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He needs to shut up some people who 'hear things'.
"There are people regularly visiting the yard with better information than Kistos receives from Var...."
Trust me, AA will be all over this is there is an issue, he will not let ANYTHING go.
Share price is dwindling into nothingness
Sorry, I meant Q3/Q4 2024**
Cant be 2023....thats now. I think
You mean Q3/Q4 2023?
From colleagues i know in the industry that are working on the project, they’ve stated the FPSO will go on station as planned due to flotels, barges etc being booked but the FPSO is well behind schedule. Can only go of the info i’ve been passed and at present they’ve stated 12 months till hydrocarbon live which is around Q3/4 2025.
Of course, these are rumours by people who are in the business. I cannot confirm anything, so don't give them for granted and DYOR
OilMan is correct, no less than 6 months is what I heard, so 12 months could be expected. Also, Var and Kistos Norge have very limited communication between them, and Kistos is usually left unaware of the progress and delays. There are people regularly visiting the yard with better information than Kistos receives from Var.
Wait & See.
OilMan1984,
The operator, Var Energi, released an update on the 19th of September stating that the Balder X start-up is maintained for Q3 2024.
Are you seriously suggesting that start-up won't begin until at least Q3 2025?
That the operator knowingly misled their investors?
I seriously doubt it...
aimo dyor
https://varenergi.no/news/var-energi-project-portfolio-and-operational-update/
At least 12 months behind.
Source please OGtourist.
If it is true it isn't totally unexpected and has been planned for.
· The consideration for the transaction is US$1 plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares at a price of 385p each, which represents a premium of 31.4% based on the last trading date prior to this announcement of 293 pence on 18 April 2023. 3.6 million of the warrants can be exercised between completion of the transaction and 18 April 2028. The balance will be exercisable from 1 June 2025 until 18 April 2028.
· A contingent payment of US$45MM will be made to the MIME02 bondholders in the event 500,000 bbl (gross) have been offloaded and sold from the Jotun FPSO by 31 December 2024. This will decline to $30MM from 1 January 2025 to 28th February 2025, to US$15MM from 1 March 2025 to 31 May 2025, and to zero thereafter.
· If 500,000 bbl (gross) has not been offloaded and sold from the Jotun FPSO by 31 May 2025, the holders of Mime's Nordic Bonds will be allocated up to 2.4 million warrants exercisable into Kistos ordinary shares at a price of 385p each. The warrants can be exercised between 30 June 2025 and 18 April 2028. Simultaneously, up to 1.9 million of the 5.5 million warrants issued as consideration for the Mime shares will be cancelled.
There is a rumor that Jotun is behind schedule and it is very likely that the CAPEX increase is in preparation of this delay.
Much has been made of Kistos swinging from a net cash position of €26m last June to a net debt position of $42m this June.
Not surprising when you consider that in that 12 month period we spent €180m acquiring Mime. (In December we should receive back ~€72m of that as a cash tax refund)
Amazingly cash on the books has still gone up by €34m over the last 6 months and €71m over the last 12 months... In a period where we acquired a business in Norway with 24MMboe of 2P reserves and another 30MMboe of 2C...
What hasn't been mentioned is the increase in asset values following the Mime acquisition.
Our non current assets have risen from €337m to €521m and our current from €276m to €404m
Total assets are now valued at €925m. As opposed to €614m at the end of December 2022.
The value of the Mime transaction is filtering through and will prove to be yet another masterstroke by the Kistos team.
aimo dyor
This was my buy, but showing as a sell?
29-Sep-23 08:31:40 217.00 4,603 Sell* 215.00 220.00 9,989
Andrew Austin - ''Looking ahead, we will continue to pursue rapid, disciplined growth both organically and through acquisitions for the benefit of our shareholders.”
Guidance for the year remains intact after lower gas prices and maintenance work hit the first half but surely that is not what Kistos is all about? The MIME acquisition is a rarity offering growth in a number of areas, a high quality team and significant upside which will, in my view transform Kistos, if you add that to the organic growth the market is massively missing the point on what the value of the company offers.
https://www.malcysblog.com/2023/09/oil-price-kistos-rkh-sdx-trinity-uog-petro-matad-ujo-reabold-longboat-touchstone/
JAdams, they are about to get a huge tax refund in a few months.
Latest Broker ratings 480.00
Previous
30-May-23 Berenberg Bank Buy 630.00
26-Apr-23 Berenberg Bank Buy 630.00
Personally bit surprised at 480.00 at the moment certainly for 2023, we may though start to get a regain as winter approaches.
AA has had to massively change Kistos's direction due to Russia (his Co2 negative gas production direction is not relevant as a price point) the UK/NL new WFT tax regimes (not included in the original financing structure), the very expensive commercial drilling fails (NL and Benriach), the long term production issues for West of Shetland (and therefore the Shetland gas plant), the purchase cost of Mime which is a complete turnaround for oil was never his plan (this may also loose investors I.e. gas was okay oil not?). Despite the above Mime looks to have be the only good move available, primarily for reserves growth but a more stable (Norske) tax regime with still good off sets for development.
Note: I am not sure how good the offestes are for the massive drilling costs incurred in GB/NL?
So the SP growth obviously depends a lot on the 15,000 boe/d in projected for 2025 ONCE the Jotun FPSO is on production and good oil prices of course.
But Russia will be mostly out (not including China freely buying or the massive amount of underground mixing and reselling ongoing in the back ground. Also remember Venezuela, Libya and Iran our mostly out of the picture BUT NOT forever.
I wonder now on what is his Sell aspirations now and to whom. In my opinion it has to be in under 2 years. Is that feasible and will Kistos have enough production to sell on to a another and who will that be.
AA is definitely not going in a renewable direction which is what was the original Kistos intimated as being a significant part of their original business statement.
Has he lost some of his larger investor / supporters. The failed take over did nothing for his business reputation either.
IMO it ALL hangs on Kistos Norske now?
Rgds Sft
Unhedged until next year
They are now more debt than cash which is clear in their highlights section if you can read a balance sheet
Won’t be long till this is
Agreed GD1962, we are now fully unhedged.
JAdams5000, you were mixing up 2022 and 2023...
"In the first half of 2022, 100,000 MWh per month of gas from Q10-A was hedged at a price of €25/MWh from January 2022 - March 2022 inclusive. Prior to its acquisition by Kistos, Mime closed out all of its Brent swaps in February 2023. Therefore, the Group is fully unhedged and, although, the position is reviewed regularly, it does not have any immediate plans to enter new hedges."
You're missing debt. Overall in a net debt position.
Lets not forget the deferred tax and corp tax liabilities on the balance sheet
Can't remember exact amount but they got approx 110 million as part of acquisition
Loss mainly due to w/off of the Benriach duster.
But clearly says “the Group is fully unhedged” so afraid you are wrong on the gas hedge point there
GD
Cash and cash equivalents. 31st Dec 21 77m euros, 30th June 22 148m euros, 31st Dec 22 212m euros, 30th June 23 247m euros. Very impressive cash generation.
Effective tax rate of 19% on EBITDA. Again, impressive against the headline rates of 75% 78% and 50% in the UK, Norway and Netherlands.
Kistos are playing the hand they have been dealt... Making big profits now just results in big taxes.
aimo dyor