The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Re merger, I know Serica Energy has been touted, Serica UK is expected to be able to optimise the value of its pool of carried forward UK tax allowances by accelerating their use against taxable profits from the Bruce and Keith fields. The value of the pool stood at approximately US$146.5 million 1 January 2018-
I don't know what it's currently at but as has been said before would give us a better mix of oil and gas, anyway Serica announces it's results tomorrow.
JAdam I don't see were the hypocrite bit comes in, I don't talk up the stock I have posted facts and opportunity in this low oil price climate, we can all look at your post history on here it's there for all to see and mine.
JAdam.
I'll be honest I have made just over 11k trading RRE since 31/03, I have stated before I sold some, I still maintain a core holding of a little over 6,000 shares, I say it as I see it. I am an investor.
Most people trade that's why we are here, some keep that core then trade the rest, what I can't abide is people talking their own game, one minute it's the best thing since sliced bread the next it's going bankrupt, keep your stupid remarks to yourself everyone can see through them.
Ferrotty, each to their own opinion, I do not ask you to listen to me, however I also do not attack you for your opinion.
My opinion stays the same, your changes every few days does it not, take a look at your own posts or are you that forgetful.
The trolls are here predictably.
I take zero notice of anything you say, you just spout whatever way you are trading, you must think we were born yesterday.
Hi everyone,
New to here and love RRE. Have been in since before the re-list. AA has stated that he expects operating costs of around $30 per barrel for the year 2020. With Brent taking a dive to the $20 mark, has anyone been able to calculate the number of months/years that RRE can survive with its cash and "runway funding" - the time it can last without making a profit with associated different boe costs?
Thanks
Subtle deramping, pathetic.
Won't see that muppet here again, off with his tail between his legs, now down on his average at TLW of average 17.8p after all the ramping there and deramping here.
https://seekingalpha.com/article/4338551-why-wti-crude-is-crashing-much-today
WTI down over 50%, in a way this could help us, shale will not survive and the powers to be will need to cut further and deeper and ASAP, it will also hasten those Co's that don't have the buffer of cash and low producing costs to sell up-thats a win win win for us.
Looked like it was going to be a down day but quite resilient in the end.
Tsk Tsk, and how much are the decommissioning costs or is the market just stupid
Trek
No DEBT :Yes Commissioning costs but RRE have $2bn in HMRC authorized tax rebate.." Absolutely correct .... for those that have taken the time to research RRE, you will find this is 100% correct. HMRC have authorized RRE to off-set $2bn of paid taxes against decom liabilities. cash in Bank ~£22.00/share (current SP £7.80) :
Trading at ~65% discount to cash in the bank :
HMRC Tax Allowance of $2bn for Decomm rebate :
Dividend Paying High yield - 85p p/a (2019/2020) :
NOT listed on AIM :
~20kboepd :
~63mmboe 2P reserves :
Progressive Mgt with ~30% holdings :
Acquisition hunting a specialty :
Hedges in place until 2022 :
Including some oil-during April 2019, the Company entered into a hedging agreement by hedging 3,000 boepd of its oil production at $69 for a period of 13 months from May 2019
This is interesting
U.S. Crude Prices Drop to New 18-Year Low -- Update
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04/17/2020 | 09:26pm BST
By Joe Wallace and David Hodari
U.S. crude prices slid to a new 18-year low Friday, recording another big weekly drop with the coronavirus pandemic erasing demand for fuel and pressuring energy producers.
The May contract for West Texas Intermediate futures, considered the benchmark for U.S. crude prices, dropped 8.1% to $18.27, its lowest level since January 2002. The gauge has lost more than two-thirds of its value since the start of the year.
Brent crude, the global benchmark for oil, climbed 0.9% to $28.08 a barrel, though it still recorded an 11% weekly decline.
The latest step down in WTI prices was sparked by the coming expiration of the May futures contract on Tuesday. When futures contracts come close to expiration, their price typically converges with the underlying price of physical barrels of oil.
The divergence in the two prices has been particularly marked recently because lockdowns around the world have eroded the amount of crude being consumed. That meant the price of the May WTI contract had a long way to fall before expiring next week. Brent-crude futures for next month have already expired.
The real price of oil "is at a tremendous discount to the futures price, " said Bjørnar Tonhaugen, head of oil markets at consulting firm Rystad Energy. Oil demand is expected to fall by 29 million barrels a day in April, reaching levels not seen since 1995, according to the International Energy Agency. "The front-month futures contract doesn't reflect the actual prices for April and May," Mr. Tonhaugen added.
Forecasts of historic falls in oil demand have driven crude prices lower in recent days, outweighing the prospect of large output cuts by the Organization of the Petroleum Exporting Countries and other major producers. The cartel and exporters from the Group of 20 nations agreed last week to withhold 9.7 million barrels -- more than 13% of global supply -- from the market.
The U.S. crude gauge fell 20% for a second consecutive week, increasing pressure on American energy producers.
U.S. oil exports are unlikely to benefit from the lower prices because Saudi Arabia is aggressively pursuing market share in Asia, said Helge André Martinsen, senior oil analyst at DNB Markets. "Clearly they want U.S. oil to stay away," he said. Riyadh this week slashed the price at which it plans to sell oil to the Asian market in May.
The U.S. oil market is bracing for more pain in the coming weeks.
Producers are starting to voluntarily close oil wells and curtail production. ConocoPhillips said Thursday it would withhold 225,000 barrels of oil a day from next month.
The Railroad Commission of Texas, the state's oil industry regulator, is considering whether to introduce coordinated production cuts for the first time since the 1970s.
Re the decommissioning AA had this to say-
Austin predicted the North Sea industry would look to delay, rather than ditch new projects, and would try to avoid prematurely decommissioning fields, as it largely succeeded in doing in the 2014-15 downturn.
"We all have a responsibility to not decommission prematurely, and yes we're in a very stark world at the moment, [but] I see more decisions being made about delaying spending on recovering already-discovered hydrocarbons than I see on accelerating spending on decommissioning," he said.
Nice write up.