Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
He posted his blog a little earlier - usual RNS assesment but a few comments from him shown below. I met with COO Mike Palmer when I visited Zenith recently and he is a first rate operations man, he and his team have clearly learned a lot from this process where the workovers were not �as historical information had led us to believe but our view of the quality of the geology and the opportunity presented by these wells remains unchanged�. With a good quality team and plenty of new kit, these recent problems should soon be behind them and are of �little material consequence when considering the longer term, very significant, prize at hand, and the broader picture of our profitable oil production activities in a field with vast, untapped oil reserves�. It is for these reserves that I believe will mean that Zenith should be able to deliver the goods in the coming months.
AC at todays buying price 7.1p has invested �288K and given hes bought at higher prices has personally invested over �300K - not may CEO's prepared to to that ! He may have his faults but is obviously very confident with ZEN going forward and happy to keep on investing.
Mentioned in his blog today - helps to spread the good news been delivered by IOG. 'IOG has finally settled the Skipper well creditor discussions, due around now. Of the £6.78m due £4.47m is deferred until August 2018 or when the FDP is approved for the SNS developments whichever comes sooner. £1.87m is converted into shares at 19p whilst the rest is being paid from cash resources. All seems set fair now for IOG, who acknowledge the support of London Oil & Gas in this process, they have been excellent backers and should see a good return in the next year or so'.
Thanks GG. Very interesting and the obvious synergies that could be played out in IOG. Just proves there are deals to be had with the majors with very attractive terms for the buyer, I'm sure MR will be already on the case.
Malcy now seems very positive to IOG, below is today's blog. IOG has announced that following up from the recent CPR on Harvey, ERCE has added a fully risked �expected monetary value� (EMV) of �79m. This is their technical detail on the analysis. �The EMV has been calculated on the mean of the Low/Best/High estimates of the prospective resources following the derivation of Harvey production profiles. Low/Best/High estimates of unrisked prospective gas resources are 45/114/286 BCF on the Harvey structure, 36/90/226 BCF on licence�. IOG state that they see a �compelling� case for drilling Harvey, and who wouldnt to be honest, with a planned appraisal well in 1H 2018, FID in 1H �19 and first gas in Q1 2021. Provided IOG can finance this and the other SNS gas hubs, and there is no reason now why that cannot happen, then progress from here should accelerate and a highly profitable development should soon be under way. With UK demand for gas very strong and costs still under some pressure IOG would be well advised to kick on as soon as is practicable and with a market cap of just �23m the upside looks substantial.
Thanks Scotty - hope we get them. Missed timelines are never received very well IMO.
From RNS 12/10/17 Our submission of the Field Development Plan for the Vulcan Satellites hub, expected later this month, will be the next important step in that regard. We also expect to confirm further key project contractors in the coming weeks. In addition, we shortly expect to receive a further CPR on the Harvey structure which provides very material upside to our portfolio." So - FDP this month (tommorrow ?) but no timescale given to Harvey CPR but it does infer that it is imminent.
Thanks Longside - very good article, well worth a read.