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Apologies, wrong board!
Yes, he definitely said 30% Northern.
JLP In advanced discussions to double Zambian tailings under management from 300 to 600 million tonnes.
https://twitter.com/Jubilee_Metals/status/1580127345628749824
https://twitter.com/Jubilee_Metals/status/1579393516480122880
With Leon on Proactive;
https://www.youtube.com/watch?time_continue=3&v=ZYbQH5Cy31Q&feature=emb_logo
Malcolm Graham Wood in todays blog:
This vote at the EGM announced on Friday confirms the restructuring in which SLE will now increase its stake in OML 18 and ELI and therefore the pipeline link. This will in time virtually eradicate ullage problems and be incredibly profitable for San Leon and given its policy of distribution, its shareholders as well.
Harry Adams interviewed today:
https://www.youtube.com/watch?v=cXXNXvyXzvU&t=4s
https://twitter.com/Jubilee_Metals/status/1552231300941205508
Decklar up 4.5% today so good news despite the slip in SLE's share price.
After a long wait this truly is a transformational move for SLE and will indeed ‘consolidate and simplify the Group’ who will now be exposed to a 44.1% initial indirect economic interest and will own 50% of ELI.The CPR gives them 2P 323m barrels, an NPV of $1.1bn.
As CEO Oisin Fanning said to me this morning, ‘now the real work begins’ on SLE which has massively increased its assets and with current economics, in my view quadrupled the value of the company. I would suggest that this serious rerating will put the new combined group up there with the best in the industry.
On an operating basis the company are going to physically gain much more crude oil in two ways, the pipeline is very important and scheduled to be ready maybe by the year end thus almost totally minimising the ‘leakages’ which presently add up to some 40%. In the meantime the company has started barging operations which will also significantly remove the leakage.
Perhaps more importantly for shareholders, who have been waiting patiently during the long suspension, they are going to get a right to the substantial cash flows inherent in this deal via an issue of Preference shares. As I see it this ensures that it does as it says on the tin by giving these shareholders a preferential right to the first $40m of any future dividends paid by San Leon.
Inevitably there will still be a number of questions that need to be answered such as when the shares will return from suspension, I would expect pretty soon, when Government approval will come through, hopefully by September/October.
I have been a strong supporter of San Leon in recent years as I believe that when they stated that they would return 50% of free cash to shareholders that amount of money could mean that the company will yield over 20% on an ongoing basis. There are still things to clear up such as free float and timings of some parts of the deal but as the shares return and the markets gets it the share price should rise significantly.
United Kingdom is 2 hours behind Ethiopia, so around 9:45am out there currently.
Kerim Sener interviewed on Proactive:https://www.youtube.com/watch?v=sNvcWTcpVSM
Mark Slater, founder of Slater Investments, and manager of the Slater Growth and Slater Recovery funds, talks bear markets and stock opportunities. He discusses his reasons for holding Jubilee around 14 minutes in.
https://masterinvestor.co.uk/podcast-master-investors/
Over 80% subscription retention rate is good news, originally I think they said previously that it was around 70% .
Leon Coetzer discusses the new chairman appointment and the addition of Berenberg as broker.
https://www.youtube.com/watch?v=GMQ6aAbFmcI
https://twitter.com/Chariot_Energy/status/1529113490031534083
Malcy says:
Chariot is in a very strong position right now and this significantly oversubscribed raise proves the point. Retail investors should dive into the Open Offer as I am led to believe that in the placing existing shareholders followed their money and then some, and new big and highly respectable shareholders joined in but were massively scaled down even at the placing price which was at no discount.
On the fundamentals the raise is designed to get Anchois to FID, including FEED costs and gas sales, as well as future CPR requirements and will be value accretive. On the power side it progresses the pipeline, adds to strategic partner selection and provide opportunities for further ventures.
The shares have already bounced some 12% from the placing price and I can easily see it sailing through the recent 25p high. Indeed I stand by what I have been saying since ‘new Chariot’ emerged and that is of being a multi-bagger from that 10p level, right now I suggest that a target price of 100p a share is not inconceivable…