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Should read - their lats RNS was badly written (not CPR)
Who is the "we" that needs a new CPR.
CPRs are only as good as the info you feed into them as we have seen with the previous two, and are only useful if borrowing money or selling the Company - and even then most suitors will have their own guys validate reserves and resources. The last thing the Board should be doing is wasting a few more million on a CPR at this stage after wasting nearly $20mil on trying to give away the Company to the Bondholders.
I also think that Chaffe and Maris have overstayed their welcome, they must be now on borrowed time, and should walk or be shown the door. Their last CPR was yet again badly written focusing on the unlikely worst case scenarios and both were at the helm in trying to give the Bondholders 95% of the Company - they need to now go, in my opinion.
The Oil price is already higher than most could have hoped or predicted and all indicators suggest that this will only go higher as demand outstrips supply - goes to show how cunning and underhand the bondholders were when trying to take over the Company and how unscrupulous, and possibly illegally, the Board of directors acted.
So no more wasting Money on CPRs, I would rather see the money spent on an investigation into the NEDs that resigned and Maris/Chaffe (who should sisign) and get some or all of the 20mil back through Hur's insurance.
Paddy, I disagree, confidence was never lost in Petrofac, they are also a lot leaner and meaner than pre SFO investigation and Pre Covid. They stopped Dividends, streamlined Operations, reduced wages with even the Directors agreeing a 10% cut so will come back a lot stronger. I believe that this Company has huge potential to "build back better" than before, they are also well poised to pick up a lot more renewable project contracts going forward as well as the lucrative O&G contracts.
Prtrofac has always been a hard one to value and todays news isn't easy to pin an accurate value on either without a lot more info. What is obvious though, is that Oil and Gas is and will be in high demand and the price for both is and will reflect the high demand. Projects have been deferred and delayed but cannot be delayed indefinitely without having a huge impact on production and safety. Petrofac are well positioned to benefit from this and I suspect that they came to the right deal with the SFO at the right time to take advantage of the market.
The SP was £17 a few years back and £10 before the SFO started sniffing around - it would take some serious contract wins to get anywhere near those levels but I still think that £4 a share is a reasonable expectation next year, maybe sooner.
Snapper, you are wrong again. Your posting history shows that you have called this wrong on a near daily basis for many months now. You called the date of the court case wrong, you called the fine wrong on so many occasions, you called the SP direction wrong on a near daily basis, you are now calling this wrong. Not sure if you genuinely are stupid or trying to manipulate others (nor do I really care) but judging by your history I think its probably both.
Snapper, your post below where you correctly say "I have no idea" is the first thing that you have called right here for a long time. Your posting history also back up this statement.
You called the date of the court case wrong, the fine wrong, the SP direction wrong on almost a daily basis and now the status of the investigation with the SFO - wrong yet again..
So congratulations on getting something correct - you definately " have no idea"
Snapper, your posting history show that you have embarrassingly called this one wrong at every turn, and you continue to do so.
I have a short to medium target of four quid which I expect to see at some stage next year, possibly a lot earlier with the right news. We know that shorts have closed since the Court action and apart from ones linked to a hedged long position, I expect them to continue to do so before the SP goes higher. I also fully expect to see both retail and II's take longer positions once the day and swing traders have had a go.
What you post (and myself and others for that matter) will have no influence on the SP direction - posts here may influence a few to sell, buy or hold but anyone trading based on posts from people like yourself who constantly call it wrong, deserve all they get.
Correct, The directors and any PDMR will be unable to buy shares on the open market as this will be almost certainly a Close Period. Yesterdays announcement was part of their package, closely monitored by Petrofac's Rumuneration Committee who now take external advice to ensure they comply with MAR etc
If the hearing has finished, then it looked like it really was just a formality and the Judge will have given guidance on when it will reconvene (Monday if thats the case) to quickly sum up and announce the fine and any conditions etc.
The direction of the SP this afternoon and first thing Monday will depend on how the big players think the hearing went, some may take an early position before the award, others institutions will probably have to wait until it is announced before taking a position- just in case. Any shorts not hedging long positions may reduce today, Monday or over a longer period. No one on here really knows. For me I will ride this out for a while yet and see where the SP ends up.
100mil would be a great result with both parties walking away happy (particularly PFC), but as they say wtfdik. Bear in mind that some were speculating that it would be in the region of billions a couple of years back - and the SP reflected a lot of this fear at the time.
Its not as much the fine that has been keeping the SP down, its also the inability to forward plan and win contracts with the court case dragging on and on.
I think there is a lot of money waiting for the court decision, not just retail investors either.
Those were 10 quid a pop before the SFO starting sniffing. The Court Case draws a line in the sand, the plea bargin means the SFO are only pushing charges relating to - not having procedures in place to prevent fraud and bribery. A fine in the region of 100mil sounds about right and will mean the SFO can walk away and justify their existence and will also allow PFC to get on with the business that they are good at. I don't think that a 500p SP target is unachievable in the short to medium term or back to 10 quid if anyone wants to wait a few years.
AS - "can't say much at this stage except that they are very pleased after results from the first dosing" or words to that effect - if that doesn't tell us that things are going very well then I don't know what dies.
Schemiel, that is wrong - CA do NOT have any directors on the board.
Joffoon, no, they are pleading guilty to failing to prevent individuals from accepting bribes, very different. They have come to a deal with the SFO. A fine in the region of around 100mil sounds about right to me and then the clients can deal with the new sqeaky clean Petrofac with a spate of contracts announced from Q4 onwards.
Twatcher, I suspect, unlike yourself and a few others that constantly live on those boards looking for attention, most investors have a real life, have reals discussions with real people and have real friends.
Most will have RNS alerts and Level 2 access set up without relying on this forum. Most investors will have done their own research or contacted the Company and made their own minds up and for obvious reasons do not need to or want to share info with some of the clowns on here.
Occasionally there is a link or a piece of info on here worth checking out further but for the most part, it is just you and a few other looking for attention (your welcome) or trying to influence others to buy or sell, sad.
Each to their own I suppose. Anyone daft enough to trade based on attention seeking nobody's deserves all they get. Likewise if the only life somr people have is looking at others porters history, reading those boards constantly and posting here multiple times a day then crack on, sad as it seems to most normal people in the real world.
Of course this will have been considered and pros and cons worked through. From memory any tieback is more of an enabler to sell the black stuff rather than any huge money earner.
This, and a decent flare gas recovery system, will no doubt be considered as part of any forward plan as the OGA will want flaring reduced to a minimum. But before any of this happens they firstly need to agree an extention with Bluewater for the FPSO.