Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
It is about time we at least had the unaudited 2023 results. In previous years the company have always given us some indication of the full years results in December of that year, even if it was unaudited. As far as anyone could tell it was relatively accurate when the audited sets were published. It would be good for the shareholders to get this information after all we are patiently enduring extended periods of lock in. Come on board throw us some scraps!
It is the receivables, or rather the growth in them over the past year (50%+), that is most worrying. Does anyone have any insight as to how many people owe Pharos this money (Is it one customer or hundreds?). It would be useful to know how much focus the BOD are placing on this and just what pressure can be put on to recover the money. Growth in the debtors at that sort of rate cannot be sustained, particularly if Pharos is honouring its debts and Capex commitments. Is it time to reconsider how much focus is going into Egypt? Some companies are looking to pull out of Egypt because of the difficulty in getting money out (SDX Energy for one). One way or another the BOD should be taking a firmer stand.
When the buyback commenced the price was 20.2 (20/07/22). So the price has indeed moved up! However, I suspect like the rest of us you would have expected it to move up rather more. Strange one this, a lot of shares have been taken off of the market to very little benefit. Anyone have any theories as to why this is?
Well 145. The workover did not solve the water issues so they were going to drill a new side track – no news, what is happening and by when?
Work has started at Well 805 drilling horizontal side-tracks at a depth of 2,222 meters targeting the dolomite. The G20 rig in use will conduct similar side-tracks in turn at wells 806, 807 and 54. No mention of time frames / expected completion dates.
A5 was supposed to start work in November - no news, what is happening and by when?
A6 was supposed to have the cementing repaired in Q4 2023 before reperforating - no news, what is happening and by when?
802, we were supposed to be talking to potential partners regarding sorting the botched drilling out on this well. Is there any update and time frame regarding a decision with them?
Block 8. Can we take it from the lack on news that we are just awaiting decisions from the authorities?
The board have managed to trash shareholder sentiment here and institutional interest is zero which takes some doing if a fraction of the oil that is supposed to be down these wells can actually be recovered. However, there are steps that could be taken to restore confidence and in oil companies that demonstrate reasonable capability, are done routinely.
The first step would be consistent reporting on each well. Clear targets relating to drill start and finish dates, depths and volume of oil should be set. Any changes to these targets should only come when operational activity has proved that the targets should change and why. The second step would be for the directors to invest some of their own cash. It makes other shareholders believe in them more. The third step should be to focus on a couple of core areas and complete them fully, publishing results on a timely basis be they good or bad.
Okay, so the Q&A’s have pushed Caspian towards coming up with some partial answers to our issues. However, in reading the RNS it is obvious that the company is still giving itself a huge amount of wriggle room in order to continue its grown up game of the kids version of “Pass the parcel”.
For those unfamiliar with the kids’ game, music is played to kids sat in a large circle. When the music is playing, they pass a large parcel around the circle until the music stops. Whoever is holding the parcel when the music stops, can begin the tear paper off of the parcel in order to try to get to the present contained inside. Obviously, the parcel is well wrapped with multiple layers of paper. As soon as one child has torn a bit of paper off, the music restarts and the parcel must be passed on. This builds the excitement and keeps all the kids interested. Caspian’s version is “Pass the rig”.
You will note that there is only one vague completion date stated in the RNS (End of September for well 802). Lots of latitude built into the rest of the drill sites with potential start dates only quoted. This depends on rig availability and results on prior drills etc. etc.
Why can’t we have a list of rigs that we own / hire and use them on a particular site until it is either successful or capped and abandoned, with scheduled start finish dates. We all know they must have scheduled finish dates in any drill plan.
The cost of continually breaking a drilling set up down and moving it elsewhere, only to break that down again and move it must be significant and a total waste of time and money, if the plan was a good one to start with.
This still smacks of poor management trying to give itself more time to avoid judgement day. The less said about the handling of the boat sale and the dividend policy the better. Both make then board look incompetent, hopefully they can retrieve the situation regarding the boat but don’t hold your breath…………..
It would be interesting to know what other long term holders on the board are thinking regarding where the share price could go on this over the next couple of years. I originally bought in under the Soco name and have been well under water for a very long time now. Progress has been treacle slow but I am still here. Does anyone think we will get above 45p in the next two years?
When you sell something as significant as the boat is to this balance sheet, you have a structured deal that has in place when and where the money has to be paid. Otherwise you are a pure armature. If that was / is in place then there is no reason for the delay in signing the accounts, other than they had no intention of having them signed in time. They may be wanting a suspension for reasons we will not be privy to. Like many of the issues the company has faced recently, that have had an effect on the share price and that were not flagged up in a RNS. Poor governance.
I don't think anyone doubts the oil is still there. I think most people on here think Pantheon have a reasonable chance (maybe with a JV partner) of getting some of it out. However, with the latest strategy statement essentially being a "can kicked down the road exercise", I doubt anyone thought they would be waiting so long to get a return on their investment. The year high is 143p, the current price reflects badly upon the current board. Talking about 2028 may not have been so bad had we not had to wait so long to date for potential good news. Furthermore 2028 is obviously their best estimate. Add on any "unforeseen circumstances" and that could easily extend out to 10 years from now, not 5. Very poor contingency planning by the board and they seriously need to speed things up. If that isn't possible I think a number of them perhaps have to consider their positions. Bonuses and shares gifted should be a thing of the past and perhaps more of their skin needs to be in the game through direct investment of their own money in order for the rest of the shareholders to get some faith back in them. They need some serious reflection regarding the last three to four months silence followed by yesterdays webinar and its result on the share price. Shocking..............
