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1000 boepd
Indeed. Currently at a yearly revenue of $19.7 million with the current prices and $27.9 million at 850 boepd.
I’ll continue to top up throughout the year. Fact is that when all wells are online and we’re spudding the well in q3 we’ll be sitting at mid 30p in my opinion.
Of course this is just my opinion
Thanks for the information. It’s a lot of revenue for a. £10m tiddler ! DYOR
From the initial production pre new wells vs production guidance now. The average rate of each well is 2500 boe, suggests with the upcoming 2 wells that longboat will be at 850 boepd with all wells online. Call it 900 with optimisation of liquid rates and gas lift rates
'o By end-March 2024, initial production of c. 300 boepd net to Longboat JAPEX had doubled to c. 600, following the completion of drilling and gas-lift installation on three of the five new Statfjord Øst wells brought on stream since the acquisition
o The remaining two new wells require some minor work which is expected to be completed in the coming months'
Someone mentioned 600. Is that all to them? Or is it a percentage of that. Also is there another well to come on stream soon?
1st Feb RNS 'The acquisition of the Statfjord Satellites has been funded by a combination of the investment by JAPEX into Longboat JAPEX announced last year and a drawing of approximately US$15 million on the Acquisition Bridge Facility provided by JAPEX to the Joint Venture. The drawing is greater than originally forecast due to negative working capital movements related to delays in bringing new wells on-stream during 2023.'
Today, they said 17m - does that mean 2m extra has been drawn? If so this drop is ridiculous.
Like Deeko I have taken this opportunity to average down. I was hoping to get a good chunk of the latest annual isa allowance in here under 20p, and feel pretty lucky to have done so. Fingers crossed, but I'm here for a long haul.
Haggis i can cope with that payback period but only if we make further investments in the meantime that are cash generative
Definitely not rose tinted. I agree 17 million isn’t great, infact it’s really poor but unfortunately that’s the nature of the beast. Sometimes things go well and sometimes they don’t. Similalry, that 17 million is not for 600 boe because you’re neglecting the fact that two additional wells still need to be commissioned.
Either way, the payback will be longer but I’d rather the production which runs until mid 2030’s than nothing. The production is a spring board.
"I’m happy enough right now but clearly something else is coming."
My problem is that the feeling that something else is coming is like groundhog day... that's what I'm miserable about, along with the significant share price drop since floating
> So the 600 bopd have cost 17m.....so far
Another view: the deal will be paid for and cash generative in ~2.5 years.
Less if they can increase production as probable.
Deeko, one thing you are missing, in your rose coloured view and why the SP has tanked
"There have been delays and cost overruns which together have had a significant negative impact on the joint venture's projected working capital. After the period end, Longboat JAPEX drew down US$17 million "
So the 600 bopd have cost 17m.....so far
Ash, stop being miserable. The company is producing. 600 boepd and has a Mcap of what? 9 million?
Two more wells to go, nobody is drilling a well for less than 2000-3000 boepd and we have two more to go. so minimum another 200-300 additional boepd.
I’m happy enough right now but clearly something else is coming.
Close to 800-900 boepd is cash that’s coming our way.
Deeko, how pleased will those offshore folk be with their purchases!
The length of time they're stretching out any meaningful activity really is a joke now. Seriously need to pull their fingers out and show investment ambition.
The presentation today will be all old ground stuff (or fluff).
Disillusioned.
Well I am one of those who first bought in at £1 all those years ago, and currently have an average of 32p. I would love to average down but I think I will pass for now as this could be a long road. I'm sure all will come good for HH et al in the next 3-5 years, but I have had my fair share of stress with HUR recently which I did okay in as it happens, but at the time I said to myself never again with AIM oilers. lol
Got my top up. My Average has come down nicely
The other important point if this is £10m junior oiler with access to a 5 year - $100m acquisition facility.
How often do you see that ? Future value is here, no question.
Well said Haggis....just bought in. If it good enough for Japan Exploration, it is good enough for me.
Wow, 25% drop.
That drop is bonkers based on a very positive RNS.
Lots to be positive about here (japex funding, malaysia, statfjord 600 boepd, kveijke).
Looks to me like a single large seller has moved the share price?
No doubt your perspective here depends on when you bought in.
Those who got in early at IPO (£1) will rightly be furious with the 5 year performance.
Those who go in more recently should be very optimistic about future growth now the ducks are now finally lined up.
FWIW: I lost money on the way down here. But was lucky enough to get back when it dropped back to 10p as it looked massively oversold at that point. Good luck all! Now is not a time to be spooked into selling.
Bought in .
Is a really interesting take.
Not surprised shell and other companies are looking to move from the London market
Are these guys messing around with here. We have cash a great partnership. But we are spending big on a piddley little piece of production. Where is the ambition.....
Underperform and overpaid, sums it up for me
Production doubled to 600 boepd albeit a few months behind schedule affecting revenues and a cost overrun in the accounting period. 2 wells still to come on stream so potentially 750 boepd to come from this one transaction.
The Kveikje cluster development planned by the operator. Move that to 2P on sanction and that project alone is worth a substantial part or all of the current m/cap.
More of the same.
Spend spend spend and no production deal yet.
These lot really are useless.
Let’s hope they can pull a rabbit out of the hat.