Member Info for metis20

Looks as if a large buy pushed the sp up to 57p/59p around 15:40 hrs. Likely to be reported tomorrow. Sufficiently large to withstand the late selling, so the bid/ask stayed up at 57/59 - or large buy order in.

The IMF/Ukraine gas price rise agreement will, of course, help stabilise the Ukrainian Hryvnia. That has to be a very significant benefit to RPT as -

"Cash and cash equivalents held at 30 June 2018 were $40.0 million (31 December 2017: $14.2 million cash and cash equivalents and $16.0 million other short-term investments). The Group's cash and cash equivalents balance at 19 September 2018 was $46.8 million, held as to $22.5 million equivalent in Ukrainian Hryvnia and the balance of $24.3 million equivalent predominantly in US Dollars and Pounds Sterling."

However, new subsoil rates have been implemented, under which (i) for new wells drilled after 1 January 2018, the subsoil tax rates were reduced from 29% to 12% for gas produced from deposits at depths above 5,000 metres and from 14% to 6% for gas produced from deposits below 5,000 metres for the period between 2018 and 2022, and (ii) with effect from 1 January 2019 and applicable to all wells, the subsoil tax rates for condensate will be reduced from 45% to 29% for condensate produced from deposits above 5,000 metres and from 21% to 14% for condensate produced from deposits below 5,000 metres.

There has also been encouraging new legislation relating to the oil and gas sector in Ukraine, demonstrating the Ukrainian Government's stated intention to promote and support the domestic oil and gas production industry. These new measures include reductions in the subsoil taxes applicable to the production of hydrocarbons, which became effective for new wells drilled after 1 January 2018 and will come into effect for condensate production from all wells from 1 January 2019. Furthermore, new legislation was introduced earlier this year to simplify a number of the regulatory procedures relating to oil and gas exploration and production activities in Ukraine.

Above from 2018 interims.

https://uk.reuters.com/article/uk-ukraine-imf-agreement/ukraine-secures-new-3-9-billion-imf-deal-after-gas-price-hike-idUKKCN1MT2GI

Price of gas will presumably be raised by increasing the tax on gas. Will any of the rise benefit the producers?

From FY2017 results - RPT sells to Smart to obtain a higher price tan if it marketed the gas itself -

In the first half of 2017, the Group commenced selling all of its gas production to LLC Smart Energy ("Smart Energy"), which is part of the PJSC Smart-Holding Group, which is ultimately controlled by Mr Vadim Novinskiy, who, through an indirect 54% majority shareholding, ultimately controls the Group. This arrangement came about as a consequence of the introduction of a number of new taxation regulations in Ukraine, which significantly increased the regulatory burden on affected companies. Due to the corporate structure of the Group, a substantial proportion of its gas production is produced by a non-Ukrainian subsidiary of the Group, which operates in Ukraine as a branch, or representative office as it is classified in Ukraine. As a result, the new tax regulations impose additional regulatory obligations on the Group's potential customers, who may be less inclined to purchase the Group's gas and/or may seek discounts on sales prices. In light of this situation, the Group and Smart Energy reached an agreement under which Smart Energy will purchase all of the Group's gas production and assume responsibility for the regulatory obligations under the Ukrainian tax regulations, as well as combining the Group's gas production with Smart Energy's own gas production so as to sell such gas as combined volumes, which should result in higher sales prices due to the larger sales volumes. In order to cover Smart Energy's sales, administration and regulatory compliance costs, the Group sells its gas to Smart Energy at a small discount to the gas sales prices achieved by Smart Energy, who sell the combined volumes in line with market prices. The terms of sale, effective from June 2017, for the Group's gas to Smart Energy are (i) payment for one third of the estimated monthly volume of gas by the 20th of the month of delivery, and (ii) payment of the remaining balance by the 10th of the month following the month of delivery. As a consequence of their common ultimate control, the Company and Smart Energy are deemed to be related parties under the AIM Rules for Companies, and more details of this arrangement are set out in the announcement made on 30 June 2017, as well as in Note 5 and 32 below.

The SV-12 well was a suspended well owned by NJSC Ukrnafta, the partially State-owned oil and gas producer, and is located within the Company's SV licence area. Regal entered into an agreement with NJSC Ukrnafta under which the Company agreed to workover the well, and, subject to a successful workover, to sell the gas and condensate produced from the well under an equal net profit sharing arrangement between Regal and NJSC Ukrnafta.

Successful workover of SV-12 well completed in July 2018 and hooked-up to production facilities with good gas and condensate flow rates

Krok - What is this nonsense about Smart not selling gas to the population?

https://smart-energy.com.ua/en/our-business/production-of-liquefied-gas/

"Today every separate batch of liquefied gas is sold on a bidding basis. The possibility of regular shipments under short and medium-term contracts with fixed pricing conditions as well as other options are under review.

Thanks to company’s efforts, Ukrainian consumers can have high-quality auto gas at the fuel stations."

https://www.reuters.com/article/us-ukraine-imf-gas/ukraine-secures-new-39-billion-imf-deal-after-gas-price-hike-idUSKCN1MT2J6

two more of those 50k AT buys just gone through...

20k has just been taken AT at 56p - someone is stakebuilding? Victor Pinchuk / Kelda?

I have emailed the company about what construction is referred to in -

"Since acquiring the Project, Ironveld has obtained the necessary permits to begin construction.."

Are they likely to reply?

since the flurry of buying end July into early August on the very substantial reserves increase -

"The Report shows a material increase in the Proved (1P) and Proved + Probable (2P) categories of remaining Reserves from the ERCE 2013 estimates, which were 1.9 MMboe and 11.7 MMboe respectively."

1P increased to 27.8 MMboe and 2P increased to 50.0 MMboe

https://www.investegate.co.uk/regal-petroleum-plc--rpt-/rns/reserves---resources-update/201807310700232354W/

cash and cash equivalents - from the recent interims -

Cash and cash equivalents at 30 June 2018 of $40.0 million (31 December 2017: $14.2 million cash and cash equivalents and $16.0 million other short-term investments), with cash and cash equivalents at 19 September 2018 of $46.8 million, held as $22.5 million equivalent in Ukrainian Hryvnia and the balance of $24.3 million equivalent predominately in US Dollars and Pounds Sterling

https://www.investegate.co.uk/advanced-oncotherapy--avo-/rns/gpsl-research---flash-note-on-avo/201810041107139951C/

now up 7% 39/42p back to where it has been since the tech update and the half year report

The share price leapt just after the 500k at 35.5p on the ask disappeared.

33.5 just gone - starting to take out 33.75

The purchase price payable by BHP is 26.592 pence per SolGold share, representing a 20 per cent premium to the 20 day volume-weighted average LSE price of 22.16 pence per share as determined on 4 September 2018.

https://www.investegate.co.uk/Index.aspx?searchtype=3&words=solg

on yesterday's close. Bid/ask currently 27.1/ 28p

"The Company will announce its full year results on 19 September 2018."

Above from https://www.investegate.co.uk/innovaderma-plc--idp-/rns/trading-statement/201806190700108200R/

This year there have been trading statements in January, March and June -

https://www.investegate.co.uk/Index.aspx?searchtype=3&words=idp&pno=1