Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
https://genelenergy.com/wp-content/uploads/2020/09/Genel-Appointment-of-CEO.pdf
LOL.... Still I am sure that there will be an RNS today....! (Paul Weir as CEO)
The book value of the Somaliland PSC was only 11 mln $ on 20 June 2022. See page 23 in the H1 report (link below). Certainly not priced in. Would be nice to get an update on the discovery from Genel itself.
https://genelenergy.com/wp-content/uploads/2022/08/Genel-Energy-HY-2022-Results-FINAL.pdf
More background info. Altogether very exciting news (if it is not an elaborate hoax…) It will change the country if true, and it is certainly good news for Genel as well.
Has Somaliland Struck it Rich in New Surface Oil Discovery?
https://www.somtribune.com/2022/09/30/has-somaliland-struck-it-rich-in-new-surface-oil-discovery/
http://somalilandstandard.com/somaliland-energy-ministry-announces-oil-discovery-in-bahodhamal/
Genel's plans to drill a well in 2023 look serious:
https://twitter.com/SLMoEM/status/1562342542351470592
"A high delegation team from @GenelEnergyplc had a two-day (23-24 Aug 2022) meeting with the @SLMoEM 's minister, petroleum director and other officials of the ministry. The team gave presentation on well drilling designs and environmental protections measures"
Much more about oil in Somaliland on Twitter as well
Very Interesting acreage. Expensive to drill perhaps, but a real game changer if successful. Fingers crossed they will drill a well next year.
"The field partners are now working together to plan exploration drilling in this block, with an aim of drilling a well in 2023. It is currently estimated that a well can be drilled for a gross cost of c.$40 million."
Promising oil prospect for Somaliland, block Number SL 6 (belonging to Genel)
https://www.linkedin.com/posts/hussein-ismail-mohammed-9684b3_accidental-wild-catting-finding-crude-oil-ugcPost-6981228414984687616-TlLk?utm_source=share&utm_medium=member_desktop
The 1P reserves alone are enough for more than 6 years of production at the current record production levels. The 2P reserves for 12 years. Serous question to you Geo: what actually motivates you to post all this repetitive and pretentious garbage? With WEN and so many other companies.
Perhaps it is cheaper for TPDC to take-over SCIR's stake now than to buy-in the 25% obligatory stake at a later stage, where they have to pay 25% of the past development costs. It's over for WEN. Yet another failure. Time for the usual share buy-backs and share options for management.
When oh when will WEN's management finally realise that they should actually represent the shareholders. Embrace the non-operator position, radically cut costs and double the dividend... No need for anything else at this stage.
Desperation? It looks as if they really don’t understand why the share price isn’t doing anything….
First sentence: "Wentworth Resources is a leading domestic natural gas producer in Tanzania"
..."the aquisition positions Wentworth as the leading domestic gas player in Tanzania with a diversified portfolio..."
... "strategy is.... to ultimately become the leading onshore gas producer in Tanzania"
Who invents this crap? If Wentworth is a leading company, then M&P and Orca are even more so. And what about the Omanis? Can the real leader stand up please....
damofarl, my comment about being "a little bit critical" about WEN's management was actually meant ironically... I absolutely detest WEN's management. From the farcical AGM's to the horrible waffle from Katherine, I find it actually unbearable. I’ve even stopped watching her presentations. A bunch of investors that pretend to be a growing O&G operating company… it’s just laughable.. They have a stake in an excellent and under-appreciated gas-field, that’s the only thing that this company has; they don't operate anything at all. Mnazi Bay is so good in fact, that it allows them to do nothing at all for many years, while squandering lots of money and pretending to be busy…
Damofarl, while I have, admittedly, at times been a little bit critical about WEN’s management….??…. I am actually very positive about the longer-term returns. If time is not a big issue for you, I don’t think you have to worry about your investment. Mnazi Bay is a fantastic asset. Reserves will get a big boost again as soon as M&P starts drilling and in my view the license extension is ultimately almost a certainty, so we’ll still be producing ~20 years from now. Also the Ntorya gamble won’t have a big impact on the finances overall, if it turns out to be a dud.
The only trouble is, WEN’s timeline is very long, and the excessive spending & self-rewarding of management makes the waiting extremely frustrating. If the company had halved G&A a few years ago, divided could be twice as high, with the same cash balance as we have now...
OVMK held 11,813,389 shares on 8 April (listed 4th on the list of significant shareholders). They added 1,369,933 shares between 8 April and 10 June.
In my view, WEN’s key problem is not the field or the country they work in, but the fact that they continue to justify a very high cost base with pretending to be an operator.
WEN is purely an investment company, and the main objective seems to be to minimise the sharing of the proceeds with the original creditors (the shareholders), and maximise syphoning off to management. The new Ntorya smokescreen will only help continuing the milking of the Mnazi Bay cash cow. Worst is: shareholders have no influence whatsoever, absolutely infuriating.....
5.6 mln for Katherine
1.8 mln for Richard
Not conditional on delivering anything at all. What a disgrace.
It will actually be interesting to see what happens if SCIR shareholders block the divestment. Get ready for the mother of all dilutions! Perhaps even a series of dilutions. if the companies doesn't default on its obligations in the first pace of course. And all that for a, most likely, marginal project. There's no sentiment in WEN unfortunately (far too illiquid anyway), but at least there is some interesting news in the market.