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GG, thanks for reply, sorry was writing my last post at same time as your reply.
Have no industry experience so have no grasp of development planning etc so appreciate your take on this which I expect is likely nearer the mark.
Something interesting in FinnCap report of 31.7/18 states
"Converts renegotiation key. IOG has been one of the top performers in the AIM Oilsector this year. But, with the shares still trading at a 50% discount to our 59p/sh risked NAV, we still see material upside potential. Critical to this will be the successful renegotiation of its London Oil & Gas convertible loans, which are currently secured against IOG’s assets. Freeing these up will allow the company’s independently certified 2P reserves to be used to secure development funding."
Just looked at RNS,s again 29/11/17 OGA extended licence P2085 that includes Harvey to 20 December 2019. IOG made a firm commitment to drill a well on the Harvey structure, commencing by 20 September 2019 with rig contract to be in place by 20 November 2018. So why did they bring it forward to Jan 2019? must have something to do with funding surely, (apologies if this has already been discussed previously.)
FT notes IOG free float as 87.41M. I expect there must be quite a few on here who have in excess of 1M shares and are holding tight, so expect share price to increase at a pace on any good funding deal.
Also, been wondering why IOG didn't apply for an extension regarding drilling Harvey, would OGA have refused, or is it possible that funding may be designed in a couple of tranches with Harvey proven resources allowing for an upfront pre-payment agreement to help with funding Blythe?
Also, In addition to the gas reserves, there is an estimated condensate yield of approximately 10 Bbls/MMcf in the Blythe gas which I don't think has been included in any of the valuations from third parties.
As GG says exciting times ahead. GLA
Re GE already having sold, this was obviously what you meant when I suggested earlier in week that they may be background sellers, sorry didnt pick up on it. Had other things on which meant haven't had time to keep up fully with whats going on so value comments on this board for keeping me up to date. Cheers all.
Cheers for that GG, had forgotten very likely assumption GE have probably sold on to Burrgraben and was assuming they were still holding after May RNS, but of course being under 3% at that stage had no longer any obligation to notify any further reduction in holdings. Good job some are keeping track!
Very happy with news today.
ATB GLA
600T Just took it from the last holdings RNS relating to them dated 24/5/18, but who knows. Well done on the top up today not too bad a price some were paying 33p last wednesday.
ATB
willuneverlearn super pleased for you!
GE Oil had 1,813,232 at 24th May. Would make sense if they are selling, as they have no interest in holding them.
GLA
Cheers TT appreciate reply.
GLA
Evening all, found this article regarding MM tactics, which whilst relating to US market certainly appears to me to make some sense of recent price / spread action, though not been in this game as long as many on here. Please correct me if it is in fact a load of rubbish
https://tickerjunkie.com/market-maker-speaks-ways-market-maker/
Morning All, totally agree with GG. Anyone who has been here through the expectation then disappointment of Skipper, myself included, possibly has a more sanguine view of relatively small fluctuations in price, and like 600t I will be taking advantage of any drop.
Unless and until I read an RNS that states the Swiss or BOD are offloading I will not be taking my lead from people trading, Fair play to anyone doing that, I have a longer timeframe and never seem to time trades quite correctly anyway. Too much impending news to get caught on the wrong side of a trade IMO. GLA
Fantastic ! am getting a small inheritance shortly so any drop will be much appreciated for further top up.
GLA
GLA and thank you to all the numerous intellligent and well researched posters on here.
The April link was just for those who haven't researched IOG and were unaware where the £300M figure came from. The landscape has changed a lot since then. No rose tinted specs, but this for me has every chance to be a life changing investment. Any equity element in the phase 1 funding package may or may not result in a short term fall in share price, it's anyone's guess as we are not party to the negotiations. However, as stated here numerous times a large equity element would NOT be in the interests of the IOG board so I am willing to take the risk and remain fully invested at present targeting 2020 / 2021 to sell up.
The hubs will be developed in two phases so some of the Phase 2 capex can be funded by cash flow from Phase 1.
Nevertheless, in total IOG estimates that it needs funding of £300m to fully develop the two SNS gas hubs over the 2018-2020 timeframe.
https://www.independentoilandgas.com/downloads/reports/IOG_190418.pdf
without doing due diligence deserves to lose money. IMHO
600 thanks.
Where did you source that? any link?
Shows confidence at this stage in IOG certainly not a sign of "cashing in someone's chips" as posted on the other board"
From AIM admission document - "exercise price is 29.74 and options only vest where the price exceeds 47.58 respectively, for 20 consecutive trading days and provided certain key performance indicators set by the Remuneration Committee at the time of grant are satisfied."
A total of 4,500,000 Options were granted in two tranches with exercise prices of 29.74 and 41.63.