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So if I read this right, you want the Government to intervene to essentially reverse the decisions that pension funds are making on behalf of their pension holders to diversify away from an under performing UK economy.
If the UK regulatory environment, political landscape, trading relationships, work ethic and business management capability gave investors confidence in the future direction of the country, there would be fewer issues with investment. We need to solve the root cause of decades of decline, rather than paper over the cracks with a Government mandate.
“The big picture is playing out just as the elites planned all along”. …. Who are the “elites” and what was the plan?
Great video to accompany first gas and a reminder of the very significant potential of the next phases.
https://m.youtube.com/watch?v=kZBzzm01M8g&feature=youtu.be
Brilliant news, it’s been a long slog over the last five years! Congratulations to the IOG team, CAL Energy and all their partners. This feels like a real turning point for everyone who has supported IOG and comes at a very important time for U.K. and global energy security given the terrible events taking place in the Ukraine. Low carbon footprint fossil fuel is going to be a critical component of a structured and managed transition to net zero strategy for the U.K., which makes this news significant beyond its current size and scale.
Berkshire Hathaway sat on nearly $150 billion, so BH Energy has all the backing they need, it will be interesting to see how it plays out as the project phases progress. Seems like the right time to be adding gas assets at the moment and for the foreseeable. I am assuming there will be an orderly transition to a long term owner at some point. Thoughts?
Just off the east coast near Berwick this morning
Given what is going on in the world at the moment, with regard to fossil fuels I think the communications and publicity strategy will have to be carefully crafted and timed. There is a really good IOG story in there with regard to sovereign fuel independence and very low carbon footprint gas supply , especially in the context of the current fuel price environment. However, it will need to be heard over the current cacophony.
Yes I see the confusion. I am guessing the answer is here somewhere.
https://www.investopedia.com/terms/b/billions-of-cubic-feet-equivalent-bcfe.asp
Anyone else want to help clarify?
Looking back at the last FinnCapp revenue estimate for 2022 it was:
2022 revenue estimate £108.5m and a risked-NAV at 48p/share
Apologies for the typos and this mangled paragraph!
Obviously, this is split with CalEnergy, but first gas can't come soon enough and the cash flow should provide some very interesting options in terms of financing, shareholder return and corporate development and planning.
I ran the same number and I think what is confusing is the figures quoted for every 10mmscf.
I believe these numbers are calculated for the quarter, if you look at the slide he presented, the table is titled "incremental revenue every quarter per 10mmscf/d".
Even so the numbers are pretty astonishing and I had the same questions ... "Am I missing something?"
I similarly assumed 50% of the flow tested numbers from Elgood and Blythe (57.8 + 45.5 / 2) = 51.65 mmscf/d
I then used the incremental revenue per quarter per 10mmscf which in Q1 2022 is £16million .... so (51.65 / 10) * 16 = £83m.
If you apply that logic to the table which covers 6 quarters from Q4 2021 to Q1 2023 (I halved the Q4 2021 numbers assuming first gas mid way through the quarter), the incremental revenue over the baseline is £265million.
If yo add in the baseline which is £125million for the same period total revenue is £390million.
Just taking calendar year 2022 numbers they are £190million incremental and £87million baseline for a total of £277million.
Obviously this is split with CalEnergy, but first gas can't come soon enough and the cash flow should provide some very financing, shareholder return and corporate development and planning.
If the wells flow at more than 50% of the tested range, you can easily scale the numbers to match your assumptions.
Happy to be challenged on the numbers, as I said "Am I missing something?"
2022 revenue estimate £108.5m and a risked-NAV at 48p/share
finnCapp updated their assumptions for the current gas price situation.
They did take a conservative approach, as who knows how long these prices will persist.
The research is available on Research Tree once you register and well worth reading.
Google "IOG PLC - finnCap says IOG - Filling up the hopper" if struggling to find.
GLA
also a more in depth commentary and set of financials released by FinnCap this morning
Looks like a good idea to raise funds at this price, supported by current gas prices.
Was just looking to see when we might expect year to June 2021 results and it looks like mid Nov.
When I scanned last year's summary released last Nov I notice this line below, which I had forgotten - hopefully this means we should expect Platypus news at some point. It certainly looks like good timing if we have managed to stitch the Platypus development together.
RNS Number : 9928F
Parkmead Group (The) PLC
20 November 2020
· Parkmead and the Platypus partners have obtained an extension to the Platypus licence to take account of COVID-19 delays
Just dropped in to see the latest RNS and picked up the sad news on Andy, thanks for posting Missdosh.
He was a larger than life character and thankfully we took the time out to meet up with him in France as we passed through a few years ago.
As several of you have described, he was as he wrote, an experienced swashbuckling oilfield character. Very smart, parents were both Oxford academics, but he had chosen to go down the practical hands-on route in the oil business. He was part Indiana Jones (complete with Stetson anfd Hawaiian shirt), part oilman with an erudite wit and thirst for knowledge. It was one of those days you never forget, as he took time out to show us around his adopted town. Life needs characters like Andy, his ability to brighten the day will stay with us. I am sure as haggis_trap alluded to, he will be enjoying a wee dram sat at the poker tables somewhere on high. RIP Andy :-(
Health Secretary Sajid Javid goes on to say "that PCR testing will continue to be available free of charge, as will symptom-free lateral flow tests - adding they identify a quarter of all cases"
Very solid RNS today and an updated finnCapp summary alongside it - continued project execution and delivery on plan.
Hospitals allowing staff to avoid self-isolation instructions from app
By Matt Discombe13 July 2021
Coronavirus testing swab
Trusts in the North East region have told staff identified as close contacts of positive covid-19 cases they can continue working if they take daily tests.
https://www.hsj.co.uk/coronavirus/hospitals-allowing-staff-to-avoid-self-isolation-instructions-from-app/7030484.article