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lets hope so, and a positive something!
Spread was 28% now it's 15% and we are up 12.66%. All on the 7 sells that look like buys? Let's hope something is cooking in the kitchen.
No, randeep has no idea
is this going to survive?????????
Dandee ! its all up to Randee! & his " anticipated " ( where have l heard that word ,many , many times before ) G.D.G. Hong Kong listing , the mind boggles the mess & dept his got all his companies in . About the same odds as putting your money on a horse race the way things are going , the listing is for some unknown reason taking forever . Even his accountants are holding there breath on this one when you read the rns completely .
Thanks for the update james
Continued;
General points
G3E are considering expanding into India, UK, Southern Africa & Australia. This was only mentioned in passing (as it wasn’t a G3E meeting), my view would be even if G3E goes into a new area it will take time for GDL to benefit.
As per the 2015 (possibly 2016) AGM Randeep made a quote that he “would love to drill a Lifabric in the UK”, This to me is a very distant possibility but one that i always really like the sound of. It gives me that small bit of hope I might actually make my money back!!
The board do not see a risk that the loanees will not grant an extension as the debts, fall due.
The cost structure has been flipped on its head, with much more emphasis on variable costs. Basically the business is now right sized (not carrying a huge staff with zero work).
3 Rigs Drilling continuously (1 vertical well a month), or 36 vertical wells a year (dynamic changes if directional) should see the company break even on a cash basis (e.g. ignoring depreciation and other non cash items).
The G3E refinancing is expected in H2, more specifically Q3, however these things historically seem to drag so I’m not holding my breath here.
Conclusion
All in all the AGM was as expected, lots of promise but as always its around the corner.
My notes from the AGM;
The AGM was poorly attended, 3 individuals including myself (and I’m guessing one of those was Mr Chow). This poor attendance shows how unloved (with reason) GDL currently is.
China
China is going “quite well”
GDL continue to drill for CNPC (incl Petro China), with 7 Rigs currently drilling on CNPC behalf. The trend is that Greka are getting the more complex wells and this trend is expected to continue.
GCZ requires 147 wells drilled before YE 2019 (18/04/2017 G3E RNS has this at YE 2018, so hoping i heard/wrote 19 down incorrectly) GDL can expect to receive 75 of these wells (G3E can nominate a drilling co to drill 50% of the wells). As such GDL can expect roughly $26MM in revenue from this over the next 18 months. Interestingly this isn’t dependent on G3E raising finance as CNPC will carry G3E if required. Not much clarity on when this drilling campaign would start, the quote was something along the lines of “could be 1 month from now or a further 2 months from that”, however I took this time frame with a pinch of salt.
The GSS Lifabric campaign is dependent on when G3E sort there financing, there will also be various other work coming from G3E and GDG over the coming years (the great unknown is when).
India
ONGC demands got out of hand after the contract was signed, largely due to working capital issues (wanting GDL to purchase BOPs at around $2MM, prolonged payment terms etc). Resulting in the contract being unworkable from GDL perspective. There was a cost to GDL which was swallowed as 3 teams were mobilised (the numbers of teams is from memory not my notes so i could be incorrect here).
Essar still owe money, payment from them is starting to dribble through (immaterial value to date) and will be used to settle outstanding payables in the country.
No new work will be undertaken unless the receivable risk can be mitigated eg bank guarantees (from reliable banks). It was mentioned that both Essar and ONGC have tried to contract GDL, however the working capital terms were not acceptable. There is also potential work from Reliance and Coal India now that the latter can develop the Gas. I am not expecting anything from India anytime soon.
General points
G3E are considering expanding into India, UK, Southern Africa & Australia. This was only mentioned in passing (as it wasn’t a G3E meeting), my view would be even if G3E goes into a new area it will take time for GDL to benefit.
As per the 2015 (possibly 2016) AGM Randeep made a quote that he “would love to drill a Lifabric in the UK”, This to me is a very distant possibility but one that i always really like the sound of. It gives me that small bit of hope I might actually make my money back!!
The board do not see a risk that the loanees will not grant an extension as the debts, fall due.
The cost structure has been flipped on its head, with much more emphasis on variable costs. Basically the business is now right sized (no
Mr Chow, hope it starts coming and the SP finally takes a turn cos i present we only have been going one way for years!
GDL website has buy @ 1.98 most of the day? Are we on the rise?
We will be getting a contact for the GCZ block for 75 wells out of the 147 that are to be drilled, CNPC will be drilling the other half. As for the GSS lifabric well we will drilling them, contracts to come in the next few months as soon as the Hong Kong listing is sorted. So some positives to come. We have 7 drills working at the moment for CNPC which will be continuing for the foreseeable future.
hope you have some good news and that GDG is finally going to be listed allowing for funds to come our way for the much awaited lefabs!!
I went, will post some details later
Nope... Best we can hope for is it’s just around the corner again... NAV of $50m and an MCAP of $5m. Maybe the Chinese will offer us half NAV for a TO? I’d take 5pps at this point...
did anyone go?
totally got my dates mixed up and forgot to attend.
https://oilprice.com/Energy/Crude-Oil/Chinas-CNPC-To-Invest-22-Billion-In-New-Oil-Frontier.html
Going to rise again , let it go!! .95 next leg 1p (y)
OK chow , But get him to confirm the Lifabric well drilling at the A.G.M.
lts a massively lmportant contract to both companies if it ever materialises !!!
If you read on G3E RNS last month it does say it’s starting the lifabric wells second half of 2018
ALSO !!!
Ask Randeep whatever happened to the 56 Lifabric Wells G.D.G. anticipated drilling at GSS main block by end of 2018, clearly indicated in the G.D.G. "notice" of A.G.M. R.N.S. Wed. 6th Dec. 2017.
( G.D.L. would obviously have been contracted to drill these wells )
This G.D.G. / R.N.S. is still available on L.S.E.website (press go )
Just yet another misleading & failed anticipated developement "forcast" that encouraged investors to put there money on .
How on earth did Randeep Grewal ever become a billionaire with so many failings over the last 20 years ?
im hoping he bloody gets the GDG funding sorted by then. he did say by this summer when i was at last AGM!
i Should be there Mr Chow
Same old just round the next corner BS...?
I will be there unless something comes up with work
Well just booked my train tickets for the AGM! Who’s coming to see what RG has to say this time?
I just spoke with Halifax, and they have restored GDL as a tradeae share (guess there system isn’t automatic)!!
So get buying :-)