Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Sotolo:
https://www.investegate.co.uk/centamin-plc--cey-/rns/annual-results-for-the-year-ended-31-december-2019/202005180700061259N/
Ross Jerrard, CFO, commented on the Company's full year audited results to 31 December 2019:
"2019 was characterised by continued operational improvements at Sukari, a strong financial performance, excellent exploration target generation, significant progress meeting our ESG initiatives and a continued focus on delivering returns to all of our stakeholders. Underlying EBITDA improved 10% on 2018 and profit after tax improved 13%, demonstrating growing margins, assisted by solid cost management and improved grade, delivering costs per ounce produced and sold in the bottom half of the guidance range.
We have made a good start to 2020 with production and costs on track. The global uncertainty around the impact of the COVID-19 pandemic has created significant volatility in the global investment markets, resulting in increased safe-haven investing. Our clean balance sheet, with no debt nor hedging, offers pure exposure to the gold price and our long cash position of c.US$379 million[9][10] underpins the financial strength of the business and self-funds current growth investment.
We continue to maintain focus on cost discipline and achieving greater operational efficiency as the key margin and cash flow drivers. ESG is rooted at the centre of our decision-making framework, including water efficiency and air quality initiatives, improved workplace training and a Board of Directors all focused on accretive growth of Centamin over the coming years."
FINANCIAL HIGHLIGHTS[1]
FY2019 vs FY2018
· Gross revenues[2] of US$658.1 million for the twelve months ending 31 December 2019, up 7% compared to the prior year
· Costs within annual guidance: cash costs of US$699 per ounce produced1, up 12%; all-in sustaining costs ("AISC") 1 of US$943 per ounce sold, up 7%
· EBITDA1 improved 10% to US$284.0 million, at a 43% EBITDA margin[3]
· Profit after tax increased 13% to US$172.9 million
· Basic earnings per share ("EPS") increased 17% to 7.59 US cents
· Operational cash flow improved by 11% to US$249.0 million, after gross capital expenditure of US$97.6 million predominantly invested in the long-term sustainability of the business
· Adjusted Group free cash flow improved by 17% to US$74.3 million, after profit share distribution of US$87.1 million and royalty payments of US$19.7 million to our local partner, the Egyptian government
· Debt-free balance sheet, with no hedging and cash & liquid assets[4] of US$348.9 million, as at 31 December 2019, which has increased further to US$379.2 million[5], as at 31 March 2020[6]
· To give shareholders greater certainty and expedite the dividend timetable, the previously proposed 2019 final dividend of 6 US cents per share was replaced[7] with a 2020 first interim dividend of 6 US cents per share, equating to c.US$69.4 million, and paid on 15 May 2020
GOVERNANCE HIGHLIGHTS
· Substantial Board refreshment delivered in 2019, and thus far in 2020, including:
- Appointment of Dr Sally Eyre, Dr Catharine Farrow, Marna Cloete and James "Jim" Rutherford as independent Non-Executive Directors in 2019
- Josef El-Raghy, Chairman, Gordon "Ed" Haslam, Senior Independent Director and Mark Arnesen, Non-Executive Director will not stand for re-election at the upcoming 2020 annual general meeting ("2020 AGM") on 29 June 2020
· Completing a comprehensive handover, Jim Rutherford will become the independent Non-Executive Chairman ("NEC"), effective 29 June 2020, following the 2020 AGM
· Dr Sally Eyre will become the Senior Independent Director, effective 29 June 2020
2020 OUTLOOK
· The impact and potential duration of the COVID-19 pandemic remain uncertain. The Company has taken prudent steps including risk scenario analysis and put in place contingency plans for the business to navigate these difficult times. Centamin is closely monitoring the situation,?with an active response framework in place to manage and mitigate future impacts within its control
· Sukari operations have continued to be uninterrupted with sufficient staffing resources and critical supplies in to Q3, during which it is expected global travel restrictions may begin to ease. Should such restrictions be extended well into H2, it is possible that operations may be affected
· Centamin maintains its 2020 full year guidance[8], targeting production between 510,000-540,000 ounces o
"As a result, one way to express the rule is that, in order to receive the dividend, your settlement date must happen on or before the record date the company has set for the dividend. If it's after, you won't receive the dividend."
