Member Info for GD1962

Https://kistosplc.com/investors/presentations/

looks like guidance of around 8 kbpd for 2024

and also that assumes the joton Fpso starting up in summer 2025 not 2024. so Kist reckon it will be more delayed(not what annual report said,,, and not what var are saying)

Tulip bought for 155m (2021 accounts) and they have now impaired 179m relating to it,,, that is definitely not been a good acquisition. who believes that orion and m10-11 will go anywhere?

AA paid himself best part of £1m in 2023 according to the renumeration report,,,share price now is what placing price was when tulip was bought,,,, not exactly adding value for shareholders

GD

Net Debt 24m at 31 dec, but 148m at end Apr.

That’s quite the increase in just 4 months,,, no wonder the auditors have said there’s uncertainty over going concern at that rate,,, cash might run out before the tax rebate comes back and don’t forget the “solidarity tax” issue which is meant to be due now even if AA thinks he’s not paying it, taxman always gets his way!

GD

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

Https://www.bloomberg.com/news/articles/2023-09-22/totalenergies-said-to-seek-sale-of-north-sea-greater-laggan-area?srnd=markets-vp

I see Total getting out of GLA, I wonder if AA will want to pick up the 40% and Operate it

GD

ask Hurricane shareholders what they think of RPS… had to slash reserves by 90% from RPS original estimate as turned out to be wildly wrong

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!