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Bored now
D I R E C T O R S T A L K
S*d it, just type ************* to replace the asterix's !
Flippin' LSE, try this link and click through:
https://*************************/status/1156100896234754048
Sachin on Directors Talk
https://www.*************.net/interview-reabold-resources-progress-on-all-fronts-in-portfolio-update/
Stephen on Vox
https://audioboom.com/posts/7327994-reabold-resources-provide-an-operational-update
welloilbeefooked - that's correct - revenue, profit and net cashflow from 1st Jan to UOG. Net cashflow is after capex spend.
Looking back through Rockhopper's 2018 Accounts and old RNS', there's a 4 well drilling programme in progress for 2019.
1. Al Jahraa -11 : was drilled successfully and now on production
2. Al Jahraa - 7 : spud on 26/5 with an estimate of 60 days to drill/complete - so should be close to RNS
3&4 : not commenced - 1x exploration well & 1x water injection well
Cheers for the link myfirstmillion. Similar comments to those BL made on the Proactive Interview after the Crown sale. All future options open. Hibiscus, who acquired Crown, are right next door to UOG's new blocks.
For anyone they come into contact with in the course of the deal - potential funders, existing funders etc, it will be covered by a NDA/Confidentiality Agreement which will include a clause prohibiting trading in UOG shares
levistubbs - All good. FYI the call was recorded so should appear in the public domain shortly. The supporting slides that BL,JL and DQ talked through are on the website and are pretty detailed if you haven't seen already. Tbh I stumbled across the IQ interview on YouTube this am when looking to see if the call had been uploaded - I want to re-listen and make a load of notes. I was sat in a car park yesterday lunchtime listening in which wasn't ideal.
Before 10:30 on tuesday
Brian's on IG as well:
https://www.youtube.com/watch?v=z8IXOM6Z7J8
Brian's with Andrew again:
https://www.proactiveinvestors.co.uk/companies/stocktube/14175/rockhopper-egypt-was-easily-the-best-deal-we-looked-at-says-united-oil-s-larkin-14175.html
True Simon - historically they've always liked to keep the bank balance on the high side so they've got more flexibility if something good appears on the radar. Acquisition/divestment deal take as long as they take with DD etc so matching cashflows in/out would be more luck than judgment. As I say, my ponderings will probably prove to be zilch and the quiet period down to something as bland as permits and awaiting equipment installation ! ATB
JackDiamonds - V true. I'm not reading anything into the Capital Reduction move and its timing. As the AGM was upcoming it makes sense to add it to the agenda and solves the historic losses problem blocking divs, share buybacks etc for when they decide they've too much cash vs the ongoing drill / work programme.
Was pondering more about why they'd do a placing if there was a divestment 'imminent'. It could be a question of timing - deals take time to get over the line, which might be why they did it.. who knows, I could be miles off the reality?!
We'll find out soon enough!
It's Probably coincidence. If they knew it was on the horizon, why do the placing a few wks back?
Excellent !
JackDiamonds - I've been pondering the same as your friends
Looks an interesting deal on paper and ticks the 'production + plenty of explo upside' box.
Will reserve judgment on the financials until I get to see and understand the underlying projections which should be in the shareholder circular. Had a quick look at Rockhoppers Annual Report this morning but difficult to isolate figs for these assets.
From the Rockhopper RNS stating 813bopd average for 2018 = revenue of $6.2m. That looks v low when in their annual report it refers to an average realised sales price of c.$68 per barrel in Egypt. Presumably a chunk of the difference relates to PSC commitments but seems high for it to be just that? Plenty of learning to do over the next few weeks
Anything untoward on Cali would have been reported weeks ago on the NOMAD's insistence + the II placing funders would have told S&S to go and foxtrot when doing their due diligence, so i'm not expecting anything untoward. AGM's next week and they'd get rocks thrown at them for holding back anything bad. We'll get an ops update pre the AGM.
Rookie1 - here you go, from the RRE website
https://d1ssu070pg2v9i.cloudfront.net/pex/rockrose2019/2019/07/19124817/RockRose-Readmission-Prospectus-19-July-2019-clean.pdf