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Last one out please can you close the gate THANK YOU
Ed's been a tad quiet over the last 3.5 months - surely quite a bit of work has been going on in the background whilst the terrible Covid situation has progressed throughout Europe.? Or has he just been sitting on his tractor at home ?
With Lockdown restrictions easing in the coming weeks ( Italy / Spain) there must be quite a bit of news flow to come ...
We need income from the Italian assets before we go buying up more assets as it would require more placings
Oops - pressed return too early.
What I am looking for is a BoD who have been using the lockdown period to plan for acquisitions and who have a good set of newsflow coming up in the future but without being too well known now.
What I am looking for is a unicorn lol!
When the economy moves into recovery mode then everything will rise. However, the success of individual oil minnows depend very much on the management having the balls and brains to take sensible risks.
Gents ,
I agree . Good fundamentals in PXOG that should return well.
Patience is everything
Bought another 500k this am
I dunno. If I hadn't already invested a significant portion of my PF in PXOG at a far higher price I'd be very tempted to go large. Unfortunately, my previous experience with other oil minnows leads me to view that course of action as Extremely Reckless. But that's how you make money (or lose everything). Despite PXOG's bad week my PF was up 34% and I'm expecting PXOG to bounce significantly without any further input from me.
Brian Larking only passing on what PVE have told him and being honest to his share holders about it imo.
Will be interesting see what spin Ed puts on it and we will know his attitude or contempt towards the share holders
That's of course if he can be bothered to inform us at all.
Certainly room for wages cut as of 2018-£469,788
Fat cats getting all the cream and delivering sweet fa to share holders, sp in the gutter
2 timelines missed on Tesorillo cpr now with no explanation just not good enougth really Ed is IT???
See today’s RNS from UOG, re Italy – “In Italy, although Selva is continuing to progress through the approval process, this process has understandably slowed with the Government's critical focus on fighting the Covid 19 epidemic, and the target for first gas from the field is now H1 2021.”
So this is a little ‘at odds’ with PVE’s optimism conveyed in my previous post. You will see that UOG are keen to defer their share of the cash required for Selva production. They have also announced cost savings.
I do think that UOG’s initiative in posting an ‘Operational & Corporate Update’ is sensible. Perhaps Ed should consider a similar update? As well as ‘mixed messages’ on Italy, we are waiting for the El Romeral transfer and the Tesorillo CPR update. Would also be good to know that our guys keeping well.
GLA and please DYOR
PVE accounts posted on ASX yesterday …
https://www.asx.com.au/asxpdf/20200401/pdf/44glb3mw82wqyb.pdf
Page 6 – para near bottom offers some encouragement, for example …
“we have seen evidence that the Italian Ministries continue to be operational therefore we do not expect significant delays in the ongoing environmental approvals for Selva Malvezzi ...”. “Importantly, the oil and gas industry was declared an “essential service” by the Italian government underpinning its strategic importance to the Italian economy.”
Let’s hope the PVE/PVO team stay well and deliver for us.
GLA
2nd long awaited timeline on Tesorillo cpr is up, time for update on situation Ed???
Good questions. First thing to say is please DYOR, a lot of uncertainty just now.
Most obviously, it’s clear that there will be delays in both Italy and Spain.
We raised £720k less costs, for the sake of argument let’s say £650k net.
We have revenue from Romania – how much will depend on a number of factors such as output, contract price with grid, exchange rates, opex share with Raffles, etc. My guess (DYOR) is £20k-£30k / month to PXOG.
Important question is whether revenue from Romania is sufficient to keep the co. running without dipping into the raise money, which was primarily for El Romeral.
We have interest to pay on loan notes mid-year. Re-payment also starts at the year-end, by which time we were expecting to have Italy production – which now seems at risk. While this is a concern, it should be manageable for a while (but DYOR).
We have €375k to pay for 49.9% of El Romeral, waiting for the transfer approval (which was meant to be imminent, but who knows now?) and then we start earning some revenue (our share of ~€800k pa). Then the idea was to ramp up electricity generation (from current 22% utilisation) which will eventually require more gas – so drill (say) a couple of low risk targets.
The final approval for Selva was also expected ‘imminently’, again now uncertain. Approval would have triggered a requirement for €400k to PVE/PVO for production infrastructure (total €2.3m). My expectation was that this would be funded by a further issue of loan notes, as opposed to working capital (again DYOR)?
