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But this is the point Colle Santo is not meant to be a long way off. S&S have promised us in an RNS that they will get the permission to test by the end of this year. This means that there should be money coming in from Colle Santo by Q1 2024.
If Colle Santo is now a long way off and they have lied to us all again then why did they spend another £1.65 million on it today. Unless that was just to get a bunch more shares issued to parties who will vote with them in the requisition - which is looking more and more likely.
If they do not deliver the Colle Santo permit by the end of the year as promised then they are a pair of lying crooks.
"Kamran is like the rest of us, the only difference is he invested much more and a much higher price, so not only has he wasted his clients money, he will get the same treatment as anyone else, and be grateful for it."
So Kamran should be grateful to be lied to by the two directors like the rest of us? I've got to hand it to him, at least he had the balls to do something about it. And he has given the rest of us another chance to vote who we want in control of the company. He has made his accusations, it is now up to them to prove him wrong. Permit by the end of the year please lads.
If the contents of the letter are true then the board should very much have considered them. If they are true then they have just thrown away another £1,650,000 of shareholders funds on a project that will never happen, potentially just in order to acquire themselves more votes for the requisition.
S&S now need to deliver this 24 month production permit before the end of the year as promised or they are in deep s*** if you ask me. I certainly will not be voting for people how lie to shareholders constantly.
An interesting announcement today. The engagement of the full second option in Colle Santo can be read one of two ways. Firstly it could be seen as a sign of confidence from management in the future of Colle Santo, which is a good thing for all shareholder. But secondly it could be seen as a desperate attempt to issue more shares to vote for S&S in the upcoming requisition. I hope that it is the former and not the latter, but the more cynical part of me thinks that the fact that a big chunk of shares being issued to board allies now is not a coincidence. If this is the case then it does not bode well for the future of the CS project.
However, S&S have promised that the 24-month test approval will be issued by the Abruzzo authorities in the next three weeks. If this happens then they get my vote. If it does not happen then I want them out as they will have directly lied to us all. The clock is ticking.
No finance company would do a deal on what the gas price is today, they would do one at a massively discounted gas price in order to ensure that the loan could be supported in the case of very unfavourable circumstances. Frankly, the gas price today would be pretty irrelevant to any financing, it would eb all about forward predictions heavily discounted.
Well it is good for the company that Shell are going to go through with the Victory investment, but the part payment still leaves us sort on any money to invest in West Newton.
As far as I am concerned, S&S have half-delivered on the first of my requirements to get me to vote for them at the requisition. Now they need to fully deliver on the production test approval for Colle Santo before the end of the year as they have promised. Without that, I am definitely voting to get rid of them.
Yes, that is something of a nothing RNS. Posting general information about the Italian energy sector with no specific reference as to how it will affect Colle Santo. I agree with you Uggy, it looks like the first step in preparing to tell us that they are not getting permission by the end of the year as they promised.
I hope I am wrong, but it looks like there will be no Shell money and no Colle Santo approval by the end of 2023. That is going to have a big impact on the company cash position going forwards, and not in a good way.
I fully intend to vote S&S out when the requisition comes. If they deliver on the Shell money and the promised permission on Colle Santo before the end of the year then I may change my mind, but after today's announcement it is looking unlikely.
Pretty simple BP. They fund any short-term capex/opex expenses from additional borrowing when they refinance the loan. If, and it is an if, they need to drill an additional well then they would probably fund this through an equity raise at a much higher price in 12 months time. They just need to deal with one problem at a time.
So revenues of approximately £16 million per year with production low, when less than £10 million per year would be more than enough to service £10 million of debt. Despite all of the doubt cast by the doom-mongers I do not think that Angus are going to have any more problems financing their debt, not getting production sorted.
I hope I am wrong, but it does not feel to me like the development and production consent will be given before Friday, though obviously have a lot of pull in the UK and so I would be happy to be wrong.
If it is not granted, then I assume that Shell will pay the £5.1 million to extend the deal, as there is no reason that they would want to back out of it after all this time but, as itsawrap has pointed out we do not know when this would be paid. I imagine that they would string it out as long as possible.
It's going to be an interesting week, that's for sure.