The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
12:52
The company is subect to regulation primarily the Australian Corporatations Act and there is no clear evidence that there have been any breaches, not interested in unproven smears.
What is disappointing is that despite all the moans and groans here and in Hot Copper about salaries, incentives and the general performance of the company only ~12.5% of shareholders bothered to vote at the recent AGM, a bloody news ot two might have woken Ashley Gilbert up!
We have projects that may yet come good Phoenix,Leonis and Namibia PEL93 but we desparately need some unconditional good news, accurately and succinctly presented to break the present cycle.
There is currently some news moving about Mustang Holdings on the North Slope, a 25M barrel project that has been on the go for many years, shows how tough Alaska can be even when you have a discovery.
https://www.petroleumnews.com/pnfp3.pdf
https://www.adn.com/business-economy/energy/2023/10/01/after-being-bailed-out-by-alaskas-state-government-north-slope-oil-field-is-eyed-for-sale/
Doubt they will win but ...
https://alaskabeacon.com/2024/05/22/eight-young-alaskans-sue-to-block-proposed-trans-alaska-natural-gas-pipeline/
13:21
At least the performance rights have to be earnt via activities that should increase shareholder value and are voted on at the AGM although I take your point.
The STI scorecard that bonuses were paid against last FY is an absolute insult to all shareholders .
https://clients3.weblink.com.au/pdf/88E/02790279.pdf
page 28
18:58
Not sure if "death spiral" is warranted but there are valid questions regarding the STI scheme in particular that seems to reward directors for self set targets even when the share price is on a steady decline.
More shareholders should have taken the time to vote NO at recent AGM.
17:30
Discussions with Japan mean nothing if there is no liquification facility.
Its important that everyone here realises that there is a very substantial hurdle for ADGC to get over before even the stand alone pipeline can be built, should the stand alone gas line be built the plan is specific that initial sales would only be to Alaska South Central customers only and not to the vast overseas market until if and when the liquification plant is in operation.
Will that stand alone gas pipeline be any more attractive to potential private investors than the whole project I do not know.
If it works out fantastic but nothing is cast iron guaranteed and remember the current political situation could change by 2029.
https://www.adn.com/business-economy/energy/2024/02/27/alaska-natural-gas-promoter-floats-new-plan-send-north-slope-gas-to-southcentral-first/
Looking at the Annual Report (page 28) gives a good indication how the current board are working , if they can't earn on the Performance Related bonus scheme they can always rely on the STI scorecard , just look at the bonus the directors paid themselves.
https://clients3.weblink.com.au/pdf/88E/02790279.pdf
Worth keeping an eye on, yesterday saw a ~337M traded across ASX & Cboe, with bulk of trades at close ( price suggests sell), does not appear to have impacted here.
https://www.asx.com.au/markets/company/88E
select 1 day / 1 hour
Just looked at RNS 15/04 and can see that on page 1 it mentions 2H/2024 but in page 4 under forward planning ;
"In addition, the Company plans to work with independent geological consultants to secure a
Contingent Resource estimate over the SMD and SFS reservoirs (complementing the previously
announced Contingent Resource estimate over the BFF reservoir; refer 88E ASX release dated 6
November 2023). Completion of these estimates is expected during Q2 2024."
I think the 2H/2024 is when we should expect.
16:44
Importantly (and after many years of trying) AGDC has yet to resolve the thorny issue of who is going to pay for the actual construction of the pipeline rated at $44B in attached article, the state has most definately said they will not finance.
AGDC has floated the idea of a pipeline only deal but that seems to forget that they still need treatment plants to remove impurities and a liquefaction plant if the project is to work and they cost a lot.
Its a great idea but unsure if it will ever come to fruition.
https://alaskapublic.org/2023/05/08/state-owned-corporation-asks-for-5-6-million-to-keep-alaska-gas-pipeline-quest-alive/
https://www.adn.com/business-economy/energy/2024/05/01/alaska-gas-line-leaders-ask-lawmakers-to-support-giving-44b-project-until-years-end-to-succeed-or-die/
https://agdc.us/
15:03
No announcement I can see to that effect unless mentioned in the recent podcast.
But perhaps the company should take some time to compose an RNS that leaves no doubts as to what is what, rather than the poorly worded and explained Hickory results missives. :-)
12:06
I would imagine that next "real" news will probably be;
Hickory-1 Post test analysis - contingent resource in respect of SMD & SFS reservoirs , expected Q2 per RNS 15/04/2024.
Progress at Namibia - 2d seismic, expected to commence Mid year.
16:21
I agree with your comments, the current board are living very nicely whilst adding little in terms of shareholder value.
Pity so many shareholders chose not use their vote at the recent AGM.
Agree the podcast was very uninspiring, unsure why they bothered.
08:10
There was some fact in that post at 03:23, PANR appeared to be bullish about prospects at East Texas some operational issues did occur and then Alaska took priority.
Not sure if PANR retains any interests.
https://www.pantheonresources.com/index.php/investors/presentations/637-investor-presentation-alaska-september-2019/file
08:41
With gas producers in Cook Inlet warning that production is dwindling, energy — both from fossil fuels and renewable energy — was a key policy priority for members in both bodies this session. And in the end, the Legislature passed several proposals aimed at lowering costs, expanding gas supplies and boosting renewable energy.
House Bill 50: Carbon Storage
House Bill 50 would authorize the storage of carbon dioxide deep underground in what’s known as “pore space,” including things like depleted oil and gas reservoirs, salty aquifers and unmineable coal seams.
Backers, including Gov. Mike Dunleavy, have pitched it as a source of state revenue. The state would charge a minimum royalty of $2.50 for each ton of carbon dioxide injected underground, plus $20 per acre of land leased from the Department of Natural Resources. The Alaska Oil and Gas Conservation Commission would be tasked with coming up with regulations.
“Carbon capture, utilization and storage is an expanding industry that companies are beginning to commit billions of dollars to invest in,” Sen. Bert Stedman, R-Sitka, said. “HB 50 will allow Alaska to take part in that.”
Part of the reason for the investment Stedman mentioned is the Inflation Reduction Act’s inclusion of significant tax credits for geologic carbon storage.
That carbon could come from abroad and be stored in depleted gas fields in Cook Inlet — the Biden administration is studying whether Japanese carbon emissions could be liquefied and shipped to Alaska. But that’s likely a ways off.
It could also come from within Alaska. Maybe from a regional power plant on the Railbelt, or perhaps from operations on the North Slope, which comprise 62% of the state’s total carbon emissions, according to Nicholas Fulford, a consultant with GaffneyCline who evaluated the proposal for the Legislature.
That could mean using carbon dioxide injection to squeeze more oil out of existing wells, a practice known as “enhanced oil recovery” incentivized by the Inflation Reduction Act. Decarbonizing North Slope production could also make Alaska oil more competitive on the global market, the state Department of Natural Resources said.
But as the bill worked its way through the Legislature, lawmakers added several other proposals to it. One would create a reserve-based lending program for Cook Inlet oil and gas within the Alaska Industrial Development and Export Authority. That’d allow AIDEA to loan money to gas producers struggling to find investors.
Another provision would allow the Regulatory Commission of Alaska to regulate the price of natural gas storage in an effort to expand storage capacity and keep costs down.
https://alaskapublic.org/2024/05/16/state-lawmakers-wrapped-up-their-four-month-session-last-night-heres-what-they-did/
Shell exits Alaska
https://www.petroleumnews.com/pntruncate/231079521.shtml