Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
LTT
A great analysis of what was said yesterday.
I totally agree with you regarding Carrots suggestion re lobbying local MP's, that is the last thing we need at the moment and that was stated at the RKH AGM. UKEF hates publicity and pressure. I am inclined to agree with Nigoil that Carrot's attitude towards this share and project is a bit dangerous , and others should be wary of him....he has his own agenda on this board.
Taken from PMO trading update:
Net debt reduced from $2.33 billion at the end of 2018 to $2.25 billion at the end of April. This was driven by free cash flow generation of c. $80 million, ahead of forecast due to strong production and higher oil prices. Premier's 2019 free cash flow generation is weighted towards the remainder of the year due to phasing of capex and interest payments. Premier's leverage ratio (covenant net debt/EBITDA) at the end of March was 2.7x. At current oil prices, Premier is forecasting full year net debt reduction at the upper end of the $250m to $350m guidance with a forecast year end 2019 covenant leverage ratio of less than 2.3x.
The leverage reduction will help PMO be able to get support for Sealion provided the UKEF play ball.
After sleeping on the events of yesterdays AGM I still believe RKH shares are a 'Hold '!
I can't attend today's PMO AGM but look forward to hearing from those that do.
Well said Ovets...Carrot is right SM did say UKEF support was not guaranteed, but it would have been totally wrong of him to say so. He did say that submitting the PIM now was the right timing because all of the questions that needed to be answered for this were.......answered !
By the way carrot , what happened to your voice today, you were very quite when the resolutions for the directors were being read out :-), did you have laryngitis ?
Hi TGF
Good to see you are still around from II days.
My take from the AGM is that they have be told to applied for funding for the Ferrari after a great deal of discussion with the potential lender as it maybe looked upon favourably... not been over optimistic, just quoting from the meeting?. My preference would be a 1927 4 litre Bentley, but each to their own :-)
Just back from the AGM.
I found it a very honest appraisal of were we are, totally dependent on PMO and Government support. I agree with some of what has been said here but I also believe the Board deliberately down played the situation regarding the chances of getting UKEF support. They recognise the shareholders frustration regarding the delays to this project and the meeting reflected that.
On the upside SM did state that there are other companies in this sector looking for support from UKEF and this project ticks all the boxes regarding the requirements for that support. Sam Moody also stated that part of the UKEF remit is to support companies in the Energy sector.
Only other thing I can add is it was stated there will be news regarding the latest drill in Egypt in the next few days.
I am glad I went and found Sam Moody very approachable after the meeting.
Yes as stated.
MLAs Teslyn Barkman, Dr Barry Elsby, Mark Pollard, Leona Roberts and Roger Spink will be accompanied by Chief Executive Barry Rowland and will meet with senior politicians and UK Government officials in order to make the case for the Falkland Islands in terms of the economy, trade deals and developing our hydrocarbons industry.
So RKH and PMO will be on the agenda.
Nigoil that is a great start....but what happened to delay FID from 3-6 months from Aug 2018 to Q4 2019 ? That is what I would like you to give your opinion on. Was Tony Durrant just making up a good story or was there a significant change in circumstances to delay FID that much?.
Glamrockover I have been invested FI oil for 10 years now, if you look at my posting history you will see that I am far from a Basher of this stock, and I have never posted anything derogatory about anyone including Nigoil :-)
Nigoil, you are beginning to sound a bit paranoid now.
I fully understand your stance against some of the rubbish spouted on this forum regarding RKH and PMO being a bad investment and how we are all doomed, but there are a number of positive posters on here , myself, bootledoger and Ovets included who do have genuine concerns as to why FID was promised by Tony Durrant within 3-6 months last August and then without any explanation delayed until possibly as late Q4 this year.
Perhaps you might have some idea why the delay happened, was it false hope in the first instance on the part of Tony Durrant of has something changed to delay FID? I for one would like to hear you view on this and that does not make me a de-ramper ?
Bootledogger. I agree it is very bad form that no explanation for the delay has been given, as the information given was/ has been used by some to make financial decisions and commitments to RKH and PMO share purchases. I for one was not sucked into the share price rise last May but it was a close run thing. After getting burned by FOGL, I have only purchase RKH shares in the Low 20p area.
I can only assume that it was a bad error of judgement on the part of TD or something changed after that statement was made to affect the time scales.
Either way it was a bad error resulting in a loss of confidence in a positive FID and should have at least had some explanation.
My take on the Malcy interview is that TD's strategy for this year is to continue to pay down debt. He stated this is going ahead of predictions for 2019 because of a reasonably buoyant oil price and a better tax situation so the gearing at the end of year will be about mid table for this industry. That is vital for the prospects for PMO to take Sealion forward in my opinion.
He is being careful very this year regarding promising any timescales for FID after 'shooting from the hip' last year regarding FID timescales and promising something that was not going to happen. It was a bad error resulting in a loss of faith amongst certainly RKH shareholder and others probably.
I am still feeling positive about the chances of Sealion going ahead and FID being positive, maybe even this year. RKH doesn't owe me anything at 23p so I guess I am lucky in that I am happy and able to hold and see what happens.
I also believe trying replacing Sam Moody as CEO of RKH is irrelevant, all of the decisions regarding Sealion FID and Sanction vest with PMO and Tony Durrant not Sam Moody.
Good result elcapitano....but I hope you had more than 130 shares in the first place :-) . However the timing maybe excellent as our local soothsayer Carrot is predicting a rise in the share price ! I hope he is right !