Member Info for damofarl

Krustymegna; I agree with pretty much most you say. It particularly irks me that a stock like this, trying to enrich society not just shareholders, is so under appreciated.

And If I'm honest, I'd prefer 10 years of 10%, than a one of 25% appreciation....

Many thanks for that Gavster -NBC; my contrarian way has drawn me to it!

Gavster-nbc; aye, I was betwixt and between to you there! What I was trying to say was I don't think the declination rate is the cause (whether you think it's 10 or 4%), just a general down on oil/gas stocks. My personal view is that there isn't 30 years left, but easily enough to clear all debt/pay dividends until 2030.

Do I recall you hold HFEL, and if so, any views on it? Ta.

Yes, we do love the boring consistency of FAIR!

2 of 2; as fulfilling this more onerous inspection requirement. The EPA require physical inspection currently, and if they are successful, DEC won't be able to record as one of those recording requirements, when they where there anyway, couldn't be counted. One only has to think of the additional cost to DEC of say doubling physical inspections none of which could be offset by a routine be visit. But actually if DEC was smart that could do a Bloomberg on that, and make it a virtue,.by say aligning this more onerous inspection requirement dates with dates of plugging in the area. As for the debt thing, well the RCF was in my opinion a mistake, but on the plus side, their objective to clear ABSs by 2030 is 5 to 7 years earlier than the contratual requirements (which gives them headroom), but they are actually amortising it at a greater rate than their own 2030 projections. Personally, I think beyond 2030 there will be little meaningful production but they don't need it (or new acquisitions) to cover the debts and duvets until then. What I see, is in 2-3 years, the plugging company will be spin off as a stand alone entity, come 2030, DEC will cut and run, abandon the wells, and NewSpunOffPluggingCo will have a secure utility like cashflow for 30 years or more.

Agricore; hope you are well too! I do think you should revisit CGEO - it's major holding BGEO has been doing share buybacks for ages, causing cash to flow to CGEO as it has sold down to maintain it's stated % holding in BGEO - that flush of cash now seems to have metamorphosised into CGEO deploying it's own buybacks...is that like compounding on compounding?

Gavster -NBC; hope you are well.

I don't think the declination rate is the source of the SP drop, and isn't DEC specifics that are the crux here but that such o&g stocks are out of favour....without really looking, HBR, i3e, WDS are at or near year lows., and whilst some might argue they all have their company specific concerns, they too are all highly profitable. I do think your previous suggestion, at a previous sharp drop, that it might be related to the EPA (and concomitant API submission) desire. I read both in their entirety, and beyond the obvious (green tax/levy charge), there was a requirement from the EPA that wells were physically inspected at very frequent and considerably.more than current, and crucially, at fixed periods, and that such included ALL wells active or dormant (until plugged). The API's submission, beyond stating this was unworkable/unviable, stated that remote fly by drone type inspections (of which DEC is pre eminent in using) should be accepted

Mick2020;

I have not been here/in WNW for a year, and have only came back to this board when I saw it hit the highest daily rise radar, and I was curious as to what had transpired. I checked the price I sold at and it was half a penny higher than that end day jump - a year ago. My main point was to thank you for your contribution to this board, which when I was in , I very much valued . I wanted you to be wrong in your forthright whilst considered views. The nature of which precipitated me selling out a year ago. Everything you suggested, and was frequently derided for, has transpired, which is why, like Ecologist, I bought M&P, long before the initial buy announcement.

Mick2020, you did me, as you have this board a great service, and I thank you for that.

I note the March dividend is being brought forward to January prior to the newco being established. Happy days.

Wot no buyback today? -; My st he running out of cash.....not.

I hold a number of 'asset' managers. This RNS must be the first I've seen in since months of AUM rising.......

Agricore; thanks for providing the definitive answer.

I'm an unstinting fan of FAIR, but I've long liked VTA in it's own right, and to ensure diversity. Not sure Demay's departure will be material and still like the access to AXA, and the resource/origination that offers (mindful of the flip that such giants can stifle performance).

I still feel their is a special divvy coming here, and any uplift SP wise to reflect that, or returns of capital from the winding down of BGLF may allow me to diversify, without adding to my overweight position, within this sphere.

I don't think the run up to 60 was a surprise, merely a minor correction of being over sold. Yes difficult times, as can be seen by the whole sector's cratering, in an economy not conducive, with ETFs continually removing their market/proposition. There are too many, yes, but still a role, and consolidation is necessary for survival, but in such there is great opportunity for those in the quality sphere.

