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Maybee if Malcy were to include WRL in his bucket list, the stock might get some more attention. This is his comment on today's update. "I have been most impressed by WRL in the last few months, production is picking up nicely and guidance is being beaten on a regular basis. Mnazi Bay has seen an increase in demand as K-2 has the first two turbines up and running and increased demand from industrial customers has gone up as well. Accordingly the exit rate at the end of last year was 73.4 MMscf/d with a 4Q ave of 62.2 MMscf/d and over the year 49.1 MMscf/d which is most impressive growth. With 2018 providing another four turbines for K-2 and demand from Dangote Cement likely guidance for the year has risen to 65-75 MMscf/d which looks very achievable. Finally it looks like things are going to plan at the Tembo Appraisal in Mozambique with farm-out discussions under way and hopes of an appraisal well 3Q this year if those discussions are successful. No mention of filthy lucre in this report but recent announcements have been very positive on that front. I remain increasingly happy with Wentworth at the moment."
Welcome Ledzep, and indeed, WRL is very much under the radar in the UK. In Norway it is a different story and trade volumes over there are quite healthy, just have a look at: http://www.wentworthresources.com/stock.php The bid price in Norway is currently 3.27 NOK, which is about 30p, so I think you got in at a very good price. 2018 is going to be a very exciting year for WRL so I'm convinced the market will improve in the next few months. Good luck!
Feels a bit under the radar this one, and is generating revenue with potential growth and further exploration, so should be a good 2018. The apparent "sell" @ 9.04 was my initial buy.
Very solid numbers, a bit conservative even I would think, I like it! Even at the minimum rate the company will have gas sales above $2.5 mln/month, which will allow then to repay all outstanding liabilities and build up cash quickly. At the end of Q3, the key outstanding liabilities were $1 mln debt repayment in Q4, a $2.5 mln overdraft facility and a $4.1 cash call from the operator (for 2017 activities). I expect the company to have repaid most of these by now, with everything settled in the next few weeks. Very much looking forward to the next announcement!! What will it be? - Production reaches 80 MMscf/d? - A Mnazi Bay reserves increase following the latest CPR? - Drilling plans for Mnazi Bay? Or best of all, more details about the Tembo farm out.... I All looking very good for 2018!
I am sure interest will build Mick, the Move to the UK by the bod and the re-domiciling the Company from Canada to a European country coupled with Malcy's increased coverage and an improving outlook will all help as will the revelation of who is in the data room for the farmout :)
Perhaps you should try to convince some other AEX holders to do the same.... It�s truly unbelievablle how little interest there is in WRL in the UK. Good luck to you as well, I think you won�t lose on this one.
Been holding since last year Mick, debt is of course a concern but revenues and payments are improving as is production volumes and tembo combined with the Bod moving over to the UK all provide some upside. Good luck!
Well well Cperkin, Are you now a WRL shareholder as well? What happened??? I thought you were not interested in such a �debt laden company�.....
Movement and in profit.....that's nice. Happy New year by the way!
Close: 3,39 (31,15 p) at OSE
3.30 now (30.25 p) at OSE.
Looks like another good day at OSL: the bid price is currenly 3.20 NOK, which is more than 29p. Also good to see that trade volumes seem to be increasing again, with more than 500,000 shares traded yesterday. Amazing that the response in the UK is absolutely zero.... time to wake up LSE! There�s some great news on the way, this share can only go up this year!
Soon time for repricing at AIM? OSL: 28,79 while 26,50 at AIM.
