GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
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Would be fun if the board did a $5m share buybacks back and screwed all the shorters over, this price is ridiculous
Canada opened at about 21p - let's see where it goes from here. Well oversold imo
Interesting post on Stockhouse BB (TSX VLE):
JV or Acquisition of Condor’s producing assets in Turkey
Condor ( CPI ) has producing assets in the Thrace Basin.
It’s been obvious for several months that it has been waiting for this decision to be made before finalizing its contract preparations to drill the Yakamoz 1 side track well and subsequent appraisal well in Turkey
The Yakamoz 1 side-track well and a subsequent appraisal well in Thrace are shallow gas .
Yak 1 missed the main target, hence the sidetrack.
Costs are expected to be about $2 million and the target has substantial gas potential.
Or indeed, as Condor has been focussed on its Asian assets, and selling its other assets, it might sell its producing assets in Turkey to Valeura
Waiting for Canada to open to see where the price goes before adding
this could be a monster of a share in 2020....will see what the break up with the partner looks like but surely if someone drops out you get minimal or nothing back and we keep everything.....big prizes like this take time and maybe the partner was not interested for the long haul as strategies change over time...
yes. it means this is now even more undervalued, and when I free up some cash from other investments I can top up here cheaper :)
Buy/hold. Bit of patience. Sell/profit
Only bought in a few days ago on the year low. Trading well below cash levels averaged down today as the big prize is still there and so is the profitable production.....crap markets what can we do except wait at least Turkey is not effected by this flu thing
Early doors yet, but value is certainly there. GLA
Small trade today - sold 6000 @ 26.1p
Bought back 6000 @ 25p (Note: reported as sell)
Impressed by the way this has held up - was expecting far worse. - Clearly the value in this company is recognised by many.
Canada at 2.30pm will be the litmus test.
But now expecting this to be back to 30p this month (or perhaps when future plans are announced in Q1).
The departure of a big name from the licence may not seem like good news, but VLU is not a cash-strapped oiler with no place to go. It will all depend on the shape of the exit deal. If we end up with 100% of the asset and all the data, then VLU’s asset base will be significantly enhanced. And if there is some form of dowry in the form of cash for funding commitments already made, then that would be the icing. I imagine Equinor’s decision is more about Turkey political risk management than a comment on the quality of the asset. GLA
Decision could have gone either way (Equinor have divested from many of their assets in the last 5 years) - but just my luck.
Yesterday it fell to the lowest point of 26p a share (inside knowledge?)
However cash is at US$37m (equivalent of 32.9p per share), no debt and income is strong (about C$3m a quarter) with high gas price in Turkey, so good existing business besides the deep play assets.
I expect the market makers to hit this hard today (and with the poor market generally). They'l probably push for sub 20p. But this will be back to 30p level in a month or so imo.
This is gas, not oil, and the Turks are willing to pay a high price for an import substitute (they import 99% of gas) they desperately need.
Should be the bottom today, fingers crossed but pretty disappointing nonetheless
Got a few quid to continue to throw at it but want to do it at the bottom, anybody know where it is, well below cash levels now surely can't go much lower?
Top post, Earache - thanks.
Regards 'how much longer can BOTAS stay so far outside the European pricing structure whilst at the same time seeking accession to the EU? A long time I hope!' - I think that, short of a revolution, there is little chance of Turkey joining the EU in the next 20/30 years (Morocco and Israel probably have a better chance); so economic alignment for Turkish accession is not an issue.
A couple of recent articles to support this opinion:
http://www.hurriyetdailynews.com/ankara-urges-eu-to-reconsider-its-enlargement-policy-151470
https://carnegieeurope.eu/2020/01/29/how-far-can-turkey-challenge-nato-and-eu-in-2020-pub-80912
Our gas will supply an insulated high gas price large Turkish domestic market. However, we may not be able to export to Europe given the politics surrounding Cyprus drilling and Israel - Greece gas pipeline. ( see Carnegie article above, and https://www.consilium.europa.eu/en/press/press-releases/2019/11/11/turkey-s-illegal-drilling-activities-in-the-eastern-mediterranean-council-adopts-framework-for-sanctions/ ).
But I'm not too worried by that - the Turkish home market should take all our gas (95% of gas used is currently imported? I recall) and is higher priced.
And this is the gas price in Morocco (from today's SDX RNS):
'... With the planned follow on development well, we now have the potential to increase our total reserves in Morocco to approximately three to four years of customer demand with our gas being sold under five and ten year fixed priced contracts at an average gas price of circa US$11/mcf.'
An example of gas prices being country specific, and inelastic.
Thanks, Laptop - interesting article.
For balance, here's another:
https://oilprice.com/Energy/Gas-Prices/Has-Natural-Gas-Hit-Rock-Bottom.htm
Can anyone explain the implications:
Gas prices have declined dramatically in most parts of the world - but, as the article states, pricing is somewhat inelastic. So will Turkey's price fall? Or will world prices's, with the fall now overdone, start to rise again? And how do they inter-relate?
No doubt our economist-friends at Equinor will be running their pencils over this in the next few weeks.
2P Reserves 7.4MMboe
2P Value |$87million
1P Reserves 2MMboe
1P Value $26.3million
2P+1P Reserves Value $113million(all for free at the current share price)
10Tcf Resources
Production
Fourth quarter 2019 production averaged 646 boe/d, comprised of gas produced from the Company's ongoing conventional programme. This is an increase of 22% over the prior quarter, and a demonstration of how the Company's shallow gas work programme of well workovers and recompletions can offset natural declines.
Valeura's shallow gas play provides a reliable stream of production and cash flow. Price realisations were relatively stable throughout 2019, averaging US$7.40/Mcf (CDN$9.82/Mcf) in Q4 2019. Revenues increased in Q4 2019 due to a combination of higher production and gas prices, and were more than sufficient to cover the operating costs and all of the G&A costs of the Company.
Balance sheet
As of December 31, 2019, the Company was in a strong financial position, with a net working capital surplus of approximately US$37 million (CDN$48 million).
Cash equal the current Market Cap
#VLU trading at cash.
Zero value added to their gas reserves and prospects.
Value Buy
earache - yes, I too was impressed by the comprehensiveness of the information provided by this company. Who else provides a transcript of their webcast? This company is way ahead of most AIM companies on keeping investors informed. Bodes well.
Flat in Canada, no wonder the AIM price has been slipping back
No appetite in Canada, after a good start its only marginally higher, what is holding them back?