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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.)
If this had been Panr or Bloe.. their share price would have jumped 20%. thiis is laughable
Update from the company tomorrow. May help light the fuse.
Let's see.
GLA
Still got 18 h news to come within the week.
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
Adding 5% to production for 1% of your mkt cap.......looks good to me.
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
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.
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
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
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
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).
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.
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
Sold this morning, expecting short term turbulence.
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. ''
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.
Its the risk involved, in the environment they exist with river blockades, low water levels causing problems and other political issues, why accept a reduced divi when I can get similar or even better yields elsewhere, have a look at i3e as an example in Canada, safe as houses about to conduct another strategic asset sale and giving a yield just over 10%, with over 20,000 boepd expected this year end.
@ Darientaylor - I don't mind CAPEX when it's going to growth or sustainable higher production.
However, we're not really getting anything from the 65 - 75 million USD going to deal with river erosion in 2024 and 2025.
Up 15 million in costs or 1.6 c/share.
With respect if river erosion is not dealt with their is no river and its a vital part of the business, all businesses have 'outside' costs as it's part of business, hard to find one that doesn't, many have debt costs, etc etc
Part of this business is generating goodwill. It's absolutely essential to operating here. The cash spent on the local environment mitigates many risks. I'm 100% behind it, plus any other initiatives to safely balance business with environment.
I have i3e in my pf too, re earlier post, i3e have capital costs too, have reduced their divi due to cash flow, drills halt last year etc and situated in Alberta Canada they are located in the wild fire zone that occasionally affects operations.
PTAL has risks, all stocks have risks, unlike many stocks PTAL are seriously cash generating, excellent divi with oprtion of special divi when cash exceeds $60m, well managed financially, adding growth, and no debt....a lot to like
Brent USD/Bbl 84.014 ⬆️
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