Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Mitch Flegg commented in some depth on the deal, I found his final sentence unusual, but very encouraging
Below is the start of his statement and the final sentence - most strange that he is leaving as they announce results.
"We are delighted with this transaction which gives Serica a significant interest in the proposed Greater Buchan Area project, potentially adding a third production hub and further resilience to Serica's North Sea portfolio. In common with our other hubs, the GBA plan involves utilising existing infrastructure - in this case an FPSO - with the possibility of exploiting multiple accumulations in the area. Moreover, the development has been designed to deliver an industry-leading low level of carbon emissions, consistent with Serica's objective of reducing the overall carbon intensity of its activities.
We congratulate Jersey Oil & Gas for having created and progressed the GBA project before recently transferring operatorship to NEO Energy. We look forward to working with them and NEO, including the latter's experienced and well-respected project team."
I acknowledge that both the share prices of ITM and CWR have rallied recently and therefore to take this into account I have added below the 2023 highs and lows for each of the companies. No bias is intended between any of the companies, and for clarity I hold both AFC and ITM and expect all three to do well in 2024.
All LTH of AFC are expecting (me included) an exciting 2024 with multiple events in the pipeline, including (the prospects) a labour government. So I thought it would be useful to tract the progress of AFC and our main sector firms ITM and CWR.
All three have suffered really poor share price performances with dramatic drops in value since the start of 2020 and throughout the COVID period and all are looking for better times ahead. I set out below the current share price, number of shares in issue and the current market caps for each. I'm sure all LTH can recall the days when AFC had a market cap well in excess of £500m and hopefully, with the right news we will see it again - :
AFC share price 19.20p. Shares in issue 746.52m. Market cap £145.42m. (data from 2/2/24)
(High 33.03 on 7/2/23. Low 11.28p on 17/7/23)
CWR share price 217.40p Shares in issue 192.98m Market cap £424.17m. (data from 2/2/24)
(High 518p on 8/2/23. Low 138p 1/12/23)
ITM share price 62.70p. Shares in issue 616.88m. Market cap £388.51m. (data from 2/2/24)
(High 119.05 on 8/2/23. Low 48.01 on 1/12/23)
LTH in all three are looking for better times - will come back and update as the year progresses.
All LTH of AFC are expecting (me included) an exciting 2024 with multiple events in the pipeline, including (the prospects) a labour government. So I thought it would be useful to tract the progress of AFC and our main sector firms ITM and CWR.
All three have suffered really poor share price performances with dramatic drops in value since the start of 2020 and throughout the COVID period and all are looking for better times ahead. I set out below the current share price, number of shares in issue and the current market caps for each. I'm sure all LTH can recall the days when AFC had a market cap well in excess of £500m and hopefully, with the right news we will see it again - :
AFC share price 19.20p. Shares in issue 746.52m. Market cap £145.42m
CWR share price 217.40p Shares in issue 192.98m Market cap £424.17m
ITM share price 62.70p. Shares in issue 616.88m. Market cap £388.51m
LTH in all three are looking for better times - will come back and update as the year progresses.
DU you wrote
"................inc the directors (all 5 of them)."
With a max of 10 - They reported annual expenditure through to first oil would be circa £3m. What, in your view would these director/employees be doing during this period?
Over the last 5 years they have closed over 250 branches and cut thousands of job and bought back and cancelled billions of shares and many LTH remain under water, and now the car finance fiasco - you couldn't make it up. Behaving like an AIM stock.
"you are in need of a reality check - how is your understanding of buybacks going."
From what I am reading today (£13bn potential to those involved) there may not be room of large buybacks for a few years - hope I am wrong. Whatever next will crawl out of the woodwork.
Is for the regulator to say "no dividends to be paid and no share buybacks" retain the funds to settle the car loans issue. They did it during COVID and they can do it again. Just another PPI all over again. Then a Labour government waiting in the wings to tax what they consider to be "excessive profits" resulting from high interest rates - you couldn't make it up.
LTI has the belief that as his holding grows (in % terms) he will become richer, he seems to ignore the fact that since the start of the last share buy back (Feb 22) the share price has fallen nigh on 20% (52p to 42p) that is how bright the chap is.