The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
They would have to have finance in place for the Fynn project to be viable for the DNR. Also Other deals are being worked on re ABT. With BSE purportedly looking at raising $50 million for NF and now a free carry for enegi, with three or four other projects underway, news has to be close
Message to lod on ii, yes still fully invested. Not bothering to re register on ii at the moment as nothing much to discuss and its in the capable hands of push at the mo. I expect a major update this month poss within days and one of the most important company impacting rns s since its IPO. Usually when it goes quiet for a while they re working on something of note. This time I think it could be a big one on project financing details from BSE and a deal on ABT, but there are four other projects under a work programme. A seismic shift in the companies fortunes looks probable in my view any time after over two years of groundwork.
It looks like the seller is still unloading, it could be Salida who had around 10 million. Should soon have finished then hopefully this will start to tick up further with accompanying news from BSE and their other projects.
The big seller has taken this down to unprecedented levels. I would expect though soon this should start a steady tick up as that downward pressure is gone. The seller looks to be out now I have seen over 10 million in big chunks pushed through the market in the last couple of weeks. Some news on BSE s progress should see the beginning s of a climb back to reasonable levels. If we are talking an initial two drills paid for on Garden Hill, this should start having a big impact on market expectations of a successful drill campaign, which could potentially see this many fold higher than the present 10 mil market cap . Possibly the best time to be in this one with ABT developments looking like a dark horse here. Gl all in
Overlooked was the information in the recent NF rns. It was not spotted the fact that BSE get the 50% only once the 5 wells have been drilled. This seems a deal too good to be true but may indicate what both parties have seen in the data and well worth BSE drilling the programme until its completion until it receives the cut. This has been seriously overlooked by the market. This means that enegi get the full value of the drill programme until the 5 wells have completed. A stunning! deal in anyone's book and shows the value of the assets they have and BSE want a cut even though it will take 5 wells to deliver value for them. Most interesting. " Once all five wells have been drilled, BSE will earn a 50% working interest in all the lease and licences held by Enegi"
With thanks to C2B on ADVFN: He seems to have picked up a few details of real importance that others have not heard. After hours chat with Bareth perhaps? This starts to answer a few of the cost questions, another tasty Minty deal ? But what an excellent deal with Antrim. £60m Antrim invested on Fyne to create 2P reserves of 9.9mmbo with Dandy and other oil accumulations close by. They were defeated when the turn-key up-and-running pricing on the FPSO Hummingbird came in late and far more than they expected and had financial resources for. Contrast this with the floating buoy solution. Apparently there are shipyards in China and South Korea that are fighting to produce this with huge subsidies from their governments and "easy terms" for what could turn out to be a brand new product line. So yes, Project Finance seems entirely possible. Clearly fitting processing equipment into a tightly tethered buoy on a number of decks below the waterline, raises maintenance and health and safety issues, but with a suitable configuration departing from that of the existing buoys engaged on non-production duties these problems are probably solvable. The oil at Fyne is apparently light and doesn't require stimulation so reducing the range of production equipment required. What value patent protection will give on buoy technology, and how the Wood Group / ABT / Enegi grouping will work out is anybody's guess, but if in the 2 years minimum that it will take to get anything operational many other stranded fields are signed-up this could be an incredible money-spinner.
100 million plus in place in Garden Hill. $120 million going into development of NF licenses. BSE deal a cert. The Fyne deal is massive, its not just the one project, other areas of interest in the license could add large P2 reserves. Other deals in discussion. New production projects under negotiation. This is massively undervalued. These shares will be gold dust within the year. News flow to pick up significantly short to medium term. Much to look forward to on this one at last, much work has and is going into new deals particularly over the North sea and some new projects . This has put the company on the radar at last as to how under valued it is. How much longer now until the market recognizes what this company is worth. Surely a £100 million plus market cap is now feasible short term.
Having been banned from ii, traders nightmare! I thought I would post here occasionally as and when. Presently there is much activity going on, deals, farm inns been made etc which look great. hethersett spotted the Antrim deal a couple of months back that it looked an ideal opportunity I contacted the company myself and they were looking into it at the time. Now look what we have. We should get the BSE update any time, if they have the financial clout and this is confirmed and a programme starts shortly with the reworking of GH1 and another well, this news will give us a big boost. Presently the market is not valuing potential for right or wrong reasons and may be suspicious of the companies ability to finance itself going forward. However the BSE deal should hopefully sort out the NF assets for the forseeable. Confirmation should give us a boost. The issue now is how much income are we bringing in from GH1 or how much is expected post re work. How much is the Jordan deal bringing in or will it and in what time frame. Also critically regarding the North Sea can we raise finances for a buoy implementation in the Fyne field. If we can and get news of an income stream covering company overheads then 50p is much more likely than 5p short term. Lets see what the presentation brings us and the proceeding news flow. Certainly this is looking cheap as chips its lowest price for 4 years or there abouts yet a plethora of new assets, but it hinges now on revenue generation, much more dilution the market will not like no matter how much potential now we have and speculative upside. Interesting times though specially in the next few weeks as news has to come in from BS the North Sea and other developments. Gl all in. Into