Member Info for HBLU

That presentation does show December production numbers for BKR and Erskine. Also confirms $50m of cash received on completion aswell as opex of $19boe for BKR. Average selling price of $45boe for the year. With erskine, I reckon around $10m of cash come in December alone

Rough calcs
Worst case scenario this year:
2019 production 15,000 boepd net (BKR & Erskine)
Avg selling price per barrel $40
Avg cost per barrel including G&A $20
Margin $20
15,000 x $20 x 30 days = $9m a month free cash flow
Gives a year end cash balance in the region of $160m
Imagine what acquisitions that cash can bring

$10mil free cash flow will be coming in each month now. Will cover over a third of its current market cap in cash by this next year!

From the key risks section in the interim report:

As the Group has no assets in Crimea or the areas of conflict in the east of Ukraine, nor do its operations rely on sales or costs incurred there, the Group has not been directly affected by the conflict. However, the Group continues to monitor the situation and endeavours to procure its equipment from sources in other markets. The disputes relating to the supply of gas from Russia has indirectly encouraged Ukrainian Government support for the development of the domestic production of hydrocarbons since Ukraine imports a significant proportion of its gas, which has resulted in legislative measures to improve the regulatory requirements for hydrocarbon extraction in Ukraine.

Rellim - I don't think the cash received was lower than expected. SQZ share of cash (40%) for the period 1 Jan 18 - 30 Nov 18 was in fact $83m. However, since from a legal point of view SQZ only owned BKR from 30 Nov, the tax liability between 1 Jan - 30 Nov lies with BP, Total and BHP. So once you take out the 40% tax from $83m SQZ would receive $50m. Then they always had to pay the initial consideration after this. December should bring in over $10m of cash in and next year we are looking at over $100m of free cash.

The hedging at 35p/therm is a floor only i.e. SQZ sell their gas at market rates if gas prices are above 35p/therm. If market rate for gas drops below 35p/therm SQZ can sell 60% of gas production at 35p/therm. Therefore they retain all upside.

I think Total's opex cost would be the same, they are not operator, BP are and so they would just receive their % share after all costs

Garyn - tell me about it. Rampers spreading rubbish about a possible MBO and taking advantage of naive punters. Sad to see

Rampers have arrived as I said a few days ago. Don't be silly and get spiked. The debt level here is too much. Look at what happened to afren, carillion etc when debt cannot be serviced and then make your own mind up

I personally think another acquistion will come next year. Maybe end of this year if we are lucky. Think most of this year will be operating BKR and integrating those assets, pushing forward with Columbus and depending on Rowallan, processing those results. I think cash position would be around �70 mil end of this year and next year is expected to grow to c.�190mil, according to Peel Hunt so that cash needs to be used in acquisition opportunities.

Dont think anyone could short, would be interested how you would get any borrow for such a tiny mcap. Does anyone know on what assets have orion secured the loan on? Is it just Tschudi? Now that this is a sub �2mil cap, it will rocket from current price on any buying or speculation. Could perhaps have a dead cat bounce tomorrow on traders comiing in. Be careful

Is this the current status quo? Currently, do the IOC receive their share of income or is it only ring-fenced/frozen in the event of further/increased sanctions

Do they not get their share of profit from Rhum currently?

Cash is building day by day. Prices achieved should also hopefully be higher with higher oil prices compared to last update

Otherwys, To get the dividend, the last day to by the shares was yesterday (25 May) as shares take T+2 days to settle. So if you buy today, you won't be on the shareholders register in time for Friday, hence why today is ex-div day

I've wondered why SQZ haven't tried to do a deal to buy out IOC share of Rhum. Would be incredible if they managed to do so

I've wondered why SQZ haven't tried to do a deal to buy out IOC share of Rhum. Would be incredible if they managed to do so

https://www.dailyreckoning.co.uk/investing/epic-deals-are-being-made-over-north-sea-oil/

Happy I got the chance to top up at 22p

Average production in Q1 18 358,870m3/d gas, 59.2 m3/d condensate, 32 m3/d LPG (2017 � 284,203 m3/d gas, 53.5 m3/d condensate, 19 m3/d LPG) Price achieved in Q1 18 $277Mm3 gas, $70bbl condensate, $55bbl LPG (2017 - $241Mm3 gas, $67bbl condensate, $56bbl LPG) Printing cash!

I wonder if serica would look to buy out IOC share of the Rhum field?