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The Wentworth CEO Katherine Roe spoke to London South East about the proposed purchase of the Ruvuma appraisal and development gas licence. She described the $16M deal as 'fair to both parties', with 3M$ paid up front and a loan agreement to Scirocco of $6.25M to fund the up front capital requirements of the development without having to dilute shareholders. She emphasised that with Government and local stakeholder connections and subsea and operational expertise developed over 10 years as a non-operating partner at Mnazi Bay they would make a success of the project. She did comment that if the seller #SCIR were to pay the up front costs themselves it would be 'very dilutive' for shareholders. Please view here: https://youtu.be/-GQ1PKsHzUc
It will actually be interesting to see what happens if SCIR shareholders block the divestment. Get ready for the mother of all dilutions! Perhaps even a series of dilutions. if the companies doesn't default on its obligations in the first pace of course. And all that for a, most likely, marginal project. There's no sentiment in WEN unfortunately (far too illiquid anyway), but at least there is some interesting news in the market.
The vote could actually end up being closer than I first thought.
https://www.ippmedia.com/en/news/natural-gas-power-plant-tanesco-adds-45mw
https://jpt.spe.org/tanzania-inks-deal-with-shell-equinor-for-30-billion-lng-terminal
Bussiness as usual. Stockprice can't keep up for long
High offtake rates from Mnazi Bay is about the only thing that I really like in this venture Agd50... ;-)
Good news , glad you are happy Mick ;-)
Great to see that the commissioning is really happening. Would not surprise me if we’ll finally test the maximum flow rate of the Mnazi Bay wells in the 2nd half of the year (135 MMscf/d?). Hopefully we'll be doing around 100 MMscf/d steady state, from now on!
First turbine on fire from June 10th!
https://www.linkedin.com/posts/csienergygroup_kinyerezi-1-power-plant-extension-project-activity-6943060982923440128-8PP_?utm_source=linkedin_share&utm_medium=member_desktop_web
by the way i am with Swissquote and they offered me this option to reinvest fully or partially my Wen dividends
thanks Eco!
I like where is Wen going and becoming more than just 1 asset company is better and move in the right direction. There are other opportunities in Africa so hopefully they will continue with this trend.
@Hand-some: dividends can be automatically reinvested at market prices and a very small fee (typically around £1.50). Interested to know your broker because ii (now under the wing of ABRDN) does not offer this service for AIM stocks.
Reinvesting divies is what conventional wisdom considers provides the greatest long term gains. If you do not need the income provided by dividends, reinvesting is usually a good idea (but everyone to their own).
We were all new to investing at sometime in our lives, so do continue to feel confident to ask for advice or explanation on these boards. Most people are happy to help.
Eco
hand-some; are you relatively new to investing/trading?
Just got a message from my broker in regards to Wen dividend. Take it in cash or reinvest? I do not understand at what share price will they reinvest? does anyone know how this works or how it worked in the past?
Thanks
Since 8 April, Fidelity increased its stake in WEN by about 3,4 mln shares; BNB bankby 2,75 mln shares and OMVK by 1,37 mln shares. Why do we not get an announcement when this happens? Strange this.
Hi Agd50, quite funny actually… you’d be surprised...in real life I’m very much an optimist. However, having worked 25+ years in the oil and gas industry, I’ve just become a little bit more skeptical… But certainly no offence taken.
Cperkin, ARA will only “chuck in” the full $120 mln(?) if Chikumbi-1 is a success. It it is a failure, they will have spent 20 mln or so, on seismic and a single well. It is an investment / risk they can afford.
Tanzania, if Ntorya was already proven to be commercial, why then was ARA/anybody else not interested in their stake?
But let’s hope Chukumbi is a screaming success. I give it a 20-30% likelihood, but hopefully I’m wrong. I’m delighted though that we’ll find out soon, so that we finally can stop this debate, and move on...
Ara are spending a small fortune on the 3d seismic exploration working on dreadful terrane and what with apparently 2/3 months of analysis hopefully underway, would they proceed to drilling CH 1well if they believe as Mick does, it's all a hyped up pup?
In terms of Ruvuma, the Zubair corp through ARA Petroleum (Notice the name) are chucking in around $120 million into the assets development. If this is not an indicator of the potential upside of the asset then I guess some people will never be convinced until it is producing 140 million scuffs per day.
I think WEN have played a blinder here and got themselves a cracking deal, in fact probably better in terms of risk profile than the Omani's have manged with their 50% farm in to the AEX holding.
Nothing of course is certain till the drill bit has done it's talking, but the asset appears to be very gas rich, regardless of the Mike Rego oil scenarios.
Well done WEN holders (providing the deal completes)
Mick, you are a natural born pessimist. No offence.
Baramara,
I have to say that I truly feel sorry for you and the other SCIR/Solo investors. The real issue is though, I think you have been misled, very badly, for years now. Solo/SCIR's business model is essentially based on greed: feed shareholders endless promises of massive profits just around the corner, while emptying their pockets with countless dilutions. The company has never made a single pence of profit for the shareholders as far as I know.
On Ntorya I fear the same: I very much doubt that the field is the world class asset that you have been told it is. It is hyped up to the limit, and I fear that the likelyhood is very high that it is non-commercial. Yet another false promise from some very greedy (mis)leaders.... Hopefully we'll find out next year, once and for all.
Best of luck with your other investments.
Congratulations to your board of directors for a superb deal with scirocco, Ruvuma is a world class gas/oil deposit.Please Take good care it was my baby for fourteen years unfortunately thanks to scirocco’s incapable directors it’s cost me £58,000.
They seem like a good company. I like how they work with the government to supply low cost energy but still make a healthy profit. I wish other energy providers and governments had the same mentality.