"He cited the projects as expansion of gas-fired Kinyerezi I and construction of Kinyerezi II which will generate 425MW. �Execution of Kinyerezi II has now reached 87 per cent and it has started to pump 55.94MW to the national grid as of December last year, with additional 27.94MW expected this month,� he stated." https://www.dailynews.co.tz/index.php/home-news/55289-3-300-projects-listed-as-industrial-agenda-ticks/
Thanks Crusty (just noticed your posts here), I must admit that I haven�t followed the O&G news from Tanzania very closely in recent months ( just so little movement, and at the same time I�m very much focussed on some other opportunities), so I am not sure what exactly is happening offshore. My understanding is that the LNG plant in Tanzania is still many years away, see for example the article below from Oct 2017. Quote: �Whatever happens, most observers believe a final investment decision would be five years away at best. By then, the IOCs may well have turned their attention elsewhere�. If FID happens in 2022, then production may start perhaps in 2030... way too far away for any small O&G company; offshore Tanzania is purely IOC territory in my view. I hope for you that AEX can sell Nyuni for a decent price, but I certainly wouldn�t place a bet on that.... The articles you copied are older (2016), so I�m not sure how relevant they still are. What I do know is that LNG in neighbooring Mozambique seems to go ahead, and given the growing LNG supply woldwide, this may make it even harder for Tanzania to justify another LNG plant. Regarding WRL vs AEX: In my view, WRL is an extremely safe bet. In WRL�s �best case� scenario (Tembo farm out is a success, the company drills 3 successful wells in the next 12-15 months and production reaches 130 MMscf/d in 2019), I expect the share price to rocket at a given point (say up to 1 pound/share) and the company being taken over. Even in a �worst case� scenario (WRL goes it alone in Mozambique and drills a dry hole, production reaches only 100 MMscf/d in 2019) I feel that WRL is still undervalued, and should move to 40-50p at some point in the next two years. AEX on the other hand is already valued twice as much as WRL, and in my view, pretty expensive. In a best case scenario the value will undoubtedly go up further, but the risk is much greater. If KN-1 can�t be revived (wich I expect unfortunately) and the volumes in Ntorya ramain stranded the next few years, or worse even, if AEX loses it�s licences in Ruvuma (which I don�t expect), then the company is at great risk in my view.... It�s all about risk indeed, and I personally prefer the safer option. But I certainly hope it will come good for everybody. Good luck!
sorry; here https://www.offshoreenergytoday.com/tag/tanzania/
and this: quite a bit here.... Statoil particularly news to me.
apologies should hav been this http://www.ogj.com/articles/2016/11/drilling-program-commences-offshore-tanzania.html
Good evening mick, by pure coincidence this came up on the Solo BB this evening; it answers a question you raised yesterday https://www.rigzone.com/news/oil_gas/a/98938/bg_group_tanzanias_1st_deepwater_drilling_to_start_shortly. mick I also have the Investec Oil and Gas analysis that includes analysis on both AEX and WRL. Neither are fantastic but WRL probably wins on points. Most notable issues for AEX are lack of cash and inadequate funding for NT3 drill; they speculate that AEX will need to farm out Ntorya to fund NT3.... Oh and uncertainties about KN1. Nothing that isn't already public knowledge but good to see it succinctly assessed. Do you have an email address? I will send you the pdf.
Happy New Year! New year, and new possibilities for success! As a Liverpool-supporter I'm pretty experienced in waiting for success.. Regarding Kinyerezi II, mikkelschmidt asked the constructor CSI Energy Group, when production started up, and they answered that it started on Tanzania's Independence Day - December 9th. Nice to know. https://twitter.com/CSIEnergyGroup/status/948055236266033155
Wentworth has announced this morning that it has received payments from both the TPDC and Tanesco for $2.5m net worth of gas sales during the year. The company express confidence that they will receive paid invoices on a monthly basis evidence provided by today’s news. Probably more important is the news that gas delivery has started to Kinyerezi-2 for the commissioning of the first two (of 6) gas turbines which in due course will see demand of up to 36 MMscfd when it becomes fully operational. 2018 looks like being a most interesting year for WRL highlighted in my note from AOW in October and very much one for the watch list.
Thank you cperkin. Yes, 2018 is looking really good for WRL. Payments from TPDC and Tanseco were 7.24 MUSD so far in Q4 and should increase in 2018 as production is likely to increase. If payments continue to be regular, I expect that payments in 2018 (gas sales, down payments on receivables) will be about half the current market cap of WRL. Despite the strong near-term cash-flow, WRL's market cap is just half the one of AEX. I find that very remarkable considering the current problems with KN 1, and uncertainties regarding several lisences. I do hope some of you AEX fans would consider to diversify your exposure into WRL as well. Merry Christmas!
Well done holders, looking good for 2018 Merry Christmas!