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ROT1
After the Selena Farm out to Dana and recovery of back costs the Pensacola RNS reads like a no brainer:
- Pensacola Discovery on Licence P2252
- operational planning for the Pensacola appraisal well has continued to progress according to plan.
- long lead items have been ordered
- the geophysical site survey over the proposed well location has been completed
- the final geotechnical site survey is scheduled to take place in May/June 2024.
- The rig contract was entered into in February which secured the Valaris 123 heavy duty jack-up drilling unit
- Pensacola well due to be drilled immediately following completion of Selene operations.
- Pensacola well remains on track to be drilled in Q4 2024
Until you get to the Farm out and capital markets sections.
Incredible that Deltic are poised to hand the licence back ………….or not as the case may be.
Jack
In the Oct 23 LNEnergy presentation it was clear that debt financing would be required.
“LNEnergy will seek to secure Euro 30 M in debt financing to fund exercise option to purchase Colle Santo gas field and development CAPEX to achieve first gas”
Unfortunately The Clown Club side show drown out and sensible commentary on the recent Gunvor RNS.
“The HoA also provides for a potential prepayment by Gunvor for a portion of the first five years of deliveries, with such amounts subject to prepayment being a total of approximately 66,000 tonnes of LNG, or 999,000 MWh. The average forward Italian PSV gas price for the years 2025-2030 is currently approximately €30 / MWh. The prepayment is conditional on agreeing definitive transaction documentation and LNEnergy obtaining the required permits to construct and operate the LNG production facility.“
A pure coincidence that the prepayment 999,000 MWh x Italian PSV Euro 30 per MWh equals Euro 30 Million.
Admittedly this is contingent on a number of permits being secured (See Dec 23 filings) but if successful debt financing will be replaced by a prepayment from a deep pocketed credible source.
The SP will not be clowning around when the announcement is made confirming this transaction.
Jack
BTW - Watts. Moniman has told me you have been admitted as a member 🤡 🤡 🤡
Good to see the latest news that CS now have an agreement with Gunvor. Those on the ground in Italy know that the landscape is fundamentally changing with regard to LNG.
Great goal for the facility……. Bring it on
Jack
Gunvor closes new EUR 400 million facility backed by Italy’s SACE
14 December 2023
GENEVA – Gunvor Group, a leading global physical energy trading company, has closed a EUR 400 million, 5-year term loan (the “Facility”) guaranteed by SACE, the Italian Export Credit Agency (“ECA”) with UniCredit acting as Global Coordinator. The goal of the Facility is to support Italian industry by securing natural gas and liquefied natural gas (LNG) supplies while promoting the export of Italy’s goods and services. Gunvor is a leading global trader of LNG, and one of the largest physical natural gas traders in Europe.
“Gunvor is pleased to support SACE’s push strategy by helping secure energy supplies to the country and having the opportunity to further grow the business with Italian customers and suppliers,” said Jeff Webster, Gunvor Group Chief Financial Officer.
Wiltshireman,
I agree. They run for the hills on any positive news.
Maybe they were all at the Clown Club AGM. Moniman usual two clown 🤡 🤡 posts, we’re taken down awaiting new members to join.
Step up Watts. Maybe a few more ridiculous posts will get you in.
Moniman. Thanks for your concern re Deltic but it’s all in hand. 😂
Jack
Itsawrap,
I thought Euro 45 was on the low side, especially if you flex your chart out 5 years. Think Supply and Demand, combined with regional price differences plus global challenges that aren’t going away.
Dont forget your talking about a 20+ year off take, security of supply and yet to be factored in Government Grants.
Jack
Thinking of upgrading to a 488 Pista.
Italy's power costs have climbed further above some key rival economies so far in 2024, with wholesale prices last month averaging nearly 40% above prices in France and 60% more than wholesale prices in Spain.
The share of natural gas in Italy's electricity generation mix in 2023 was just over 45%, compared to 6% in France, 15% in Germany and 23% in Spain, data from think tank Ember shows.
Wholesale power prices in Italy averaged 127 euros ($137.80) per megawatt hour in 2023, according to LSEG, which was a third more than the average power prices in Germany and France last year, and over 50% higher than the average price in Spain.
Moniman,
Pity you don’t take your own advice, rather than plaguing this BB with your dross. What a joke, with zero credibility.
Even Persimmon is losing his touch advocating a take over of Rathlin. Why not a reverse takeover and take RBD private by backing into the Operator of WN.
