Member Info for JimPrice

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

Buy order in place. they are taking 6m now. Hopefully stock remains tightly held here and the buyer is forced to pay 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.

Hon is a client of Cornhill, His share transfers were arranged by them. When the Chinese were lapping up open market back in 2016 Hon clearly saw his escape having bought between 0.5 & 0.8p in the preceeding weeks. I recall a transfer around the 1.3p mark so he made a good profit. The authority to invest in Superdialectrics was sought in the RNS dated 12 September 2017, i.e.the diversification of their investing policy. The funds could've been used from December/Feb placings although this wasn't stated at the time of the raise.

Well I personally reckon Stefan couldn't get a raise away and needed to give potential investors a reason to buy. Remember he bought £100k at c.1p and that didn't come to much. The problem is his salary is probably at/above £300k now and small share purchases are just misleading. The board should've been supporting the share price with open market buys during 2018. it was a very illiquid stock so any buys would've preserved the share value. The company is cash hungry and there is no guidance on what is required until profitability. The market is therefore cautious. Until we have concrete information as to our mid-term financial condition, it's either hefty dilution to follow or bust I'm afraid.

030, My info is directly from Johnny and I have no reason to doubt it. He is not happy with Richard nor the company as both parties have not been responding to his messages. He is owed consultancy fees from a while back, not a huge amount and I doubt it will be his worthwhile to pursue a legal route to secure them. The current Chinese holders were brought in via Richard Carter and a chap called Geoff Morrow. Johnny has said that he does not know the investors personally and that it is absurd to assume such just because he is Chinese. He has not spoken to the company in a long time. They came here with a Granada link. One of the major holders is a Grenadan national too but we haven't heard anything on that front since 2016. The biggest concern here at the moment is the WC deficit and the lack of Chinese support in the past 2 fund raises which have been conducted at big discounts. What's also interesting is that the interims showed a loan on the books, the lender was not disclosed. After having spoken tot he company this was revealed to be the Chinese who are not happy to convert it into stock. The recent raise may have been used to partially pay this back

Johnny doesn't have direct contact with the Chinese. Apparently they came in on account of Granada related projects which I believe haven't turned out quite as expected. Johnny sold his MXO holding and doesn't intend to get involved again, he was initially sold the AJE story but that hasnt played out as promised. Johnny doesn't know why the Chinese have bought so much stock, the last placing added 1bn shares, another one like this and the Chinese will be diluted to smithereens. If they actually cared they would've coughed up the funds to preserve their stakes. I now consider the Chinese money suspect, I would write it off completely. Stefan hasn't been transparent with us regarding historical AJE payables...we've been calculating and expecting net profit. Had we known what the actually debt pile was I know I would've run a mile. The financials are in a mess, outgoings too high, mcap very low, it's no coincidence MXO is being priced to go bust. It should also be noted that they require approx £10m for the next phase of oil development, under current market conditions that is going to come under heavily dilutive terms for exiting holders imo and that's if they can get it at all.

By the way Johnny Hon has no involvement with MXO any longer. I've been in touch with him and he's pretty pi55ed off with the management. Apparently they owe him money for consultancy which hasn't been paid, he is considering legal action.

And very bullish forward guidance to go with it

Very strange action on the RSP. Being quoted 1p+ for £5k so no stock available. The live spread is very large so MMs not exactly encouraging a market here. Yesterday's news is not being priced into the SP so I am a buyer down here.

This is big news, look at the new partner:

"Indra is one of the leading global technology and consulting companies and the technological partner for core business operations of its customers world-wide. It is a world-leader in providing proprietary solutions in specific segments in Transport and Defence markets, and the leading firm in Digital Transformation Consultancy and Information Technologies in Spain and Latin America through its affiliate Minsait. Its business model is based on a comprehensive range of proprietary products, with a high-value focus and with a high innovation component. In the 2017 financial year, Indra achieved revenue of €3.011 billion, with 40,000 employees, a local presence in 46 countries and business operations in over 140 countries."

and that is if he bothers RNSing it at all

I believe it is based on the average vwap for brent in the 5 days preceding the lifting.

http://www.bbc.co.uk/news/uk-england-norfolk-46307085

Some of the post placing enthusiasm we witnessed on this board seems to have dissipated. It was never going to be a bang on flip. Stefan Olivier really has hammered this one right down. He is going to really struggle getting any future raise away now, placees must be pretty pi55ed off with a share price over 30% below their buy in and that at a whopping discount too! Panoro have announced a lifting this month in their recent Q3 results, just our luck this coincides with a big fall in brent.