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Today I have mostly been buying Petrotal. Only buying oil companies on EV/EBITDAs of less than 2 at $35 oil, with no debt and minimal decommissioning costs. With field lives no less than 10 years.
Sell me more shares tomorrow.
Petrotal announces an accounting error that has already resulted in the leaving of the past CFO. The VAT receivable position has stayed flat over Q3. From $ 9.26m at 30 June to $9.9m at 30 Sept. That's despite all the VAT payed out on drilling expenses in Q3, which will be reclaimed from VAT on sales. So not much (anything?) to see here in the medium or long term.
But whats really weird is these posters all coming out today. They are not long and they are not short. They just want to bash the share. Angry they haven't shared in Petrosal's success to date ? Or maybe just angry ?
I441,
Thanks. Useful. Re the lack of BTC mined per month per machine info, maybe Argo are good at tweaking the machines to get higher rates out of them. Keep it quiet. Don't show your hand to the competition. Don't have your 'tweaker' head hunted. Just speculation on my part.
Hi LEXION,
Yes I think so. No obvious other reason Jadestone should be sold off. Still making around $45 a barrel profit even at these current modest oil prices. Other things seem OK - they seem confident on operator transfer and wells for H2.
You could argue Rockrose is cheaper at anything under £20 a share but in reality investors are selling the family silver to try and buy gold.
One argument in favour of Jadestone - my thinking is future deals in Asia may be less competitive than in the North Sea where there are other savvy operators and PE interest. Jadestone might surprise us with another big deal around the end the year as by then it should have around $ 100m in net cash and more operating experience.
I'm own and intend to hold both going forward.
Risk tolerance.
Jadestone is a cash rich, cash flow generating producer with upside from Vietnam and future acquisitions. I'm a shareholder.
I3E may not get the flow rates they expect from this summer's drilling campaign. I hope they do. I'm a shareholder.
Guessing a dividend will be announced to compensate for almost 5 month lock in. If so, then £2.50 payable in mid Sep maybe. That would equal 10 weeks of operating cashflow since 30 June cash balance figure in RNS. So no fall in cash balance except for capex during 10 period.
Anticipating relist on Monday. Hoping for prospectus Friday afternoon. Would be a ‘fair’ way to give shareholders time to make a decision on sell, hold, or buy.
Let’s hope it’s Christmas Eve not Dec 17 !
Hoping for another acquisition of maybe 10,000 boed over next few months. Smaller than current RRE so won’t need a share suspension. Then producing 30,000 boed plus. Then Total size - 25,000 boed for $635 m - deal in H1 2020. Once again no share suspension needed I think. Not unrealistic to see 50,000 boed in a year’s time now RRE has now reached a good size.
Hope they do more share buy backs. Think the LSE would give AA an OK on owning over 30% if resulting from a share buy back. I think they do that.
If not, then all AA has to do is sell an equivalent percentage of his shares into the buy back to maintain his current ( under 30%) percentage shareholding. He'd receive cash plus maintain his ownership interest. Maybe even under the low tax 10% Entrepreneurs' Relief scheme. Would like to see Rockrose with 10 million shares outstanding within a year.
Seen some comments about H1 production of 22,000 boed being a touch below some peoples' expectations. From the annual report, there's been a 'walk to work' maintenance session at Bleo Holm over the past month. Maybe that reduced H1 production a bit. Maybe the prospectus will tell us.
Hoping to buy some more shares if there's some profit taking by locked in shareholders at relist.
Obviously don't know if it's Liberum, but see one of their healthcare people has a degree in biochemistry and molecular biology from Oxford and lots of big broker pharma experience.
Anyway we'll find out soon for certain.
Looks like next Wed's Liberum roundtable is institutions only by invite only. So maybe a broker announcement RNS on Tuesday or Wednesday ? If it's them.
Whoever it is, really looking forward to the broker initiation note. Should be a good 20 pages or more of detail. Should highlight this crazy low current valuation.
Back in the '90s there was a saying at Microsoft that lots of people owned $100,000 snowmobiles. When Microsoft IPO'd in 1986 quite a few employees cashed in shares and bought snowmobiles - in those days you could buy them for $2,000 each. Microsoft's share price went up 50 times over the next 10 years.
Wondering if NFX shareholders are looking at £4m Porsches or similar this weekend.