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Https://www.investorschronicle.co.uk/news/2023/08/22/wood-group-ups-guidance-after-positive-first-half/

Remember they had to pay $115M to settle the Enterprise claim in America in November last year.

Https://www.bbc.co.uk/news/uk-scotland-highlands-islands-66520877

This is interesting…

Shell (SHEL.L) will supply Morocco with an annual 0.5 billion cubic metres (bcm) of liquefied natural gas (LNG) under a 12-year deal, the North African country's energy ministry said on Friday.

The deal was signed by electricity and water utility ONEE and Shell, a ministry statement said without disclosing financial terms of the transaction.

The gas will be transported from Spanish ports initially, using a gas pipeline that links the two countries, until Morocco builds its own LNG terminals, the ministry said

Tipped as a buy by the Investors Chronicle this week.

https://www.investorschronicle.co.uk/ideas/2023/06/01/this-integral-energy-giant-is-a-bargain-once-more/

RNS is on ADVFN at 4.15 pm. Not sure why it isn’t showing on LSE.

Ken Gilmartin has just bought 300,000 shares. He is putting his money where is mouth is….

“The Company thanks them for their service and looks forward to opportunities to work with them in the future."

The words they have used, about looking forward to opportunities to work with them in the future are unusual. It’s almost as if their departure might be temporary.

Intriguing….I’ve never seen words like that used before. Any thoughts, or, am I reading too much into it?

https://www.bbc.co.uk/news/uk-scotland-scotland-business-65178626

We are on the same market sector as Petrofac, and the award of a €13B contract shows the massive opportunities there are for engineering contractors. This is why Apollo want to buy us. The timing of this award may be fortuitous for us, as our management will be able to highlight the value of the company to the real green economy.

That’s a mistake from Share News…the fourth proposed offer was 237p. Check the RNS, that is the definitive source.

Well that’s a pleasant change from the normal CNE ‘duster’. CNE have a 30% stake in the well. I wonder how this will influence our new management team’s strategic thinking…?

Sounds like the major shareholders want to sell, despite what the Board might want to do.

Various directors / chairman / associated persons have each bought circa £40 - 50k worth of shares this week, with their own money. This is a strong vote of confidence in the company and it’s prospects.

The bid premium proposed by Apollo is circa 80p, based on the nominal value of 150p before yesterdays RNS. This is a bid premium of 53%.

From my knowledge of takeovers in recent years, the bid premium can range from Nil, to > 50% for FTSE 100 / 250 / 350 stocks. I accept that the bid premium for some small AIM stocks can be > 100%, however a premium of this magnitude would be extremely unusual for a FTSE stock.

From previous metrics, I would suggest that a takeover price of 300p is extremely unlikely, unless there is another bidder, as this would be a premium of 100%. If Apollo do make a formal offer, I suspect it will only be another 10 to 20p. Bear in mind, that 230p is apparently their 3rd proposed price. We don’t know what the previous two prices were, but it is reasonable to assume that each successive price has been a modest uplift on the previous one.

As a LTH, I would love an offer of 300p, but I can’t see that happening without another bidder. On the other hand, we could get to 300p under our own steam if the business performs well in the next couple of years.

You would think that before the institutions (Palliser etc) voted to remove the BOD, they must be confident that the new directors they have endorsed, can create more value for the shareholders. If we believe what the old BOD said, they spent many months evaluating options and proposals from various counter parties, and the New Med deal was the best that could be achieved.

This suggests that the new BOD know something which the old BOD didn’t (which is possible), or, the new BOD will do a deal that the old BOD did not want to do. Many of the institutions will be shareholders in other O&G companies, so they will be privy to other O&G companies strategic thinking. They may therefore be able to influence a deal with another company which the old BOD were not able to do, or were unwilling to do.

One thing is certain…our new BOD are not starting with a ‘blank sheet of paper’. They will have a shrewd idea of which deal(s) they want to do, and have a roadmap to achieve them..

If they didn’t think they could achieve a materially better outcome, they would just have endorsed the BODs proposal, taken the money and sold their shares.

The actions of the institutions suggest that there will be a better outcome for ordinary shareholders… Does anyone have a different view?

Deltic (our partners in 5 SNS blocks) have just announced one of the largest natural gas discoveries in the Southern North Sea in over a decade. The Pensacola discovery is not that far from our blocks, so could bode well for our blocks.

I don’t know what value ( if any) our previous BOD attached to these blocks, but it must surely have increased on this news. Also, Equinor said this morning that they would not be able to increase gas flows to UK / Europe as they were at max production, so there should be a greater urgency to develop UK gas.

Perhaps the BOD will decide to keep our company going (and just return the India cash to shareholders) rather than embarking on a fire sale of the company.

Interesting times…

Another positive sign.
Barclays raises Capricorn Energy target to 275 (238) pence - 'equal weight'

Daily Mail reporting that VOD are in talks to acquire Talk-Talk. Interesting times, but not sure that will be seen as a positive move.

BBC reporting that Ithaca have taken over Siccar Point Energy and are going to develop the Cambo and Rosebank fields. Interesting times….