in4cedros - I see you haven't lost your propensity for spinning a yarn or three. I think you must have taken up a bet with someone as to how many times you can squeeze the word troll into your posts as you seem to think that saying something often enough will have people believing you know something.
Have you mentioned yet how you championed Neil's US$25m oil swap deal with BNP Paribas that took LGO to the brink of extinction when LGO broke the covenants embedded in the agreement? I remember warning you on many occasions that the deal was unsustainable but you would have none of it, that is until you started to write your version of history.
How is your book coming on by the way? You should call it 'The Trolls Guide to Trolling' or 'The Post Office Book Investment Guide " as that is another of your favourite musings. After 10 years in the making I expect it is somewhat verbose and quite likely repetitive. I hope it's a real page turner. I look forward to finding it at the top of the fiction section on Amazon and hopefully you will be asked to write a screenplay for the inevitable movie on Prime Original. Who will you get to play you? Borat might be available, or Rudy, so take your pick.
I wish you well and keep up the good work. I expect you are still miffed that Joanne Rowling thought of Harry Potter before you. Still, you have chesh who could be a boy wizard of sorts when he isn't day trading or attending to fuses, and what part will Starchild play? I expect he will be a good guy, fighting against the infamous Irene, in the battle for the final solution.
One last thing, does BPC strike oil or not in your book? Will Koot hit the 500m MC or will the good ship BPC hit an iceberg? All to be revealed in your soon to be revealed, riveting read. I expect Jeff Bezos will be in touch in due course to finalise the details of the contract. Joanne Rowling eat your heart out! ;)
"In terms of profitable production growth, producing assets in Trinidad and Tobago (as at when they were incorporated into the Company consequent on the merger with CERP being completed in August) were averaging production of between 400 to 450 barrels of oil per day ("bopd"). The Company is targeting achieving a stable and sustainable production level of approximately 500 bopd (net) by the end of 2020, and programs to deliver this outcome have already commenced."
" ... our production target builds to 2,500 bopd (net) by the end of 2021, to be realised through further evaluating and pursuing production from already known discoveries in both Trinidad and Tobago and Suriname."
https://www.lse.co.uk/rns/BPC/interim-results-for-six-months-to-30-june-2020-ozo6k3jgxkciib1.html
In4cedros - (re CERP) what value @ ÂŁ15 million projected production revenue - was that slide 21 ?
The first incarnation of CERP was known as Leni Gas & Oil PLC, from 2006-2014. Then it was renamed LGO Energy PLC until 2017 then renamed yet again and Columbus Energy Resources PLC. This was a poor choice of name due to Christopher Columbus being something of a hate figure in Trinidad but that was the least of problems faced by the incoming Koot management team that largely replaced the outgoing Neil Ritson.
Ritson was a geologist and he utilised his specialist knowledge to develop a cunning plan that forecast production rising to 7500 bpd by 2019. What value forecasts, as reality is often significantly different to projected output on a chart?
When Ritson almost bankrupted the company in came Koot, waving his CV around and promising a 5 year plan to create a 500MC company out of the ashes of LGO. Koot is a Petroleum Engineer not a geologist so which discipline would prevail in terms of results? Despite all the fanfare on Koot's arrival, Ritson was more successful in that he achieved greater production out of the then LGO assets, mostly at Goudron. Koot took a different approach and IMHO he bit off more than he could chew in his attempts to grow the company by acquiring other assets.
I could go on at length but the point I wish to make is that a forecast on a slide is only of value to shareholders if that forecast is achieved, otherwise it's nothing more than sales talk. We know from experience that Koot is something of a salesman and has failed to live up to expectations during his tenure at CERP so I would caution reliance on any forecast of production from Trinidad assets. I feel that forecast production at end 2021 is pie in the sky but that's simply my opinion.
Anyone taking profit at close of play will probably regret it. I expect a gap up in the morning.
#pray4ratty
I don't give advice Ratty. You sound nervous.
That's not news patanj. How is your short? Are you looking forward to the next squeeze?
Along with the facility expansion, the overall project investment includes the addition of a new research and development building, upgraded production test cells and the remodeling of the facility’s front office administration area. The new R&D center, which will be fully operational this month, will include a dedicated test cell to meet customer-testing requirements for products going into data center applications. The three production test cells in the main facility will be upgraded to meet these same criteria for testing production units. The front office renovation was completed in December 2019 and included the addition of 21 new workstations.
The first phase of the assembly hall expansion is set to be complete in February 2021, with the final phase targeted for completion in September 2021.
https://www.rolls-royce.com/media/press-releases/2020/13-10-2020-rr-expands-mtu-power-generation-footprint-in-mankato.aspx
Rolls-Royce has announced a $13.9m investment in its Power Systems business unit for the addition of a new research and development building and multi-phase expansion of its MTU power generation manufacturing facility in Mankato, Minnesota, USA. The project is a result of growth in the market – 2019 was a record year for the Mankato facility – and demand for increased product offerings resulting in the need for updated facilities, equipment and processes to safely handle customer requirements. It is also part of the ongoing journey of Power Systems towards the development of sustainable solutions.
The main portion of the Mankato expansion will be the addition of 28,000-sq-ft to the facility’s existing assembly hall, allowing for additional assembly lines, enhanced product testing capabilities and the creation of 20 new manufacturing positions. By expanding one of the existing assembly lines to accommodate the production of high-power MTU gas generator sets, capacity at the plant is expected to increase by an estimated 25%. This will mark the first time these gas generator sets have been produced in the US.
