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Persi is normally pretty quiet on green days, so doubt we’ll hear from him. But given he thinks management are rubbish, the accounts are dodgy and Victory is a firesale I can’t see any reason he’d want to keep his shares now he’s back in the black. Unless of course he’s completely full of ****. Place your bets
This is absolutely, 100% not how potential buyers will look at and value Victory. Anyone in RBD expecting the sale to realised hundreds of millions for us is going to be disappointed. Look at TotalEnergies’ recent sale of a stake in the same region to Kistos - and these were producing assets, not a development project.
Yeah good point - why would TotalEnergies want to push the final decommissioning date of the area they operate by having Victory come online in 24/25 and backfill the GLA infrastructure? They’ll very likely refuse access in order to deny themselves that large NPV boost because… hang on, you’ve lost me.
Persimmon - you’re angry because you’ve been wrong multiple times on a placing, shares are up strongly from the lows, we have a path forward on WN, and RBD are selling a UK gas development project at the best possible time in living memory. I can see why it’s annoying for you, I really can. But the presentation said they’re fully funded for 2022, and that Victory first gas was planned for Q424. Even if it’s early 2025 it really doesnt really matter - what matters is that they’re going monetise it in the near term, prob next month or two. Victory has got far more attractive in the last few weeks, even a clown like you must understand that.
Persimmon - did you not listen to the presentation? They very clearly and specifically said they were fully funded for 2022. You said there would be a placement before year-end and said shares would go to 0.05-0.09 and instead they went up 250%. You said there would be a placement around Valentines Day - nothing. RBD is fully funded for 2022, even before they monetise Victory, which they will, and soon.
Persimmon, you’ve spent much of the last 2 years pretty much constantly ****ging off the company, management, assets and strategy. Can you please give us your commitment that you will stick to your word, sell out when shares reach your (supposed) 0.4 in price and never post on here again?
13th Dec 21: “All of us invested here will have further disappointments associated with the price drops to come before the year is out”
Shares were at 0.105. They never went lower, and in fact less than 3 weeks later closed 2021 a mere 70% higher. A little over 2 months after that post are trading +176%.
But was this sage of the markets? Answers on a Pers-card.
Hi Persimmon - on the day you were gleefully posting about Daybreak’s 24% share price drop the total value traded in the stock was $46. Not $46,000. $46. Either you didn’t know this and so are completely clueless, or you did and so would also know that highlighting that share price fall like it meant anything at all was totally disingenuous. Which is it?
Sorry, I thought we were trying to have a serious conversation. Clearly not. You’re right Persimmon, it makes perfect sense for a CEO to sink a couple of million into a stock he intends to run just for lifestyle reasons, and to not care about the share price thereafter.
I think you’re way too high on the selling price. TotalEnergies just sold a 20% stake in the Laggan area to Kistos for $125m upfront, for that 20% Kistos are getting producing assets which delivered 8k boe pd in 2021 and are selling at current ridiculous gas prices. Getting £100m for a 50% stake in a small gas development project which should, all going well, start up late 2024, looks highly ambitious. I’m hoping we get £20-30m up front to put near-term financing concerns to bed and also retain some stake in the project for future CF generation.
Hi Persimmon. Interesting comment that we won’t get an RNS about Victory being sold to a producer “for sure”. I asked a few weeks ago why you were so sure it wouldn’t be sold and you said it was due “to concerns about return on capital for a relatively small field”. Clearly this means you’ve modelled the potential returns a producer could realise from buying Victory, what exactly did you conclude? The returns a buyer would get would depend on what they paid - this could be much less than RBD’s NPV calculation of the value of the field and still be multiples of the current RBD share price. Would be interested to hear some details of your analysis.
Ok thanks - the backdrop is good and personally not sure Hannam would bother taking it on if they’ll didn’t think a sale was likely. Guess we’ll see in the coming weeks. I don’t really understand the “lifestyle” argument though - at least one of the co-CEOs has demonstrably sunk very large amounts of own money into RBD at much higher levels than the current share price, so highly incentivised to get the share price back up?
Hi Persimmon - out of interest, why exactly do you think they won’t be able to sell a simple, well-located, fully proven up and quick development UK gas project now, when we’re in the middle of the biggest global gas crisis with highest UK gas prices in living memory? Genuine question.
Hi Flatearther - I didn’t bother replying to you because I didn’t see the point. You seem totally unable to differentiate between a simple transaction - you do something for me and I’ll do something for you, which is what Rathlin have offered - and blackmail - you do something for me or I’ll release damaging or compromising information about you. It is the threat to release damaging information which makes something blackmail. There is no such threat from Rathlin, ergo it is not blackmail. Please stop embarrassing yourself.