Member Info for Moho30

Any idea on timing of these well results ? I had thought might have had an update on TGT by now.

I think I heard it right with ' new transactions in the coming month', and he doesn't seem to have any doubt about Chad/Cameroon completion, but sensibly wouldn't be drawn on timing. I'm happy enough with what I heard, the H1 numbers and H2 projections.

From todays Upstream
'Hypocrisy must end': Nigeria president wants Europe to help fund $25 billion gas pipeline
President Muhammadu Buhari urges London and Brussels to open 'green' wallets for 7000-kilometre Nigeria-Morocco scheme that aims to send gas to Europe

Interesting they're interested in a potential Mandarin speaker. Suggests who they maybe looking to grow (or divest) the business with. I do wonder if they would look to do the Niger development with the Chinese - who have a lot of experience in country.

O&W. Not many who would feel sorry for EM. Not sure totally what the exit bonus is, and maybe written into the PSA - or it maybe just that they haven't totally fulfilled their obligation incountry and have to pay to get out. I'm sure if they didn't have to pay it they wouldn't. They haven't really forfeited revenue. Just the deal was struck with an effective date and the intervening period to completion has meant they don't get the benefit of this. Could easily have gone the other way.

Trek. I had a look at the recent TXP presentation. Looks interesting but surprised if you see as lower risk than SAVE. Potentially increasing production by another 10k boed this year but a lot depends on drill results. The presentation heavy on the geology whereas I'd like to see more on the commercial side. Admittedly this maybe elsewhere and just based on a cursory look at this presentation only. For SAVE it's less about the geology and more about getting customers on board and reorganising the balance sheet.

Hoping someone maybe able to help. I notice I have a few of these in my Sipp. Not quite sure how they arrived there, and the cost recorded against them seems to equate to an acquisition price of around 145p. Where these awarded as a spin off from something else or similar ?

Only part moho
More to come see rns

Mmm Duster . I couldn't tell from the RNS - apart from they have an arranged $400m facility - about which there are no details. S8 with the use of proceeds etc seems to full of blank numbers from what I can see.

Not quite as good as hoped for, but I think probably a reasonable price for the placing - especially as completion still contingent. Brokers will have had a good idea what price they could get it away at. Be interesting to see how much Fincap and Panmure take up - and then put back into the market post relist. I think we can expect a small premium on the placing price post relist. I haven't read all the appendices but couldn't tell immediately whether this was part of the total funding package for the 2 acquisitions or whether there is another potential placing coming prior to completion. At least we have date now for relist, and some details of the project financials.

I feel the whole Board needs beefing up. The only real exec is AK and the others mainly part-timers. It still looks like a small cap AIM Co scratching about with a few $m, rather than a substantial operator. Probably the whole finance/commercial function needs reviewing as part of that as probably getting slightly unwieldly with the existing structure. Would be good to see some update on this transaction as certainly had plenty of time to produce a heads of terms.

Lobon. I don't deny that they should well be able to debt finance these assets and as you say this will be available for producing assets in a way that it isn't for blue sky renewables so it's not really about SAVE needing to raise equity. More about the potential of existing IIs exiting and needing to find a market for their shares. Shares paying good dividend will also find a market - which is why I think SAVE need to be a bit more upfront in this respect.

GettingBy - I have been around long enough to see plenty of cycles. Hate to say this time seems different, but I do feel there is a fundamental change going on. Even the IEA saying there should be no further large scale O&G developments going forward. I think Cos looking at potential huge tcf/bbl exploration plays in remote areas are wondering if these will be able to be developed.

Hazdogg. Agree partly with your comments. Part of the issue, and it will get bigger, is the quantity of funds switching out of O&G . As someone who has been involved in raising finance for O&G projects for 20 years or so, we are now finding it very much easier to get funding for marginal renewable projects than commercially sound O&G projects looking for equity. Funds will continue to switch money away from O&G and sell down the likes of SAVE because it's what their shareholders want. Add in the Nigeria element and these have to be hugely attractive projects to raise new funds and mop up those being sold down by funds. Cos like VITOL will fill part of the gap but it's going to need great projects (and an actual dividend rather than a vague promise) and a proper PR job to keep these big shareholders onboard, and will provide constant downward pressure on shareprices for the foreseeable future. I want to see clarity on the divi, but unfortunately Cos like to spend money rather than hand it back.

I think a bit of back tracking on the Divi may be encouraging some to look for the exit. Cos do tend to talk a good divi to widen investor base, but in reality prefer to spend their money than return it to shareholders

Agadem one of the few who actually pick the phone up and speak to the company/PR people., and as such a very worthy contributor. DeliaPrince you knew it was coming from IR - and not in writing and should be treated with a pinch of salt. All part of your education.

Personally I'd like to see them move to a regulated market - unlike AIM., where they would have had to report within 4 months (LSE). No real excuse why it should take this long when you are reporting on a position 6 or 7 months back. Never really hear much from the CFO or the Nomad, and Steve Jenks has made his money already and doing other things. Suggests to me that Andrew gets away with more than he should.

I don't think they will duck the cash question - because they can't and it's not based on judgement or forward looking statements. There are likely to be receipts outstandings and potential future contracts and it's the status of these that they need to provide some detail on.

Not sure why all the talk of buybacks when we don't even know how much cash they have, and fairly sure whatever they have is well committed. Wouldn't look to great to the Nigerians if you were collecting a load of cash and handing it back to a bunch of investors in London. I think there is zero chance. Likewise an MBO. I'm preparing myself for some fairly depressing news on the cash position anyway. It wouldn't have taken much for them to give some detail on current cash status in the last release but instead they chose to skirt around it. There is obviously a persistent seller in the market - either because they need to sell or because they know something we don't. Unfortunately operating in Nigeria you are always going to have people in country who know more than us desk top jocks and news will leek out to connected persons. The best way to avoid this is a through more frequent operations updates - good or bad, but Management have decided not to go down this route. My guess is they are out of their depth and being advised by a bunch of school kids at the brokers/PR Co.

It would have been nice to get more info on the actual cash position. Cash collections are fine - but what's the outflow. Also gives Free Cash Flow projections on the asset level but let's see the full picture. Just seems odd that they don't tell us this - which gets my radar spinning. Don't see any chance of an MBO. What would be the motivation ? The Board are getting paid generously, likely to pick up some more hefty bonus/options, and if the did an MBO any PE financing Co would make them put everything on the line.

Not only have other cos issued Corona updates, many have taken steps to cut G&A including BoD and management haircuts. No idea on AK pedigree and maybe well out of his depth, but did think Steve Jenkins would want to keep his reputation intact