The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
We have had several days now without wind, low cloud cover and freezing temperatures while Russia have reduced gas supply to Europe and are threatening Ukraine. Meanwhile gas prices are spiking ever higher. I am not sure the two sentences are connected in any way .........
This time more beneficial to Cairn I think https://www.marketscreener.com/quote/stock/PHAROS-ENERGY-PLC-4001087/news/Cabinet-approval-on-the-El-Fayum-Amendment-36853228/
I suppose it is possible that the votes from the major shareholders may be contingent on what happens with India so there may be relevant questions put to the Chair prior to the vote. Contrary opinion on what might happen to the SP should shareholders overturn the decision of the board I would expect the SP to drop as it signifies a vote of no confidence.
Interesting report. However the gas prices at that time were not 50p a therm. In 2018 they would have been looking at the futures market for gas in 2021 at the earliest and in 2018 those futures were 30p a therm and on a downward trend.
Operating State CA
Production Dates Jan 2018 - Jun 2021
Total Oil Production 157,029 BBLs
Total Gas Production 77,569 MCF
Estimated Daily Oil Prod. 148 BBLs
Estimated Daily Gas Prod. 52 MCF
Estimated Daily Water Prod. 205 BBLs
Producing Wells 6
From ShaleXP.com
"The strategic investors have indicated their support of an initial public offering ("IPO"), reverse takeover ("RTO") or similar for Corallian, which is in line with Reabold's strategy of clearly identifying monetisation opportunities across its portfolio. The strategic investors have also signalled their intention to support Reabold in facilitating further potential strategic value creation opportunities across the wider Reabold portfolio."
Yesterdays RBD announcement reminded me of this: (it was later P&A)
06-04-10
Hykeham-1 Well Update
The Directors of Europa Oil & Gas (Holdings) plc wish to provide an update on
operations at the Hykeham-1 well. The well has been re-perforated and a pump
installed to lift the well. To date, the well has produced only small volumes
of liquid and some gas. This result is completely incompatible with both the
wireline log and geological data from the well.
The well will be shut-in until the analysis is complete and a decision is made
on the forward programme. If this analysis concludes that remedial action is
not appropriate, the well will be abandoned.
Paul Barrett, Managing Director, said `I have experience of many wells over
several decades and never seen such a mismatch between the test data and the
geological data for the reservoir. We believe that this reservoir is
oil-bearing and will flow given the right completion conditions and will be
working to achieve this over the coming months.'
There is actually an ongoing dispute at the moment where interrupting gas supply is being leveraged. Algerian gas flows through Morocco to Spain and Morocco are threatening not to renew the agreement. https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/063021-algeria-has-taken-necessary-measures-to-offset-non-renewal-of-morocco-gas-deal
New report from OGA https://www.ogauthority.co.uk/news-publications/news/2021/oga-bacton-energy-hub-area-plan-hydrogen-potential/
Good report here that even undermines India's apparent rationale for appealing; https://www.financialexpress.com/industry/cairn-wants-india-to-honour-its-word-and-pay-1-4-bn-shareholders-to-seek-enforcement/2207817/
Persimmon: I did research the possibilities of further placings by RBD but on the balance of what I saw I thought the risk of that happening relatively low. Two reasons mainly. 1) RBD are an investment company and with one exception (their direct 16.7% share of WN) they are not directly exposed to the cash requirements of the companies they invest in. 2) The quality and number of Institutions that are invested in RBD who will not be pleased with further dilution.
RBD I think have a need to divest their 16.7% direct holding (could be wrong) and if WN is what they say it is it should provide sufficient capital to be raised on the back of an EWT. It seems to me that the current SP is in the hands of a major seller which I have posted below is possibly Humber now offloading 350m shares. imho dyor