The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
According to comment in Hegnar, WRL will start report payments from TPDC and Tanesco the first week of the month, rather than the middle of the month. Therefore we should expect a press release around Feb 1. This based on correspondence with Katherine Roe. If Malcy do as we hope for; puts WRL on his Bucket List for 2018, week 5 can be very exciting.
34 mins 53 seconds "Very positive" could make the bucket list which is due around 1st Feb? https://goo.gl/RM7seR
Excellent news, thanks for sharing Mick, et that gas flow!
Looks like the 3rd turbine at Kinyerezi II is up and running, the plant is now generating 75 MW. https://mobile.twitter.com/csienergygroup In open cycle I would expect that to equate to ca 15 MMsf/d gas consumption.... All from Mnazi Bay of course! :-) Total production now above 75 MMscf/d? I would certainly expect so....
I think we may need to see a couple of sells first, but see how it goes. This situation reminds me of NTOG about 12 months ago, with limited liquidity. You had to watch for a sell to come in before you had a chance of buying at a decent price, they too had limited freefloat.
LedZep, for fun I placed a order to buy 20,000 shares at 29p (you can never have enough shares of this one!). No luck yet, but will be interesting to see if the order gets filled.
Another tick in the box with a solid reserves update. If anyone is in a buying mood the mms can accommodate �2000 @ 29p, how long for and for how many iterations, is anyone's guess, without going to NT. I'm still of the mind there is a regular buyer out there with a 28.5p order. Since 10th Nov, chunky buys of 28.5p have been regularly occurring, coincidence ? Maybe. But to date the 28.5p buys aggregate to 1.4m shares, a while to go to 3% holding notification, but this could be a factor in suppressing liquidity, coupled with the fact that we are all sat on our hands and will not touch the sell button.
http://www.malcysblog.com/ WRL has announced its annual evaluation by RPS of gas resources at its Mnazi Bay, Tanzania flagship asset this morning. The numbers are very respectable given increasing levels of production last year and carrying on into 2018. 2P reserves on an NPV 10 basis are $159.6m with 1P reserves of 97.3 Bscf gross and net of 72.7Bscf. 2P numbers are 176.4 Bscf gross, 115.1 net and 3P are 265.0 and 155.8 Bscf. As reported recently current production is consistently increasing with visibility very good and guidance has been increased for the project. WRL is looking in a strong position, is well managed (I am looking forward to meeting highly thought of new CEO) and the outlook is good.
PS: a post count of 999??? I hope to never reach that number to be honest! ;-)
Cperkin, I think Brexit is too far away to worry about at this stage. This year is the crucual year for WRL, with production ramping up, money coming in and an potentially very exciting farm out and appraisal well underway. I also think that McBean will pull out all the stops this year to increase the share price (possibly sell the company) so that he can start to enjoy his retirement.... I have no doubt that the HQ will be moved to London this quarter, which clearly is part of the plan.
Dial 999 mick (noticed your post count ) ;) It is a major frustration and a chicken and egg syndrome and certainly perpetuates the large disconnect between NPV10 the market cap and the share price. This share is completely under the radar in the UK I hope that the BOD move their HQ to the UK and get some notice here, unfortunately with Brexit I think it unlikely.
What I really don�t understand with this company : why is it often so difficult to buy shares in the UK? Currently the price is determined in Olso and London just follows, very slowly. As long as this situation remains I can�t see a sudden big increase happening, as private investors simply can�t buy any shares! So frustrating this! What needs to happen to change this?
WRL is extremely undervalued. As you can read from the report below, normally companies like WRL should be valued according to 2P reserves (ref. Mick comments). And as Mick tells, this is without Tembo. http://www.hardmanandco.com/docs/default-source/company-docs/wentworth-resources-ltd-documents/wentworth-resources-oil-gas-investor-forum-june-2017.pdf
US$ 159.6 mln NPV..... an amazing number for a company with a market cap of ca. 71 mln US$, and, almost more important, a great confidence buider too, given that this is the third time that these numbers have been confirmed. And that�s even without Tembo.....
be nice to see a good push north?
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=WRL&ArticleCode=avlfae7o&ArticleHeadline=Wentworth_Resources_Limited__Tanzania_Reserves_Update Highlights (net to Wentworth) as at 31 December 2017: Net Proved + Probable (2P) reserves are valued at US$159.6 million after tax (NPV10) Proved (1P) reserves: 97.3 Bscf gross (16.2 MMboe); 72.7 Bscf net (12.1 MMboe) Proved + Probable (2P) reserves: 176.4 Bscf gross (29.4 MMboe); 115.1 Bscf net (19.2 MMboe) Proved, Probable & Possible (3P) reserves: 265.0 Bscf gross (44.2 MMboe); 155.8 Bscf net (26.0 MMboe)
Lepzep, Unfortunately the stock is extremely illiquid in the UK, and it is quite often almost impossible to buy any shares. If I�m not mistaken you should be able to buy 7500 shares though? (the marketsize) I hold shares both in Norway as well, as it was impossible to buy a decent number in the UK. Let�s hope the market will improve the next few months.
Appears we have a "stand off" here, can sell 18000 shares but limited to only buy 100. Looks like they are waiting for sells to continue to fill the 28.5p order. This may take quite a while. Last RNS info quoted in todays Telegraph,
Can't buy a bean without going to NT. Suspect we'll see another sizeable buy later today around the 28.5 mark. Or the MMs have packed up and gone on a skiing holiday.
Nice to see some going through. GLA
From Malcy`s blogh today, Malcy really got an eye on Wentworth these days. I assume he will soon announce the Bucket List for 2018 including WRL in his list. "Wentworth Resources has announced that it has hired Eskil Jersing as its new CEO to fill the shoes of Geoff Bury. Jersing resigned from Sterling Energy last year so I suppose has the advantage of being readily available to start at WRL. I look forward to meeting with Mr Jersing as he is in an interesting position given that WRL is so strongly positioned at the moment."
Another tick in the box - CEO appointed. "Head of Mergers and Acquisitions " at Petrobas, useful experience for negotiating a farm out deal.
Sound promising, I think he could be exactly the right guy to develop Tembo. - Geology/geophysics/seismology background - 30 years experience with very senior positons in a number of large companies: Enterprise, Shell, Marathon, Apache, Petrobras, all in exploration roles - Very experienced in exploration projects Africa And he knows stocktube as well.... (not sure if that is a bonus though...) Here's the man in action: https://www.youtube.com/watch?v=jx8kzOJjXto I do hope that he can show a bit more enthusiasm in future WRL videos though! ;-)