Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
The result is inline which was announced 23rh Jan, so nothing new there. There is clear negative in todays statement / news:
1) Capital raise and the fact that the price for the raise isn't set so this could fall very deep.
2) The company is guiding down growth and earning so the analyst will take down their estimates.
3) The FCA prob is not good.
4) The mgmt / BOD tried to convince the investor that the capital raise is for growth (something positive in their mind) on the conference call. I dont think they fooled anyone, everyone knows at this point that Metro needs cash to support the capital requirements.
It wont be pretty tomorrow.
Wentworth write in todays investor presentation that they are looking to introduce a dividend in 2019. I attended their investor presentation in Oslo on Tuesday night, the message was that their will be a dividend in 2019 they are currently looking into what it will be. They want it to be sustainable so it wont be to high.
I think this is very positive as it shows 1) The company think the payments and cash from Mnazi Bay will be sustainable, 2) The BOD/mgmt is giving the right message to the market that they want to return cash to shareholders rather than spend it all on new project / capex.
5 prospects with 500m in average in each prospect on Total block, and on top of that several leads.
Slide 7 http://www.africaoilcorp.com/i/pdf/2019-01-21-CP_AOI.pdf
https://www.africaenergycorp.com/operations/south-africa-block-11b-12b/
Big report on Total discovery in Platts.
https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/020819-total-makes-game-changing-gas-condensate-find-off-south-africa?utm_source=dlvr.it&utm_medium=twitter
CNRL investor presentation, South Africa slide page 67
https://www.cnrl.com/upload/multi_media_element/187/06/1205_w_cnq-investor-open-house-2018.pdf
http://www.newafricanglobalenergy.com/operations/south-africa/
From todays RNS, data room is open. Decent chance for a farm-out
"The Operator has assessed the analogue prospect potential on the Algoa-Gamtoos block at 364 million boe on an unrisked basis from 2D reprocessed data, which is an increase on its previous 2018 estimate. Envoi, on behalf of the Operator, New Age and Tower have been contracted to facilitate a farm-out of equity in the licence, and a data room is currently open."
Total deepwater presentation, slide 10
https://www.total.com/sites/default/files/atoms/files/deepwater.pdf
Canadian Natural Resources holding 20% in the Total block put out an press release as well ($40bn mcap company)
https://www.cnrl.com/upload/media_element/1217/02/0207_provides-an-update-on-the-south-africa-black-11b_12b.pdf
Africa Energy only holds a 4.9% stake in the Total block but they still focus almost there energy on this asset. $150m mcap, compared to TRP mcap of £6.5m and holding 50% stake in their block in the same basin/play.
Africa Energy last investor presentation, plenty of information about the South African play.
https://www.africaenergycorp.com/site/assets/files/106163/2019-01-15-cp_aec.pdf
Total made a monster discovery next door to Tower block in South Africa https://www.investegate.co.uk/total-s-a---tta-/bus/total-makes-significant-discovery-and-opens-a-new-petroleum-province-offshore-south-africa/20190207073300Z3703/
No RNS this morning supporting that the Brockham well is flowing.
Its odd that Weald reported that nitrogen arrived to the site at 10.35am today and that the tanker left the site in the morning (which would be before 10.35am).
Angus is not injecting nitrogen continually, they are using nitrogen to get the well starting which means that if its flowing they will not be injecting more nitrogen.
To me it doesn’t add up that the well would be on continuous flow when nitrogen is still arriving to the site.
The legacy well is producing, its included in OGA last reported production number. That is a fact.
Why would they need more nitrogren yesterday if it was flowing on wednesday according to the oil tanker report?