Member Info for Beynon

So what are peoples thoughts on the release of accounts reaction? Have casp been producing at the right rate or deviated to what they have mentioned to the market?

The boat has long sailed for odx . If you bought at the bottom you may get a little but if not you won’t be seeing much more than this. Absolute dog of a share - shocking all round. The ordinary people that work there should be looking elsewhere for their livelihoods as there is no one at the helm and they are heading into an abyss of cashflow issues and no market to raise money as there is no plan, no return and no point in their current guise.

0.25p quarterly is about £22m annually. That looks like a real squeeze with the way things are going for urals.

I’d like to company to be looking at alternative routes now. Likely this is going one way. I wonder the cost to ferry to Baku per barrel and how this would compare to the deduction for URALS

Good chart here for URALS to Brent - looks largely an April move in typical Clive form

They have shifted to a cash generation strategy. That is clear but I am surprised at peoples reactions. How many years has this bird said stop messing with the deeps and pump Some shallows? Horizontal drills on the shallows produce likely the highest return of anything in the portfolio

https://www.neste.com/investors/market-data/urals-brent-price-difference#76344e49

https://www.bloomberg.com/news/articles/2022-03-25/russia-sets-out-plan-for-huge-exports-of-flagship-urals-crude

Has anyone worked out the free cash flow on these revenues?

Everyone disappointed. Not a well framed tone to that rns however. Oil will not stay this high forever. The conflict is putting a bigger premium than the discount. The fastest turn to cash is shallow investment - particularly horizontal drilling. Good volume and higher price. Boat - well that is its own issue. Deeps are not dead but will they ever get there I don’t know. What Clive didn’t say is what the revenue was for the quarter but the lowest sell price for a period. For me make hay whilst the sun shines, deal with the political risk and give effort to the infrastructure flow deeps when price is lower and volume is the revenue

And boaty mc drill face will be sold at a significant premium to either third party or to another new foreign group company on lease back no doubt

Remember the main shareholders likely don’t care about share price as I don’t think they have any interest of selling the shares and may just want the dividends out the business. It will be pretty disappointing if we stay at these levels posting solid profitability growth.

From last accounts- it is the policy of the board to work towards a position where meaningful dividends can be paid. This requires not only consistently profitable trading but also in all likelihood a corporate reorganisation to create distributable reserves.new corporate subsidiaries have been incorporated in the UAE, with a view improving and simplifying the group structure and easing the future payments of dividends. Any dividend declared will be set at an affordable level that does not conflict with the need to fund value enhancing growth whether by further investments in our existing fields of by acquisition.

Mrcautious. It is the question of paying a dividend from a negative retained earnings position as built through multi period losses. This is different to cash position or debt. It is more normal view to see dividends paid from a positive retained earnings position.

I believe it is legal to pay a dividend from negative RE

Is he a doctor? I didn’t see that from his credentials? After the drop I found he had an MBA from one of scotlands worst universities/ polytechnics

The legacy of Colin king continues on

I believe also that they are being cautious. Things aren’t 100% stable since the unrest and with the wider issues as we know. Moving ownership out of country and different big moves before a potential significant change may be too obvious to attract the wrong attention. Again, likewise, pure speculation.

How would odx secure a loan? Loss making, cash burning entity. Now shareholders have got their wish they will have to live with the options at hand which must be very few given the shape and execution of the business

I get the spike for the placing to sell into. They will have needed to present a case inorder to arrange the placing. I don’t see the second spike on covid news as they have all but dropped covid now.

The calculation only factors 15% of the deeps.

It’s in a death roll that does not end