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Berenberg cuts Kistos price target to 455 (485) pence - 'buy'
Surely that cannot be the reason for such a sell-off?
What news is out there that we don't know of?
Anyone know why the fall /sell of today?
12m taken off the market cap in a couple of hours an the back of 200k worth of trades although some chunks being unloaded. Time for buy backs me thinks..
There is no RNS filing on that date. So where is the info from?
Lol, its in the title/ subject of the post
So AA gives an honest interview about Tory/labour O&G taxes and our share price goes down LOL
NoQuestionMarks, where did you find this info?
Points of note for me.
1. Statement of reserves at end of 2023 21.9MMboe net to Kistos.
2. In the fourth quarter, 5 cargoes of crude oil were loaded from the Balder FPU. Net to KENAS, these totaled 257 kbbl (742 kbbl for the full year), which realised an average provisional price of USD 81.03 per bbl.
3. In December 2023, the Company received in total USD 87 million in tax refund for fiscal year 2022, including interest of USD 2 MUSD.
4. At the end of the period, KENAS had cash at bank of USD 16.2 million, of which USD 0.2 million was restricted. KENAS had drawn USD 0 million under the terms of the revolving credit facility from its parent company, Kistos plc, at year end 2023.
5. In the fourth quarter of 2023, production from the Balder Area averaged 3.030 b/d net to KENAS. Total production for the full year 2023 was 790 kbbl.
aimo dyor etc etc
Production averaged around 7.5k per day for the month (4300 boepd of gas and 3135 b/d of oil)
Production at GLA is only reported to the 15th of December, this covers the whole period of the Shetland gas plant shutdown. The SGP restarted on the 16th of December, so the production figures for the whole month should be in excess of 7.5k per day.
The breakdown for the month.
UK GLA (To 15th December)
Glenlivet 27.6mmscf/d gas. 228b/d oil
Laggan 7.7mmscf/d gas, 68b/d oil
Tormore 9.3mmscf/d gas, 84b/d oil.
Total = 7905boepd
20% Net to Kistos = 1581boepd of gas and 380b/d of oil.
NORWAY (BALDER)
Total = 27,546b/d of oil
10% Net to Kistos = 2755b/d of oil
NETHERLANDS (Q10-A)
Total = 4532boepd of gas
60% Net to Kistos = 2719boepd of gas
aimo dyor etc etc
JWBellamy you talk a lot of crap, if you look at the balance sheet, they don't need to take any debt to purchase a company for £25m.
Https://www.malcysblog.com/2024/02/oil-price-kistos-arrow-predator/
"Smart, exciting and interesting is what I make of this deal which I certainly wasn’t expecting but which seems to be a well fitting and more key, a strategically important piece of business. Key and strategic because it fits in very nicely with UK Energy Security Policy, something that should remain the case whatever the colour of the Government and changes AA into a new strategic investor…
The two gas storage facilities have been bought for a fraction of what they originally cost and are a major part of the UK onshore gas storage jigsaw and perhaps more interestingly are ‘fast cycle’ which means that they are instantly available for short term demand. In this respect to begin with Kistos will be working with a ‘leading trading house’ although I would expect them to be doing that job themselves before long, worth the while if you can provide 11% of the UK’s flexible daily gas capacity if called upon.
Being free to buy or sell gas gives Kistos significant extra flexibility in the market it operates and this subsidiary not being considered an oil and gas company will own 100% of the trading business and liable only to taxation as a trader and not the Looney tax. It also has the opportunity to provide the UK with highly valuable ‘cushion gas’ the value of which alone more than justifies the purchase price.
Finally and for the longer term, the company notes that this could provide profitable opportunities in both compressed air and has potential for hydrogen trading should that market develop. It looks like Andrew Austin has yet again come up with a dollar for a dime.."
But the shares are up lol
A couple of large sells but the price continues to rise so the "market" has spoken for AA
Just for a bit of fun, you can have a peruse of the facility on Google Street Map:
https://www.google.com/maps/place/Bloor+N+E/@53.1471219,-2.4532996,15z/data=!4m6!3m5!1s0x487a588705aec637:0xfb47660b55a9796c!8m2!3d53.1501583!4d-2.4453532!16s%2Fg%2F1vs1rdg9?entry=ttu
Looks like I was shrewd (or lucky) buying a tranche last week Newk. Wanted AA as CEO at Serica, seen as its rudderless at present. Clever bolt on for Kistos.
Dept has not been revealed. Looks like they will need to invest more though
22 was an exceptional year
JWB, you have posted 3 times this morning, asking the same question, may I suggest you email AA, he's always forthright in his reply's.
aimo & dyor
That’s the question right?
Also 22 was exceptional year for profits
Good deal afaic, why spend £25m on O&G extraction at EPL tax rates when you can bypass that and still trade the commodity, thus more profit.
aimo & dyor
"Onshore salt cavern opportunities
Key opportunities for investors include gas trading arbitrage, long-duration storage and interseasonal hydrogen storage.
Gas trading arbitrage
The primary role of gas storage sites is to store gas for periods of high prices (that is, trading gas by buying at low prices and exporting at high prices). This was why EDF'S Cheshire sites were developed in the first place, and the gas markets are now much spikier than they were.
Long-duration storage
EDF looked at the potential for compressed air storage at both Hole House and Hill Top Farm some years ago, and long-duration energy storage (LDES) is now very much on the net zero-inspired agenda.
It is regarded as one of the key mitigants between high output/low demand and low output/high demand periods, brought about by an increasingly intermittent renewable-backed energy system.
The economics for EDF's gas storage sites did not stack up a few years ago, but last year they received funding from the Department for Energy Security and Net Zero (DEZNZ) and the government is very motivated to explore LDES as a proof-of-concept.
Interseasonal hydrogen storage
Interseasonal hydrogen storage is the real sweet spot for a future decarbonised energy system, which needs hydrogen to play a role in storing energy (hydrogen is an energy vector) between seasons: capturing hydrogen produced during high-wind peaks for use in low renewable/high demand periods. This is where hydrogen is intended to displace the role currently played by gas peaking plants, and open and closed-cycle gas turbines."
Very interesting read below from a couple of months back;
https://www.lexology.com/library/detail.aspx?g=82ecc181-7225-4757-8245-5902a5090682
"The operation of gas storage sites, particularly in salt caverns, is less simple than might first appear. However, the opportunities introduced by a net zero energy system are significant, and gas storage in salt caverns is one of the few credible solutions to both LDES and the interseasonal storage of hydrogen, making it the perfect complement to a renewables-dominated energy system."
I dont do conspiracy theories. Take it for what it is....
For me it looks like a good deal, with additional diversification and growth potential
My Concern is this is “deal for sake of doing a deal” and to distract s/holders from the massive Norway cost overruns and likely reserves w/down elsewhere
as Dutch assets underperforming and GLA making no £ due to WFT (what’s happened to other developments? Orion, Glendornach, M10 etc always seem to be “jam tomorrow” but never progress)
rgds
GD
Also how much debt have they taken on?
Which is why it probably isn’t quite as it looks
As always, thin in detail