Member Info for mattwales

how do you know Stephen Dattels didnt sell out here.

He notified us all he dropped below 3% he doesnt have to announce TR1s after that on any sales.

its dire here with no news but at least he hasn't bought anymore crap assets although its worrying PREM had $2.9m of liabilities and just $37000 in cash in the half year results.

Now almost $700k of those liabilities have gone re regent/riverfort.

However, $2.2m has to be found somewhere to pay off $1.495m of trade receivables and the rest of the debt owed to Roach and co with just $37k cash.

The accounts are that dire PREM urgently needs cash and a lot of it to pay trade creditors.

https://www.bloombergquint.com/business/energy-demand-to-get-a-vital-work-from-home-boost-this-winter

just based on those figures you are talking gross profit of over $300m h2.

Happy you put the boot in at the lower RBL determination amount probably Tullow requested a lower amount to lower finance costs it was Tullow who after all requested the RBL.

https://www.lse.co.uk/rns/TLW/half-year-results-opcmack7obmwjde.html

H1 they spent $230m on capital expenditure/decommissioning. H2 expected $135m
H1 they spent $59m on redundancies and reviewing leases......H2 redundancies will probably come in less than $59m

H2 savings probably $50m+ due to H1 redundancies they scrapped over 1/3rd of the staff......2021 savings $125m per year due to them upping it to half the staff.

Tullow have had debt covenants waived before and are likely to sail through any risk assessment due to the immense cost cutting exercise they embarked on early on in the crisis.

why would u say that? even at these prices tullow is profitable. after cutting costs hard to roughly $35 overall costs per barrel at the last results they must be making around $1m a day.

$100m in tax credits no investors in USA https://newsnowutah.com/big-utah-potash-project-collapses-for-lack-of-investors/

is MNH still producing now Namibia is in lockdown? is this why prem hasnt had a quarterly dividend?

what happened to RHA did Zimbabwe say you had your 6m dollars we didnt tell you what currency it would be in?

are the gold sample results in?

is Circum really coming to town or did i misread for Circus?

When do the board/management pay themselves in shares again?

Why have PREM $2.9m in liabilities as per results and who to? Will these liabilities be issued in shares?

https://www.argusmedia.com/en/news/2149552-iea-plots-divergent-paths-for-oil-demand

in short they state no oil demand recovery until 2025 maybe never under their 2 scenerios.

what is of interest is 2021 will be a continual washout in terms of capital investment in oil and it could eventually lead to a supply shortage.

https://www.argusmedia.com/en/news/2149552-iea-plots-divergent-paths-for-oil-demand

in short they havent got a clue but what was of interest was the investment scenario leading to loss of up to 9% supply per year.

2021 will be a washout for capital investment in oil and probably worse than 2020 due to the lack of demand.

we could do with an update on overall costs from the company.

all we know is at April they brought costs down to $40 per barrel and at results they threw in $125m of costs savings sacking up to half the workforce (nearly $5 per barrel) suggesting costs then are around $35 a barrel.

In this climate they will be continuing to streamline their whole operations by cutting more staff/automating where they can and tullow are probably closer to $30 overall costs per barrel but i guess we wont hear a thing till capital markets day.

I'm not sure if they have done things like add solar power to oil rigs yet to offset electric costs but you can be sure they will be looking to cut every cost they can.

If they can get the finger out and get Uganda completed Tullow would re-rate to 40p or so.

in view of UK/Europe slipping back into some lockdown OPEC will hopefully not just delay further cuts from Jan as they suggest but withdraw more oil from the market. You'd all hope OPEC+ would be a bit more proactive and responsive.

as if investor relations would tell you anything like that. it would be considered to be insider trading under FCA rules.

random no one knows if the company will issue up to 20 times the shares (more likely) or cut everyone's stake to as little as 5%.

Given what happened over at PMO and how low market cap is Tullow is definately of merger/takeover interest from a whole host of groups.

i could be wrong but i see the divergence between PMO and other small/mid cap oilers continuing.

factors being:
you can only get up to 5.45% of any oil price upside on this deal
the deal is like a deeply discounted rights issue i.e one day there will be up to 20 times the amount of shares in existence.
The overhang of that many shares coming onto the market all at once could drag the SP a lot lower.

seen a couple of stories like this over the past day.

https://www.wsj.com/articles/saudis-consider-canceling-opec-plans-to-boost-output-11602174829

the reality is they have to delay cuts.

a lot hold both PMO valued at £2.483BN - £2.658BN post merger looks in my eyes pretty toppy.

the alternative they were seeking was a £400m + rights issue which possibly would have had a debt for euity swap element thrown in. long term shareholders would have been wiped out anyway.

of course they can we've seen plenty of companies go into administration with the buyers of those assets receiving tax credits.

im not saying its likely to happen but i bet some creditors are scratching their heads thinking we can get more from the deal.

if the deal does go through you have up to 20 times the shares in existence the overhang will keep it dragged down but its much lower risk to wait, to be patient and invest then.

if oil prices languish here by end of 2020 pretty much everyone will be looking to cut their planned 2021 expenditure further with low capital expenditure penciled in for 2022.

OPEC+ switching the taps on a little at a time could lead to that global surplus of oil not leaving till early summer 2021.

currently £131m....the deal is backed by 45% of creditors. if the others play hardball its game over.

I dont see it investible till the deal goes through but plenty are running round oil boards saying sell get into PMO which given the high risk creditors could demand more from the deal is baffling.