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Https://va.mite.gov.it/it-IT/Oggetti/Info/10561
Date of submission of the application: 09/01/2024
RNS 20.12.23
LNEnergy reported that on 20 December 2023 it filed the Environmental Impact Study ("EIS") for the new small-scale liquefied natural gas (LNG) development plan at the Colle Santo gas field with the Ministry of Environment and Energy Security. This is a further step towards achieving the granting of a production concession at Colle Santo.
"for no reason except the delay and market/shareholder sentiment." I disagree, 40bpd is hardly company making, that plus 30bpd is about $1.5m net pa, seems about right for an mcap of £12m imo. Having said that, I expect the sp to rise strongly in expectation of a successful well-stimulation, where it ends up depends on the post stimulation bpd.
Persi my 5 years investing in small oilers has taught me that RNS's are corporate b/s, the way to make money is to trade the spikes and not wait for the delivery. Just look at UJO, unusually Wressle delivered more than the promised 500bpd yet the sp is in the doldrums, UJO is worth less now than when it had no oil except 10bpd from Keddington. RBD will spike when we have news of funding for Rathlin, will I wait to see if WN delivers? hell no
Rathlin says they need £9m for their 4/6, that means £13.5m in total for the drilling. Why would anyone buy WN when it has yet to be proved commercial and will cost the new owner £13.5m to find out?
Just a reminder
" Reabold intends to use the net proceeds received to advance development of its existing assets, including the drilling of the key horizontal well at West Newton, and assess potential further acquisition opportunities. Furthermore, pursuant to the announcement of 31 October 2022, Reabold intends to make a distribution of £4 million of excess cash to Reabold shareholders upon receipt of the £9.5 million, the mechanism of which will be determined upon consultation with Reabold shareholders."
I don't believe they will fully honour this commitment, they may re-start the buy-backs for a little while and make a small special dividend, but splashing the cash on LNenergy does not leave them enough to spend £2.25m on WN for their 1/6, bankroll Rathlin for £6m and return circa £3.5m to shareholders. These numbers will only stack up if there is a farm-out by Rathlin or perhaps a loan facility guaranteed by RBD - all imo
Https://www.oedigital.com/news/510860-shell-makes-fid-for-victory-gas-field-in-north-sea
Following the Secretary of State’s conclusion regarding the environmental effects of the project, the Secretary of State agreed to the OGA’s grant of consent on 10th November 2023 and the OGA granted consent on 17th January 2024, so the project may proceed
- this means Shell has to pay Reabold the final £4.4m for Carillion, ergo RBD will have sufficient cash to bankroll Rathlin
RNS 05.12.23 - As previously announced, the final consideration payment, of £4.4 million, will be received upon the NSTA granting development approval for the Victory gas field, which is anticipated to occur within the coming months.
£4.4m should be imminent in which case RBD will have sufficient funds to bankroll Rathlin
Following the Secretary of State’s conclusion regarding the environmental effects of the project, the Secretary of State agreed to the OGA’s grant of consent on 10th November 2023 and the OGA granted consent on 17th January 2024, so the project may proceed
Moniman, the chuckle brothers are either
a) terrible negotiators and gave LNe the deal of the century
...or
b) they always had one eye on the next requisition and structured the deal accordingly
...imo the latter explanation is most likely
...a fantastic deal for LNenergy who now own 12.5% of RBDs shares (allegedly transferred to the LNenergy Directors), it/they will share in the success (or failure) of WN without contributing a single penny of capex. Plus of course if Colle Santo doesnt happen or fails to deliver as promised, it/they still own 1/8 of Reabold...winner, winner chicken dinner
Yourgene accounts now available
https://find-and-update.company-information.service.gov.uk/company/11802764/filing-history
These 2 as well - I assume they're ours too?
https://find-and-update.company-information.service.gov.uk/company/03971582/filing-history
https://find-and-update.company-information.service.gov.uk/company/08436676/filing-history