T+2 settlement so it's today if I'm not mistaken
@Rookie1
Yes, 300% rise,it's ****ing ridiculous not only silly in current armagedon on the markets so blow me :)
That's the real reason for S.Arabia price war, forcing companies like RRE, PMO and many other mid-cap e&p on a verge of closing the taps completely and essentially on a verge of bankruptcy.
Oil might never recover to previous levels as demand will only decrease, for instance due to EV development and Saudis want as much as they can chew from what will be left. They already know the future hence investments like Dubai-like city-NEOM.
No agenda here as went to 100% cash and liquidate al positions but talking now about 300%, 500%,ffs 2000% rise is just silly.
Let's see where markets will be when corona spreads to 0.5m ppl or 1m ppl
Don't get me wrong as admire RRE as business but question is not IF oil sector will recover because it will somewhere in the future to certain point but WHEN? Is it now or within next couple weeks? imho definitely not, we're yet nowhere near bottom hence for me entering now, after I pulled out all my capital from markets is maddness, especially if brent will reach 10-15$/barrel, then RRE will be heading towards £1 rather than recent ath >£22
Brent >3% up, majority of E&P +5%-10% yet..RRE flat
Brent 3.5% up, hoping all oil e&p will follow today
Acquisition of 100% interest in the Cotton Field
Tue, 4th Feb 2020 07:00
RNS Number : 8285B
RockRose Energy plc
04 February 2020
FOR IMMEDIATE RELEASE 4 February, 2020
ROCKROSE ENERGY PLC
("RockRose")
Acquisition of 100% interest in the Cotton gas Field (formerly "Carna")
RockRose Energy Plc ("RockRose" or "the Company"), the independent oil and gas production company, today announces it has signed a Sales and Purchase Agreement ("SPA") to acquire 100% of the equity of Speedwell Energy (1) Limited, the holder of 100% interest in the Cotton gas Field in the UK sector of the Southern North Sea, for a limited initial consideration, with the larger part of consideration becoming due at Final Investment Decision ("FID"). The transaction is subject to the usual regulatory approvals.
The field was discovered in 2009 by well 43/21b-5Z, which encountered a gas column of up to 1,260 feet over six gas bearing sandstone units. Speedwell estimates Cotton contains recoverable gas resources of 97Bcf (16.7mmboe) and has the potential to produce at a peak rate of up to 70mmscf/d (12,000 boepd) from two horizontal development wells.
A draft Field Development Plan ("FDP") has been prepared by Speedwell for submission to the OGA. Key contractors have been identified and engagement with both of them and the owners of the export infrastructure, anticipated to be used, is on-going. Prior to taking FID, RockRose Energy will carry out further studies to ensure that both the subsurface delivery and the project economics are robust, particularly given the current challenging gas price.
The Cotton field lies 100 Km east of Scarborough between the Kilmar and Garrow fields in both of which RockRose holds a 15% interest.
Andrew Austin, Executive Chairman of RockRose, said:
"This acquisition gives RockRose the option of a significant amount of production and reserves in an area of the Southern North Sea Gas Basin in which we already have other producing assets. We look forward to carrying out further evaluation of the discovery prior to committing to FID."
Richard T Strachan CEO of Speedwell Energy Limited said:
"Having identified the potential in Cotton some three years ago, which was a relinquished asset going nowhere, to one now where we have a draft Field Development Plan and a delivery team in place capable of bringing Cotton through to First Gas, we are delighted that RockRose will now take over Cotton and are looking at how to potentially take it forward and we wish them all the best as they do so."
As I wrote last week
"RSI still well above 75, massively overbought, looking at 19.90-20.60 fibs retracement levels to re-enter"
Price bounced from 200MA on 30min chart and a bit above 61.8% fibs retracement,RSI at 59 levels. Seems like a perfect entry zone to catch another leg up and further rise
Brent @$65.50-66 going towards >$70/barrel mark