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Volumes for the last six months would be typically a few thousand a day often zero. Look at the last few days and maybe 2% of share issue has been traded ( as sells) . You just don't know who owns what percentage of shares. It stinks.
You will also notice a Russian bank and investment company own the other 25%, you can speculate that they are merely cover for two other clients. The board does not look remotely independent and the CEOs are personally picked by Alexie Khotin. If you read any management statements you will notice the tone - they are not even trying to hide what is going on.
Over 50% of company owned by two oligarchs who are known to work together. No institutional investors want anything to do with Russian companies. Alexei Khotin essentially treats Exillon as his own, he just has to work his way round the rules relating to FTSE listings. 75% of independent holders have to agree to a delist or takeover offer, I can speculate how they will avoid this problem. Simple - operates in Russia and run by Russians - nobody wants to go near it.
Gambier hi . I'm not invested as yet just looking at the moment all looks good to good in fact are you abe to shed any light on the company. Have you found the lack of free float a problem in any way. Seems rather quiet here and undervalued. Cheers
Let's see if management can get this below a £100 million market cap. So with $80 million in bank at April 2016 (when 2015 tax rebate received) and cash balance increasing by $25 million every 4 months, will have $130 million in bank by end of 2016 or £90 million GBP. This not including nearly 28 wells being drilled this year that ought to add extra 6,000 bpd at netback of $22 per barrel and the work overs from 2015 that will come online. Then EXI should easily be worth less than cash balance by 2016, thus valuing 500 million barrels 2P reserves and infrastructure running into 100 millions of dollars at a negative sum. That will be the most masterful management achievement for any company listed on the FTSE.
Not sure about director buys, historically there have been very few EXI director buys. The annual results show they have slashed management overhead and it would appear management are there to follow the major shareholders plan for the company. Of more concern is the lack of institutional investors and the small free float. This is common in most Russian stocks, particular when you have major shareholders who basically control the company. If the drilling goes well this year and the oil price improves, then cash reserves will be greater than market cap, thats how much investors dislike things Russian.
They are, and to my untrained eye all looks rosy. bought in today first trench after i was maid aware last week of this stock by Gambier. Just one question how come so few directors dealings.
http://www.exillonenergy.com/uploads/ar_2015_exillonenergy_final2.pdf "As at 21 April 2016 our cash balance has increased to US$81.4 million with net cash position amounted to US$50.4 million"
From March 2016: According to the calculations of Exillon WS, the amount of MET subject to refund for 9 months of 2015 may amount to RUR 2,314 mln, which amounts to circa $ 30 mln per the exchange rate set by the Central Bank of the Russian Federation for the date hereof. So make that $80 million dollar cash reserves
$12.2 million to drill 17 producers, one appraisal and one exploratory in 2015. So in 2016 28 wells will maybe cost $22 million dollars all things being equal, just $10 million more. With a netback of $22 per barrel or more for 80% of ESW throughout 2016 we could be approaching a situation of having more cash than the current market cap. Valuing 500 million 2P reserves and hundreds of millions of dollars worth of infrastructure at zero. 2015 also included a one of $10 million plane purchase will which return over a million a year in rental for the following years. The debt from Credit Suisse will be payed of therefore reducing interest to zero. I guess they could just keep building up cash reserves for the foreseeable future without increasing production substantially during the low oil price period that is likely to extend until 2018
Seneal international:29.99% Sinclare Holdings: 26.69% VTB bank: 13.82% JScB international Financial club: 5.89% Free float is now 23.61%, below the minimum 25% rule for the FTSE index. They will have to deal with that very quickly.
The annual report shows that VTB Bank now has 22,321,462 shares or 13.82% of the company. I wonder if there is a client behind this.
An obvious leak, somebody knew about this before the release this afternoon. I hope this goes unnoticed for a few weeks as I would be buying back in. Still concerns regarding major shareholders and their influence, little free float. Also a six percent shareholder has recently been made insolvent so not sure how this share will be disposed of.
