We would love to hear your thoughts about our site and services, please take our survey here.
The EBT is permitted to hold a max of 10% of the share capital (RNS 29 sep 2014)
there were 250,000 shares in EBT previously (latest annual report). Plus 3,005,000,000 RNSd yesterday = 3,255,000,000.
total shares per RnS yesterday after this issue = 32,539,926,104.
3,255,000,000/ 32,539,926,104 = just over 10%. (But still above the max allowed. )
so
- too many shares have been issued to the EBT
- or the number of shares disclosed is wrong
- or there have been other movements on EBT shares not disclosed
(or I have my maths wrong, always a possibility)
My Concern is this is “deal for sake of doing a deal” and to distract s/holders from the massive Norway cost overruns and likely reserves w/down elsewhere
as Dutch assets underperforming and GLA making no £ due to WFT (what’s happened to other developments? Orion, Glendornach, M10 etc always seem to be “jam tomorrow” but never progress)
rgds
GD
But A £ 7 million loss in the year before ! So risky and at mercy of traders ability. Technical failures could also risk losing all gas and force unwind of trades I guess.
2022 a good year for traders with volatility.
Can’t be making£32mill a year consistently or would never have sold for just 25.
So now worth less than before fundraiser to do the Tulip deal.
despite 3 deals since then the company has lost value,,, can’t blame it all on windfall tax as you don’t get taxed at more than 100%!!
Netherlands- been a disaster, no drilling success and even basic work overs not resulted in any better production
GLA- not too bad but no sign of Glendorach and Edrador west getting go ahead to add any value,,, total dragging feet on it (may be as they are wanting out of the whole thing and selling) , scary decom liabilities too
Mime- could be all good but more delays and cost at Balder project,,,, Var already taken big write off,,, no chance of starting up 2024 so company needs to update
so maybe AA not the great dealmaker ppl think,,? if something new deal up his sleeve then may be treat with caution as could be just a distraction from current performance
liquidity concern too? not making much cash at these prices, balder will eat capex, tax bills to pay and they removed comfortable headroom buying those bonds back when imho should have held onto cash
If SP is overeaction then Aa could RNS to reassure,,, fact is nothing yet forthcoming so suggests no good news or reassurance to give
gla
GD
Well Var have said they are taking a 530 million USD write off at Balder today in their results,, so not going smoothly right now
GD
Loss mainly due to w/off of the Benriach duster.
But clearly says “the Group is fully unhedged” so afraid you are wrong on the gas hedge point there
GD
I see Total getting out of GLA, I wonder if AA will want to pick up the 40% and Operate it
GD
buried in the RnS that they also are giving up that licence.
no requirement to notify of results date- most AIM don’t. AIM auditors v stretched this time of year so often difficult to commit to a date.
Guesses for interims then?
;;another P8 kick can down the road; or news on actual rig secured?
;;unexpected costs from dissolving GWA JV/Spirit extracting everything they can now it all fell apart?
;;useing spare gas on FPSO to power crypto mining rigs for extra $$?
;;news on the BP “funding” deal that was teased at yearend?
Colleague was in a meeting with another N Sea Operator the other day where rig options for a 2023 of their own was being discussed.Stated that market getting very tight including Hur on lookout for securing a rig.no other info unfortunately
Chatter amongst the drilling managers\rig operators that HUR are out in the market looking for a rig in 2023.So hopefully news incoming on FWP.
Mid year results have to be by end of September (AIM rules). Expect update on latest cash and production in the same RNS
a rare public sighting of maris - spotted ‘networking’ at malcy’s annual cricket boozeup in guildford the other day. may be will light a spark to bridge some rapid deals…
“it would be roughly every 2 monthly for at least a year. since production is holding up so well,”
at current rates it’s under half a cargo a month so pushing 2-monthly.and that’s not taking into account next month shutdown
“ thereafter cash & production updates following each offload”
which is going to be more or less quarterly as production drops off.So not much change I think!
There was a news story this morning on Energyvoice “Hurricane energy weighs up $250m boost to Lancaster with new well” but now vanished!!
this price is furstrating too so dusted off calculator to try make sense of it.
ssume net cash after Jul repayment and lifting of $90m (company RNS 16 June)
If we were have worse-case-windup scenario that Bluewater terminate AM charter now giving 6 months notice, so say we have just production to December.
Company guidance on production is arate of 7,500-8,500 for rest of the year.Take Lower end of that 7,500 bopd x 5 months = 1.13 million bblss.
assume $110/bbl Brent less $3 discount (Company year end presentation) less Bluewater's 8% cut, less $35/bbl cost per barrel (Company year end presentation) thats about $63/bbl free cash produced per barrel = $71m net increase to cash between july and December.
Take off say $15m for the widnfall tax, less say $10m G&A, add back $18m that would be released back to Bluewater on terminating the lease thats totals around $155 million cash in a windup scenario (i assume that the decom is all fully funded which it looks to be).
$155m over 1.992bn shares = 7.8 cents/share or 6.4 p/share which is where we are today!
so unless my calculations are very wrong ,market is not valueing anything beyond cash in a wind-up situation. must be something else out there driving it down? ?possible that Spirit are trying to extract a substantial settlement after paying for those three wells on the Warwick-lincoln only to see the licences given up? ?esps about to snuff it? ?production rates about to go down under guidance so testing the 7z to see what helps?
GD
Asimple- these just points I found of interest when reading the Report and just sharing them with this Group.
The comment around co2 ; I believe the avergae is in region of 20kg per barrel. Of interest as the players making. deals and acquisitions at the moment (likes of Neo, Kistos etc) are focused on low co2 so HUr’s relatively high co2 may make us unattractive.