I expect that Ed will have taken measures to minimise co. running costs during the (desperately unfortunate and unforeseen) ‘lockdown’. We should be ‘living’ on Romania and not burning raise money. Will need to reassess timelines when ‘lockdowns’ lifted, but hopefully government across Europe will want to stimulate their economies and try and avoid a ‘slump’. As noted before – Italy imports gas from Russia and Spain from North Africa and shipped in LNG.
All IMHO, GLA
1. Does pxog have enough funds to weather the storm atm, being CV pandemic? 2. Will pxog deliver projects in Italy and Spain? 3. Any guesses on when? Figures, dates, delay time would be greatly appreciated! Thx
https://www.asx.com.au/asxpdf/20200324/pdf/44gbfpcymk2rlg.pdf
With apologies for reporting Aussie news again, WGO Directors putting co. and shareholders first by reducing salaries by 50% as a result of CV impact from April through June. Let’s hope that Ed is implementing similar measures to ensure PXOG minimises cash burn in these difficult times.
GLA
Yes I did, another disaster of a share. I made some money on it (not alot) but better than a loss. Another lying CEO that kept saying no need for a placing, then the next day did a placing at 10p. Aaog will be delisted soon, nothing but a lifestyle share.
i see it differently Daltp98, mostly all shares are taking a battering and a very high % of shares have been crushed since the corona outbreak. moat of the shares will bounce back and should do quickly. will they completely recover to levels before the pandemic... possible not anytime soon and depending on overall market feel then may take some time.
for pxog it is heavily under valued compared to asset value. that along is areason for a bounce and jump in shareholders value when the current corona virus pandemic is all done and dusted. add the news from italy when we are up and running and everything has been signed off then that revenue along is worth more than our current sp. again need to wait for italy to get back on its feet and clear the virus which could take several weeks-months. but i see it clearing by summer and then pxig again will bounce up on that news.
thats only 2 stages of recover within a short period of time. we have revenue from romania and spain. so as long as we havent run out of money and need the begging tin out i cant see pxog collasping in 2020. its a bumpy ride in front of us and may need to sit on our investment for a bit until real movement comes back but i havent lost faith just yet. just a huge % off my holding in value!!
You had a lot to say about aaog all the way down from 30p to 0.19
I was invested in this share over 3 years ago and watched its decline. Still waiting for them to unlock the value for shareholders! All these years later. It looks like this is the end for pxog and the 2020 recession will finish it off. Atb.
https://www.asx.com.au/asxpdf/20200323/pdf/44g9kq647lwqq2.pdf
STX response to WGO rejection, interesting that they note …
“The proposal also indicates a willingness to explore structures that would allow Warrego shareholders to continue to retain 100% ownership or exposure to Warrego’s non-Australian (Spanish) assets”.
Now wouldn’t that be good, a residual WGO Spain only co. with the benefit of sale proceeds from West Erregulla asset? Where would that leave PXOG with 49.9% of El Romeral and valuable option for going up to 49.9% of Tesorillo?
GLA and please DYOR
https://www.asx.com.au/asxpdf/20200323/pdf/44g96rr41nyfvg.pdf
STX (ASX) have expressed interest in Spain partner WGO (ASX). WGO have rejected this all share offer, but make it clear they are “prepared to engage on any other proposals which are received in the future, whether from Strike or any other third party …”.
WGO note that the proposal “also undervalues Warrego’s other valuable assets, including its Tesorillo project in Spain”.
Let’s see how this develops.
GLA
Just to echo the sentiment, trust Ed et al doing well, also best wishes to partners PVE/PVO and WGO/Tarba team and the Raffles guys in Romania.
When we get through this, and we will, perhaps there will be a greater focus on self-sufficiency? Remember Italy importing nearly 50% of gas from Russia and Spain reliant on imports over the pipeline from North Africa plus shipping in LNG.
A question regarding El Romeral while we wait for the transfer approval, the ‘effective’ date of this is July 2019, so does this mean we get the revenue (shared with WGO/Tarba) back-dated to then?
GLA
Hope they are taking precautions and Ed and co making sure the workers getting paid. Ed does seem the decent sort. Hope we here don't get hit as bad
Buys to sells 28-1 and the SP stayed put. The Italy connection must be to blame and I'm shocked at 627 deaths in one day.
And their health system is better than the NHS! I think the US is going to be the hardest hit so I can't understand why punters would sell Gold to invest in US dollars. All this new money must lead to very high inflation except who cares about Basic Economics? False news.
Can we still look forward to PXOG revenues exceeding the Mkt. Cap. ? Yes we can! And that's without Spain - supposedly the icing on the cake.