So Exillon Energy has $50 million in cash reserves and will be drilling 28 new wells in 2016. The netback per barrel in Exillon WS is now $22 for over 80% of production because of 0% MET. So EXI is currently 40% more profitable per barrel than at anytime in its history (nearly all because of MET exemption). Quite amazing. More importantly this is at $40 dollar per barrel average (H2 2015). If the oil price increases EXI will benefit because of a better mix of sales, if it falls it will be neutral because ruble devaluation and reduced tax. The average flow rate for online wells drilled in 2015 has been 265 bpd. Previously years this has been over 400 bpd, so one would hope for a better year in 2016. So let's say they only get 25 producers (plus 3 dry wells) in 2016 and they average 300 bpd, that is an extra 7500 bpd. Six wells are due to come online from 2015 campaign and let's assume they maintain the current 15,000 bpd average by replenishing general depletion. Exillon would be looking at around 22,000 bpd with the vast majority being at a netback per barrel of $22/barrel. With higher production levels comes greater economy of scale and so one would expect the netback to improve by a few dollars to maybe $24/barrel. This is all pretty much worse case scenario. If oil can strengthen to a 2016 average of 50$/barrel, well flow rates return to 400 bpd average and management continue to reduce costs at the same rate, the EXI becomes extremely profitable and extremely cash rich.
- Drilled 17 production wells in 2016 - Well 111 on pad 12K flowed 1217 barrels per day - 6 of the 17 wells are still awaiting fracturing before they can contribute to production and one requires a work over - Compared to 2014 production (Exillson WS) is down 450,078 barrels for the year or 1250 barrels per day. However the seven wells requiring fracturing have yet to come online and will probably reduce that figure to 600 barrels per day. - Compared to 2014 Exillon TP production is down 6% due to the absence of drilling and work overs - Only US$12.2 million was spent on drilling, US$14.8 million on infrastructure and US$1.5 million on seismic data acquisition and interpretation The biggest improvement was in cost of sales which is attributable to 82% of Exillon WS production. For the full year EBITDA was US$16.4 / bbl compared to US$13.6 / bbl in 2014. Although EBITDA per barrel in H1 2015 was equal to US$10.2 per barrel, it was improved to US$22.3 per barrel in H2 2015. The poor result achieved in H1 2015 was driven by russian rouble depreciation, which reduced US dollar equivalent of netback and EBITDA, and lower average prices, reflecting the drastic drop in global oil prices. Expenses associated with export sales, such as export duty and Transneft transportation services, has also contributed to the reduction of netback and EBITDA. Despite the persistence of the above mentioned negative factors in H2 2015, the indicator was significantly enhanced due to the application of certain minerals extraction tax exemptions. - As at 21 April 2016 our cash balance has increased to US$81.4 million with net cash position amounted to US$50.4 million. - In 2016, are planning to drill 21 new producing wells in Exillon WS and drill 7 new wells in Exillon TP
correction: Profit per share of $0.41 for 2015
Annual report published on a Friday afternoon! but results look great, Net Profit up 27% to $65.2 million EBITDA up 17% to over $100 million Profit per share of $0.41 for 2014 makes current share price of £0.66 look ridiculously low
volume as spiked up recently. I wonder if it may take off soon.
The two largest shareholders are associates and they own the majority of the company. The management team are controlled by the main shareholder. Huge reserves, great infastructure, strong cash flow, profitable, no net debt but still very low valuation. Contaminated by being associated with Russian businessmen who have bought at very large premium to current market cap. Why not just buy the company out now when oil price and SP is so low? Why do they rarely provide market updates or offer any short/medium term business strategies?
some chunky trades on here,just lately.
although to be fair net profit is a net profit. can't knock it for that.
I don't know seems like SP is down not just just because of oil. must be something dodgy going on.
