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Agreed Kraken. I feel something will turn regarding another takeover. Either PMO or SQZ. Only my opinion of course.
Cheers Rookie. Was in Pmo in some shape or form until 2018 until I discovered RRE. Volatile but fun at times (not RRE). I expected more here to be honest but mustn't grumble. Small tranche back in PMO...RRE now liquidated...
I can see PMO being the next stock to jump massively, Apache have their eyes firmly on a takeover and even if the Bid was a low ball and turned down….Say £1 per share then that's still 100% rise from todays SP.
Its coming !!
Hi Bobbi, I’m optimistic about pmo if I’m honest. I already hold enough and wouldn’t like to be any more overweight there with covid still lurking but I wouldn’t be surprised if there’s some truth in the Apache rumours either, it’s being held in that range similar to we were here for the last two weeks. Ideally I’d like some news on zama soon, a sale on that set it off. ATB mate
MTS,
Trust me, SQZ is no where near over priced atm.
I'm expecting action over on SQZ soon too.
RRE was a clear bargain for the Arabs, although I fear we will never know the whole story.
aimo
Looks a bit over priced to me by about £200m. but WTFDIK !!
MTS
"SQZ - Market Capitalisation - £316m.....how is this looking today..."
VULNERABLE imo
I81,
Fully explains the 'off the cliff' fall shortly afterwards down to 25% of cash value in days..... head scratching no longer needed on that one, regardless of POO / Covid imo
atb
SQZ - Market Capitalisation - £316m.....how is this looking today
Per RNS 'Viaro and RockRose entered into a confidentiality agreement dated 29 February 2020'
If covid and the market/oil crash didn't happen I wonder what price will have been agreed?
lonestag,
"Unbelievable.... so Viaro using part of Rre money to buy the company....2
Exactly as I stated AA would do for himself, except some Arab now basically gets a bridging loan for all of 1 day to buy the company, as you say, f'in unbelievable. Question is, would shareholders have let AA get away with it, or would they have demanded at least CoH. Could we be witnessing a backdoor, private members only transaction.
aimo of course.
Offloaded my 1258 shares today 8k to 23k i can’t complain in normal circumstances probably would’ve gone from more but you take what you get.
I had taken 2 loans for 8k each when the oil price crash happened got in here at £6ish and PMO at about 17p needless to say my proceeds of this allowed a top up on Pmo of £11,000 and repaid the loans.
What’s the rest of the toddler North Sea oil and gas Companies worth considering today’s events?
lonestag the whole deal stinks of stick up. It makes other NS producers valuations look ridiculous.
Unbelievable.... so Viaro using part of Rre money to buy the company
Capital structure
Shortly after the Scheme becoming Effective and the re-registration of RockRose as a private limited company, Viaro Energy may use part of the RockRose Group's unrestricted cash balances to partially settle the Consideration due to RockRose shareholders under the Scheme or to partially fund repayment of the Facility Agreement(s), in all cases leaving an appropriate and sustainable level of working capital in the RockRose Group. Any adjustments made to the capital structure of RockRose,
MT Sparky,
You were valuing the company on reserves alone.
However we can add the cash, or subtract it if you prefer, given that is the method used to obtain the true enterprise value.
Therefore,
EV=MC+Total Debt-C
£240mn + £0 - £220mn
EV = £20mn
Ignoring all that and adding the cash, still has the price per barrel far greater than "12.7p"
Hi Rookie. I see you're in PMO. Will you be buying more following today?
The decoms always were holding us back and always would have, although more than manageable at $50-60 oil they would cripple us at these prices. I do think oil will recover again but I don’t think AA has necessarily sold us out. Cash was huge, but decoms were also big.
We were struggling to get II’s onboard because of the decoms,I recently read up that in the case of bankruptcy they can also be held accountable to cover these liabilities? I’m not sure how accurate this is but it would explain why our sp has really struggle to reflect anything like what we all thought fair value here.
S7ein read below text:
unrestricted cash balances at the same date amounted to US$ 289.8 million, equivalent to approximately 1,789 pence per RockRose Share, compared to the Closing Price per RockRose Share on the London Stock Exchange's Main Market for listed securities as at 3 July 2020 of 1,130 pence.
"NS assets are now valued at 12.7p per boe in the ground of reserves."
Well that's absolute nonsense.
By your maths Rockrose should have been taken over at roughly £7.7mn.
Rockrose had 60.8m 2p "BOE" reserves.
They had roughly 55-45% oil to gas production split.
Assuming that is the reserve split (Which it likely isn't) - Rockrose had 33mn OIL 2p Reserves, meaning that a barrel in the ground has been valued at roughly £7 per barrel or $8.75 (Could be higher or could be lower dependant on split)
I've ignored 2C, therefore most likely in line with previous acquisitions.
My post was for MTSparky. "Sorry to be so ignorant, but Serica (SQZ) are presently trading at £1.22. Am I talking about the same company?"
Sorry to be so ignorant, but Serica (SQZ) are presently trading at £1.22. Am I talking about the same company?
Not saying the offer has knocked the cover off the back but totally agree, cant just look at cash on balance sheet. Very big difference between net cash and cash at hand. Its also not just deccom liabilities. Break-even p/barrel across the piece was ok but never going to win prizes in terms of operating costs (sorry). I knew that going in here. Maintenance capex also chunky. RRE and Serica, whilst a different mix, are in different leagues when it comes to operating ability. The latter is an operator and capital allocator. RRE is restricted to the latter i'm afraid.
Based on this take over at 18.50p and the comments below should we look to sell off and TP around these levels or will we ever see this tip above £20.00 again.. that was my Take profit level however i am not sure its worth waiting around as have waited long enough to get to this level as it is!
This deal values Serica at about £108m or 40p/sh