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Carrying Cost For Unproven Oil & Gas Assets
$46m minus Proven assets
* In 2021 BNG applied for the production license on its South Yelemes shallow structure. The Ministry of Energy of Kazakhstan extended the term in accordance with the additional agreement No. 1 dated June 24, 2023, until 23 June 2044. The related capitalised assets which were in total US$14,025,000 were moved to Proved Oil and Gas assets.
Add on a value for MJF ( 10 further wells allowed in 155 )
I have been through the 2022 accounts, broken assets down into different headings, will post as LSE seems to want it done, there is minimal duplication, any there is has been left in so that this can be read within its heading and hopefully convey the information without needing to cross reference into other headings as I realise there is quite a lot of info here, so that it can be cross referenced to fact check i've only used info from 2022 filed acs and the last 25/03/24 RNS.
IF you are busy please read the last para of the BNG Contract area.
- Why Sell The Shallows
- Carrying Cost For Unproven Oil & Gas Assets
- Galaz-
CTS Drilling Services
- Block 8 (EPC Munai LLP)
- Fraud
- 3A Best
- BNG Contract Area
- Both Shallows MJF (Full production license to 2043) & South Yelemes (Full production Licence to 2044)
- Options & Incentives
- Full Production Licences.
- Conclusion
They set out in the 2022 accounts that any Group assets were for sale, this opened the door for interested parties to approach to discuss.
Drilling wells at a rate faster than could be funded from oil sales, would require additional funding, as would any acquisitions to be funded by cash. Potential sources of such funding would include: further advances from local oil traders for the sale of oil yet to be produced; industry funding in the form of partnerships with larger industry players; further support from existing shareholders; and equity funding from financial institutions. Additionally, funding may be available from selected asset sales.
Should it be necessary, the Board has the following actions to mitigate any short-term funding issues · To seek additional funding from advance oil sales· To slow down the pace at which BNG is further developed· To defer the exercise of the option to acquire Block 8, as this would defer development expenditure· To sell all or part of one or more of the Group's assets· To defer further dividend payments· To seek additional equity capital· Cease or reduce the amount of discretionary dividend payments (payment of which is subject to the cash inflows outlined above).
1. Who had a clue about this ?
The Board has in recent months entered into a number of discussions with potential buyers concerning the BNG shallow structures (excluding the BNG deep structures Airshagyl & Yelemes Deep) at indicative prices potentially significantly greater than its current carrying value. Any deal at these levels because of its size relative to the Group as a whole is likely to require the approval of Caspian Sunrise shareholders.
2.Kuat can vote this on his own so the shareholders voting nonsense is just that.
£1 a Share? 2 2bn
50p a share £1.1b ,?
25p a share £550m
Sell Airshagyl deeps, 2 x shallows keep North Yelemes and Block 8.
Pay out a massive dividend then invite all shareholders in for a placing at statutory date at current holding ratio ( Kuat takes 50% ).
Placing pays to develop North Yelemes deeps and Block 8.
Kuat keeps 50% and has a lump of cash tucked away.
The Orthodox side might ... the Beards to the right less so.
Can sell a lump at 3.91.
What's happening here has this oil field sale deal been done and a big dividend is coming our way?
3.911
There's 4p...
As anything pops up its being bought, there was about £15k a while ago, that took it NT again for ages, them dribs and drabs appear and they go straight off the bat.
Are they selling BNG as a whole lol?
100 or 100,000?
Don't tell him that, he'll be offering another free carry trial.
Cut Tom's salary and put him on part time, roll him out for interviews for the next placing.
Employ a National sales Manager, set him a target to trundle around the NHS centres and SELL at breakeven cost the system on a 12 month introductory price, thereafter a rolling 12 month at cost plus margin deal.
If Yr sales manager can't sell any within 6 months stop trying with the NHS, lay off sales manager and focus on India and licensing to the USA.
Quaytec,
it's there every day, day in and day out welded to the C.E. I haven't seen it leave berth and rejoin?
I would have thought the same about the C.E. taking on bunker fuel, that makes perfect sense, to you and to me.
So lets scrub out refuelling - it is a chemical tanker, appears to be Ukranian registered.
Reposted from 22nd March - History Repeating .... this time with better news ....
Compare Nov 22 when the last decent flag pole started forming, flag stretched out to Jan 2023. ( bagged from 2.23p to 4.3p )
Then continued in a classic 5 stage leg up to 8.5p.
We are back at the 2.23 point but there is no risk of dividends to detract from the drill programme and they have loaded loads more news in, more drills, boat has a conformed contract, block 8, South Yelemes are producing more oil on horizontal drills etc etc.
Last time it went from 2.23p to 8.5p in 5 months and all you had to do was hold for nearly 300%... only reason it stopped going higher was their insistence on taking Divi money and putting it into the UAE coffers, thereby cutting off the drill and workover ratio.
With Block 8 coming onboard they won't do that again.
Still moored.
Weirdly the Meliana - a Chemical tanker is still docked alongside, hasn't moved for weeks.
Every other ship in that small port has dropped off cargo/taken on fresh loads and moved on...
Mike,
Then split out the home and away they have to sell some to the home market.
They could hit this just on South Yelemes, or 155, or smash it with A5, A6,A7,801,802 or 803.
Last year on less news it did 2.4p to 8.5p.
I'd start there?
Still think that's too cheap for what they've outlined is coming.
Not interested in 5p ... chump change!
Sitting and waiting, selling oilfields, licensing a deep, redrilling A5, buying block 8, renting the drill barge, first time in years ...
Multiples of 5p...
The great thing with AIM BOD's is they can chat to each other and agree the options we're probably set too high.
Especially after issuing 5hit loads of shares for placings ...
Then they can agree they will lower their options...
I'm still invested here Dibs, just telling it like it is on AIM ;)
They'll get India sorted by then.
India is being pilot scheme funded in charitable donations, they will then ask for central Government support / funding to cover the whole country.
Months away at the earliest, same as UK NHS.
Unless it can bring cash in via licensing bleepa to usa? I'd expect another £5m? Raise to keep all these trials running, unless Tom can man up and sell the proposition instead of giving it away.
Was reading about bids this morning, old favourite, great product, 5hit BOD, was obvious a while ago, come on Tom cup those balls in one hand and go sell some Bleepa!
That's decent, realistic, factual.
No b.s. in there, good snapshot of the business.
Note they are stockpiling and not just selling.