are in a war torn country, with their people and their workers families suffering and of course they should make contribution. It is not a secret and it is a right thing to do. You don't like it as it impacts the cash pile? Sell and move on. Just look at FXPO and how much they have paid in charity from the very start. I am more worried about recent well results, potential fracturing and workovers and if this will be successful or not
Cash is being taken away by the majority shareholder via receivables, which will, likely, grow further
Receivables are in hryvnas, hryvna has devaluated significantly and will continue to devaluate further
So even it is repaid later, in US$ dollar terms it will be less than at a time of the gas sale
Another issue is charity costs, US$ 5 mn for the 1st half 2022. Not right for a public company
SpArmada is right, not too sure where all that cash is going... and with the conflicts going on there it's a bit too risky to take up any shares just yet... on the watchlist.
Another Q and the cash is going elsewhere as the total position is very similar to end of Q2. I'm guessing they didn't cash any receivables; I'm afraid they could have even increased in the period. It is an evil's game, Enwell and the offtaker belong to the same holding, which is using Enwell to manage the liquidity of other companies in the group. The investor if not a priority in this company.
looking like nett profit for the year of around $80 mill that's a PE of 1.2 ludicrously low
cash is good, production up 101boepd and now the VAS field is coming into operation adding another 450boepd. that's a 25% increase since last qtr effectively and the cash pile grows
…current cash is close to market cap…before long in a position to take themselves private…
Qtr results due in next few days we may get some news on receivables then
Do you think that the receivables will be cashed any time soon?
The management of cash in this company is worrisome, at least. They keep lowering cash and equivalents without an explaination, I guess it is being "donated" somewhere
about time the re rate started
up on zero volume. Mm's messing with this, there is only one way over the next year imho