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Funny there is no mention of Patisserie Valerie on the departing directors own website. Wonder why?

I assume a combination of no news on a new or revised debt facility and the fact they are approaching 4X on their net debt to ebitda covenant has spooked the Market this am? Otherwise their figures look ok.

I agree with you which is why I refer to the Board as being “weak”. A high quality and functioning Board of Directors would have planned the CEO succession way in advance (following the fiasco with the Pref buyback) and identified a new CEO either internally or externally. They would have acted with confidence and given the market confidence that they were in control of the ship rather than letting the NED Chair have his last hurrah running a nationally important financial institution (for his first role in this type of co). Crazy, and for a company of this scale totally unforgivable imo.

Apologies! Water based mud.
Well if they are still hauling drill cuttings off to Peterhead at this stage of the well that sounds very promising!!!
Everything crossed for the partner companies and their shareholders.

The longer the riser stays in the water and the longer the rig sits on location there is hope! It may well be Bob Hope or No Hope but at least there's hope!! Fingers crossed.

Yes of course it will. They are using oil based mud :)

"This length of time" ?
The well only spudded on Christmas Day!! How long do you think it takes to drill thousands of feet of rock and run in with strings of casing, cement, set and test pressure etc? Plus I would imagine they have been delayed by gale force winds as well. I'd be shocked if they were down at TD already unless they haven't bothered with casing!!!

I quote “the U.K. Governement risked being complacent”. No surprise there!
A company like Engie or another major player with cavern storage experience getting involved here would be superb.

According to their November RNS they have to agree something with their banks by this coming Friday.
I can’t help wondering that if I was the banker to Patval whether I would have looked at their accounts to see if my loan was shown on the balance sheet as a loan or as a deposit! Bizarre.

Thank you everyone who has responded to my question. Difficult to value exactly with so many unknowns but nevertheless exciting and increasingly relevant piece of strategic energy storage. Especially without Rough, the Interconnector Pipeline and nuclear power stations!!!! GLAH.

Hopefully a Board of Directors of a company such as Aviva would announce any “bad news” if it was in any way material as soon they became aware of it and not at the end of a 6 month period so they could blame Mark Wilson!! Breaking all sorts of rules and laws by not announcing in a timely fashion.
I don’t think they are this smart or cunning, I think they are a poor quality mgt team and weak Board sitting on a large cash machine with no real idea where to go or what to do next.

New to this share. Can some of the people following this give me an idea what the project could be worth if they manage to secure their equity funders/gas offtake agreement etc or whatever they need to proceed with a storage development. This seems the place to be at the moment!

Haha wouldn’t surprise me if BOIL (the only company actually participating in the Wick well) share price fell on a discovery.
Been our story for years.

The Wick AFE was £6million approx. At £200k per day there is still all to play for! I’m sure the operator will tell us soon enough what has happened with the drilling results. Fingers crossed for hydrocarbons in the well bore.

If I was being really optimistic I would say that they were loading the contents of a core barrel for intetpretation in the shore lab :) or they could just be loading their lunch!

I'd be surprised. IMO we won't hear much news from the Wick drill for a few weeks. I think they will complete the well have a discussion amongst themselves and agree their interpretation of the well results then put out an agreed press release. Fingers and toes crossed though!!

Must be DNO buys. Hard to see anyone else muscling in here. Particularly as Norway production attracts 78% tax!!!
Good luck to DNO I suspect they will regret this decision.

I doubt if the Faroe Board can or will recommend acceptance of a 160p bid.
Since DNO made the initial bid several fairly negative things have happened to Faroe: dry hole results obviously being disappointing, oil price weakness, the asset swap with Equinor works for Faroe but not for DNO as they don’t need to swap a great development project for near term production!!!! The worrying 30% reserve downgrade on the Oda field was the latest bad news. However Faroe are one of the very few exploration led investments that the public can own in the North Sea. Would be a shame to see it go but I suspect the institutions will take the cash. They usually do!

The big guys appear to be edging towards the exit door here. Quietly reducing their positions. Not exactly been a great public company investment and unless investors are prepared to wait around for a long time I think more big boys will cut their weighting. Tough space for Convatec with downward price pressure every year and lots of different and huge competitors around the globe offering keener prices and new products. If they paid a decent dividend it wouldn’t be so bad, but I always get concerned when a company struggles to pay a meaningful amount of cash out every year.

Whoever the person and whatever the gender or nationality I just wish they would get on with it and appoint someone soon. Chairman’s meter has expired and their Rem Comm are hopefully out there overpaying City headhunters for another suit to run the meetings.