“Our MTU plant in Mankato has played a decisive role in our encouraging growth in the Americas. We intend to continue on this successful course by working hard to emerge from the crisis stronger than before. More consistently than before, we are pursuing our strategy of evolving from an engine manufacturer to a provider of sustainable solutions," said Andreas Schell, CEO of Rolls-Royce Power Systems. "This investment in our Mankato plant will help us to meet the growing demand for energy in the Americas with locally manufactured products. Mankato will thus become an even more important part of our worldwide production network in the future," Schell continued.
“Rolls-Royce has made significant investments in the gas systems business in terms of both products and people,” said Carsten Schrick, Director for Gas Sales in the Americas. “We have seen an uptick in gas systems projects as a result and we expect that trend to continue, especially as our MTU systems can increasingly run on a variety of gases and offer fuel flexibility. When these systems are available from our plant in Mankato, we will be able to deliver them with shorter lead times to our customers in the Americas, which will be a great benefit for our customers.”
A final benefit of the expansion project is that it will allow for improved logistics services and safety enhancements to the site. With the added space, logistics will be separated from assembly operations, and oversized doors will be added to better facilitate lifting and rigging operations. The traffic routes and parking for the site will also be modified to separate truck traffic from employee parking.
Under the glowering skies of the Pennine Hills in northern England, the usually unassuming town of Barnoldswick sits draped in a colorful display of red and white bunting. But this is no festival. The banners on street corners and in store windows are emblazoned with an image of a jet engine and entreaties to join the “Battle for Barnoldswick.”
The scores of posters reflect concern about the future of the biggest local employer. A Rolls-Royce Holdings Plc engine plant’s survival is in doubt as the aerospace company slashes output and moves jobs to Singapore in response to a travel slump triggered by the coronavirus outbreak. Unions are balloting for strike action with the deadline on Friday.
https://www.bloomberg.com/news/articles/2020-10-13/covid-and-rolls-royce-job-cuts-converge-on-defiant-english-town
Megan1 - you should never panic over a paper loss. There are several posters here who are trying to scare you into crystallizing
your loss because that suits their agenda. Sometimes you have to be brave and not react to daily fluctuations in the sp. You may get an opportunity to make a quick profit if there is another meteoric rise before the IR otherwise you have to make a decision on taking up your rights, selling them or closing out your position entirely. I can't advise you other than to say good luck. I believe that RR will emerge a stronger company in the medium term but that's my personal opinion.
The Rights Issue will result in up to 6,436,651,043 New Ordinary Shares being issued and the number of Ordinary Shares being increased from a total of 1,930,995,313 Ordinary Shares to a total of up to 8,367,646,356 Ordinary Shares, representing an increase of approximately 333%, assuming no Ordinary Shares are issued due to the vesting or exercise of any awards under the Share Plans or otherwise between the Latest Practicable Date and the completion of the Rights Issue.
If a Qualifying Shareholder does not (or is not permitted to) take up any New Ordinary Shares under the Rights Issue, such Shareholder's proportionate ownership and voting interests in the Company will be diluted by approximately 76.92% as a result of the Rights Issue, assuming that no Ordinary Shares are issued due to the vesting or exercise of any awards under the Share Plans or otherwise between the Latest Practicable Date and the completion of the Rights Issue.
BP Plc said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more.
Oil consumption may never return to levels seen before the coronavirus crisis took hold, BP said in a report on Monday. Even its most bullish scenario sees demand no better than “broadly flat” for the next two decades as the energy transition shifts the world away from fossil fuels.
https://www.bloomberg.com/news/articles/2020-09-13/bp-says-the-era-of-oil-demand-growth-is-over?srnd=premium-europe
In4 - "Offshore Soldado - I've covered in previous posts - really intelligent to think that the oil deposits from the days of the dinosaur knew they mustn't end up onshore at SWP even though they've been producing offshore, yards away, for many years"
Yards away, you say?
'In 1936 Trinidad Northern Areas Limited (TNA), one third of which was owned by Shell Trinidad, embarked upon the search for offshore oil. Unsuccessful, it was not until 1951 when drilling re-started, this time in the Gulf of Paria some 14 miles west off the coast of Point Fortin that the Soldado Fields, from 1955-1965, proved to be rich in reserves of oil and gas. Production peaked in 1964 but then went into decline.'
danielh - as at 31st March (FY20)
Total Assets amounted to 168,168 (€m), which included intangible assets 53,523 (€m) - made up of 31,271 (€m) Goodwill + 22,252 (€m) Other intangible assets.
Liabilities amounted to 105,543 (€m)
NAV = (Assets - Liabilities) / Total number of outstanding shares *
* In conformity with Disclosure Guidance and Transparency Rule 5.6.1R, Vodafone Group Plc ("Vodafone") hereby notifies the market that, as at 31 March 2020:
Vodafone's issued share capital consists of 28,815,914,978 ordinary shares of US$0.20 20/21 of which 2,043,750,434 ordinary shares are held in Treasury.
You can do the calculations yourself, including or excluding intangible assets as you wish.
danielh - IFRS is a reporting standard that ensures that company accounts and fundamentals can be compared between different companies in the knowledge that the numbers are arrived at in a prescribed and standard format. This avoids the likelihood that different companies would report on the basis of different criteria which would make it difficult to compare one company with another.
Both of those numbers are correct but to give context you need to consider the impact of intangible assets which are excluded for IFRS purposes. NAV at last night's close is 208p and NAV (less intangible assets) at 31st March is 32 cents
Parpaing "The merger looks like a stopgap to me and is of no interest to a shareholder gambling on a successful drill in the Bahamas. "
The question I would ask is whether BPC intends to develop CERP assets or are they up for grabs to the highest bidder ie is this merger a prelude to an asset stripping exercise in which CERP not only disappears as an independent entity but its assets are sold off to help keep the BPC ship afloat? Predator (PRD) may be the first beneficiary of a fire sale if its low ball offer for FRAM is accepted.