The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
https://twitter.com/TMSreach/status/1115521864170975232?s=19
Try LinkedIn mate. That's how I got him
Sure hope so Bill. we need something to shout about, been a long wait
Jose confirmed that there is a pre-close trading update to come in the next few weeks. He hopes it is what the market wants to hear. Perhaps April will be our month.
Someone with a large holding is dumping. Who holds this amount of stock?
I wonder if this is another discounted placing being priced in. 0.41 offered to sell!
Could it be the Chinese dumping?
I spoke to David Facey (FD) this morning following today's news. He came across as very professional and whilst not divulging any price sensitive information he was very much upbeat about the weeks and months ahead. The company is at a point of inflexion and there is lots going on behind the scenes. I must admit, he was very tight lipped and rightfully so but did say they are working on some things and will announce when ready. They have a focus on becoming profitable this and will work hard to deliver that for shareholders this year.
"The move to 365-day operations is a significant step in our drive to increase production volumes and move towards profitability. We look forward to updating the market as further progress is made."
40,000 barrels to Panoro which makes 16406 net to MXO. At a price of $66 that makes £1.08m in revenue which I reckon will be consumed in historical payables for AJE + admin expenses. The company needs to be transparent surrounding what is outstanding to the JV and give a clear guideline to profitability. The market will remain on the fence until it knows that the days of mass scale dilution is over.
Should get a pre-closing statement before year end, hopefully in the next two weeks. SP really needs a kick start. It's like watching paint dry at the moment.
Oslo, 11 March 2019 - Panoro Energy ASA (the “Company” or “Panoro” with OSE ticker: “PEN”) is pleased to provide an update on lifting operations in Tunisia.
The first cargo of approximately 151,000 barrels of Rhemoura blend crude oil has been lifted from La Skhirra Terminal in Tunisia on 6 March 2019. The lifting operations were completed successfully and without any delays or incidents. The pricing for this cargo was based on Rhemoura blend which is at a modest discount to Dated Brent in line with the differentials achieved in the recent past. Panoro’s net participation in this lifting is 60%.
In addition, approximately 40,000 barrels of crude oil, net to Panoro, is expected to be lifted from the Aje field, offshore Nigeria, in March 2019.
Revenue = 129m
EBITDA = £4.5m
Generating FCF & Dividend payer
Significant shareholdings well over 60% and directors have good skin in the game
Strong Balance sheet with net cash at £8.9m and no debt
NAV = £44m
Mcap = 18.7m
This is undervalued on various metrics. Today's news not welcome but to be fair it should be trading higher
https://twitter.com/JimPrice83/status/1100328638937993218?s=19
Announcement is just a formality. Company confident they will secure one. Prospective NOMAD has flown out and visited STARCOM offices in Tel Aviv and is in the last stages of due diligence as per RNS. Hopefully SP will begin move to above 2p from next week
JV partners are struggling to progress the drilling for further oil simply because they have no cash. When I last touched base with the company our CEO was evidently frustrated with the JV partners. MXO have a minority 5% stake, the operator calls the shots and from what I gathered it will be a very quiet year here. They firstly need to secure project finance and an update on this front is unlikely until the summer. Align research have nothing to add, their updated research note was laughable, how the target price fell so dramatically from 3p+ to c.0.7p. in the initial note they stated that MXO will be able to raise £10m at 1.25p and in the updated note they downgraded it to 0.25p. They are getting free shares for covering MXO so win-win for them. You can't take this type of research seriously. The biggest concern right now is the cash drain holding the company back. In the absence of news how will the CEO get the next raise off at a respectable price, especially without the Chinese support and in such a difficult market
Those questions are very pertinent Kentan. I don't know why Stefan hides almost everything from his shareholders. He is not interested in engaging. He has almost nil oil and gas knowledge and is not capable of leading this company. I tried to establish contact with the Chinese investors in order to arrange to vote him off but had no luck. They are such an apathetic bunch too by the looks of it and very difficult to trace. Tried going through Hon too but he said they were not willing to engage him neither.