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The scale of "the acquisition of up to 51 per cent. participating interest, and operatorship.." won't be known until this kit is up and running, fingers crossed it will be valued at far greater than the current market cap of £11.78m which is peanuts when you look at Roland's 10 well projections of $725mm.
On 9th March: "The company aims to have the jet pump solution for the C-77H well operational in the next 90 days" and the pump would have left the USA around the 12th May by airfreight someone said, so I reckon it will be operational early June? A long wait.....
Might this affect SYN moving forward? Not sure that NG is included though:
"India cut windfall tax on petroleum crude to zero from Rs 4,100 per tonne with effect from May 16, according to a government notification. The windfall tax on petrol, diesel and aviation turbine fuel (ATF) was left unchanged at zero."
I missed the deadline for presubmitting questions, maybe someone already has asked:
"'However, following the 2022 year-end, the directors said they became aware that a filing in respect of certain dividends paid in 2022 had not been made as required under the Companies Act.'
This seems very convenient. I wonder if it had been declared whether it would have had a bearing on the deal going through or not? Would really like to know who benefitted, how much and when?..."
Still stick with what i said last week, and the fact that Directors have exercised their options is a further indication of their short term approach and 'everyone else can f**k off' attitude:
"'However, following the 2022 year-end, the directors said they became aware that a filing in respect of certain dividends paid in 2022 had not been made as required under the Companies Act.'
This seems very convenient. I wonder if it had been declared whether it would have had a bearing on the deal going through or not? Would really like to know who benefitted, how much and when? I smell a rat or five. If you remember the Tailwind mob formed holding companies and paid themselves ~£100m in divis during 2021. Did they do the same in 2022? If we'd known about this would it have affected things? I think so. This should have been mentioned at the time and the full detail known. Also remember the loan stayed in place pretty much during this time.
I hope I am way off the mark, but if you smell a rat it's probably is one."
I reduced my holding in HBR because of these exaggerated moves but it's got to come back in a sustainable grown up way but I have given up losing sleep over it for now. BP, Glencore and SLP have been good and had some fun with IOG. Deffo go back with IOG when the price has dropped back. Still waiting with SYN which I think will be a bigger mover soon, fingers crossed.
Harbour have committed to buyback approx. 100,000,000 shares, other shareholders include:
Citibank NA (New York) 144,574,081 17.4%
EIG Global Energy Partners LLC 134,684,040 16.2%
Noble Group Holdings Ltd. 79,352,666 9.54%
Fidelity Management & Research Co. LLC 43,671,560 5.25%
GIC Pte Ltd. (Investment Management) 34,201,685 4.11%
GIC Blue Holdings Pte Ltd. 32,984,730 3.96%
The Leona M. & Harry B. Helmsley Charitable Trust 27,224,309 3.27%
Marshfield Advisers LLC 25,150,482 3.02%
The Vanguard Group, Inc. 22,294,549 2.68%
Trinity Street Asset Management LLP 18,898,787 2.27%
Assuming the above aren't actively trading, that leaves about 24% or 210,000,000 shares in circulation which could explain how easy it is for our shorty friends to manipulate the price. When the price diverges away from BP as it has done again today (-4% difference) the only explanation must be downward pressure from short sellers. I suppose the only comfort is that at some stage they have to buy these back to close their positions. How many times have we seen this with Harbour?
As we've seen in the past, you just can't write this script!