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Hopeing more
Egyptian receivables was killing ! Producing 7500 BOPD in Egypt does not mean 7500 BOPD worth of revenues! The situation has improved now...
Chipping away
I allways found it strange that Merlon was producer of 7500 barrels a day but had no money for extra exploration drilling
Considering news is not that far off I would hope a significant re-rating should be on the cards
Well that caters for the drop. No maybe this can recover
just noticed that the previous owners of Merlon have reduced their holdings in April from 16.49% to 1.71% on the 30th of April and the share priced has slipped from that date. It doesn't show much confidence in what they have sold and doesn't align with what Ed said about Soco offer being better as it provide them with an upside in the asset sold via the shares issued.
I will be reinvesting my dividend payment at theses prices i will get more shares than I was expecting.with the price of Brent at $71 and Vietnam oil +$4 to Brent then we will have lots of cash .would like to here a bit of news from Egypt all I have heard is pre purchase news we own them now some production numbers would be nice
I am a little surprised that we find ourselves here with the SP sub 65p - even with SIA only going ex-dividend a few days ago.
We currently sit with a market cap of £250mil which feels very low given that we have no net debt, are highly cash generative and have significant upside potential in the portfolio.
I started to add here around 6 months ago and have continued to buy in recent weeks. I have to assume that the price will start to respond at some point. We should see strong production data and this combined with low capital expenditure and strong oil prices should see cash generation remain very healthy.
There is a lot to like about this business.
That was most helpful, cheers.
If you are looking for div dates in the future usehttps://www.dividenddata.co.uk/exdividenddate.py?m=ftse100 it tells you all dividend date you need
Thanks for that thought I'd made a big mistake.
yes... ex-div is tomorrow, register day is Friday... so needed to buy today for settlement day Friday at latest.
Do I still get the dividend if the settlement date is tomorrow?
Or concerned that once ex div tomorrow the drop will exceed the div payment
People selling thinking it's ex divi today
IMO, this does seem pretty good value at this price.
Especially with news of the completion of the Egyptian deal to come, and possible political tension between Iran and the U.S.
Following todays drop it's now yielding around 8%. Someone trying to hold it back it seems
Any further weakness tomorrow and may take a few more. Looking very oversold, good divi and potential news due here.
are you lost Pineapple ? :)
joined you
Tomorrow being the last day to hold prior to the hefty dividend I have decided to take a few.
Nice article from Vasily Zyryanov on Seeking Alpha.
https://seekingalpha.com/article/4257789-soco-international-restored-profitability-merlon-acquisition-drive-revenue-higher?ifp=0
Thinking the same and will do a little research. Price seems depressed and hopefully good news from Egypt and the divi will see this recover from the lows.
i agree, bought in today for the same reason. Low price, good dividend, whats not to like...
chunk dividend being paid out of 5.5p in a few weeks - this is now in seriously undervalued territory - took a stake here yesterday and fully expect this to be back over 90p over the next few weeks