The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
'On completion of the Capital Reduction, the amount of distributable reserves will be approximately GBP25,301,392'
I'm not 100% sure that's correct. If they reclassify the £25,301k share premium as a distributable reserve, it would be added to the existing distributable reserves - a P&L loss of £11,745k - to give a net of £13,556k. I don't think you can just ignore the historic P&L losses in the calc?
I'll email Camarco and update this thread if I get an answer.
Good news for the future to get this mechanism in place now
Paul Haywood on Vox, starts 2:08
https://audioboom.com/posts/7304305-block-energy-hummingbird-resources-union-jack-oil-toople-and-cluff-natural-resources
I think 'that bollix' sums up the continual leaks to BMD perfectly Artyth ! Its getting on my t*ts.
Before his 'scoop' I was expecting a placing in Q3 on the back of the WN news to raise on strength. Personal view Is that the raise will be partly for Rathlin to both maintain/increase their equity interest. Suspect Rathlin have potential new investors in the wings to bring into the fold so to both maintain or perhaps increase their stake, RBD, Connaught and their other current s/holders will be dipping into their pockets.
They have c.£4m-£5m currently in the bank for the remaining portfolio which is tight if they plan to a, take up the Parta option for IM-2 (£2m), b, Grizzly island (100% to fund) and additional wells at MS/WB (50% to fund) c, Curlew - assuming it happens and Corallian are left with a significant cost carry post farmdowns, so can see part of any placing to bolster this pot (and to add to the cash generated by the Cali assets).
Given the rumoured amount of the placing that BMD has leaked, will some of the funds be for something new? Quite possibly, we know they like Cali & onshore US and there were discussions with another Cali operator last year about a partnership + Stephen made a comment about US opportunities on a recent podcast pre WN.
No issues with them placing for the above. It'll be with quality 'sticky hand' institutions as previous raises and not some bargain bucket shop raise that plagues AIM.
Exciting times ahead!
Enjoy the weekend folks!
Indeed, plenty of AIM turds that'll leave you 'in the ghetto' :-)
.. and they won't be doing any 'hound dog' equity raises to fund a wildcat... if they do my 'suspicious mind' will lead to me pressing the sell button
Taxi...
Thanks justsomeguy, yes DQ is Tullow's former treasury whizz, so should be a very valuable addition
UJO RNS this pm - Rathlin comms to liaison group. 4-8 weeks for testing
https://www.investegate.co.uk/union-jack-oil-plc--ujo-/rns/west-newton-update-and-investor-presentation/201906271623527157D/
Foresight22 - From your original post yesterday, you mention that for Crown, 'new local acreage needs to be worked up more before taking ANY decisions' - was that from BL/JL in the AGM or is that your view?
For Jamaica and any other pure exploration / wildcat, they aren't going to equity raise, its not in the business model. They've said in nearly every interview/presentation for the past 2 years its about building a sustainable business where exploration is funded by existing production. To pinch a Larkin'ism 'no breakers, only makers'. The planned 'transformational deal' is to provide that near term growth and cashflow which can then be recycled into the business, given in the next 12 months we are only currently forecasting for Waddock X to be cash generating from the current portfolio. Selva being Q3/4'20 + ignoring any Colter divestment
For Jamaica, they've always said they were likely to farm down for a carry (as levistubbs has mentioned elsewhere in the thread) . I agree with the 'revisit later in the summer' comment- any TLW/UOG farmdown's should be complete by then - BL was hoping to make a drill or drop decision by the end of summer from an interview earlier this yr.
From reading TLWs June ops report, i see that they've walked away from Mauritania which was a competitor with Jamaica for drilling next yr.
New voice to listen to - Ian Tchacos from ADX re Parta progress
https://www.boardroom.media/broadcast?eid=5d11c2ab1160886198366b3f
"rig on location 2nd half of july" .."approx. 25 days to drill".. "shallower gas within 10 days"
Happens a lot - you get a few traders hoping for a big 'ta-dah' moment on the run up to an AGM or investor show .. and then sell straight after when it invariably doesn't happen to chase a rainbow somewhere else
Sadly couldn't make it up to London today for the AGM due to a family drama
Foresight22 - in the discussions at the AGM, did anyone ask Brian/Jonathan if they were planning any Investor Evenings, Quarterly conference call etc soon?
Was a bit concerned things had got lively at the AGM when I received an email this pm from Companies House for UOG announcing 'the termination of appointment of Brian Larkin.. thankfully the 2nd line was ' as secretary'. The new CFO has picked up these duties.
Early_Bird - Welcome!
Hi miker444 - yes I watched the BrrMedia one :-)
The liquid hydrocarbons in the KA formation has surprised them all - the original well was gas only. Apparently there were no core samples taken in the original well so they are getting a load of new info