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Dividend even :-)
I reckon that may be an error of judgement. Just my opinion. This looks like it's been consolidating around 47p to 48p. The future looks very bright after yesterday's and today's RNS. Dividend same as Q1 last year, but growth accelerating IMO.
Dididend has not dropped, it was raised last time -
''Maintaining a return of capital program consisting of quarterly dividends at US$0.015/share and share buybacks of approximately $1.0 million/month in accordance with the Company's return of capital policy;''
''10. Dividends are assumed at the base dividend level of US$0.015/share and buybacks are assumed at $1.0 million per month''
The bas dividend is USD 0.15, the previous slightly higher dividend was due to -''Based on the Company's current liquidity exceeding USD$60 million, PetroTal confirms that a cash dividend of USD$0.02 per common share will be declared and paid in Q1 2024. ''
Sold this morning, expecting short term turbulence.
Jeezus. the negativity arppund the divi. I mean its terrible only having a 10% return to shareholders iin the qtr.... they are accelerating drill, so more production and more revenue earlier, I dont care about the capex, its what you do when expanding a business and out of free cash flow which BTW is up by 80% on last qtr.. give you head a wobble people
They dropped the dividend by 25%, is this to support their buybacks.
They paid dividends of (US$0.02/share) on March 15 to now plan a dividend of USD$0.015. I feel this is an error of judgement, these buybacks do not support increased share prices as has been seen again and again, dropping the divi is never going to go down well particularly when they are growing cash. Buybacks really support the institutions.
I wonder what the market will say to this. Results are great (better than guided) - however the increase to CAPEX due to river erosion is not. Dividend to the low side, but same as last year and they are now ready to pay for the additional CAPEX and the new field (I guess we'll get quite some CAPEX on the new block next year). A bit disappointing to see buy backs so low (so that means I'll just hold what I have for now and not increase - dividend will go to other companies).
If Carlsberg did rns -Generated Q1 2024 free funds flow of $53 million (10% quarterly yield) materially surpassing Q4 2024 levels, dividend of $0.015/share payable June 14, 2024, strong cash position with $85.2 million in total cash ($62.5 million unrestricted), with over $93 million in short term receivables due subsequent to March 31
https://twitter.com/surprised_trade/status/1788460891907723771
Dividend same as Q1 last year so not a drop. Guess it's a cash intensive part of the year and TBH they strike a great balance between growth and shareholder returns. Another solid quarter, but I don't expect anything else from this team!
GLA
Love those numbers, doubled EBITDA, doubled net cash, accelerating drilling programme, well 18h on stream nexxt week, although much higher capex and dropped divi, but still a nett return to shareholders of oover 10%. what a well maanged company this is. onwards and upwards
Poo held Petrotal back today I think. Petrotal benefits from oil price strengthening more than most I think. Buying stronger after the EIA data.
Anyway the story on the chart is rising bottoms IMO. I think it looks ready to establish new range above 50p very soon.
I see today's deal is another where a large company finds oil production non-strategic and offloads assets at a bargain price. Cepsa is very proud to brag on their website that most of it's investments are in renewables. Lots of other examples - Serica buying BKR from BP, Seplat buying Exxon's offshore assets in Nigeria etc. I'm sure you all know others. Cepsa are investing $8bn in renewables, so don't think they care about $5m sale much, it's another strategic offload imo. I'm sure Manolo has seen that he can invest where Cepsa haven't, but was also interested that Petrotal say "Block 131’s light oil production will allow PetroTal to increase the sales capacity of heavier Bretana crude through Iquitos". Iquitos is of course closer to Bretana than Manaus, a handy thing in the dry season.
Agreed damofarl. Not to mention it's higher margin, has production and land position synergies, plus 10 years of low decline recoverable reserves @ 900 bopd (not including any optimisations / interventions). And it cost $5m. Crazy good deal.
SP should have jumped a minimum of 10% today. Perhaps tomorrow's update is going to wake everyone up. GLA
they're getting 900bopd light oil for $5m. they've added +5% low-decline, higher value light oil. and have 10 years of production for expected recoverable factors without any interventions or new wells. this is a silly roi considering the strategic location and synergies.
sp should have jumped by 10% on this alone. they didn't even need to drill a well for the 900 bopd. not sure wtf needs to be done for this company to move above 50p. it has never been in a better place. record production at 18kbopd. brent above $80. delivery issues being ironed out, alongside other avenues opening this year. cash printing machine. $100m cash pile with no debt. +10% safe dividend. ****ty bbs, but they're still something.
i think they need to do something other than just state some more great figures to get the market's attention. the only thing i can think of that doesn't require a whopping oil well result is increasing bbs and committing to some drills on larger reserves in their portfolio such as 107. market loves to see wells being drilled, in particular high value wildcats.
anyway i've been slowly accumulating the last couple of days and up to 500k shares @ high 47's average. going to sit on these now and see what happens. figure i can get 5-6p in dividends alone over the next year. some decent interventions on delivery, bbs, and a wildcat well and we should be back over 50p and staying there (providing brent stays in the 80's). would like to see them drop some decent hedges now as well. perfect time to put 30-50% against some decent cost collars. aimho gla
Adding 5% to production for 1% of your mkt cap.......looks good to me.
Looks like great news and action by the management team, eventually the market will wake up to the quality of the operation, even if you can never take it away from ‘Peru’ very happy holding this, taking the great divis that are now coming and in for the medium/ long term ride
Still got 18 h news to come within the week.
Update from the company tomorrow. May help light the fuse.
Let's see.
GLA
If this had been Panr or Bloe.. their share price would have jumped 20%. thiis is laughable
Four producing wells for $5m, if it proceeds, is a gift. A token $1 payment would probably have resulted in SP collapse. Manolo must have been courting CEPSA, Madrid, ever since he mentioned light oil blending. (The Peru #131 field barely included one line in their literature.)
This sounds like a great bbit of business. a turning point strategically for me.
This appears to be one of the cheapest acquisitions I've seen in a while. Anyone know expected netbacks here?
It's adjacent to 107 so I hope they'll finally wildcat the monster!
Looks very cheap and the synergies (light oil = diluent for Bretanas heavy oil) will increase netbacks, especially when ONP at some point comes online again (much cheaper to use light oil than diesel to make the crude ready for the pipeline).
Also explains (well, maybe) why they slacked on buy backs for a while?
Very cheap ... between $1-$2 per recoverable.
Update for the qtr tomorrow. Should be good figures given higher production and oil price.
Seems cheap.