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Agreed.
A good percentage of company's are carrying heavy debt.
In years to come those who held strong will tell the story to their grandchildren of IOG and how they went from rags to riches ..
GL (genuine) PPL
Seen it all before.. Panic far too prematurely before the fat lady sings.
We are producing revenue and rates will be increasing dramatically going into winter especially with more uncertainty over the European war.
Bebeto is putting in an extraordinary shift😂
Hope they are paying you well👍
>Snooz, the company will be suspended if they don't release financials by next Friday.
The IOG bond are already suspended from euronext. https://live.euronext.com/en/product/bonds/NO0010863236-XOSL/data , perhaps moot as no-one was trading it anyways. It's surely not the case that LSE would be suspending shares if the half-year report isn't released already - some companies are much slower to get out annual reports.
"waivers runs out next Friday" is badly phrased. Next Friday is when the bondholders are due payment. But it wouldn't be the first time such a due date was not met, the last waiver was obtained after the due date.
September 26th. Half-yearly report - this date was given to Euronext, but has been removed from the IOG website, which I think is ominous.
September 27th. Record date of deferred coupon payments.
September 29th. Deferred coupons payment date.
>If you brought this share
I used to own it, and sold at a big loss after the last RNS because it was clear I had been misled. I don;t like to see people being misinformed and misled.
>why do you only talk nagative news about this share?
I can't find any positive news.
Must be a takeover coming !!
Look out for the paid DE-RAMPERS clearly on bonuses to get as many out and the shares back in the right hands.
Must be an takeover coming !!
The pumpers here are trying to lure people in for them to sell out.
Giving transparency to the current situation is not actually negative but helpful.
The company's future is bleak looking, I can only see massive dilution or administration.
All that could change but the potential chain of events are all there for people to see, only some so called investors don't want to discuss it.
If you brought this share why do you only talk nagative news about this share? do you want this share go down more so you will lose more your money? That is not the way it turn out you only take care when this share down more price for your benefit.
A week is a very long time in business......................why try to predict what you can't foresee with such negativity?
Seeing this business work through it's issues and thrive will give a lot more joy to people than seeing it crash and burn.
Let's hope the people that matter see it that way to & find the solutions needed, because they are out there.............. 😊
Snooz, the company will be suspended if they don't release financials by next Friday.
The waiver extension also runs out next Friday, with no agreement and financials the company could be in suspension the following Monday and shareholders could be facing administration with NO chance of getting out.
Snooz, the company will be suspended if they don't release financials by next Friday.
The waiver extension also runs out next Friday, with no agreement and financials the company could be in suspension the following Monday and shareholders could be facing administration with chance of getting out.
You should focus on your own investments (gambling here)
O the irony.. 😂😂
If he's Mr Doom and Gloom. Can I be Mr Abandoned Hope?
To further temper any optimism out there: This page used to say there'd be half year results out on the 26th, but it is now blank:
https://www.iog.co.uk/investors/financial-calendar/
On the up. Winter fast approaching…
8p average here which is mondays open price
You should focus on your own investments (gambling here)
Before any waiver extension, the company releases a proposed waiver agreement (for the bondholders to vote on) and then the outcome.
The company so far has not reached the proposed state through negotiations and at the same time the production has decreased. This in itself makes any negotiations harder to agree.
Come on Bebeto please tell us about your last trade.
Did you get in a bit above .7 and out at .9 ?
MR Doom & Gloom is back - again !!
Odds on its going into administration but we'll have to wait and see.
So that H2 rate of 26mmscf/d was inflated or based on old data, H1 @ 14mmscf/d pure hope, Elgood @ 25mmscf/d isn't even being brought online.
Call it 21mmscf/d from H2, even that assumes no further reduction. I think that just leaves one number left to dispute:, and that is:
>gas is at 110p at the moment
Today's day-ahead rate is 95p.
The sorry story of Elgood. And a lot of this is conveniently missed off the website. Two DSTs of Elgood by Enterprise in 1991 tested it at an average of 17 mmscfd of gas on a 60in/64in choke. In July 2021 IOG tested Elgood at a rate of 57.8 mmscf/d of gas and 959 bbl/d condensate through a 80/64th inch choke, constrained by surface facilities. 2P gas reserves were significantly reduced from 14.1bcfe (YE 2021) to 2.2bcfe (YE 2022) after 6 months of production data was available. This was likely due to an intra-field fault. We were told that further production can be expected once there is a reduction in pipeline pressure and once dewatered whereby Elgood will be produced cyclically, with only 0.4 BCFE expected post dewatering. Very disappointing. Imo it really needs a pressure test for cross leakage, as per my previous post on it, and flow testing before H1. For a week Putford Jaguar has been very busy going back and forwards between Blythe and Southwark a day at a time at each, and currently at Southwark.
Well to counter that snooz
1. They could have paid the coupon when it was due as they had 20m in cash as is clear - the problem wasn't paying the coupon and nor is it now itbisbthatvthe covenant terms in terms of interest to earnings were broken because of the 50m write off. For me this is a one off technicality and while obviously very disappointing has no bearing on ongoing profits of fields that are currently producing and others hat can be brought online cheaply given the infrastructure already in place
H2 was estimated to produce between 20-30 mmscf - it began higher than that so when it dropped to circa 22 the market reacted badly but it was in the range of the original targets even if towards the lower end. It is new and there may be operational aspects then can employ to improve run rates but we will see.
H1 and Elgood we have history on the numbers - yes there was an issue with water on H1 but that's why there is a lower run rate to reduce and why we are doing it at winter to maximise prices.
Ultimately the company made 63m last year before one off write offs - if it only gets 40m this year that is still far far more than a 80m debt service
Once the panic is over this will pop to 4 or 5 p short term this winter - more probably depending on gas prices etcb
>Can you dispute the numbers bro ?
I'll have a go...
>can easily refinance the remaining £50m over 5 years through bank or other.
This is opinion. I don't think it's true. If it were true, why did they not got some short-term financing in place and pay the coupons when they were due.
> We have 26 mmscf from H2.
H2 gas rate declined from 27.7 mmscf/d to 21.2 mmscf/d over the month of August.
> H1 can add 14 mmscf. That's 40.
14 mmscf of water :) , seriously though I can't really "refute" a number you've just guessed - are you citing something or just another guess?
>Elgood can do 25 mmscf. That's 65 per day.
Elgood reserves were downgraded last year - where have you got this "25" from? The IOG website says "It is a good quality Rotliegend Leman sandstone reservoir that tested gas to surface at rates in excess of 17 MMscfd."
> If its run at full speed when prices are 120p plus for 3 months we can bring in circa £42m in just 3 months.
All these phrases like "bring in" and "generate cash", and ignore significant costs & expenses.
Shorts are closing, good or bad?
Shorts are closing, good or bad?
Perhaps they are realising that a company that made 63m pounds last year should be valued a tad more that 4m !!!!!!