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Stuart yes I was a holder of UPL but I sold out last month after being fed up with lies and delays in getting their psc.
Is it not a ok to change your mind and sell out if you feel the company is not delivering as promised?
For over a year UPL management promised psc and we are still waiting, no project presentation, no 3D, no cpr and no jv.
Stop this stupid childish behaviour.
End of topic.
By the way he was a holder in the share he now disrespects. Take this guy with a pinch of salts. Not genuine. That said LBE is absolutely sound. 👍
As a fellow holder of this share I just want the best for LBE ( I hold a very small amount 14,000). My main holding is elsewhere. There is a guy on here called Jung who is poison. I totally believe in this share but this guy tries to poison my main holding. Check out my posts. See his below:-Jungmana
Posts: 3,273
Price: 2.80
No Opinion
RE: The mind boggles!Today 12:51
I think you have a 10% chance of ever having that psc. Do a critical research into all communications here over the last 12 months and don't just accept their words.
Any new photos of them sitting around a table?
Good luck
I was not the only one then. I tried to buy 20k shsres in the last 20 mins before close and could not get a quote with IG
Since 15:07 when the bid/ask was dropped 19/19.5p I have only been able to get a quote to buy 100 shares, ?
Ask was 20p
Seav, if you look at the Petronas website, you will see that the acronym DRO literally stands for 'discovered resources opportunities'.
https://www.petronas.com/media/media-releases/petronas-signs-new-discovered-resource-opportunities-production-sharing
I think the market was shocked (in a good way) to see CPR be released so quickly after board change, do not forget it is a third party company doing CPR so even July is fine with me
Early day AET vibes but starting with a market cap considerably lower, I am happy to see how this unfolds year end and beyond as very confident in management
Anyway enough yapping from me, have a good weekend
And this too, exciting week ahead anyhow even if the CPR goes into July. The agm and meeting after should provide lots of information.
"Longboat is pleased to announce that it has provisionally been granted an award, subject to the successful negotiation of certain key contractual terms, for acreage in shallow water offshore Sarawak containing several material, undeveloped gas fields capable of near-term development. These resources are an important addition to Longboat's growing Asian portfolio."
Will be good to have the CPR before Thursdays AGM;
"Multiple large companies" in that area, Total, Shell etc
"The Company has recently commissioned ERCE to undertake a competent persons report ("CPR") to confirm the potential size and risk associated with Kertang, believed to be one of the largest undrilled structures in Malaysia. It is anticipated the CPR will be published at the end of June.
Following recent increased interest levels in exploration for world-scale fields, multiple large companies have approached Longboat regarding Block 2A. Having consulted with PETRONAS, the Company now intends to run a farm-out process during H2-24 to identify a suitable partner."
I suggest you read the recent RNS as to how much cash they and the interest partners have
Which RNS does it say we are in discussions with Majors?
And ex cash we are valued at c.£10mn , which is more or less what we were valued at when we had Malaysia plus Norwegian assets as well. I’d be happy to be proven wrong with my smaller position if we do get a rerate like upl. Unfortunately not aware of upl other than that they have an attractive onshore opportunity vs our offshore ones.
If you think multiple TCF and DRO with majors already in discussion with a highly experienced board is worth only £5million (takeaway cash) then I would love to hear your thoughts as to why UPL is valued at £40million
Cheers deeko. I couldn’t locate reference to discovered reserves in the rns? Even if AMI leads to a discovered field , an appraisal well would still need to be drilled before any RBL discussions are entertained, which means a long while before any actual drill bit moves. Before that funding is key for our share unless the partner takes on the risk of funding our share via a carry?
All imo
Seav, I say this not in a patronising way but please read up on the last RNS’s.
Once an oil company has reserves I.e. drilled a well and found oil or gas that’s commercially viable, they can then approach a bank for Reserve lending.
Longboat are being awarded reserves I.e we are skipping the drilling part and going right to the ‘we found hydrocarbons, let’s develop it’ part.
