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LOL..... It�s not going to happen Chris, at least not knowingly. Besides, and I�m sorry to say but I�m going to be blunt here, I have no desire to meet you in person. You already post hundreds of posts on LSE each month, so no need for even more discussions....
And an AGM in London...will be great to meet you face to face Mick...
Good luck Tanzania, I’m impressed that you have so much trust in a GBB 100 min company, that has drilled only a single well in the last 6 years, recently wrote off a lot of reserves and basically holds a bunch of technically (almost) expired licences. Did Aminex not promise to drill 2 wells back to back a year ago? Anyway, in July you will no doubt have long forgotten about this discussion and you will be revelling in the latest promises that the company has made. Perhaps Aminex will then say that a farm out destroys too much value? In any case, I wish you all the best with your investments. Aminex is simply not a trustworthy company in my view, I think WRL is far more appealing, but again, hopefully you are right and you will make a good profit on your Aminex investment. Fingers crossed, touch wood, keep the faith and start the prayers!
Well Mick, we have been told by Aminex to expect a Ruvuma farm out deal in July or August so we should know then whether you are right in assuming Eclipse and Malcy don't what they are talking about.
Thanks HY, otherwise the news would have truly amazing! But still, 77MMscf/d and a payment of 3 million, 2nd time in a row, is good news anyway. High time for news on the office move and Tembo. Pity it all takes so long....
Mick 2020, you are right on your assumptions. I found this reply frpm Katherine posted on the Norwegian WRL chatboard. "Dear XXXX Thank you for your email. We report monthly cash receipts which is not the same as revenue as this also included recovery of the long term receivable. Total payments year-to-date is $10.3m ($6m for March and April; $2.5m in February and $1.82m in January). Hope that helps. All the best Katherine "
Always fraught with danger small O&G mick, thats for sure! & if no Farm out or a duster then AEX will be in desperate straights. COS for gas should be very high, and it's a much thicker part of the reservoir, the OIL much less I expect. fingers crossed :)
Cperkin, Fair enough. At the same time though, if there is no farm out and if if NT-3 is dry, it might well be bye bye Aminex.... Far too risky for me, given the already high market cap....
Thanks, I hope both companies do very well obviously :) Well the Farm out with the Zubars determines if Aminex can fund C1 drill and the phase 1 of the development plan. If the answer is yes, then Aminex may well find themselves in debt free production by the end of 2019/ early 2020. If however they strike the OIL target @ C1 then all bets and comparisons between WRL and Aminex will be off and I will be sure which side of the bread has the most butter. Anyway, good news here on production and payment, need to see some movement from the BOD on relocation and activity in MOZ.
Very good news, even though I suspect that this covers the payment as announced in March (paid early april) plus a single new payment at the end of April.... Producing 77 MMscf/d in April is excellent though, and more than I expected. With payments coming in, it is really time though for some news about the office move and the licence renewal in Mozambique!
I disagree CP, in my view WRL is in a vastly better situation that AEX at the moment, and the latest RNS underpins it once again. AEX hasn�t received any payments since the beginning of this year, their production is close to zero and it will take years to increase, while it even depends on the results of future wells. AEX alos needs cash again. AEX is very good at making promises though.... unfortunately all speculative and sometimes misleading hype in my view, and as long as AEX doesn�t deliver on any of them, WRL remains in a far better situation. Let�s see if AEX will deliver a farm out in the near future, for a good price.I hope for you that they will, but I very much doubt it.
The Company is pleased to inform shareholders that payments received during April 2018 for gas sales generated from the Mnazi Bay Concession in Tanzania totalled $6.0 million net to Wentworth. This represents payment in full for two months' gas sales. The Company is also pleased to report that gross production volumes during April 2018 from the Mnazi Bay gas field averaged 77 MMscf/d, continuing the strong production since the start of the year and further de-risking our 2018 gross production guidance of 65 to 75 MMscf/d. Further to the announcement made on 15 January 2018 that Eskil Jersing would be joining Wentworth as Chief Executive Officer ("CEO"), the Company is pleased to confirm that Eskil will formally join the Company on 25 June 2018. It is anticipated that he will be appointed to the Board at the Company's Annual and Special Meeting to be held on 27 June 2018. As previously announced, Geoff Bury stepped down from his position as Managing Director on 30 April 2018 and Bob McBean, Executive Chairman, has assumed the role of Interim CEO until Eskil formally joins the Company.
Vastly is somewhat overstated Mick. A different part of the cycle in Tanzania, yes a cycle paid for with debt in the case or WRL. AEX look like farming out their appraisal development plan, maybe similar to WRL and Moz, except AEX have already have an internal and on board Omani backer. Hopefuly 2018 is going to be very interesting for both companies.
Well at least Malcy's Bucket List is on our side Mick.
