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If you look at the end year results update on 31st jan, they were producing 13kbopd.
Add 2kbopd from the recent purchase of CWLH and montara was producing over 5700bopd so another 2kbopd increase.
Jse will be producing over 17kbopd at moment.
Very undervalued here. Its patiences here, by end of year this could be over 70p...
But they burning cash, they borrowed money from aleph with high interest rate.
By now the disposal should have been done. And we could move on. Char are trying to extract gas from northern morocco when this happens their leverage will go.
Need to hurry in Morocco
What i have reservations about is that the buyer wants to pay instalments.
Sdx told us WG will sell for $6.9m and will be paid in instalments. Will SD be paid in instalments too?
Also sdx have stated the ksr well has not been put in production yet but they state they need to quickly complete drilling for bmk so they can quickly put it in production. Why do they need to bmk well when ksr is well is available?
Also Citix has not paid upfront for q2 gas like it did with the last two quarters.
We deserve update of whats going on...
Littlened
Yes there has, first of all they stated the deal would be completed by end of dec 2023. Then we got rns stating they have agreed to sell WG for $6.9m and half would be received by end of jan and remaining by end of q1. Alarmbells, still no deal, also this so called large operator why are they penny pinching?
Nevertheless, i think sdx at current levels is cheap. We await the news.
Smellyben
I think on paper it looks cheap, i too am dissappointed with the broken deadlines. Citic have not extended their upfront gas offtake payment so this is a concern.
I dont understand what could take this long for sale.
So you still hold over 3m shares?
No..
Im kidding.. SmellyBen is a decent guy. He could have stayed quiet and dumped his shares and the sp may have collapsed even more. As more would have sold not knowing what is happening.
Im interested to know why ksr is not in production yet but they need BMK well to be in production as quickly as possible. What are they up to.
An update is required..