Geraldine has just joined the board and has 35 years experience in financing within the oil and gas industry including RBL’s. That’s no coincidence IMO that they would bring her in days after finding out about the DRO award.
RBL will be used to fund this and 20p share price will look like a gift IMO.
Offshore is very different to onshore.
Only thing keeping me from increasing my position is the fact that after cpr there is essentially a count down to get the farm down done in 6 months , which is a challenging timeline to say the least, as cash runs out Q1 ‘25 . That means LBE would need to raise cash in this capital markets environment before year’s end imo. Does that sound right?
All imo dyor
Well CPR, farm in and drill are actually all targeted before UPLs drill so that gives you some idea of the value disconnect on LBE + already drilled prospects being awarded on the cards
If prospect is as big as they say it is ‘largest in Malaysia’ then current market cap looks very silly indeed
Opportunity to be involved in the very early stages of something that looks like it could be huge but as always do your own research
Not really a fair assessment.
We’re being awarded several already drilled and proven fields - news pending next week.
Majors already wanting to farm in to the block - if they have a rig on contract already (typically a major will have a rig on contract for say 2 years (to do infill wells, exploration and work overs) and within that two years, they will have a large chunk of time that the rig is sat at port doing nothing. If they farm in that space will get filled quickly with an exploration well. Better to drill a well rather than paying 300,000k a day to sit in port.
Secondly there are the terms of a farm out, how much cash are they paying to farm in? Lots of work already done on Kieran’s and the partner will need to pay the going rate to get in.
Then there is the turf war between shell and total in Malaysia with shell dominating the acreage in our region and total wanting to get in. How much do total want it and how much do she’ll want them away from their adjacent blocks.
Lots going on. Market not caught up yet.
And of course post June CPR.
Seems to be that for the great acreage prospects lbe has, we need to be closer to drilling to actually get some excitement going. Unfortunately depending on when the farm out is finalised, the drill and funding for the drill could be year or years away? Does that sound like a reasonable timeline?
Until then not much to do apart from wait around for farm out details around how much we retain of the acreage and how much funding we’d need to raise or have a carry on? Any thoughts?
DRO and CPR news next week. With thanks to Zengas for this link:
https://www.upstreamonline.com/exploration/malaysia-to-unveil-2024-licensing-round/2-1-1587111
And Zen's great detective work strongly suggesting LBE have secured the DEWA complex and Kepatu clusters, together with OilDtR's speculation that the size of these alone will make the Norway resources look like chump change.
There must be a significant amount of data about Kertang on Petronas's myPROdata platform, whoch all the majors mist have access to, and the CPR should put the final capstone into place for the farm-out process to begin. Starting in H2, which kicks in the week after next. So, much to look forward to.
Don't forget though, CPRs are always ultra-conservative. All the companies considering participating in a farm-out will well understand that - AIM punters sometimes don't.
Must say I am glad we are back to where we started, prior to our exit from Norway, where we were a Norway Malaysia joint operation. Cash strapped and our multi millionaire (ex FPM) Directors couldn't spare a penny for their lifestyle company . Graham Stewart still accepting some gravy mind.
Now we are a single entity and a pure exploration company with funding up until Q1/25. (risk?)
Farm outs, drilling brings their own risks - lets hope for a ECO moment with sp going from 16p to 161p, but it took a few years and has never returned to those heights.
Found an article on the PETRONAS website last night relating to 2023 DRO awards.
1 field was 4 TCF of discovered and appraised gas resource. Gas was high CO2 concentration so CCS required.
The second which was highlighted several times as a small award was 260 Bcf of sweet gas which is close to 50 MMboe resources. Amazing that Petronas are giving these away, in Norway people are spending £50+ million for half that.
To put it into context, Jadestones Akentara gas field development is 69 Bcf of gas resource.
Still early days for me, so can anyone highlight the negatives / risks here?
thanks.