Not a rant Tanzania, simply my honest opinion. I find a remuneration package of US$ 423K for Jay in 2017, with another 30 mln share options simply outrageously high, for a company that barely produces enough gas to light a barbeque right now, and as I have written many times before, I don't think this will change any time soon. To me Aminex is a company that is very good at promising a wonderful future, without delivering on it. In fact, I think a lot of news they bring out is misleading: think of all the nonsense about the early production system, the easy to install Kiliwani compressor, the huge reserves, etc. etc. I also don't believe that there will be a farm out anytime soon. To me, It is truly amazing that the company is valued at GBP 95 mln. Twice the value as WRL, which is currently in a vastly better position. So I actually don't care what Eclipse, the LSE forum guys or anybody else thinks of Aminex. I think it is highly overvalued, and my "strong sell" view is, again, my honest opinion. As soon as the situation changes, I will adjust my view, if necessary. I just don't expect it...... meanwhile, enjoy the AEX forum and let's hope that I am simply wrong.....
Thanks for that Mick. You don't think much of Aminex - quite accepted. Eclipse have got it well wrong, yes ?
As production from AEX only producing well KN1 dropped in the second half of 2017, a comparison between the second half of 2017 is more appropriate. USD m 2H 2017 2H 2018 WRL Aminex Revenue 8,34 2,04 EBITDA 4,07 0,70 Net result 0,95 -3,29 Cash flow from operations 8,85 0,71 Change in WC -3,51 2,30 Capex 1,86 -3,14 Financing -2,50 0,00 Total Cash flow 4,70 -0,13 Balance sheet Cash 3,75 6,23 Net debt 14,05 -6,23 Working capital 15,48 6,03 Valuation Market cap 69,70 148,0 Net debt 14,05 -6,2 Enterprise value 83,75 141,7
AEX out with full-year numbers today. Here is a comparative valuation with WRL. USD m 2017 2017 WRL Aminex Revenue 13,44 6,63 EBITDA 5,34 3,45 Net result -0,71 -2,28 Cash flow from operations 5,34 3,21 Change in WC -5,36 -2,61 Capex 2,92 -10,63 Financing -0,13 -2,77 Total Cash flow 2,77 -12,79 Balance sheet Cash 3,75 6,23 Net debt 14,05 -6,23 Working capital15,48 6,03 Valuation Market cap 69,7 148,0 Net debt 14,1 -6,2 Enterprise value 83,8 141,7
"In Tanzania, average gas output totalled 77.0 MMcf/d (operated share), corresponding to 37.0 MMcf/d as M&P�s share (48.06%). In March 2018, the Mnazi Bay field achieved a record production level of 84.8 MMcf/d, after it exceeded the monthly production threshold of 80.0 MMcf/d for the first time in February 2018. This production increase seeks to address the gas demand growth in order to meet national requirements" http://www.maureletprom.fr/en/investisseurs/communiques-de-presse Two months in a row with production over 80 mmscf/d. Not bad at all.
Found this on the Norwegian WRL board, worth sharing, I think. http://thenerveafrica.com/16908/siemens-plans-invest-tanzanias-energy-sector/ "The German conglomerate, in partnership with the Tanzanian government, estimates that the energy deal will see to the provision of about 1,000 megawatts energy for its over 55 million population. And eighty percent of that energy will be natural gas."
Kinyerezi II power plant injects 167.82MW into the national grid www.thecitizen.co.tz/News/1840340-4369986-38p4ioz/index.html
Good news from Wentworth today as they announce that the TPDC has authorised payment of $3.1m for gas sales from Mnazi Bay, payment is expected �shortly�. Other good news is that the March Mnazi Bay gross production volumes are 83 MMscf/d, the highest ever. WRL was very close to bucket list inclusion but i�m sure that will happen when the new management has settled in. With a new CEO who will hopefully start sometime this quarter, and a new CFO whom I had a useful conversation with this morning being backed up by Geoff Bury who is still on board and of course Bob McBean the team is still very strong. www.malcysblog.com/2018/04/oil-price-savannah-petroleum-wentworth-resources-providence-and-finally/
How nice! WRL is beating my expectations at the moment, for the 2nd month in a row! I didn't expect that we would reach a monthly average production of 80 MMscf/d in February, and I didn't expect that payments would exceed $3 mln in March already! Very encouraging! With Dangote starting up this months, maybe we can stay around 80 MMscf/d in April as well? (normally there's a production decline in the 2nd quarter due to the hydropower plants kicking in in after the rainy season)
Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, is today providing an update to shareholders on gas sales payments. The Company is pleased to inform shareholders that TPDC has authorised payment for gas sales generated from the Mnazi Bay Concession in Tanzania of $3.1 million net to Wentworth, with funds expected to be received shortly. The Company is also pleased to report that gross production volumes during March 2018 from the Mnazi Bay gas field averaged 83 MMscf/d, the highest monthly volumes achieved from the field to date, continuing the strong production reported for February 2018. The Company will provide a further update at the beginning of May 2018, in line with monthly updates.
I was happy to hear that the March payments have been made. The amount will be announced separately next week. If TPDC manages to keep up it payments until the start of the new budget year in Tanzania (1July?) I think the risk of late payment is significantly reduced!