Describing the current board as a muppet show is perhaps a bit harsh. After all they're all very well qualified people, however, the composition of the board doesn't look like one that has been put together in order to grow the business (certainly in its current spheres of operation). It looks more like a board that is looking to sell the business off. Hope I'm wrong because I am a long term holder but they don't appear to be investing in experience from this industry.
The Pharos Board are masters at avoiding detail in their RNS's. Why not say what the target sizes of the exploration wells are? Why not say approximately how long they will take to drill each well? Is there a strategy / program to pay off the debt if so by when. The RNS is matter of fact and quite frankly bland. There is nothing to get the market excited about and consequently there is a slow tick down of the share price. Yes, the dividend should, in theory, get people interested in the share again but alone it is unlikely to spark a prolonged upward trend in the share price. The decline in the share price here has been nothing short of catastrophic since SOCO days (LTH I'm afraid!) and nothing short of a large exploration find is going to bring back the glory days. Investors need to know at least the right targets are being aimed at.
Alkaid#2 certainly has had a tremendous impact on the share price. At the moment because of clean up delays the share price has plummeted, shorters and de-rampers play their games just as rampers have had their shout. According to the company Alkaid#2 is around 3.4% of the total potential they have currently discovered, the other 96.6% is split between Theta West#1 and Talitha#A. This being the case Alkaid#2 being a success or failure would make little difference in the long run, so why the huge impact on the share price?
I suspect the answer lays in the other two wells Theta West#1 and Talitha#A. As far as I can see from the company RNS’s to date, definitive flow rates have not been produced from either well. Yes, there has been some date released confirming that some oil has flowed but unless I have missed something, final and conclusive results stating “X” bopd flowed has not been published and I suspect more work is needed to do that. Along with those results there needs to be a future production plan. When will these wells, assuming that they flow commercially, be earning money? Surely it is time to get one to completion and earning rather than having all this news flow focussed on Alkaid#2 and more potential drilling along the Dalton Highway.
Getting production flowing and sold from what we think we have is the quickest way to increase and shore up the share price. It would also ease our cash position and make raising money, if we need to, that much easier. The fact that we are not putting the focus on completing either of the first two wells, or not releasing operational updates on them, leaves the company open to speculation as to whether or not we can commercially flow them, with the subsequent impact on the share price.
I would suggest the company releases an operational update on Theta West#1 and Talitha#A and gives a forecasted time frame from where we are now to commercial production, in each case, step by step. If they do this and concentrate on monetising the asset closest to completion, then stability to the share price would return. Presuming there is commercial oil in at least one of these wells.
Please let’s not become one of those junior oilers who carry on sticking the drill in the ground until they end up with a dozen part completed holes all with some technical glitch in them that means completion is never reached and then the money runs out………..
What is going to happen on the 14/6?, with any luck the institutions will force some resignations. Frightening what they're proposing to do to the small investors. Get some professionals in and put the company back on the correct path. If they then want to sell out at least do it for a good price.
Yet more slippage. Suriname was, according to RNS, originally scheduled for spud in Feb 2021. This then slipped to Q1 2021. Now it appears, according to the latest RNS, that spud could be in mid May. T&T was the the same except that now there is no word on when it will spud. No wonder the price continues to slide. Okay so we didn't hit with P1 but come on chaps get a grip and stop promising and not delivering on spud dates. It is bad enough that you cannot find oil but it is crass / incompetent not being able to follow a calendar.
Well time marches on and at the back end of 2020 BPR were stating that T&T and Suriname would be drilled in February 2021. With a quick slight of the hand that became Q1 2021 for both of them. The wee slip in time hardly noticed by this forum. Time is now pressing in order for BPR to keep their promised Q1 drill dates. Any bets as to when it will actually happen chaps?
Are there any of you technical chaps out there who could put an estimated valuation of SAVP together against a price of 19.2p per share for Amerisur. I know the valuation of Amerisur has caused mayhem amongst the small shareholders (I was one of them), however, if we presume that valuation for those assets / earnings / potential assets is exactly correct, then what would that make SAVP worth? Should be a fun exercise.
I know Soco like to play things low key but this is ridiculous. Surely the spudding of a well on 16th July was key investor information and should have been published at the time via RNS? The market should know these things. So come on Soco let us have more details on the Egyptian operations. Just what are you planning to do, where and when? Plus can you let us know how long the current drill is likely to take and what the targets are? Basic stuff really. Let your long suffering shareholders have a bit of information to keep us interested. I don't want this board to get full of rubbish posters like so many others on here but there is a happy medium with updates. Come on board flesh the last RNS out a bit!!
Has anyone a reasonable idea of how long it would take, once a sale has been agreed, for the cash to be returned to the shareholders presuming the BOD don't change their minds?
Then all we need to figure out is how long it would take to sell the asset.
Could it be quite some time before cash hits shareholders accounts?
Anyone got any idea why SAVP's financial diary hasn't been updated since 2017?