Member Info for bigsmoke

JS meant 5pm today?

is Foo Chunk from the Goonies?
"More amazing than..."

well said, joe. D-day for Foo and Johnny boy.

i wondered the same 3card, then 1 min later figured it out.

Nordic-African Business Summit 2018
Thursday 8th of November, 8AM – 9PMOslo, Norway
https://norwegianafrican.no/summit2018/

Gaz du Cameroun’s sales fell by 372% in Q2 2018
https://www.businessincameroon.com/pdf/BC67.pdf

Gaz du Cameroun (GDC), local subsidiary of British oil and gas operator Victoria Oil & Gas (VOG), has seen sales drop by 372% in Q2 2018 compared to Q2 2017. Between April and June this year, the company sold 320 million cubic feet of natural gas, down the 1.192 billion cubic feet the same period in 2017. This strong decline is subsequent to the suspension, in January, of gas supplies to the electricity distribution company, Eneo, which was then managing a 50 MW gas-fired power plant in the locality of Logbaba. “Logbaba is a temporary source, which is made not to last. This plant was an emergency solution, pending the commissioning of the Lom Pangar and Memve’élé dams. Lom Pangar is ready to help address the situation, despite a slight drop in the water level in reservoir, recorded in 2017,” said a source at Eneo. The latter was so far GDC’s largest client.

Post period Highlights

• Current Group production approximately 2,700 boepd
• A fully funded three well drilling programme is underway at the Puesto Flores field aimed at increasing field production by a further 600 bopd
• With three months of H2 2018 already gone, turnover, operating profit and EBITDA for the full year are projected to increase significantly over H1 as President benefits from higher average production, improving operating efficiencies and economies of scale
• The expected acquisitions before year end of the Puesto Prado and Las Bases Concessions in Rio Negro Province, Argentina (subject to Provincial approval) should provide early incremental production of both oil and gas commencing from around January 2019,
exploration upside and an extensive established and owned gas pipeline network of over 60km in aggregate length permitting an outlet from early 2019 to the national Argentine gas market, thereby unlocking all existing shut in gas wells in President's Neuquen Basin assets, as well as acting as a catalyst for the development of additional gas potential
• Extensive 2019 drilling programme now in planning stages, comprising new production and exploration wells, workovers, re-activations, facilities and infrastructure work in each of the present and soon to be acquired Argentine fields, in addition, to an exploration well in Paraguay anticipated to be financed out of cash flows and if appropriate and expedient the extension of existing financial resources
• Negotiations underway to contract a drilling rig and workover rig for the full six-month period of H2 2019
• The work to power President´s Puesto Flores and Estancia Vieja fields using Estancia Vieja gas is in hand and is due to be completed by end January 2019 producing significant opex savings with Puesto Prado likewise to be powered later in 2019

...

• Notwithstanding more than a 275% jump in the turnover of H1 2018, G&A costs only increased by 19% and Group administration costs per barrel were reduced by in excess of 50% over the same period for the previous year, illustrating the Group's continued focus on margins at both administrative as well as operative levels with the benefits expected to continue to be enhanced as production rises and costs are kept under control
• In respect of exploration, farm out processes continue in connection with both Argentina and Paraguay with drilling in the latter slated to commence in the second half of next year