The end of the bosses commentary referred to their scalability (underutilisation). They could have maintained the dividend, what with a third mkt cap in cash, and that they didn't, along with the recent purchase, shows that consolidation is there vision here. The economies/efficiencies of scale (cost reduction) will allow the quality to not only survive but prosper.

I hold a number of asset managers, and despite the structural threat of ETFs, think most are deeply undervalued, in their earnings alone, let alone the uplift that a KKR type consolidation of the sector would bring.

And I say that as someone who first bought here at £1.10! Frankly to still receive a 5% income in a bombed out stock in a bombed out sector, shows you the oppurtunity in PMI when either or both the economy turns or consolidation occurs.

Yes. In the bottom draw. The worry free bottom draw.

They can afford 70c easily, but the US seems to prefer buybacks over increasing dividends.

I do see a (token) rise to say 65c, and have long felt, that medium to long term, this will become a 10% yielder. Yes hairy seeing it go to $30ish, but I've always held, just believing that this is so so undervalued. Wouldn't surprise me to see it head that way again - just as it wouldn't surprise me to see this go to $70 - both within a year!

Good luck to all on the JXN rollercoaster!

Notice that Nigeria's 'quota' has been increased.....

Ant1986/marlint112;

Irrespective that you didn't include the debt ant, your point is still valid; whilst marlint correctly highlights the debt that needs factoring in, it doesn't give the whole picture, I feel you was (correctly) alluding too.

If we presume Arqvia (stake) is treading water it's still worth it's £459m purchase price (from what I can see it is comfortably covering it's debt obligations - themselves at ratio levels considerably lower than most transmitter groups - with excess earnings to boot).

So take Arqvia stake, £459m, add £300m for Verne sale, less £375 RCF debt leaves a value of £384m. Yes this disregards DGI9's other investments/commitments, but their still lies a positive disparity of £119m against market cap.

Yes volcano concerns will impact SP, relegation from FTSE250 will impact SP, but you cannot ignore that this is chronically undervalued. Verne was an amazing opportunity beyond DGI9's reach, but Arqvia is the golden goose hidden in plain sight, with it's predominantly inflation linked secure income in a quasi monopolistic market.

Yes patience is required here, a patience I believe will be a goose rather than a turkey, for many Christmases to come.

Hi Kentio; I hope you are well.

I don't hold VTA so don't know definitively but I'd of thought if it's the UK listing you hold, no.

I am a fan of VTA it's just I have a chunk in this sphere already; I would buy VTA today, but I have a finite pot, and I would have to reduce my holdings in BGLF,/TORO/FAIR to do so, and whilst they have been good to me, and I could (should?) diversify but I still think they are delivering, and will continue to do so, to my expectations.

Agricore who holds here, also holds VTA and I'm sure will answer your question more definitively.

Some excellent discus here on the bond. Thanks.

There's commentary in Shares mag about British Land/office. Positive to BL it noted it's (quality) ilks' 40% discount compared to RGL's approaching 60%. Of note to me was the writer's deceleration that he held RGL

A nice uptick in NAV showing dividends are looking good for a while through wind down. Noted from the quarterly report that European/US loans have been better performing than any time since 2009 which, along with a lower than historical average default rate, bodes well here.

i quite like the irrational indifference to sepl - it keeps this board refreshingly clear of spivs and conspi******s.

the deal will go through, with a revised increase but offset price to mobil, with a slightly larger % share to nnpu . i note a recent press release post, where a minister stated discussions (on the deal) included retribution/restoration for a legacy of oil spills/damage (from mobil production), and therin maybe the 'adjustment' favour mobil, which will be a clean up fund, promised/delivered by sepl with a concomitant agreement from govt that such a fund would absolve any more listing/future claims.

as for a fund raise, don't see it. a recent sepl update reconfirmed that the original lenders panel for the announced acquisition were still on board, albeit yes, one must expect at higher than original rates.

whatever way you look at it, whatever the adjustments/placations, for nigeria, the future is bright, the future is sepl.

and for us too.

Even if all the 37 properties covered by the only 50% LTV (come June) debt, were at the current 52.6% blend rate, simple prioritising of debt repayments (£10m from cash), would bring well below breach potential.

Pardon my ignorance, but can some one educate me on what the plethora of miniscule trades means? Surely the costs of buying a single share are greater than the value of the share? What's the thinking/purpose of such. Genuinely ingonrant/curious.