Sorted, lose the dross commentary and with US funding deliver for true Shareholders.
Price is a steal with so much value on offer
Jack
G-G-G
Yesterday’s RNS was terrible news considering all the discussions were around a farm out or placing. Nobody thought the unthinkable that neither would move forward and the licence returned.
However, I disagree with your comment that “this is almost at the value of selene drill alone”.
Are you really suggesting that c£17M market cap = fully funded to success case for Selene?
The narrative in yesterday’s RNS was unbelievable. Long lead items acquired, site surveys complete, rig contracted and remains on track to be drilled in Q4 2024.
But Deltic are at risk of walking away.
Either a major c**k up or part of a wider game plan.
Counting down to end May
Jack
Djm,
I agree. The energy profits levy is misunderstood and a clever illusion to rake in Billions.
The winners remain winners.
https://neweconomics.org/2023/11/the-windfall-tax-was-supposed-to-rein-in-fossil-fuel-profits-instead-it-has-saved-corporations-billions
Jack
Flip flop Heidi,
Hilarious 😆
I have a green coffin around that complete waste of space
Jack
“This success further demonstrates Deltic's ability to attract world class partners and our priority now is to build on the Selene farm out success with Pensacola.
We are progressing an active and ongoing process to realise value and farm down our Pensacola discovery with the aim of bringing in another high quality partner and reducing cost exposure to the well.“
Active and ongoing, Sounds like excellent news to me.
Jack
Rot1
I tend to agree that everything points to a farm out.
Terms and 3 Party/Parties to be confirmed.
If a good deal can be achieved, the SP will spike upwards and leave drifters behind.
The success and timing of subsequent events may provide SP momentum towards full value that is being talked about.
Jack
Itsawrap,
The investment case has not changed here dispute the Heyco Energy acquisition of Egdon. Maybe a change in reporting timelines, but Heyco didn’t acquire a pup.
The problem here, as exposed numerous times before, is the utter dross coming from Heidi and the like. Forget about the perception that “She” is in the know.
Much more likely is an attempt to swing the Market by posting complete bull. I would not be surprised if it was fronting a much more dubious outfit.
I took a position some time ago and all the indicators show positive upside. Continued to buy at these levels.
Jack
Dr P
I think we need to view the order of potential news.
We know that Valaris 123 will be on route to:
“One-well contract with Ithaca Energy in the UK North Sea for heavy duty harsh environment jackup VALARIS 123. The contract is expected to commence in April 2024 and has an estimated duration of between 45 and 72 days. The minimum total contract value is $6.3 million.”
The March corporate presentation shows Selene mobilisation and drilling during the period June to Sept, after the farm out and full funding from Dana.
“The two wells will be drilled using the Valaris 123, a heavy duty jack-up rig, with Selene and Pensacola being drilled as a two well sequence, with the contract and mobilisation commencing in the June-July 2024 period.”
On that basis the outcome of Selene maybe known before Pensacola funding is confirmed.
The March corporate presentation shows Pensacola mobilisation and drilling during the period August to December.
Clearly they were comfortable to sign the rig up before full disclosure of funding, so on that basis a Pensacola agreement must be advanced to a stage that permitted that action.
Obviously if that is not the case, the best time for a placing would be June onwards riding off the back of anticipation of Selene.
Jack
NVG
I don’t know if I should be appalled at been called a “Wired Liar” or
Euphoric with your statement
“Some of what you’ve posted over the years means that you’re definitely on the inside track or are closely associated with someone that is.“
I am a private investor, who is opportunistic in outlook, enjoys factual analysis, hates BB bullying or individual posters who clearly have a warped view of reality.
BBs are unregulated to the point where some posters exaggerate false logic for financial gain. They are easy to spot and to challenge.
Some posters who choose to spit feathers will get a metaphorical nail gun response.
I invested heavily at the outset of RBD as I bought the story. My book loss runs to £’000s which I deeply regret.
As you have searched my posting history you will see that I have commented that Victory sale was a very poor return, the value exchanged for Colle Santo was excessive and the demise of California to daybreak difficult to rationalise.
Paul1deano. I have been selling down my position as there are much better investments elsewhere. In addition the existing Directors should never have allowed their relationship to sour from “Strategic Investors” to disinfranchised minority shareholders.
