Member Info for DrPatience

The header of the proactive investor article is pretty misleading and frankly amateurish!

"Glencore is forecast to be at US$1.2bn with no top-up dividend or buy-back to be announced DUE to the US$6.9bn acquisition of a 77% stake interest in Teck met-coal."

Not sh$t news, investing for the future is good news. It may disappointment those replying on steady/growing divs, of course, but this will pay off big time. Needs patience for another year or so.

I think this is a sensible way of looking at this!

Payout in divs or investment in Teck are both good things, although some of the analysts seem to spread fear about lower divs. That's very wrong, it needs a holistic view. In fact, an investment into NewCoalCo is going to be worth more than the sum of the current parts, as post split, multiples will go up. Institutions will pile into the metals company afterwards, but not now. The cynical me tells me that the big players know this and are creating big trading opps for themselves.

I am holding out for £6++, although the journey may be volatile.

Just my take.

Thanks Q and Mr A for the various news links...

So Barclays are doing something sensible, hopefully more clarity in Feb; solid balance sheet etc etc, yet share price not taking much notice! Is this going to be a foreever wait for 200+ pence again?!?

Lots of talk about becoming more lean, but so far no coherent plan (only talk about the costs of doing it..,), so at least we finally see some tangible action!

If they can just stay clear of more scandals and mistakes, we might have hope, although I still have question marks - like many others - about the leadership/board!

The fact remains that UK relies a lot on gas and there is not a fast transition underway. I think even Labour understand the energy security issues, but will keep things low key. Just my take.

Thanks sjm, very interesting read!

I guess the head of NSTA would say that though. If Labour takes power, then they can presumbly just get this legislation under discussion thrown out and still stop NEW licences (thankfully Starmer has made it very clear he will grandfather current licences, I guess because he is a solicitor). I am not really that bothered about more licences, DELT has enough to work with right now, but needs to get the bloody deals done. I agree with Purdey: pronto!!!

BadA, it's normal practice for corporate oversight, strategic guidance and industry contacts.

In some companies it can no doubt be jobs for the boys (and girls in fact). E.g. BP has a very lousy board in my view, yet getting paid a lot. For a small company like Delt, somehow the board is more exposed to influence by large shareholders, so I have no real reason to be concerned.

If they don't get the sh*t together soon though, I will change my view...

The board should be all over the monetisation efforts and if things are not going to plan, come up with alternative plans.

JD, good question. It definitely came out of the 70% share held by Shell, so in reality a deal outside Delt's sphere of direct influence. I am sure Delt was happy to get them in though.

One Dyas is well known for their expertise, so probably that was the way for Shell to get them onboard in return for their services.

I don't recall any RNS from Delt or indeed any other announcement. Too small to be reported by Shell anywhere, I think.

I had a quick browse, but could not immediately find anything.

Anybody else?

No 2, I agree the messages contain a lot of positive vibes. Had the same from someone who has corresponded with the CEO.

However, we really need to see some deal announcements soon. With the 2 drills progressing and my estimate is something like 25 million USD of costs to Delt's account, there is a limit to how much credit Delt will get from the partners. Similarly, it's entirely in Shell's own interest to make sure a funding solution is found (either Shell increases their stake or let another partner in).

A fundraise is better for value retention, but I cannot see a down round, especially not one with the same value as the market cap.

FD20/BadA, I totally agree, pretty boring drivel on the face of it.

However, having worked with the likes of Shell and BP in the past, this is the kind of thing they love to require from partners, even though they may nowhere near that themselves. Same for the NSTA. Smoke and mirrors stuff in my books!

The whole idea of a carbon neutral oil&gas company is of course a bit of a contradiction...

No. 2, my thoughts are very much aligned with yours.

As of 5 Dec, they were clearly negotiating deals with one or more partners; if things are not progressing well, then they should surely come to shareholders (which is fine with me, as we would retain even more of the future value, although the amount needed will be tricky vs the current market cap). Anything else would be incompetence.

I know of someone who has been in contact with the CEO 1-2 months back and it is evident plan A is to do monetisation/farm down deals, as also stated in the RNS on 5 Dec.

I believe deals are being worked on. No guarantees obviously!

Thanks eviking, useful!

Also, we will not see the full benefits of the Teck deal for a while; institutional investors will only buy in after the divide/ spinoff. A bit of a waiting game as to when the full value of the deal will be baked into the sp.

Thanks and, likewise, cheers to all holders!

We are all frustrated and had a fair few quite rough debates for sure, but regardless it is always useful to exchange ideas and opinions; hopefully we will see some really good news next year!

Not directed at you Cookoo! Take it as you want.

The bottom line is that you cannot do exploration without investment (which needs to come from investors or other parties) or outright sale. An outright sale would have nasty discount factors attached, so that's why it's better we hang in here until the assets are fully confirmed ready / further derisked for the next steps.

Just my take:

Selene and Pensacola on track/potentially higher value than initially expected. Subject to funding, but that would have been known way back except for people with no understanding of oil&gas exploitation. Without monetisation/ farm down, we will be in for a rough ride. Reportedly, this is being negotiated.

Capricorn venture, not an ideal outcome, but not all is lost yet. This is an external event, in part driven by wavering politicians and (misunderstood) windfall taxes.

Not sure what more Swindells could have done? I am quite happy with where we are, subject to monetisation and/or farm down news. The share price is outside Swindell's direct control; he cannot control fearful small investors. The large investors are not going anywhere. That means something in my books.

FD20, I fundamentally agree. I think we should write to them in due course. I will do so mid Jan, if we have not heard anything. The more the merrier!

FD, today's RNS another 2 key steps forward.

I am sure budget estimates have been made and will follow (otherwise not sure how they could sign off on the investment decision) either as freestanding figures or as part og the forthcoming monetisation/farm down announcements, fingers crossed.

Purdey, I feel the same... :-)

Without news we are just in limbo and any sp movements are close to meaningless.

Added a few more recently, but all coming up as sells. So plenty of sellers around, clearly. At least for small transactions up to £ 5-10k.

BadA, they lease, which is sensible. It seems to be at the Old Fire Station outside Waterloo station (London).

From the 2022 accounts, balance sheet section, in public domain/Companies House:

"Property, plant and equipment of £279,545 (2021: £385,240) includes a right of use asset relating to the office lease with a net book value of £188,837 (2021: £269,767). Property, Plant and Equipment reduced by £105,695 to £279,545, mainly reflecting the depreciation charge for the year on the office lease, fixtures and fittings and computer equipment."

Good RNS and absolutely how it should be.

HOWEVER...will the bod own their own negligence (they knew about Looney, the whole company did) + the fact they clearly had no succession plan in place !!!???

Double dumb!