Member Info for mbingo

We don't know when the next tanker will be, but must be close to 200,000 barrels stockpiled. Then there's the CPR report - overdue from 2017. Massive reserves...

Suggest that all investors review the operational update from mid-November. Net back of US$45.08 / barrel on US$62/barrel oil price after deduction of taxes, transport costs, demurrage allowed them to reduce debt significantly from USD 12.3 to 3.8m. And they paid first dividend - 0.062 USD we share. That's confidence from the board and alignment with shareholders

Looking back, it was a great November 2017 operational update that didn't get recognised by the market. Net back of US$45.08 / barrel on US$62/barrel oil price after deduction of taxes, transport costs, demurrage allowed them to reduce debt significantly from USD 12.3 to 3.8m. And they paid first dividend - 0.062 USD/ share. That's confidence from the board and alignment with shareholders.

Similarly, all i can find regarding Starvest's holding in Kuwait Energy is the RNS on 7th June which stipulates that with an IPO of US$1Bn, Starvest would expect "multiple times its initial investment in Kuwait energy." It would be great to know the holding.

The other assets provide a hedge. Here comes GGP!

Outside of GGP, they have plenty of other assets also: Alba, Ariana, Kefi, Cora Gold, BMR, SRES, Kuwait energy to name some. Plus cash ... silly market cap!

Mick, no warrants , just the 85m+ GGP shares! and a broad range of other listed and private company assets!

And mining/O&G environment well placed. This is a steal!

I don't get it either. Massive upside from here from GGP, diversification of assets and territories, GBP 400K cash+, asset due, tiny free float, tiny market cap, no volume!! Where's the downside? CEO won't sell GGP given technical director there (potential conflict interest). Frankly, EG seems set to be taken out by a major ... doesn't this just demonstrate that CEO has an eye for assets!

Besides Greatlands vast rise (which is still not reflected here), Alba is strong performer and Sres has been strong of late. The diversification has got to be attractive and Callum's eye for an asset (GGP case on point) undeniable. More assets to follow. A long term hold for me.

Thanks for clarification. Oilbuy, any thoughts re fair value for this? Major asset news coming per latest RNS. Any mid-term projections?

Perhaps their stake isn't quite as much as 10%. 85m shares in GGP, plus warrants as I understand. Plenty of other assets, plus a new one to be added.

Their 10% interest in Greatland alone equates to £1.5m, and the market cap is £2m. Re-rate due here! The model allows for a good level of diversity amongst assets and geographies, hence reduced risk. More than 30% held by the board - and proven CEO at helm. Pre IPO rates also for certain SME assets. Looks really cheap!!

You should read RNS of sept 22nd. It's quite clear re cash position. Given their extensive relationships, I can see Short-term additional financing/arrangement being provided from their clients. What I don't understand is how much control the convertible loan holder has over sale process of any asset. Any thoughts?

Who knows? Or a takeover of part/all of the business which Deloitte have initiated. I would have thought some interested parties at multiples of the market cap (inc debt/tax asset)

Tick up

Sure, it's high risk, but potentially massive rewards at this price. Why wouldn't numerous companies put in a cheeky bid, with competition ensuing?

Perrydevere, would you be so kind to share your ideas re sensible/conservative valuation?

Stew, is Pelham still involved? If so, looks like approx 80% closely held. Is this your understanding? Thanks Max

Would be great - still seems a bit off the radar. Valuation looks absurd given cash reserves, cost cutting, positive EUR vs GBP bias. Then there's the growth potential!