focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Talking to IR and going through all the figures again I still believe we will be able to reduce our net debt by around $13.75m per month with hedges in place.
So I’m going for a net debt figure of $560 at year end.
Anyone else want to have a guess?
Back to yearly lows - God knows where we will be if Brent falls back towards 70
I received a written letter back from Gareth Davies yesterday - He did not answer any of the questions I asked and he did not agree that our smaller UK oil and Gas producers carrying historic debt due to investment and years of low oil prices were unfairly Taxed and the debt should not be offset against the EPL charge. He banged on about the companies ENJOYING the 91p Tax relief for every £1 they invest. You would be pleased to know we do support our oil and Gas companies as they move towards net zero and that relief increases to £1.09 for every £1 invested to reduce green house gas emissions
What a joke
Only 10 days ago they were spouting supply is 2m short and oil prices will hit $150 by the new year.
Today we are over supplied apparently by 2m barrels and demand is falling fast and oil prices could fall back towards $60
Just proves how unbelievably ignorant and privileged these jumped up eco loonies are.
Used to getting there own way, I bet she stamped her feet and chucked her dummy out when the Judge gave her a bit of discipline. I hope he gives her a nice long holiday with a lovely hotel room where she can experience what porridge actually is.
Would Hunty get that much stick for a change to the EPL by allowing the offset of debt and costs, I think he could squeeze that in without to much backlash as it does only benefit the smaller companies that have been unfairly hit the most. I think he will as the damage it’s currently doing is far more than they expected.
We can only hope.
The value of them falls through the floor and the cost to repair if they breakdown is horrific, Plus our travelling friends are now getting underneath them and cutting the big fat juicy cables off them to weigh in for scrap.
I suppose once the cables are cut off they can't catch fire.
It wont take too much longer for the truth to come out, Just look at the EV 's they were to be the next big thing towards net zero, people have come round to fact and they are obviously not in any way greener than to normal ICE vehicles and now sales are falling through the floor.
The people are slowly turning towards the truth about our North sea and the importance of it.
Things are moving in the right direction
It wont take too much longer for the truth to come out, Just look at the EV 's they were to be the next big thing towards net zero, people have come round to fact and they are obviously not in any way greener than to normal ICE vehicles and now sales are falling through the floor.
The people are slowly turning towards the truth about our North sea and the importance of it.
Things are moving in the right direction
I’m waiting patiently for a nice dividend thus bringing a re-rate in our Mcap.
We can be pumping 50k with no debt but without shareholder returns we are relying on buyers pushing up the price and with the green bull sh ite that’s not really going to happen.
Returns attract investors that’s it
Zippy when I was at school those 3 kids wouldn’t have dared complain to the teachers as would have been called “Grasses” and would have had to take a good hiding.
Back then if you didn’t like what someone else was doing and it had no interest to you other than jealousy it was best to keep one’s gob shut.
These Orange jumped up little sh ites will come a cropper sooner or later.
Just like the idiots putting our energy security at risk.
Pressure is building each and every day
Stevo just to clarify are you using the kraken lease as a debt and if so are you saying it cannot be offset against the EPL or are you classing the lease as Opex and if so is not part of our debt and can be offset ?
Stevo’s post are all negative and has a hint of Mrc about them. Stevo is cleverly wording his posts in an attempt to put fear into the minds of our shareholders on this board. Some of his workings I agree with some I don’t. When I get back I will put this to IR and see if he is correct or not. From our 22 figures I can’t see how his FCF 23 figures are correct but let’s wait and see.
Stevo - I have been looking into this whilst sitting here in the burning sun and I have to apologise to you as your figures are correct. I suppose a profit is a profit and we may as well accept the UK being better a better place to invest than Malaysia if we could offset debt and costs of debt. We are sitting on a large amount of Tax credits and we should use them up over the next 7 years. We need to drill at Kraken and Magnus and we must push to open up B and B even if that means starting off with small production using the EP.
It’s been a bad week and that’s probably down to me going on holiday (always tanks when I go away) I’m back next week so maybe we might start to build a bit of green again.