We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Anyone going the GDG AGM in December?
Jamie I agree the Chines government are making positive moves to CBm. perhaps that is why the state driven O & G co are starting to be more supportive. what the government givethh it can taketh away, its sadly all too political, yet the prevailing sentiment is better now than it was. I just do not think anyone should be looking to GDG for any positive contributions at this time. Nice to see a kinder spread at 25%, still too rich for me so I will continue my watching status. GLA
I agree the IPO might not come off, but the RBL seems a good bet. The reserves have been independently confirmed, obviously a bank will do there own homework, but I can't see why this would be an issue with the resource size and the desire of the Chinese government to move to gas.
GDG have not yet agreed terms with debtors, until they do.if they do then GDL should not be looking to GDG for anything. Maybe RG has drawn the ultimate cynic from me. I do not believe his dreams of IPO for GDG are going anywhere his track is awful, why would new money pour in when his ''transformational'' track record is clear failure. I hope GDL can survive and that China gives more drilling opportunities
RG did say he will get the finance sorted for GDG by summer next year latest or else no he ain't going on holiday so no GDG contracts for GDL until that gets sorted. in the mean time happy for the other contracts we currently have to be rolling. ESSAR need to pay the money they owe us before we can begin the renewal contract with them...that latest April 2018 so could be a few quiet months on anything that we know of to come our way. but dont be surprised if we get a completely new indian client in that time...
GDG are doing an IPO and also an RBL which was discussed at the AGM totalling $400m so I’m sure they will have Money
Immy. GDL still have debt and the contracts being announced are small and will pay down some of the debt. I remember when we got excited with the 100 well contract with Essar that proved to be a contract for 7 wells etc. Ordered 15 more Rigs fro Lifabric with none being used !! I dread to think how many rigs have been gathering dust and rust over the years in China. Mr Chow if you think that GDG are going to be giving GDL contracts for drilling that are going to be cash payments, please tell me where the money will come from. I know its near Xmas but I am sure Santa is not going to deliver. GDG are skint, their RNS basically tells us that they have after 3 attempts failed to renegotiate a finance deal. I still have GDL on my watch list and it may be as Immy suggests they will not get dragged down by GDG. Equally do not expect to get any financial support by way of contracts for cash. GDG are skint
Hi MIke, the difference now is that we no longer rely on the mothership to keeps us a float. we have not diluted or gone bankrupt during the difficult drought period over the past few years and now that the drought is over, we seems to be getting more contracts with various different clients... lets not forget we are also building a reputation...its just not a case of lifabric which we all hoped for by now...
That’s does not make any sense at all
DO not expect any contracts from GD, they are skint or they will get GDG to drill in exchange for worthless equity. I bailed quite a while ago and held this on my watch list in the almost forlorn hope that Grewal may get it right and it will be truly transformational for all the right reasons. If they can fund their debt down without GD then it may be ok
Could see some more contacts coming December and January as the big players start up more drilling
More great news from Greka. This will start to rise as the contracts continue to come in and perfect to have contracts with China and India and the growth in their economies.
Hi Jamie, im taking today's RNS as a mobilisation confirmation too...based on what RG said at the AGM...we were only held up cos of the BOP filter that was order from the US.
Slowly slowly catchy monkey!! Things starting to build although it seems the market is waiting for mobilisation confirmation before the price budges. Gives Mr Chow time to add a few more though ;-) Cheers James
Good to see greka moving forward and more to come :)
although this is a 3 year contract, RG expects this to be done in 18-24months... hoping to see more work as we go along as its a contract based on at 'LEAST' $15m.
had a feeling that was you... :)
Bought myself another 103k share today will be buying some in the next weeks
But also remember another interesting thing about Essar Oil is , there very good at packing in there drilling service providers as you say , they terminated there 100 well contract with G.D.L. two years ago . Similarly G.D.G. at a later date terminated there Lifabric well contract for lack of funds . Leaving drilling contracts not worth the paper there written on , amongst other things where Mr. Randeep Grewals concerned .!!! And thats why the share price is where it is today .
Even Bohai drilling have even subcontracted us through CNPC cos they impressed with our drilling....so what does that tell us about our drilling over their own.... slowly we are getting recognition and as the drought fully clears we should be firing on more cylinders.
another interesting thing about Essar is that they have even packed in their own service providers in order for GDL to now provide them drilling services because they are impressed by our drilling speed and quality of work. Essar just dont have the best of reputation of paying people!!
Thanks Immy much appreciated! Happy to wait now it seems like we have finally lifted off the bottom, I have a 4 year window befor I’m done and pulling out of speculative plays so hopefully a decent return on my recent purchases. Everything happens for a reason and the China slowdown saw us diversify into India, maybe a lesson learned and some new geography will be added in the medium term...
A proper imformitive blog, even if it contains the usual hollow promises of the Chairman of both companies . l find it difficult to understand why Mr. Grewal did not mention G.D.G. are still trying to raise $400 m. in loans ect. to pay of present dept & accellerate developement in his latest G.D.G RNS statement. The latest statement to shareholders only informed of Dept maturity extensions of approx. one years time . Your blog stated that Mr. Grewals intention is to raise money by lPO (presumably Hong Kong Listing ) & RPL ( a loan on G.D.G.s gas reserve assets ) which sounds great !!! But thats exactly what we have been waiting for him to do over the last ten months , unsuccessfully .!! Same old Mr. Grewal never quite getting his act together ! Heavens knows when the next G.D.G drilling contract will mobilize . Which is bad news for both are companies . Lets all tuck ln & wait another year --- or two or -- ???
thanks for the feedback, sorry I couldn't make it! Interesting to hear that GDG are looing to raise close to $400MM that leaves a sizeable chunk after debt repayment to fund activities....