Member Info for legache

I think it means their forecasts for revenue will be accurate.

Nevertheless, a success! They do hit these Morrocco wells with great aplomb. The geology guy and country manager need credit.

Bought more today. Follow the money.

I had a soft spot for Squelch. Thought he got a hard time. I actually met him once or twice. Seemed a decent fellow.

The new CFO, Boxy, is the worst type of oil exec - an accountant who focuses on how many beans are in his jar, not how many beans could be in his jar.

21-Jun-21 13:43:01 67.50 500,000 Unknown* 67.00 68.00 337.50k O
21-Jun-21 13:43:01 67.50 500,000 Unknown* 67.00 68.00 337.50k O
21-Jun-21 13:40:28 67.50 500,000 Unknown* 67.00 68.00 337.50k O

That's a million quid in one afternoon. No wonder the price has drifted a little.

One trade today alone was over 10k at ask. Keep hanging in there.

Back in.

New kid, sdx are drilling ATM. They are doing fine thanks.

Seems odd. Lots of posting from one or two people. Or groups of people.

Just saying.

I've been around...

It's probably Kevin Hart, buying back in, clever sod.

Intresting. So we're going to get two divis?

"Once the accounts have been finalised and reported on, the Board intends to declare the dividend as an interim dividend, including an announcement on the timetable for payment of that dividend."

The major caveat to the doom and gloom is that yield should be much higher moving forward as new contracts / customers are recruited. Today's gas price is strong and you can't do the math on previous contracts prices as the new deals will be made at the prevailing market rate. Hopefully!

Assuming drilling success. Of course.

Not getting the beers in the fury?

I always had a soft spot for squelch.

He had ambition. The sad fact is this is just a business led by accountants from public schools. You think Nick Box gives a jimmy as long as his salary is paid every month. That's the problem. I also find Mark Ried a typical Scotsman, dour and uninspiring. The sort of guy that would be the last to buy the beers at the Christmas party!

that's some deep pockets! I have to say, its not me!

https://www.brrmedia.co.uk/broadcasts/60a3a14a7961e2251776f48e/sdx-energy/

Outlook unchanged and business performing well
SDX’s summary 1Q results demonstrate the business is performing as anticipated, with no changes to guidance. 1Q production averaged ~5.9mboe/d, marginally above our 5.8mboe/d forecast for 2021 (which is in-line with guidance). 1Q operating cash-flow of US$6.1m was just over half the US$11.6m we forecast for H1 2021.

Drilling underway in Morocco; Egypt program expected to commence in 2Q 2021
Drilling is key to the investment thesis, targeting resource which can be monetised at low cost through existing infrastructure. The initial 3-well Morocco program got underway in late April (previously announced), and subject to receipt of final approvals for the licence extension, the Egyptian program is anticipated to commence in late June 2021. We include 1.0p/sh for the Morocco program on a risked basis in our Discovered Resource NAV, with a further 0.8p/sh unrisked upside potential. We see more material potential from the 2 Egyptian wells, with just 0.7p/sh included in our Discovered Resource NAV and a further 11.3p/sh un-risked upside. The 2nd of the 2 Egyptian wells (Hanut) accounts for the bulk (10.7p/sh) of this potential. Additional Morocco drilling is planned in H2 and 2 Egyptian follow-on wells are planned in 2022/23.
LMS area to be written down; modest impact, offset by Morocco gas price strength

Analysis of cores taken from the LMS-2 exploration well (delayed by COVID), indicates the reservoir has low permeability. As a result there will be no further investment in the licence and we remove it from our risked NAV (0.9p/sh impact, US$10.2m non-cash impairment). The NAV impact is offset by Moroccan gas price strength, and we revise up our prior US$10.8/mscf assumption to US$11.25/mscf, in-line with realised prices in H2 2020/1Q 2021.

Valuation range unchanged
Our valuation range remains 21-41p/sh, defined by our Discovered Resource NAV and RENAV. The shares offer 21% upside to our 20.6p/sh Discovered Resource NAV, and c.140% upside to our 41.5p/sh RENAV

Actually my bad, that had been announced previously! I must keep up.

Looks like the partner has eventually agreed to take part. Odd info to buried in a quarterly release. Great news never the less.

500k, we definitely have a buyer. Follow the money.

New kid.

I'm not subtlety de ramping. I'm just adding some much needed balance!

In terms of my other investments. I am heavily into SDX energy ATM. I have bought in for exposure to their drilling campaign which could have a transformational effect on the share price. I also like JSE, like this, throwing off cash... There are a few other non o and g businesses that I really like that I am slowly building a stake in.

I didn't really want to say as I have now opened myself up the "my girlfriend is sexier than yours" banter. But you asked.

Btw. I am by no means long term negative here. I have been involved since 20p, just, the reason I explained, keeping my powder dry. For the moment.

All the best.