Glide, 8.5 forms are for disclosure of opening positions and reporting ofany dealings by exempt principal traders i.e. marker makers etc. during a takeover period.
Hopefully this will be last one we see for while.
Best description I have found of Horizons focus, product line and growth potential.
IMO a good starting place for any new investors interested in HZD.
https://youtu.be/IAQlworXRAc
Agree 555sss,
I usually find no news or slow news is positive in the medium to long term.
I am also buoyed by the fact AA are not just reviewing our progress so far but are already, actively contributing to our focus going forward.
INFA are now perfectly positioned to assist and benift from the UKs Post Brexit transition to indigenous heavy engineering and a net zero carbon economy.
Gas storage leading into hydrogen storage / generation at Islandmagee.
Construction of new fleet solid support ships in Belfast and Appledore.
Construction and shipment of offshore wind turbines for UKCS in Belfast and Appledore.
I can't see any company better positioned. Hopefully this translates into growth in revenues, profits and share price.
Will the new company be publicly listed?
Yeah, nice to see the chairman isn't the least bit concerned with the localised instability issue.
Cheap indeed!
Kutyn project approval, adding 90 Koz between 2023 to 2028.
"The key factors behind this decision are quick and capital-light path to significant free cash flows as well as potential for a long mine life as a part of the Albazino hub",
Bear in mind that the firm well comitment needs to be made by the end of November. Not necessarily at the end of November. It could really come anytime.
You may be right oil, I hope 1p is the new bottom but you never know. As you say medium term we should see values North of here.
Peak, bemoaning one liners and name calling in the same post you started with "armchair experts, grandstand jockeys, and wishful thinkers"
LOL
Personally I have never made any prediction on what the bid price would be. What I predicted was the bid price that would be required to succeed.
I may have been right, I may have been wrong we will never know now. However one thing for sure I was certainly a lot closer to required price than our BOD here.
They have wasted a lot of time and no doubt money on a bid that anyone with half a clue on company valuations could have have advised them would fail.
Let's agree to disagree on the valuation of DELT and concentrate on the core project.
Given the deal falling through I thought I would take some time to refresh exactly why I invested in DELT and to try to work out how on earth IOG managed to value DELTs non cash assets at £2m.
Looking at the core, SNS Gas exploration assets, which were IOGs real reason for bidding there is:
The Pensacola prospect, to be drilled with Shell in H2 2021, which could contain upto 982 BCF of gas with an estimated gross P50 recoverable resource of 309 BCF.
The Sellene prospect, to be drilled with Shell in 2022 which may contain upto 1,021 BCF of gas with an estimated gross P50 resource of 629 BCF.
The Cadence prospect, which is drill ready, with the potential to immediately introduce a partner and fast-track towards drilling, which may contain upto 1, 333 BCF of gas with an estimated gross P50 resource of 597 BCF.
The Cordova prospect, which may contain upto 329 BCF of gas initially in place with an estimated gross P50 resource of 124 BCF.
Ther Cupertino lead, which DELT is actively looking to attract funding and / or operating partner for, which may contain upto 3,003 BCF of gas with an estimated gross P50 resource of 820 BCF.
The Cortez, Cortez South and Burbank leads, which combined may contain upto 1,732 BCF of gas, with an estimated gross P50 resource of 638 BCF.
Then there are the smaller assets, Faihaven, Lytham, Blackadder, Teviot, Sloop, Endymiom, rig and jib and Williamson.
Looking at the non core, CNS oil exploration assets, which, although IOG had no real interest in, there is:
The Dewar Prospect which DELT is actively looking to attract a funding and / or operating partner for with upto 80.5 mmbbls and gross P50 resources of 39.5 mmbbls of oil.
Then there is the other smaller assets of Manhattan, Oxnard, Malibu, Newport, Brora and moonstone.
My conclusion?
With all these assets, which are strategically placed around established tier 1 and tier 2 operators, Shell, INEOS and Spirt in the SNS and BP and Repsol in CNS, who will need to grow their resource base through acquisitions and farmins, not licencing, my original investment decison for DELT is still sound.
How did IOG come up with their £2m valuation?
I can only assume they bid what they could afford not what they thought DELT was worth. Because if they think that all those assets, proven or not, are worth £2m they are in the wrong game.
Gold, For full clarity I hold both IOG and DELT, along with many other companies. I would have liked the DELT assets to cone under the IOG banner as it would have turned IOG into a sizeable E&P company. At the moment it is only doing the P side of that acronym.
Mole I've ran through why I felt 3p was fair value many times. I fully expect to see more of a return from DELT than 3p over the next 2 years but for a merger at this stage I believe that was fair value.
I bring up the reserves because I understand the importance of reserve replacement and growth to an oil and gas company. It is fundamental to their long term sustainability.
IOG will not bring any stranded assets to market. They may be able to pick up stranded resources. Stranded assets and stranded resources are 2 very different things.
IOG will also not transport any third party gas ashore to Bacton. The only 2nd party gas they may bring onshore will be that of CalE if they expand their portfolio outwith IOG. The SNS is pretty well connected connected in terms of infrastructure and there really is no need.
I don't want to sound down on IOGs prospects but they really need to be looking at the E side of the acronym if they want to see any real growth.
Nice to see INFA SP ticking up. Slow and steady does it.
Gold and oil, some of the numbers being banded about were indeed ludicrous. However so is the 1p to 1.1p offer IOG made. Fair value for an unoslicitated merger was IMO 3P.
We need to increase our reserves pipeline to balance planned production to maintain our current valuation and increase our reserves to increase planned production to grow our valuation.
CalE / BHE haven't invested so much into the core project for the current modest returns from the project. They are thinking big. Big procudtion, big reserves and big resources. If IOG can deliver this they will no doubt continue to take 50% of any commercially viable assets IOG bring into the project. If IOG cannot cannot bring in these resources you can bet BHE will. Will IOG have the equity / cash to buy into 50% of BHEs new assets. By delault no.
Unless IOG bring additional resources into the project BHE will and IOG will be squeezed into lower an losses project ownership and hence lower and Lorre evaluations.
Agree BadA, anyone who has invested in DELT previously has done so for the exposure to the high reward our highly prospective exploration assets. With no deal we retain 100% of l this upside potential.
Yeah DELT Closed at 1.205p on the 24th of September so looks like IOG offered somewhere between 1p to 1.1p equivalent per share.
Miles away from anything remotely acceptable by the BOD or any serious shareholders.
Well done to the BOD for telling them where to go. Although I don't think it took mush consideration.
Dunderhead, are you invested in IOG? Because IMO RRE's offer for IOG was far from fair.
I don't think the IOG BOD intentionaly tried to steal DELT on the cheap. I think they simply judged DELTs value and willingness to sell wrongly. Perhaps they should have looked back at how they valued IOG when RRE came calling. If they factored this into DELTs anticipated valuation maybe we would not have wasted the last 3 weeks on a deal that was never going to happen.
Dunderhead, it's not ridiculous in any way shape or form.
What valuation would you have put on DELT?
Agreed mole, it's done and dusted now so both companies can now move on with there own priorities.
Personally I hoped it could be worked out but I am happy with my level of investment in both companies and will hold as each story unfolds.
Draft, you will get the chance again