Member Info for e43

As a holder of of high yielding ITH aswell as SEPL.

Although ITH on papers yielding roughly double SEPL i feel ITH will find it difficult to increase the payout going forward, whereas SEPL (O&G prices accepting )should be in a position to increase quite substantially going forward. (Doubly so if we can convert to the new tax regime).

So personally happy to keep SEPL as my main O&G holding.

Dividend arrived via ii, seems to work out at net 3.02p

2025 on low coal prices(probably prced in)

2026 can only be a broker guesstimate on a recovery in coal price.

If you read to bottom of RNS. There are about to issue an additional 60+ million shares to directors and employees in liu of salaries for the past year so total number of shares will rise to 143million. So say mkt cap of 700k still not alot.

Broker downgrade

Mine arrived too , minus Canadian withholding tax ?

Share magazine have there Sepl presentation on YouTube and website now(apologies for no direct link)well presented by James Thompson, explains the business v well, and also answer's question at end regarding fiscal regime, which Seatank has explained well here a couple of days ago.

Simply we've added 80,000 bod at a cost of only increasing net Debt by approx 400m and no equity dilution, v outstanding

My 'non scientific ' ans pj70 would be this is Nigeria, so best to focus on fcf,ability to pay down debt and pay dividends.

Ie use every mechanism possible to keep pre tax profits low ,to mitigate high official tax rate.

Good to see Roger Brown adding another 50k shares in the market, he's probably as surprised as many of the rest of us at the current softness in the SP.

Results & Dividend all positive,new assets performing well,(ANOH still abit slow though)

Just need Oil Price to behave.

I think these recent press reports are just general 'Jonny come lately reports '

The prospectus was clear, but more importantly the investor presentation after the deal was closed , left little doubt what the current production was and why the company believed they could increase it fairly easily.

The biggest takeaway being that Seplat has acquired some excellent fields and reserves with larger and superior pipelines plus export terminals than Seplat's existing fields. Which all things being equal will turbo charge the growth of the business.

Older&Wiser,

Apart from last week's flash crash tax overreaction ,I would see the oil price softening fr low 8's to low 7's as the major factor( most of the other oil shares I own are back 10-20% fr yearly peaks)

Also the continuing delay in Sepl's joint venture ANOH gas project hasn't helped. DYOR as always .

And not to forget,buying fr ExxonMobil who have the reputation for being one of the best operators in the business.

V good post SeaTank,

This fall is on low volume.

Basically nervous uk private investors trying to get out early ,mm's respond accordingly.

Added 11k shares to isa @1.58 ish avg,couldn't get any under 1.50 sadly.

Company will need to to be well prepared for Thursday.

GW79 ,was assuming with more drilling they can increase production going forward.

I agree with you the net figures are small ,will be listening in on the conference call with some interest

Still expect a net return of 20% on the $800m cost, when they gave the operation drilled up and running well at current prices

I quick read through, figures look v impressive, only thing needs clarifying if the very large tax take on the MPNU assets.

Plus ANOH production v close,Seplat is about to be turbo charged, it's going to be a great ride