focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Some interesting observations which had not occurred to me Brig, that would certainly be a reason why JA cannot update us. Let’s hope there is something in it.His last words on his slides from the latest presentation were “Hang in there” so that’s what I am doing!
@Willoman, have you met JA? I have and I find him far from arrogant. I rather suspect that there is nothing to say hence nothing is said. It is a bit disquieting but it is my opinion that patience will pay off. Others may feel differently of course.
Sorry but how is it just a paperwork issue? If that block is worth what people seem to think it is then other, wealthier players will apply surely? It is not at all a given that GBP would be successful in a new application.
From the RNS on 3 December: “ the licence expired under its terms on 3 December 2020, further extensions not being permitted under Namibian petroleum exploration law. ”
It does seem to me that the board was being disingenuous in not making it clear that this was the case. I think it can be inferred from previous posts that some shareholders were expecting an extension. The board should say now whether the remaining licence can be extended or not and if not then what is the expiry date of it.
Agreed Brig, it would be good to get some progress. I looked up Rushworth on LinkedIn, clearly he has very relevant experience. Perhaps JA realised this needs to kick on.
https://uk.linkedin.com/in/duncan-rushworth-44b3415?challengeId=AQF2d2VXGg5qogAAAXYeiTMECmMfBs95m7UbdMKrR0U4d8P1jLJzvrW1OetCsYR7fMhEhithPGZ57He1yi_V3XvzHyLP3KxhKw&submissionId=4aac73e7-709b-4c16-cc12-abee97ecd605
Thanks very much for those links Brig. Was waiting till I could view them on the pc screen. Brought back some great memories. You are right about the straight cut ‘box, not heard one of those for ages!
I went to a few hill climbs way back, they were a good day out, loads of different cars and very friendly people.
I never got into bikes (old dear was anti back in the day!), but I went to Donnington a lot with a mate who raced minis, it was a good place to go. Got a mate who is a huge bike fan, I was going to a race with him this year but for the Covid :-(
Sounds like you both have big projects on your hands, I wonder if JA will fund a ‘real’ mini for me!
Yes, this is something I find strange too Underlay. I am wondering what they have done with the $800m proceeds of sale. It is possible that they had large loans to repay or maybe paid it out in dividends. It will be forever conjecture because they do not have to publish financial data.
JA has been in here for some years and owns a very big chunk so I think for sure he will not let it go cheaply whilst it has so many possibilities on a number of fronts. 8p per share is roughly a market cap of £100m and to my mind not inconceivable in the medium term.
This of course is my own opinion and not intended as an influencer, as they say, DYOR!
Looking at the New Age website I see this statement:
“Farm-out process ongoing and seismic reprocessing complete. Application for entry into Second Renewal Period awaiting approval”
The website of Envoi states:
“The NewAge operated Group would now like to find a partner(s) interested in earning up to 50% of their combined 100% interest by contributing to past costs and funding a new 3D seismic survey (estimated likely to cost US$ 5 to 7 million gross).”
Neither of these statements is dated but one would assume that if they were no longer relevant they would have been taken down.
This I find puzzling in view of the $800m proceeds from the Congo sale. It is a private company domiciled in Jersey so we cannot see it’s financial statements but it would be interesting to know whether it has reinvested those funds, repaid pre-existing loans or still has them available.
If still available then perhaps JA is in negotiation with them or are they perhaps both waiting for the “Second Renewal Period renewal”?
All conjecture of course until we hear from the man himself!
Well people, here is one from me to start!
Going back to Tower’s website page on SA it says:
“ Further 3D seismic-led exploration is now planned, to map more accurately and unlock a number of newly defined leads on existing 2D and 3D seismic data. Of these, the five primary leads alone are estimated capable of containing a combined block-wide STOIIP of 1.4+ Billion bbls (and an upside of over 2 Billion bbls STOIIP), with a mean prospective resource potential in excess of 500 Million bbls (recoverable) and a significantly bigger upside, which the new 3D is expected to better quantify.”
So firstly it would seem that there is some existing 3D and some to be done. Secondly, there is the possibility of 500m barrels recoverable. TRP has a 50% share.
With the discoveries close by perhaps we could hope that a major will take a punt on it.
Interestingly my thoughts before I read his post were along the lines of Brig’s lower end of £100m and 7.5 pence per share, although of course I very much like his higher figures!
ATB