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Astrol,
Can you actually write a single message here without mentioning me or repeating your dross about “investors from hell”? You are obsessed and your repetitive comments are utterly ridiculous. If you want to hype-up this company just go head. Problem is, there is little to hype up, as the company just doesn’t do anything.
Maybe make some friends here and start a round of prayers for another draught in Tanzania next year, or the completion of the Kinyerezi extension. At least nobody will complain then about WEN’s excessive spending and pretending to be an operator.
Ha ha ha, let me guess.... did Astrol start that rumour?
About 10 minutes after the announcement of the 2 mln share buy back program, 1,5 mln was spent on the first “opportunity”. Doesn’t look like a voluntary and well planned move. Either FIl, Vitol or AXA forced the company to do buy back the shares I would say. Who’s next?
For god sake Geowiz, for once look at the CPR. You are quoting the net revenue share of the net reserves. The 2P gross reserves of the field (on 31 Dec 2020) are 445.3 BCF. If you are quoting gross production rates (100 MMscf) you use this number. See the table on the 4th page (or page 2) of the attached document. The first 2 columns to be precise. No more comments from me on this, I’ve had enough. Educate yourself.
https://wp-wentworth-2020.s3.eu-west-2.amazonaws.com/media/2021/03/10165249/Mnazi_Bay_Resource_Evaluation_WW_Final_Jan21_2021_s-002.pdf
Good news indeed! ??
Again Geowiz, development of Mnazi Bay is not complete. MB-5 is ready to be drilled (only needed for the 3P reserves) and there are plenty of exploration targets, with a P50 estimate above 2 TCF. Note again that MB-5 is not even required to produce the 2P reserves, only compression is needed. And your statement that a new well can reduce reserves is wrong. For resources yes, not for reserves. An reserves estimate based on a decline curve analyses / material balance is very different from a geological GIIP/STOIIP assessment.
So back to the numbers: 1P reserves are 240 BCF, or 6.5 years production at 100 MMscf/d. 2P reserves are 445 BCF, or 12 years production. That's very different from your "100 mmscf/d drains the 2P gas reserves in 7 /8 years" that you continue to repeat. If you would have taken the time to compare the CPR reports between the years (I did it for 6 reports), then you’d find that the numbers are consistent. As expected by the way, as the reports are made by an independent party.
Damofari,
Not sure if I understand what you are trying to say, but I am actually very positive about the field itself. I strongly disagree with the notion that Mnazi Bay will be depleted in 5-7 years time. I won’t mention any names but the person who keeps repeating this is not very good at math it seems, and has neither read one of the CPR’s or has a petroleum engineering background. It’s nonsense.
Regarding M&A: it’s wether you believe that the company will be successful in securing a NAV accretive deal. Personally I don’t believe it anylonger, as they have worked on this for years now without any success, but obviously I’d like to be proven wrong.
Strategically I think this company would have done a lot better had they embraced their non-operating role and reduced costs to a minimum. What would the share price be if the dividend was twice as high?
Good luck
Nice update. Very good to see that Tanesco is now fully up to date with all invoices. 102 MMscf/d for two weeks in December is also good news. Will even beat the 2018 production high of 83.2 MMscf/d? Let's see. Also nice to know that pre-feed work for compression has indeed started.
With John Bentley being replaced as well, management is now truly super top-heavy in terms of members (a record?), so shareholders should expect an M&A transaction soon.... Nothing else justifies such a large board.
No RNS today means no news tonight….
If the company fails to deliver on their M&A promise in the next couple of months , it is really important that as many as possible shareholders attend the AGM (if possible) and demand action. Continuing to do nothing at all should not be an option for management anylonger. Reduce G&A permanently and pay a 10 million special dividend in 2022 and 2023.
Alph,
As you know, I am not Norwegian (despite what some people think here), so no, I don't post anything on Xtrainvestor. I actually don't really follow it either by the way (same with the ADVFN forum).
Besides, there is very little news to expect that is relevant for WEN, apart from news related to an increase in gas demand (outside WEN's control) an M&A deal (waiting on this for many years now) or a cost reduction (which WEN's management refuses).
Sorry to say, but I don't see WEN as an attractive investment based on the dividend alone. I fully expect the share price to continue the downward trend in the absence of an M&A deal. In the end, this company is shrinking year by year in terms of NPV and the dividend barely exceeds the inflation rate in many countries.
Shareholders should finally wake up and force management to radically cut costs, that is what I want.
And Atrol, don't you find it amazing how long Katherine can continue the blah blah blah? There is absolutely nothing new in that story.... yet again.
And Astrol,
Highyield,
The 50 mln 2022 work program is still subject to “requisite government approvals”. No doubt that the licence extension is key part of these negotiations, so I see this announcement more as “carrot” to entice the government to approve an extension….
And why would anybody care about whether you hate a comment or not?
You have expressed your disapproval many times now. Time to move on. Post some positive news about the company if you feel the balance is wrong.
So, Orca has a significantly better P/E ratio and an even higher dividend yield than WEN, but still drops 20%. So what do you think WEN will do? A company “operating” in the same market but doing far less…
Orca pays quarterly dividend (0.4 CAD annually). Dividend yield is about 7.8%.
At at least do some research and look at their website before you post such messages Astrol...
Astrol,
While I admire your positivity (to Some extent) I fear that you are seriously deluded regarding WEN’s performance. The company has not delivered anything for years now and I fear that it won’t change either in future. And yes, I am very disappointed in this company. If it wasn’t so difficult to trade I would have sold all my shares a while ago already, as I don’t expect anything to change in future. Luckily I did sell some shares at 25p though.
But where are your positive comments about WEN? Very little to say, or?
Whether you like it or not, I won’t change my comments here until these guys actually deliver something.
Impressive what Orca is doing in Tanzania, and no comparison with Wentworth. It's such a terrible shame that Wentworth is controlled by a bunch of people that keep on prioritising personal interests over the interest of its shareholders. No wonder that the shareprice is so low. Apart from the dividend there is quite simply very little to look forward to.
https://orcaenergygroup.com/2021/12/02/operations-update-guidance-for-2022/
Good news, nice find! 345 MW is a lot of power. If the country needs all of it I think we may be able to open up the wells fully this winter, and find out what the plateau production is. 110 MMscf/d? Hopefully this will also lead to a break-through regarding the commissioning of the Kinyerezi 1 extension.... fingers crossed.
Ah, I had actually forgotten who you were Astrol. You are the aggressive intimidating guy from before, who was going on about the wonderful new website as an example of the achievements of this company. Were you not booted off from Xtrainvestor? Well, go ahead Astrol, just take us through the all great achievements that WEN has made the past few years. Looking forward to your positive contributions the coming weeks.
Astrol,
Are you now blaming “stupid”, complaining shareholders for the poor share price performance?
Wow… who is stupid here, I wonder…
You can only blame WEN’s management for not convincing the market, and for not proving the critics wrong. Comments here have zero influence on the share price over a longer period, and in the case of WEN specifically, liquidity is so low that even if somebody tried really hard to create a short-term hype, he would fail.
To turn it around: if you don’t like the comments on a forum: just don’t read them or use the filter button. If you are unhappy about the share price then speak to WEN’s management to find out what they are going to do about it. In fact, many more shareholders should contact management frequently and question them, but unfortunately, most WEN shareholders seem to be too lazy for that.... or too stupid?