HI 2018 Highlights
• Group turnover in H1 2018 increased by over 275% against the same period in 2017 to US$21.9 million, exceeding the Group turnover for the entire 12 months of 2017 by some 20%
• Adjusted EBITDA for the period (after Group G&A) increased by US$7.5 million to a positive US$6.1 million moving from a H1 2017 loss of US$1.4 million
• Group operating profit of US$5.3 million after all administration expenses and workovers but before depreciation, depletion and amortisation
• Strong financial and trading position enabling President to self-fund its aggressive capex programme, all fields making profitable contributions to Group, sales prices stable and no material negative cash impact from Argentine currency fluctuations with debt serviced and the modest bank debt being repaid at a rate equivalent to US$2.4 million per year
• Average Group production in period increased by 199% over same period last year to 2,064 boepd (H1 2017: 691 boepd) notwithstanding some disruption to production throughout the period affecting averages caused by the extensive workover programme in Argentina and also prolonged flooding in Louisiana at the start of the year
• The successful 12 well workover programme boosted gross production in June from the Company’s Rio Negro assets alone, to over 2,000 boepd and, in management's estimation, increased the already substantial Group 2P (proven and probable) oil reserves of 27 MMboe by an additional 1 million barrels of oil
• Production at Puesto Guardian Concession, Argentina stable at approximately 500 bopd, successfully contributing to Group with margin improvements
• Louisiana continues to contribute solid and stable profits, production and cash to President, returning between US$200-250k cash per month to Group
• Successful testing of four existing gas wells at Estancia Vieja demonstrated the ability for commercial gas production from the field
• USA average realised oil prices materially increased in period by 38% to US$65 per barrel (H1 2017: US$47) and having increased further to currently US$71 per barrel
• Argentina average realised oil prices in the period increased to US$65 per barrel in respect of Puesto Flores and US$56 in respect of Puesto Guardian (H1 2017: US$50 for the latter) with current prices being achieved of the equivalent of US$65 and US$56 respectively
• Group well operating costs in period reduced by 14% over same period last year to US$33.50 boe (H1 2017: US$39.10) on a like for like basis, continuing to reduce in H2 2018 with the Group average for the first two months being US$24.66 and expected to reduce further as production from new wells and the synergy benefits from the forthcoming expected acquisitions come on line through 2019
• Notwithstanding more than a 275% jump in the turnover of H1 2018, G&A costs only increased by 19% and Group administration costs per barrel were reduced by in excess of 50% over the same period for the previous year, illustrating the Group's

http://www.presidentenergyplc.com/assets/downloads/2018/2018_09_26_Interim_Results_RNS.pdf

Commenting on today’s announcement, Peter Levine, Chairman said:

"The successful results for H1 2018 clearly demonstrate major advances in all key performance indicators, emphasising the substantial and rapid progress being made by President.
The first three months of H2 2018 already demonstrate a substantial improvement on H1 with turnover, operating profit as well as EBITDA all showing material increases from the first six months as we incrementally benefit from consistently higher average production levels, improving operational efficiencies and economies of scale.
We further look forward to the completion of our acquisition of the Puesto Prado and Las Bases Concessions in Rio Negro Province, Argentina which is projected to take place before the year end. These would provide President not only with additional production from the start of 2019 together with sub-surface potential upside but also and importantly over 60km of gas pipeline infrastructure to deliver gas direct to market from those Concessions from the new year as well as commencing to unlock the gas potential of our Estancia Vieja field from that time.
Whilst there has been recent turbulence in the macro-economic environment in Argentina, President is not experiencing any material adverse cash impact as a dollar denominated business and as a strong producing strongly supported player in the Argentine market is alert to any opportunities that may arise in our sector.
Accordingly, we view the future with growing confidence focusing on an aggressive growth model, expanding organically and by way of the right accretive acquisitions founded on the key tenets of profitable production barrels, cash flow and concentration on margins whilst at the same time progressing our high impact exploration prospects.”

is the rns not on LSE?

Ready for your last morning message ?

they appear to also consistently let info leak to their mates ahead of the market.

volume was not that great for a 10% drop either.

or he is shorting his own company's shares

wake me up when something happens.

"John Wardle, CEO of #AMER: “While it is disappointing not to have encountered the N Sand as expected, we are encouraged by the development of the T and U sands in this area, in light of our success to date at Platanillo-8 and Platanillo-20.”" https://www.malcysblog.com/

...and gunshots are live from Douala (apparently).

should have said the intro is a fly on the wall doc between foo and dik

https://www.youtube.com/watch?v=6bpubhZbewE