Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Daveri, i agree cash burn has been my concern for the last 5 years. No funding is free and with little cashflow, along with the numerous staff appointments, the company needs to get a move on implementing its plans/strategy...
We will also have production $$ coming in at 51%. I'm sure some will be used for running costs before paying down the JAPEX loan
Hard not to see this as a prelude to some significant deals/partnerships/strategic moves. Looks like getting the structure in place for some big deals so they can streamline and focus the management of each division?
One way of looking at this is we expanded the operations to S.E Asia and a larger team to manage that and take on acquisitions as seen in the recent annual report but they talked of cost cutting and can't argue that they've been quick to make some savings where possible.
2 directors are standing down and won't be replaced in the immediate future.
Brent Cheshire £70k.
Jorunn Saetre £50k.
Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k.
The current Chairman of LBE is on 95k.
Helge leaves to become chairman of LBE/Japex - will there be a pay cut to a more modest Chairman salary or still remain on £300k ?
Either way, Helges salary would now be 49% met by the Japex ownership portion of the JV so if he remains on £300k this would be a net saving to us of £147k.
Cost cutting of around £200k at least to perhaps £300k depending on what Helges salary at LBE/Japex is.
Also if Nicks salary is not as large in taking over as the previous CEO it might increase the savings.
So he’s no longer a director of a PLC ….seems legally engineered to me - though must still be a “PDMR” for reporting any share dealings!
North of 300k monthly cash burn here is the urgency
It's the sort of thing you might do if Longboat plc were going to sell their stake in lbe/japex ... given japex invested at least partly in Helge and his Norway connections ... ???
Certainly I would think some sort of deal is driving this.
James Menzies as CEO would have been phenomenal. Such a charismatic and bullish guy.
Nick I’ve not heard much from (I think) but looking forward to the next update from him. Presumably it’ll contain details of the shallow water stranded discovery awards James touched on in Malaysia.
And here's me thinking someone was off the payroll !!
HH is chairman of longboat Japex.
Nick taking on the CEO role at longboat.
Graham chairman of longboat.
My guess would be that meetings in Malaysia where Helge is predominantly inexperienced is conflicting with meetings in Norway so they have very much divided and conquered to start knocking down the bowling pins.
So if H is taking on the role of chairman, does that mean G Stewart is retiring and off to spend his £36m from FPM sale to DNO???
I am quite shocked. HH has a lot tied up in this. I always thought it’s his project - how will the market view this??
There is a lot going on. Makes sense to divide and conquer. Sub divided the tasks. Hopefully today's RNS pre empts some progress in Norway / Malaysia to follow
Makes perfect sense and a good move. We now have clarity on who is doing what and where.
There is obviously a lot going on in both spaces, so the role split/changes gives clarity and focus where needed
A strange one for me, can't quite work it out. At first i thought our prestigious leader has been pressured by japex to step down perhaps due to not delivering much to satisfy their demands. But then it mentions he will focus on value from Norwegian assets. A puzzling one...
Yep, 1000 boepd by June.
A 33% increase is not to be sniffed at, but I thought they were suggesting 1000 boepd by next month, so I'm still hoping for that.
According to the presentation we’re heading from 600 Boepd to 800 boepd :)
Still here Mommur.
I never get excited when we sustain a large drop for no real reason then begin rising again. I view it as the MM just taking the p**s and ripping people off.
Topped up a fair bit though and patiently waiting for an RNS with the words ‘longboat are pleased to announce the acquisition of’ :)
Again, crazy value here, 6-10 bagger easily with a reasonable sized acquisition.
Deadly silence on here - strange as sp has rose on the last 3 days. Missed my chance sub 17p to add a few more, will watch with interest.
Noted the copy and paste from offshore-technology website states 3.5 million barrels of condensate. I'd suspect that's a typo on their part, 35 thousand or 350 thousand would be more likely
Aye Kertang is a game changer here: Kasawari is 3 TCF, Kertang is estimated at 9 TCF. KasawariIt is expected to produce 900 million standard cubic feet per day (mmscfd) of gas and 3.5 million barrels of condensate per day.
The Kasawari gas field is expected to commence production in 2023.
Currently we're 50% holders. Imagine the value here even if farmed down to 5-10%.
Im in buy mode. Looking cheap on all levels £9m mcap, with what we have....Hmmmm.
If you listen to James in the last interview Block 2A offshore, Sarawak - Kertang will be drilled in 25 and is part of the Petronas drill plan. That to me indicates that they have a major in the process of being lined up. As soon as news starts to flow here, we will be way higher. Plus we have NS/ Norway stuff
A great time to keep accumulating though!
Unfortunately the market doesn't seem to think they are working on something big.
The secondees are more likely to be there asking some difficult questions and perhaps questioning the BODs appetite to invest. In the meantime we've entered yet another period of higher oil and gas prices. "Ooo the timings not right" "Ooo we're still reviewing a number of possible deals" ...
At the rate I’m accumulating them yes