The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Hi Sense,
Well done for mobilising us long-suffering HUR investors, yet again.
I have just sent my email to JR-M.
Many thanks.
PW (aka Digby04)
Malcy's view on tax situation affecting SOU:
'Sometimes authorities don’t know how to do good for doing badly. As someone who has been involved with companies in Morocco for many years and highly value my relationship for example with the most senior directors of ONHYM even I can’t understand quite how easily groups such as the Tax Authorities can mess it up.
There is no change from the fiscal risk and situation of a year ago and the tax case is now likely to go the full course through the courts which could take a year or more. All for a dormant Moroccan company with no assets and no recourse to Sound plc in UK.
It is also worth noting just how much this will affect this company which is working flat to the boards to get the two Phases of the Tendrara project under way and as CEO Graham Lyon explains is on the cusp of sanctioning a large pipeline development.
I’m sure that the authorities did not have any idea of how much time it is taking dealing with this, nor the massive hit to the market capitalisation when it made this decision, one that negates the advantages in the country’s fiscal code. Taxing exploration assets seems to be at odds with the governments need to develop indigenous resources.
At best this situation is one of crossed wires at the top of the Moroccan State, it seems that one Government ministry is shooting the foot of the other, yet no one has had the common sense or guts to tell them. The loser will be the Moroccan state who on the one hand are desperate for gas to keep domestic power generation operational and the other trying to replace the loss of Algerian gas, this petty behaviour will have serious ramifications. '
Any clues as to why this is continuing to drift south?
Extract from BBC's report of a couple of hours ago:
'Kenyan's electoral head has admitted he feels the process of verifying results from Tuesday's vote is taking too long.
Wafula Chebukati's comments come nearly three days after polls closed, with the outcome of the presidential election still not known.
He blamed party agents for slowing things down as results sent digitally are matched to paper originals.
Media tallies show the two leading candidates - Raila Odinga and William Ruto - are neck and neck.
But it is only the electoral commission that can declare the winner - and it has seven days to do so.
It sounds like Malcy is joining the ranks of those of us who are despairing at HUR management's reluctance to come up with a forward plan...
'These continuing monthly numbers make a bit of a mockery of the share price as the cash stacks up in the balance sheet. My confidence in oil industry management is waning as no one, including the Hurricane team seems to have had any bright ideas about what to do with all the cash…'
Many thanks Senseman for all your hard work in rallying the troops and producing this list of extremely pertinent questions. I just wish that we had the opportunity to elect you onto HUR's board...!
My email to HUR's Comms just sent.
Thank you once again.
I like the sound of the new CEO, especially his comment:
"I join the Company at a very exciting point in its development and am keen to get to work on making GreenRoc one of the next producers of critical minerals."
Once we reach production stage then current SP will be left far behind. Now is a good time to amass some more shares.
I have my voting papers as well. I am not going to vote for Maris as he is so implicated in the farce that nearly robbed us of HUR, but interested in views on who else should be given the heave-ho.
Many thanks
Looks like Bill Hicks is being given the heave-ho. Interested in thoughts on this from those in the know.
'Bill Higgs, Tim Bushell, and Hassan Gozal did not receive the required 50% majority of votes in favour of election and accordingly have not been reappointed as Directors. The market will be updated in due course once the Board has considered the implications of the vote.'
Tremendous news in this RNS...
'Amitsoq Graphite Project Update - Significant Tonnage Upgrade to Amitsoq Island Exploration Target
'Highlights
· Following the Maiden Resource estimate announced on 8 March 2022, the Exploration Target for the Amitsoq Island Deposit has now been updated.
· The Exploration Target[1] has increased from a tonnage range of 1.7 Mt-4.5 Mt at a grade range of 24-36% Graphitic Carbon ('Cg') (as announced by Alba Mineral Resources plc on 7 May 2021) to a tonnage range of 5-15 Mt at a grade range of 18-22% Cg.
· The Maiden Resource for the Amitsoq Island Deposit (announced by GreenRoc on 8 March 2022) defined a combined Indicated and Inferred JORC Resource of 8.28 million tonnes (Mt) at an average grade of 19.75% Cg, giving a total graphite content of 1.63 Mt.
· The Deposit is open along strike (predominantly to the north) and down dip to the west, and this will be tested in the Phase 2 drilling programme this year.
· There is additional considerable upside potential to come from the, as yet undrilled deposit, (the "Kalaaq Deposit") to the south of Amitsoq Island; a revised Exploration Target calculation is being undertaken for this deposit.
· Graphite is a core component of an Electric Vehicle ("EV") battery and this is driving graphite demand and prices, with UBS estimating a natural graphite deficit of 3.7Mt by 2030, representing circa 37% of the global market.
· GreenRoc's technical work to date has confirmed that Amitsoq graphite can be upgraded to a more than 99.95% pure graphite product, which is the specification requirement for EV batteries, making GreenRoc well positioned to capitalise on the transition to Net Zero.'
Genel Energy plc ('the Company') announces that it has today posted its Annual Report for the year ended 31 December 2021 ('Annual Report') to shareholders together with the Notice of the 2022 Annual General Meeting ('AGM') and forms of proxy. The Company will hold its AGM on Thursday 12 May 2022.
In accordance with Listing Rule 9.6.1, copies of the Company's Annual Report, the Notice of AGM, and proxy forms have also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The Annual Report and Notice of AGM will also be available on the Company's website at www.genelenergy.com.
L3: suggest you listen to it at https://www.investormeetcompany.com, then you can make up your own mind.
As they say... DYOR
This resurgent sp has some way to go. The news last Thursday about Sarta, et al, and the explanation concerning the seemingly erratic payments by KRG will have provided reassurance for many potential investors. With low production costs, relative political stability in Kurdistan region of Iraq (which I visited in December 2021 - doing consultancy work for another oil company) and no sign of oil price retreating, this looks undervalued. GENL is a very respectable dividend payer, so with 3 weeks to go before it goes Ex-Dividend, I reckon we are heading back above £2 for the first time since 2019.
But DYOR...! GLA
My understanding is that Tullow's place in FTSE 250 goes live next Monday (21st March). This should mean that it will attract investment from funds that only buy main market stocks. Happy to be corrected if I am mistaken about dates (etc.).
Thanks JC. I watched part of the presentation and came away with a similarly positive feeling about developments. I'll watch the rest of it later but feel happier about payment issues as a result of the presentation. Progress at Sarta is encouraging as well.
GLA
Encouraging statement by the Chairman of GROC in today's RNS - especially the reference to the future:
'Our goal for our key assets, Amitsoq and TBS, is to complete feasibility and environmental and social impact assessments ("ESIAs") as expeditiously as possible so that we can apply to the Greenland Government for mining licences. As such, we intend to commence ESIA work at TBS shortly and to complete the field work component of that exercise during the coming summer months. We will also continue environmental studies at Amitsoq this year, so that we will be ready to move into the ESIA process following this summer's second phase drilling campaign there.
This promises to be a year of significant growth for GreenRoc as we push forward in our objective to become a producer of critical minerals. I would like to thank our shareholders for coming with us on this very exciting journey.'
Given the size and quality of the resources already discovered, the push to increase the resource base and desire to rapidly monetize assets, this has to be a STRONG BUY.