Member Info for greygeorge

The market has given it's valuation. That's all there is to know.

You mean your net figure based on some anon calling himself johnhemming on advfn ? DEC is worth what someone is willing to pay for it - 880p. If it were a forced liquidation, maybe 440p ? Oh, and that's if somebody wants to take on the liability of all those 'mature' wells.

'...Nobody said it was an accounting standard, it's a metric and perfectly valid as such, waste of time conversing with you any further, you are the type that argues black is white and I don't have time for a "30 minute argument" ...'

So, you're a liar then ?

'...You can believe whatever you want. Try googling it and arguing somewhere else...'

I have. PV17 DOES NOT EXIST. It's fictional, like every other accounting practice DEC uses.

Just like the bass player whose amp didn't just got to 10, but 11, DEC doesn't have PV that only goes up to 10, they have PV that goes up to 17 ! 🤣

Does he explain what PV17 is, and why he's using it as the basis of valuation of Oaktree assets, when the international standard for estimating reserves is PV10 ???

'...PV10 is a method of estimating an energy company's potential future earnings based on its proven reserves of oil and gas, using a 10% discount rate.

It is based on engineers' reports of the estimated costs and revenues that each oil deposit or reserve may produce.

PV10 is widely used by stock analysts and investors as a measure of an energy company's market value...'

Vistaman, could you provide me with the accepted international accounting law / agreement / principle that covers this PV17 ? As far as I can tell, it's a fictitious accounting standard made up by DEC.

'...It's pointless getting into the minutiae at this juncture GG...

Funny, that you regard the investment case DEC has made for the acquisition of Oaktrees' interest, as minutiae.

If the company were liquidated today, ok, it has assets of 1 billion, you say ? But it has debts and liabilities of 1.2 billion. But you consider that 'minutiae' that you don't need to worry your little head over either, I assume ?

Well, when you've got a gas company that makes stuff up, what chance does anyone have in estimating a reasonable value for its' 'reserves'. WTF is PV17 ? Seriously. What is it ?

'...Consolidates working interest in existing DEC operated wells in the Central Region by adding ~510 Bcfe of PDP reserves at an attractive value of approximately a PV17 of PDP reserves (PV10 value of $462 million)(k)...'

Oh, I should say 'the markets', right ? I mean, the US listing was going to expose the hidden value that dumb Brits couldn't figure out. Right ? 🤔

'...Somebody earlier posted figures stating that DEC was actually worth about £1 Bn ish (nett) - or circa £30 a share?...'

Yes, I'm sure this valuation is correct - IF the company's figures aren't fraudulent. Which begs the question, why doesn't 'the market' see this value ? I mean, 'the market' isn't a bunch of mugs that stick a pin in a newspaper to choose today's winner in the stock market.

'...Take a look at the RNS of yesterday. In the three years of 2021, 2022 & 2023 the cash cost of the hedging policy was a net negative of $1,038,394 (000's). That's 2x the current market capitalisation and could have eliminated ~80% of the company's claimed net debt...'

Ask yourself, AceofClubs, if DEC had locked in the physical production at the hedged prices they claimed, they'd have made a decent cash profit, regardless of the actual spot prices during this two year period. The fact is, DEC has had to pay spot prices way in excess of what they were planning for. This exposed the con that may otherwise have gone on for some time, maybe it would never been exposed. But they lost a fortune on their con. If spot prices rise again, they're screwed.

Tell you what notrex, I'll make it easier for you - How about you provide me with evidence of a balance of probability that this company is being run in the interests of its' shareholders ?

It can be proven that Tanos got a good deal out of double dipping its' asset sales to DEC, and it can be proven that Oaktree got a good deal out of it's partnership with DEC. What have shareholders got out of the past three years ?

Tell you what notrex, how about you give me hard evidence that this company is being run in the interests of it's shareholders ?

We both know that's not going to happen.

Tell you what notrex, I began highlighting this fraud back last March. At that time, the share price was over double what it is today, and the dividend was 4 times what it is today. What other factors do you think can explain this collapse in share price and dividend ?

Brokebloke 🤣🤣🤣

Here you go notrex.

'...Record average net daily production: 821 MMcfepd (137 MBoepd)

December exit rate of 775 MMcfepd(a) (129.2 MBoepd)

Net income of $760 million, inclusive of $688 million tax-effected, non-cash unsettled derivative fair value adjustments...'

Wow, pickedpeck you really are incredibly stupid, even for this sad collection of mugs invested in this con.

'...The share price BEFORE yesterday was down 70% or so from its peak with the dividend until that point held in place. The dividend plainly was not helping support the share price...'

Tell me, pickedpeck, what changed over the past twelve months ? Over 90% of production was forward sold, at a profit, not just this year, but next year, too. And the dividend should not have factored into the share price. Cutting dividends to reflect a crashing share price is about as backside-backwards as you can get, yes, it's a moronic explanation of what's gone on here. So, to answer your question, what could DEC have done ? Maybe - MAYBE - not defraud its' shareholders ?

'...Zero proof George. Other than you saying it repeatedly like a demented loon there is zero evidence to suggest what you say is true. Feel free to report it to the FCA or anyone else you think may listen...'

The only ones who've been conned are you shareholders, pickedpeck. Oaktree, Tanos, everyone else who sold off their assets that were already at the end of their productive life have been rewarded handsomely. They're not going to be complaining. Every financier has been repaid one way or another, so they're happy. DEC is honouring it's forward sold contracts by making up production shortfalls on the spot market. So the end customer is happy. The only ones looking at huge losses and slashed dividends are morons like you who can't see you were the mugs in this shell game. You 're welcome 😊