Member Info for Calder5

used admin/wages from last year accounts.

lasts years opex was £0.24p therm, that was with many production problems and water issues.

there is data the suggested a opex of £0.14p therm with good gas.

i added a bit and used £0.18p.

don’t think there is any need to factor in tax when currently loss making and massive losses to offset.

my calculations are rough back of a *** packet but give a guide.

I guess writing off Southwark would signal phase 1 complete

Should have added figure are based on 40mmscfe/d of dry gas.

I agree it’s 40% left for IOG

Mole that was an excellent post and summary although very sad.

I ran figures again now that I have a better understanding of the charges and royalties.

At 60p therm bond interest and administration fees and wages are made but nothing left.

£0.80 leaves about £1m a month surplus

£1.00 leaves about £2m a month surplus

£1.50 leaves about £4m a month surplus.

The BOD need a new plan.

Wolster you were correct. I contacted investor relations and they provided the following:

“It’s a 50:50 JV, so everything is shared half half, albeit the royalty arrangement for Phase 1 overlays that (CER also provided a development carry of £60m in the Phase 1 construction phase). Each party has their own gas sales arrangements for their respective shares.

The Phase 1 royalty is 20.2% of IOG’s net share payable to CER – it is paid via adjustment of respective gas entitlements between the two parties and is capped at a total of £91m (i.e. that is the maximum aggregate amount that could be paid to CER). It is in respect of Phase 1 fields as defined in the 2019 farm-out agreement, i.e. Blythe, Elgood and Southwark.“

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.