Member Info for mick2020

Thordon,

The Kinyerezi extension will add 185 MW to the power grid, which will add 20-30 MMscf/d to gas demand. It would make economic sense for TPDC to supply the new plant fully with gas from Mnazi Bay (TPDC is a partner in Mnazi Bay; not in SongoSongo), so the commissioning of this plant should be a real turning point for Wentworth, in terms of gas production and profitability. The plant is almost finished apparantly. Saying that, we've been waiting on the commissioning for at least a year now.... (or two years even?) So frustrating!

Looks like there are very frequent power outages, day and night, even in in the Kinyerezi area, see the link below (translation required).

Time to finally start the commissioning work on Kinyerezi extension! :-)

https://twitter.com/Kabialo_2/status/1337239687568744450

Krikje,

Dividend payments were made in Oct 2019, June 2020 and Oct 2020, so 4.2 mln was paid in the last 14 months. It is obviously incorrect/misleading to state that that the sum of these three payments is the annual dividend. 2019 dividend pay-out was 1 mln, 2020 dividend pay-out was 3.2 mln and 2021 pay-out should be 3.6 mln (or more).

Also:

"Interim dividend of $1.2 million declared... bringing the total dividend distribution declared in the last 12 months to $4.2 million"

Wrong. The total dividend in the last 12 months was $3.2 mln. It is 4.2 mln since the start of the dividend policy in September 2019. Disappointing.

Good to see that our cash balance is growing steadily:

31 Dec 2019: 13.5 mln
30 June 2020: 14.2 mln
2 Sept 2020: 16.7 mln
31 Oct: 17 mln

Apart from that, I see very little news it the update. Have to say that my trust in the management of WEN is close to zero unfortunately, and I wouldn't be surprised if the audited cash balance at year end will still be a disappointment. We'll find out in April I guess...

Not looking good. No income, no cash and once again waiting on a licence extension.

Perky, Tanzania, Vike, your followers need you, they desperately need a new hype! At least you can organise a quiz, a bet, a dream of a 10p party or a sing-along to keep spirits up, if all hype options have been exhausted..... do something, it's urgent!

So nice by the way that Wentworth has a decent free cash flow, is profitable and completely ready to increase production....

Jagerjard,

You need "level 2"access to see the orderbook. It's normally a paid service (also here in LSE, see above), although some brokers provide it free of charge. It's very inaccurate though, so in my view not worth wasting your money on.

Laptop,

From Katherine: "we are expecting to provide an operational update in mid-December to confirm guidance and operational stability"

Could be more difficult today

One key problem with Wentworth is it's liquidity on AIM. More than 40% of the shares are held by by institutional investors + Bob himself and another part is locked-up in the VPS register. Buying (or selling) WEN shares on AIM can be very difficult unfortunately, there simply is no market yet. If there isn't a big seller, it is often impossible to buy any shares. The move to AIM has been a complete failure unfortunately.
Extremely frustrating. The move to AIM has been a big failure.

Laptop, you might like the valuation below, with an estimated fair value of 1.28 Pound....

https://simplywall.st/stocks/gb/energy/aim-wen/wentworth-resources-shares

Wherry did you hear that there will be an update in November laptop?
I don’t expect one before mid December.

The Dangote power plant will use 8-10 MMScf/d and Kinyerezi extension 20-30 MMscf/d.
Dangote can only be supplied from Mnazi Bay. Assuming that half of the Kinyerezi gas is supplied by Orca, we should produce around 90 MMscf/d after the rainy season (so starting around July 2021).

Any production above ~60 MMscf/d is essentially pure profit. And if the company decides (finally) to cut back on G&A, we can increase dividends even further!

What a strange post Vike. Obviously nobody is here for just a 7% dividend. As you know very well, Wentworth has plenty of spare capacity and at 100 MMscf/d we will be extraordinary profitable. With Dangote starting-up their $90 mln gas fired power plant in Mtwara right now and the Kinyerezi extension being commissioned in Q1 (as Katherine mentioned), I would say that the outlook for Wentworth is currently excellent.....

Oh dear oh dear.. despite all the hype, indeed no drilling plans before 2022, as expected. What about your "6 to 8 drills that will each provide significant short term upside" Perky? What a nonsense....

Who is selling? Axa still? Laptop/Chris?

Piliwili,

You mean the VPS shareholders? Wentworth used to be traded in Norway (OSE) and the UK (AIM). Two years ago the company delisted from OSE (to reduce costs). The VPS shareholders are the holders that have not yet migrated their shares from OSE to AIM (some Norwegian banks don't trade on AIM). Liquidity used to be much higher in Norway than in the UK, which is now gradually improving. Apart from that, it doesn't mean much, you cannot buy VPS shares.

You're welcome Garry.

Here are the slides as well:
https://media.moneyam.com/a/2020/11/2-Wentworth-Resources-Katherine-Roe-V2.pdf

The webinar was yesterday evening Laptop. Here is a recording: (thanks to XI community):

https://www.dropbox.com/s/6is0gst4b1jge4l/201112_Webinar.mp3?dl=0

But I like your enthusiasm! :-)

To add to your list:

Profitable at contractually agreed minimum take-off rate
Significant spare capacity
Plenty of exploration/appraisal options

All we need is more demand.

Good luck!

Chickenlegs, I think this could go pretty fast actually; it all depends on the uranium price.

Below two articles that I think were quite revealing. The outlook for a price recovery seem very good. 60$/lb by the end of next year? Fingers crossed!

https://www.forbes.com/sites/mergermarket/2020/10/13/nuclear-comeback-could-fuse-together-uranium-producers/
https://stockhead.com.au/resources/barry-fitzgerald-biden-time-uranium-battlers-faintly-feel-the-whoosh-factor/