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Https://www.offshore-technology.com/news/iog-calenergy-north-sea/
News article detailing deal with calenergy.
Accounts section 16
£15.8 million (2021: £11.7 million) operators advance accounts representing the balance due to JV partners, being the difference between cash calls received and billing statements,
Thanks Wolster,
Been trying to get to the bottom of the amounts payable to calenergy. All I can find is about £16m paid to cal showing on yr22 accounts this equates to about 20% and also found a news article which says there phase 1 royalty is 20.2% to a maximum of £91m.
I don’t think there is anything else. But it would be good if we could dig a bit deeper.
I have been conservative with the figures and if correct the bond looks repayable as per eggars post.
Been running a few figures at £0.80 price.
At 40mmscfe/d Calenergy will get £1.9m a month (20.2% phase one revenue royalties).
IOG will retain about £5m after production costs.
Have not taken any condensate sales into consideration.
Drilling rig now gone. Currently 2 miles north of Blythe.
Enfin,
It’s €100m (£86m).
Only 100m of the 130m was taken up.
Loke Viking offshore tug at Blythe.
This must mean everything is now completed
Snooz this is without doubt the most stressful and at the same time most interesting investment I have made. I find myself watching interest rates, gas and condensate prices and euro/gbp exchange rate.
It’s a bit of a handful.
👍
The below extract is from the latest accounts.
To me it looks like €100m was issued.
· £8.6 million (2021: £8.3 million) interest paid on €100 million September 2024 senior secured bond ("Bond")
The bonds total €100m and are listed in Oslo.
This is about £86m at today exchange rate.
I must admit I wasn’t 100% I had it it correct. Thanks for the update. 50EUR is not very good.
Don’t really understand the low valuation of bond and also the share price for that matter.
Obviously they will not be able to repay the bond next year but they will be in a strong position to refinance. Come winter we will be back at £20-30m in bank (maybe more) and be able to fund winter drilling while still adding a little to bank balance.
The bond is trading at 86.63 if I am getting my information correct.
While it’s not trading at 100 it has added value which is a sign confidence is building.
Shorts increased again.
Very good point KYC if they were dredging around the legs prior to a rig move it would be very welcome.
Looking forward to a good plan.
Very good point KYC if they were dredging around the legs prior to a rig move it would be very welcome.
Looking forward to a good plan.
I would think that the only vessel of importance is currently vos paradise. I would also expect that the long wire equipment has been delivered to the rig now as they did say it would be expedited within two week.
Blythe is littered with wind turbines and the majority of vessels in the field are to do with the turbines. They said the intervention would be complete before end of Q2 so there will be an RNS next week.
Tell me about it. But it’s one of them shares that’s really worth a punt though. The infrastructure, assets and potential is massive and its current valuation is based on failure(IMO). If them ifs manage to break through the buts it will be a multi bagger.
You have to be in it to win it so it’s a hold for me. Really feel for the long term holders her.
Bit less it’s, 100m euros so it’s interest on £85m.
Don’t take any notice of buy’s and sells. It’s rarely accurate. Regularly see my buys listed as sells. Recent
200,000 trade at 4.34p listed as a sell but it’s 100% a buy.