I have positions in DELT, BEACON, UJO, LLOYDS and M&G for dividend yield. I invested in Adobe in Jan 23 at $336 due to AI noise and they hit $ 630 recently, falling back to current $560 pre Q1 results due 14 Mar. NVIDIA Is another I follow. Big winner with GKP following Jeremy Asher purchase for pence and sold at £3.60 ish 10 years ago ROI £365k. Flight to Zurich for board meeting and posted on III at airport resulting in 360+ post tick up. Ploughed £35k into SXX at 4p and sold 8 weeks later at 8p. Those were the days. Nothing to prove and no axe to grind.
These are not tips, and represent just a slice of a wider portfolio.
My altered ego is definitely not an insider at RBD
Jack
Watts
“ The support for KS was largely a protest vote ”
FFS.
You mean the 8.15% he and his mates could muster, at another abortive attempt. The cost of this was picked up, again, by Shareholders.
Your money ! 😂
I suggest you put your fiver in the post office, as you should not be investing here.
I think incompetence is a little closer to home than you think. 🤔 But you need a brain too do that.
Hilarious
Jack
NVG
“keyboard warrior, you clueless little jumped up Pr1(C)K) - F right (O)FF...“
Oh dear. Every time you look in the mirror, you see your message above staring back at you.
I would have preferred to see your clueless diatribe rather than Zero having them removed.
Hilarious.
For the avoidance of any doubt:
1. I am not connected to RBD in any way.
2. I do not have posts removed, especially your c.rap.
3. I do not have multiple IDs.
Why don’t you take your own advice and go fight yourself out of a paper bag.
Oh yes…..you would struggle!!!
Jack
NVG,
Your reply just confirms my statement that all you see on this BB now is dross. Rather than intellectually challenge my post your reply was vacuous and more a kin to a Dandy strip.
It’s sad that you have joined the likes of Watts, Moniman, Uggy, Heidi et al.
From Day 1 it was obvious to me that the requisitioning party would fail abysmally. Your Dusty bin routine put forward the lack of premium being offered as the reason 80% voted against.
I could list at least 20+ other reasons why there was a complete lack of credibility with the requisitioning party, which grew day by day.
It’s definitely not gloating but pure old fashioned common sense.
You are a waste of space so Vent your spleen elsewhere.
Jack
Itsawrap,
I see the Minority Mo..ron's (MM's) are still here.
You previous post on 09 Feb gave the link to the bundle of documents uploaded on va.mite.gov. 112 documents in total all dated 19 Dec 2023. So I can confirm that the RNS on 20 Dec 23 was factual that documentation had been submitted.
Clearly the MM's commentary that the website was showing blank, just proves how simple their view was at the time. Obviously, a government department would not vet the bundle of documents but just upload to website. Ouch !!!
Very interested to see your link to earthquakes in the abruzzo region going back decades. 221 have struck within the last 10 years within 300km of Abruzzo. 84 (Mag 4+) hit in 2016 alone. Strongest since 1900 was Mag 6.9 on 23/11/1980. Strongest in last 10 years Mag 6.6 on 30 Oct 2016.
Taking that info into account, the Bomba Dam constructed between 1956 to 1962, held back water in a man made lake. Water does not flow over the Dam but its construction is via an impact slope. The MM's would have you think that the engineers at the time of construction completely ignored the earthquake history in the region. Ouch
The MM's would also argue that the two wells (MP-1 and MP-2), that have already been drilled and ready for production, would somehow cause seismic magnitude scales greater than all previous earthquakes in the region once they are brought back on line. Ouch
Let's see the next round of absolute garbage from the MM's. At least all you see on this BB now is dross.
Jack
Dr P,
Nothing we don't already know. Both Malcy and Cannacord are both forecasting a 10 bag from here, although they do represent an inside view.
However, the deal with Dana on Selene was a good deal, especially when viewed on the position DELT is currently in. Whilst some would have wished to retain the 25%, I think to swap for a NIL cost option beyond the exploration in Q3 was an exceptionally good move. What's even better is an outfit like Dana must also think it a good deal, which validates the data on Selene prospect thus far.
Then there is the appraisal of the Pensacola discovery and potential farm out deal TBC.
Surely the conveyor belt of opportunities has increased in the credibility stakes, which is another plus for DELT.
Shell sorting out the rig contract must provide further evidence that we will shortly be entering a very exciting period for DELT.
Jack
I think Delt have played a blinder in releasing today's news on the Selene prospect, attracting an established operator like Dana.
Remember they still have the Pensacola Discovery in their back pocket, and any news on this potential farm down would logically be on much better terms.
Jack