Exillon Energy went to developers Metropolitan Alexander Klyachin developer bought from Mikhail Gutseriev and structures 26.7% stake in Gazprombank Exillon Energy. Now he and the other Moscow developer Alexey Hawtin amounting to hold a controlling stake in the company 12/13/13 00:00 Vedomosti Galina Starinskaya Mikhail Gutseriev structure Hanberg Finance Limited sold its 14.9% stake Exillon Energy for 82.5 million pounds ($ 132 million), the company said. Gutseriev bought this package on November 18 for $ 106 million. As a result, he has earned on the transaction $ 26 million, or more than 350% per annum. On the eve of Gutseriev he said that considering several options for the development of the situation with Exillon. "If well paid, selling. If you can buy cheap - buy "- he handed" Prime "his words. 11.8% of the shares sold and the structure Exillon Gazprombank Nagelfar Trade & Invest Limited. After it was sold, and the same proportion of Gutseriev. I bought both of Sinclare Holdings Limited packet network owner Azimut Hotels and hotel "Metropol" entrepreneur Alexander Klyachin. The deal amounted to 156.5 million pounds, or $ 256 million. The bank earned about $ 30 million. "Interfax" reports suggest that Klyachin can act in the interests of the developer Alexei Khotin. It controls 29.9% of shares of the oil company and is its largest co-owner. Klyachin representative assures that "this portfolio investments in their own interests." Get comments from the Gutseriev and Gazprombank yesterday failed. Exillon conducts extraction in Western Siberia and Timan-Pechora region (in 2012 - 640 thousand tons). The company has good reserves (2P - 71 million tons). In October, the British Exillon Energy's board of directors decided to sell the company. The process must be completed before the end of the year. Klyachin like Hawtin, have the right to set a voluntary offer to the remaining shareholders Exillon. Close to Exillon source states that the obligation to do so arise in the case of excess of the 30% stake. Analysts IFD "Kapital" Vitaly Kryukov, believes that Exillon eventually get Hawtin structures that now own Dulisma or Independent Oil Company Eduard Khudainatov. Exillon Energy may be of interest to major players - "Rosneft" and "Lukoil", says an analyst at Raiffeisenbank Andrey Polishchuk. Comments ( 0 )
Most Of Exillon Energy Board Resigns As Rusoil Effectively Takes Control Fri, 21st Mar 2014 13:29 LONDON (Alliance News) - Exillon Energy PLC Friday said five members of its board will resign after management told them that they'd lost operational control of the company to Rusoil Group. The Russian oil producer said Chairman David Herbert, Chief Executive Officer Mark Martin, Senior Independent Director Stuart Detmer, Independent Director Anne Belveze and Independent Director Ezio Bracco intend to resign Friday. "We were informed by Exillon's Chief Executive Mark Martin that he was no longer able to exercise practical control over the company's operations and assets without the support of the newly appointed Directors who are nominees of the Rusoil Group," Herbert said in a statement. The company said that Deputy Chief Executive Officer Alexander Suchkov and Non-Executive Director Sergey Koshelenko, who were recommended to the board in January by Seneal International Agency Ltd., will remain as directors. In December, the company's founder, Kazakh businessman Maksat Arip, sold a 29.99% interest in the company to Seneal, which is ultimately controlled by major Russian property investor Alexei Khotin who is the ultimate beneficial controller of Russian oil producer Rusoil group. Also In December, Exillon said it had decided to terminate a formal sale process it had started in September. At the time, the company said two major Russian businesses were competing to make a possible offer, and it would continue to work on delivering an offer for the entire issued share capital of the company outside the framework of the formal sale process. Exillon said Friday that it requires a minimum of three directors to operate and so it intends to appoint a new Executive Director, Pavel Chernienko, to the board immediately. Chiernienko is currently the Deputy Chief Executive of Rusoil. Earlier in March, the company also said that it is now considering a secondary listing on the MICEX stock exchange in Moscow to facilitate investment by Russian investors, but said London will remain its primary listing location. Exillon Energy shares were down 9.7% to 131.00 pence Friday.
Seneal International agency Ltd 48,437,122 29.99% Direct Sinclare Holdings Limited 43,115,588 26.70%