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"Please be aware that elections under the Excess Facility have been subject to scaling back. In accordance with the terms of the Excess Facility, shareholders who elected to tender more than their Basic Entitlement have had approximately 99.2579 per cent of their excess elections satisfied."
Clive - More apologies - all my decimal points were in the wrong places.
Correction is:
Circa 50,000 therms/day is the current hedge requirement - ie ~ 0.1400 mcm for which Angus currently receives 35.60pence/therm.
The balance/day- for which Mirasol has provide the figures - is sold at market rates.
Clive - Circa 50,000 therms/day is the current hedge requirement - ie ~ 01400 mcm/day for which Angus currently receives 0.3560pence/therm.
The balance/day- for which Mirasol has provide the figures - is sold at market rates. You can do the revenue.
MAl - the SP is mainly based on the cash that NANO holds - NOT any future progress.
TG2D - RNS :
"Latest time and date for receipt of Tender Forms and share certificates or other documents of title for tendered certificated Ordinary Shares (i.e. close of the Tender Offer):
1.00 p.m. on 9 April 2024"
Any good news from NANO during the tender offer period would totally scupper that offer.
I assume the best course of action is to take the 38.5% under the tender offer and then reinvest in double the number of shares when they sink to around 10pence afterwards.
Otherwise your holding will just halve in value if you do nothing.
I too agree with Skeletor - it could be an early unexpected 2025 bonus - which may require some substantial capital investment - leaving a reduced available sum for distribution. I hope so.
I think we can accept that the 8% royalty will NOT kick in until AUG 25 - as the senior debt has been transferred Trafigura, who I am sure will run it to expected termination.
Aug 25 is of course when the 4th well will be up and running and probably contributing a greater amount of production - leaving only the first 3 wells under the royalty payment, (probably much reduced output than current).
I think NANO might be having second thoughts on that distribution - which is OK by me - the MOST important number is the SP.
Assuming they throw more money into R and D and broaden the client base and bring on the South Asian client along with others with ORDERS - maybe in 2024 - then the SP could be nearer 40p !!
Re Forrest repayment (SEL) from RNS 24TH MAY 22 VIZ;
·” up to £6,250,000 deferred consideration to be paid in instalments from net cash payments to Angus Energy from the Project through to 31 March 2025 “
So presumably the Forrest debt is more than 2/3rds paid by now.
Taking Singhies current figures it looks like ANGS will gross £16M for the year 2024 - Less say £6M annual total OPEX leaves £10M as a lump sum to add to the refinancing deal of £20M.
The first year of the refinancing has “an initial repayment holiday of 12 months” - so available cash will be £30M.
Enough for booster compressor and further drilling (although why they have chosen the worst weather months to do this is somewhat odd).
And who knows (putting the Forrest repayment into 2025) maybe a 0.1pence dividend payment.