Member Info for Ducati2

Millennium Capital Partners LLP 1.22% -0.81% 30 Sep 2024

Total 4.78% Short position

Once the disrupters turn up……..I would think everyone knows their position by now !

Mary,

Only looking at $100m of refunding due to alternative arrangements re guarantees, did I hear that right ? That’s what it sounded like to me also.

Also sounds like a couple of months before court date……. Oils also be some contracts singed before then.

YorkshireBlues, Link below to presentation. Just add email.

https://stream.brrmedia.co.uk/broadcast/66f6bc2982620abb95890399/66fadf446db5badf883fcf94

Petrofac today announces that it has reached in-principle agreement with certain of its key stakeholders on the framework for a comprehensive financial restructure to strengthen the Group’s financial position and better position it to deliver on its strategy.

The proposed financial restructure comprises:

New funding: new long-term funding underwritten by an ad hoc group of senior secured noteholders in line with previous announcements, as well as additional equity financing expected to be sourced from new and existing investors, to support operational liquidity.

Deleveraging: the conversion of the majority of the Company’s existing debt into equity, through a Court approved restructuring process, resulting in the significant dilution of the existing shareholders, the extent of which is still to be agreed.

Client support: alternative arrangements with certain key clients to meet the performance security requirements, in lieu of performance guarantees, to protect key contracts in the Group’s backlog, releasing a significant amount of retentions to Petrofac.

Guarantees: reduced guarantee requirement of approximately US$100 million of new performance security for a contract awarded in 2023, to be secured through either a new performance bank guarantee or alternative arrangements.

https://www.petrofac.com/media/news/petrofac-announces-in-principle-agreement-on-financial-restructure/

Well hopefully some more of them larger holding shorts start to reduce……if they have already started to. Will see later.

Https://www.petrofac.com/media/stories-and-opinion/engineering-tomorrow-plan-to-succeed/

Power the energy transition (Tennet)

https://www.petrofac.com/media/energy-talks/building-the-future-practical-steps-to-power-the-energy-transition/

Ask Toni…….!

Could be the line has broken……….

Who’s next…….UP

Well a long way off now from 10p, and the hopes of some 4p now a bit distant. Now Who is next to declare a reduction. Form an orderly queue on exit.

Look out for the disrupters…….its bloody clear who they are, and I would expect one or two paid a pittance to be disrupting.

Astaris Capital Management LLP 1.16% -0.53% 20 Sep 2024

Helikon Investments Limited 2.35% -0.05% 26 Jun 2024

TFG Asset Management UK LLP 1.21% 0.07% 11 Jan 2024

Millennium Capital Partners LLP 2.03% 0.22% 12 Apr 2024

**Total 6.75%**

Slowly, Slowly and then gain some traction…….Running in the dark and scared….They should be!

….A Mexican standoff……..Who’s going to blink first!

Hope some shorts have got their big boy pants on if the RNS drops at close of plat today.

Astaris Capital Management LLP 1.69% -0.11% 16 Sep 2024

Helikon Investments Limited 2.35% -0.05%. 26 Jun 2024

Millennium Capital Partners LLP 2.03% 0.22%. 12 Apr 2024

TFG Asset Management UK LLP 1.21% 0.07%. 11 Jan 2024

Total 7.28%

Trader, all I can see from the tracker is that previous disclosure.

All previous disclosures in PETROFAC LTD

Tages Capital LLP 0.48% 18 Sep 2024

Tages Capital LLP 0.59% 14 Jun 2024

Sound holds the Tendrara gas asset onshore Morocco, which contains 305bcf of gross sales gas, or 10.2mmboe net to Sound’s 20%. Phase 1 development is already underway, with first gas sales at 10mmcf/d gross (0.3mboe/d net) via a micro-LNG facility expected in mid-2025. Phase 2 is substantially larger, targeting 42mmcf/d gross (an additional 1.4mboe/d net). Sound recently announced a significant farm out to Moroccan[1]based natural resources player Managem which, alongside an agreed debt facility, is expected to see Phase 2 fully funded (including c.US$13m of cash back costs for Sound) and leave Sound on 20%. The farm out should close in the coming weeks, and we then expect progression of FEED, going into Phase 2 FID in mid-2025, and first gas sales from Phase 2 in mid-2027. Once Phase 2 is onstream, our long-term forecasts imply Sound EBITDA of £17m and FCF of £12m – significant cash flows for a company of its size, which will also help pay down debt. The farm out also funds the SBK-1 and M5 exploration wells nearby Tendrara, expected to be drilled in 2025. In terms of upcoming catalysts, we expect closure of the farm out followed by Phase 2 FEED work, completion of Phase 1 in early 2025, first gas sales from Phase 1 and also Phase 2 FID both in mid-2025, and the two exploration wells in Q2/Q3 2025 – a busy overall programme. Our total risked NAV is 4.0p, and we have a positive outlook for the shares

Moving again……..

A little up tick…….Hope they are having another wobble as some people a little short on here might well be.