The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Up on the website.
GGitS - I think the reference in that RNS to funding was a bit ambiguous. Easy to interpret it meant the "funding" funding (I did...) as the target they set to close that out was well passed but transpired to actually relate to the ongoing funding of the company and prep work, with a brief reference to the development funding mix discussions "progressing well" - which in company talk can obviously mean anything. My 'real' calendar versus AIM calender timings still needs refinement as I still expect references to stuff happening 'very soon' to mean at the most a month but in RNS talk that, as well as any other given targets, appear to mean any point betweem now the death of our sun!
I'm with Dinsalas - I think the co. has laid out the plan (for now!) with everything culminating in August. We haven't subsea / drilling contractors in place yet and their FEED work needs to be done in order to establish costs that drive how much the funding package is and of course FID.
There was an interesting piece yesterday re. the ongoing fallout from the Salisbury attack and the focus that's (again?) brought upon UK energy. https://www.bloomberg.com/amp/news/articles/2018-03-14/may-seeks-alternatives-for-russian-natural-gas-after-spy-scandal Will probably all be forgotten about in 6months of course such is the short-term focus of the human psyche these days.
Cheers Bigspense. GM today so expect an RNS this afternoon I think.
Which DSV bigspense? ;) The Falcon is sitting idle... Use of a Morgrip was mentioned on here way back by someone who I think was involved in tendering for the job. Not sure if that's still the case (seems a bit overkill maybe?) or if a test plug like IKM produce is more appropriate. The gas price curve got a big bump upward today - starting to get interesting.
I see she's heading to Lowestoft now - might well be the survey scope complete.
The loon from Belhelvie has returned to LSE under a new guise I see.
Craigrusson - it's been an interesting return to (near to) the pre-CPR price. Wouldn't blame anyone for making decision to sell, AIM is almost as much about gut feel than logic at times. This non-exec appointment seems to be dragging on a bit. I noticed from the circular that they company is looking to appoint a new COO too. Expecting some update soon, inc. the completion of the infamous pipeline deal. Not saying that these are guaranteed price drivers but important in terms of progress nonetheless.
I see the Galaxy is heading back out to sea now.
Winter 2020 CitizenLane - National Grid on the phone to IOG "any chance you chaps can ramp up production please?" :D I think as a commodity gas is in a really interesting place at the moment and IOG are well placed to capitalise on that.
Some stunning moves over the past few days with the weather and outages. Up to �2.70 (per therm!!!) for immediate delivery. Would value the 2P 300BCF at....drumroll... �8billion! Shame the forward curve is a "little" lower https://www.teletrader.com/natural-gas/index/details/tts-32929076.
Bit of a saga but I can understand the complexities. All O&G pipelines (and platforms) result in section 29 notices being issued under the Petroleum Act which define the decommissioning responsibilities. Similarly all pipelines are approved under Pipeline Works Authorisations (PWA). Both of above are rendered null upon approval of a decom programme as the legal responsibilities are then covered within that approval. The Petroleum Act didn't forsee a decom being rolled back so is quiet on the regulations surrounding that so I'm sure they've (OGA) have been figuring out how to carve out the pipeline from the decommissioning programme and assign a PWA for the pipeline to IOG
I think the forties system tariff is around �1 per barrel. I don't imagine any other field would be tied into it this year.
I see the immediate delivery gas price nearly hit �2 per therm today. Weather + outage in Norway. That would certainly generate some revenue! GGitS - I saw on the Kingfisher bulletin that the survey was to last for a while (although the dates in there are always longer than typically expected to complete the offshore scope) so expect you're right that they are back in for a crew change and supplies. Timed nicely with the weather, although the SNS seas aren't exactly West of Shetland!
https://www.energyvoice.com/oilandgas/north-sea/164490/closer-look-north-sea-projects-set-sanctioned-2018/ Saw the headline and wondered if IOG would feature...
You know, I spend time trying to figure out how many shares LOG can convert to and I should've just read the circular..... my 32% too pessimistic (the initial �2.5mill loan wasn't a convertible), read below: "Assuming that the facility pursuant to the 2016 LOG Loan Agreement and the Facility pursuant to 2018 LOG Loan Agreement are fully converted by LOG and the Existing LOG Warrants are exercised by LOG in full and that no other Ordinary Shares are issued by the Company, LOG will have a maximum interest in 190,908,889 Ordinary Shares which will represent approximately 61.36 per cent. of the enlarged issued share capital of the Company.". So existing shareholders left with c.38%. So in the �300mill MCap scenario, existing holder would have �114mill, 95p per share (across 120mill shares).