The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
In rareness to Roxy, these guys are about to add 5 mboed production and have passed through the most capital intensive period wiring construction of the plant. The project is worth multiples of the Mcap.
In the words of CNN ‘strange scenes here in downtown London stock exchange…’ that broker rating is just bizarre
Personally I think longboat should be going back to JAPEX and saying.
There are several deals available right not. How much do you want the production and how quickly?
Repsol is up for sale: 29,000 boepd and 53 million bow reserves
Sval is up for sale 70,000 boepd expected to sell for 400 million according to routers with debt of 700 million.
Kufpac just sold for 450 million and 19,000 boepd
Var will be divesting according to reports.
My take would be you’ve offered the £100 million but if you want to grow quickly, here’s the opportunity. £300 million loan, reserve based lending for the other £200 million and off we go to the races :)
James Menzies as CEO would have been phenomenal. Such a charismatic and bullish guy.
Nick I’ve not heard much from (I think) but looking forward to the next update from him. Presumably it’ll contain details of the shallow water stranded discovery awards James touched on in Malaysia.
HH is chairman of longboat Japex.
Nick taking on the CEO role at longboat.
Graham chairman of longboat.
My guess would be that meetings in Malaysia where Helge is predominantly inexperienced is conflicting with meetings in Norway so they have very much divided and conquered to start knocking down the bowling pins.
Still here Mommur.
I never get excited when we sustain a large drop for no real reason then begin rising again. I view it as the MM just taking the p**s and ripping people off.
Topped up a fair bit though and patiently waiting for an RNS with the words ‘longboat are pleased to announce the acquisition of’ :)
Again, crazy value here, 6-10 bagger easily with a reasonable sized acquisition.
Not in here but just reflecting on when I was a holder - Bitter pill to swallow that Serica gave up on Namibia following GALP’s 10 billion barrel discovery. That block would be worth a fortune now. I see this becoming the next Guyana with multi billion barrel finds in succession.
Stop and think about this;
Longboat will produce 1000 barrels every day by June. Not only that but, 80+% of the capex we have paid out for the gas lift project will be paid back to us next year by the Norwegian government.
Great summary ZENGAS. Also, oil at $91.
Said this time and time again but this is another Serica. I was in at Serica when Erskine was producing 2000 boepd yet the market just didn’t recognise the value. Easiest 200/300% I ever made, then the big acquisition came and suddenly everyone wanted in.
IMO you capitalise on times like this when the share price is on sale.
Ash, why not sell up and move on? I’ve done it serval times before and made multiples back. Tullow being a good example. Bought at 7p sold at 45/50, bought back in at 37 sold at 27 and moved on to I3E at 10p to sell at 28p.
Why wait around if you don’t have any faith they can deliver? Let’s be honest too, they changed strat when Japex came in and have only had 100 million financing for less than 9months.
You can’t say it’s been 5 years for a production deal because they were buying into exploration wells initially and Did so successfully. Unfortunately nothing major came in but they’ve refocused to the Kveikja area now which I think is a wise decision.