Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Desperation? It looks as if they really don’t understand why the share price isn’t doing anything….
Why they are tweeting something that happened in May is beyond me, but hey ho, FYI
At the Africa Energies Summit in May, our CEO Katherine Roe spoke with the
@ConnectFrontier
team, discussing Wentworth’s ongoing focus on producing low cost, reliable power for the people of Tanzania.
https://twitter.com/WenResources/status/1544347169376829440
mick2020; ha ha - i got the irony!
"Mnazi Bay is so good in fact, that it allows them to do nothing at all for many years,…" - that's why i'm here, in spite of the mgmt! Nail. Head. Hit.
First sentence: "Wentworth Resources is a leading domestic natural gas producer in Tanzania"
..."the aquisition positions Wentworth as the leading domestic gas player in Tanzania with a diversified portfolio..."
... "strategy is.... to ultimately become the leading onshore gas producer in Tanzania"
Who invents this crap? If Wentworth is a leading company, then M&P and Orca are even more so. And what about the Omanis? Can the real leader stand up please....
damofarl, my comment about being "a little bit critical" about WEN's management was actually meant ironically... I absolutely detest WEN's management. From the farcical AGM's to the horrible waffle from Katherine, I find it actually unbearable. I’ve even stopped watching her presentations. A bunch of investors that pretend to be a growing O&G operating company… it’s just laughable.. They have a stake in an excellent and under-appreciated gas-field, that’s the only thing that this company has; they don't operate anything at all. Mnazi Bay is so good in fact, that it allows them to do nothing at all for many years, while squandering lots of money and pretending to be busy…
mick2020; a little bit critical of mgmgt? Yes you are - but accurately so!!
Invested about 2 years ago on the basis of the field size and seemingly good/stable govt relations, for yield, and yield/SP appreciation into the next 5 years, so in no rush. But you do sum up the pedestrian progress perfectly. Frustrating
Damofarl, while I have, admittedly, at times been a little bit critical about WEN’s management….??…. I am actually very positive about the longer-term returns. If time is not a big issue for you, I don’t think you have to worry about your investment. Mnazi Bay is a fantastic asset. Reserves will get a big boost again as soon as M&P starts drilling and in my view the license extension is ultimately almost a certainty, so we’ll still be producing ~20 years from now. Also the Ntorya gamble won’t have a big impact on the finances overall, if it turns out to be a dud.
The only trouble is, WEN’s timeline is very long, and the excessive spending & self-rewarding of management makes the waiting extremely frustrating. If the company had halved G&A a few years ago, divided could be twice as high, with the same cash balance as we have now...
highyield; thanks your post; 50% (including the HL private small investors) from serious investors, shows some institutional support, which bodes well.
mick2020; thanks for the increased holding data. In itself ,i find that quite reassuring/positive, not least because OVMK are focused as a 'value investor' - i note they also have holdings in Premier Foods, and GKP and GENL (the later 2 of which i hold).
https://www.londonstockexchange.com/news-article/SCIR/result-of-general-meeting/15517930
Company received the requisite majority approval from shareholders at the General Meeting held today in respect of the proposed divestment of its interest in the Ruvuma Asset to Wentworth Resources.
OVMK held 11,813,389 shares on 8 April (listed 4th on the list of significant shareholders). They added 1,369,933 shares between 8 April and 10 June.
Was a private person until June. Been owner for about a year.
No 4 on the list, is new to mee. Is it so, or have i missed them before. A dutch value investor.
https://www.wentplc.com/investors/shareholder-centre/
Fidelity International 21,183,000 11.89
BNB Bank ASA 18,679,127 10.54
Vitol SA 16,813,535 9.49
OVMK Vermogensbeheer 13,183,322 7.44
Mr Robert McBean 9,605,385 5.42
Hargreaves Lansdown Stockbrokers 7,765,906 4.38
Julius Baer Private Banking 6,186,315 3.49
In my view, WEN’s key problem is not the field or the country they work in, but the fact that they continue to justify a very high cost base with pretending to be an operator.
WEN is purely an investment company, and the main objective seems to be to minimise the sharing of the proceeds with the original creditors (the shareholders), and maximise syphoning off to management. The new Ntorya smokescreen will only help continuing the milking of the Mnazi Bay cash cow. Worst is: shareholders have no influence whatsoever, absolutely infuriating.....
alph; the lack of energy, was regarding mgmt - not resource energy.
And yes, they are focusing on Tanzania, their stated decision, but i've never been a fan of a one trick/one country pony. Yes i believe in focusing on what you know, and despite appearing to have excellent relations with the Tanzanian govt, that singular focus still holds them hostage to such continuing. Bar the corporate self indulgence, which very concerns me, i am a fan on the positive inclusive relations they seem to have in the country/locale
mick2020; yes, i'm with ya. Disgrace.
5.6 mln for Katherine
1.8 mln for Richard
Not conditional on delivering anything at all. What a disgrace.
I just read an updated research report from Cenkos. I cant't share it, but it might be available through https://www.wentplc.com/investors/analyst-research/. WEN target price raised bu 2p to 48p, based on Ruvuma transaction assuming a 30% chance of operational success.
You can clearly see the huge area covered in the clearance lines. Thanks to James Ashton.
https://twitter.com/james_ashton_/status/1541082721900007424
They say they aim to be operators when opportunity arises. Maybe they take over as operators in Ruvuma or Mnazi when they have enough cash to buy out ? Ruvuma seems like a good deal. At least Scirocco shareholders are furious.
How are these two going to develop a gas field from scratch with $6mm given they have no operating capabilities or seemingly no ambition to operate.
It’ll be 100s of millions to appraise and fully develop.
AIM is a joke at times. They need to farm it out again to a proper company
damojarl: "Lack of energy"? What do you mean?
Its the board decision to focus on Tanzania.
Start to see what some here have been saying about the CEO; possibly the least inspiring interview ive seen in a long time; very average capabilities/ambitions. Other than the lack of energy, noted zero ambition to grow outside of Tanzania.
Generally like the structure of the Ruvuma deal, but i do wish there was more drive and ambition beyond executive pay perpetuation.