Member Info for NoQuestionMarks

It would appear that loading are continuing normally following the Reuters report of a drone strike at the terminal.

Reports are unclear but here's a summary of the news reports so far.

https://www.google.com/amp/s/www.newarab.com/news/what-we-know-about-reported-explosion-omans-oil-terminal%3famp

I thought Rich and Francesca came across very well, seemed on top of their game and speaking confidently about our prospects. However, Carla Riddell didn't fill we with confidence, reading entirely from script and didn't go off script at all.

Maybe she just doesn't enjoy speaking publicly?

And, playing devil's advocate, with so many people on the leadership team now... what does Chris actually do?

After all we are not bp or Shell.

aimo

It certainly was overdone! Up 25% in a month.... IBM? This tech rally is getting silly, but I ain't complaining!

As Monday May 4th and Monday May 25th were bank holidays in England and in Norway, May 1st, 14th and 25th were bank holidays that fell on weekdays I am guessing they may not count as business days for the terms of the bonds?

So, I'm guessing, Kistos may have until next Tuesday or Wedensday to release results.

aimo

Nike starting to gain a little traction now. I am hoping/expecting that this will continue as investors rotate out of the tech/AI stocks, some of those are surely over hyped and over priced at current valuations. I expect some of the smart money to move into dividend paying undervalued stocks like Nike. I also have Novo Nordisk and Kraft Heinz that are in a similar position to Nike.

aimo

There is still a misunderstanding of how damaging the closure of the SoH has, and will continue to be. It will take at least four months to ramp oil flows to 80% of normal levels even if the U.S.-Iran conflict ends immediately, said Sultan Ahmed al-Jaber, head of Abu Dhabi National Oil Co., last week. It will take until the first or second quarter of 2027 for flows to fully normalize, he said.

Above 'normal' oil prices and revenues to Kistos will remain elevated for many months to come.

We just have to sit tight and wait for the market to realise this.

aimo

As part of the divorce settlement between Mr & Mrs Austin 50% of Andrews shares will be transferred to his wife. It seems like a fair and amicable arrangement whereby no shares can be sold until Andrew sells some (unless legally ordered to do so) and her votes will be cast in accordance with Andrews instructions. It's always sad when a marriage doesn't work out but sometimes it is for the best, condolences and the best of luck for the future to both of them.

The terms:

1. she will not pledge or borrow against her shareholding in Kistos;

2. she will not sell or transfer any of the ordinary shares in Kistos received under these arrangements unless required by law, subject to the following exception:

a. In the event that Mr Andrew Austin sells or transfers any ordinary shares in Kistos, Mrs Kulie Austin is permitted (but is not obliged) to sell an equal number of shares within 60 days of any sale by Mr Andrew Austin;

3. she will accept, vote to accept, or provide an irrevocable undertaking to accept, any takeover offer for Kistos (in the event that one is made), where such offer is accepted by Mr Andrew Austin; and

4. she will vote, or procure the voting, of all of the ordinary shares in Kistos received under these arrangements in accordance with the instructions of Mr Andrew Austin.

If there's a dip this morning I'll be in.

aimo

I hope everyone is alright, I'm just biding time to results which shouldn't be too far off, hopefully including the completion of the Oman deal.

The update from Var in April was everything we could hope for, reliable production with projects either in progress or sanctioned to keep production from the FPSO at 70 to 80k barrels per day through to 2030.

"Performance of the Balder Area was strong with average production of 118 kboepd in the quarter, an increase of 4% compared to

the fourth quarter 2025, driven by strong production efficiency on Balder and start-up of the third Balder Phase V well in first

quarter. In addition, two new wells have been started at Breidablikk and one at Grane in the quarter.

The Balder field production efficiency was above 95% in the quarter including the Jotun FPSO operations. This is better than

target, and up from 92% in the previous quarter.

Turnarounds are planned at Grane in the second quarter with a duration of around three weeks and at Balder FPU and

Ringhorne planform with a duration of around ten days. The turnaround at the Jotun FPSO is scheduled in the third quarter with

a duration of around ten days."

".......Combined this gives production from the Balder field area in the range 70 to 80 kboepd gross towards 2030. The decommissioning of Balder FPU is expected to reduce operating costs by around USD 130 million gross per annum and CO2 emissions by around 70,000 tonnes gross per year. The above projects are steps to ensure high value barrels from the Balder area towards 2045 and beyond."

aimo

Another piece of good news that added to the bump up off the back of Eli Lilly's earnings.

Up over 15% in a month now, earnings on the 6th of May could knock us back, but being comfortably in profit before earnings helps to cushion the blow if there is one.

https://medwatch.com/News/Pharma___Biotech/article19254936.ece

aimo.

A 10% retrace on an earnings beat made me take a look at IBM.

An interesting interview between IBM CEO Arvind Krishna and and BoA analyst Wamsi Mohan helped me understand how the market is misunderstanding the impact AI will have on the company.

https://research1.ml.com/C/?q=3CCq1HEY80s&t=mp

aimo

It is worth remembering that we are fully un- hedged, receiving the full benefit of current prices.

I took some profits yesterday, a new car and holiday are needed. Plenty still invested for the future though.

aimo

It is worth remembering that we are fully un-hedg

Kraft Heinz has a long road ahead but I'm guessing the stock has finally found a floor and will recover from here. Deciding not to split was a good decision, keeps berkshire hathaway on board and the savings of the combined entity should strengthen the balance sheet, which we ate going to need. I've taken a dip in the water at $22, nothing to heavy and I'm prepared to wait and average up if and when progress is made.

Three reasons to invest?

1. Its size gives it a big advantage when it comes to negotiating with suppliers.

2. It has the number one or number two products in 80% of the categories it competes in.

3. ~6% dividend whilst I wait for the story to unfold

aimo

Https://www.novonordisk.com/news-and-media/news-and-ir-materials/news-details.html?id=916532

I took my first dip in the water at under $43 on Friday on the dip following the 'lumpy shoulders' news.

I've been watching Nike for years and think now is the time to start dripping some money here for the long term.

Based on what?

1. Nike is an iconic brand that can come back from the mistakes of the last few years.

2. The growing GLP market is going to lead to millions of previously obese people looking to keep in shape. And, if they don't want to exercise they will at least be more inclined to wear more figure hugging athletic clothing.

The market seems to have no love for Nike at the moment which, as a value investor, is the time to start investing.

aimo

It is also worth remembering that the energy storage business is outside the scope of the energy profits levy, EPL was a main driver for Kistos.

So, whilst we are hopefully benefitting from the recent volatility in gas prices, any profits from trading are only liable for standard corporation tax.

At the end of the day, the revenue is small potatoes in the grand scheme. The business should cover costs when there is little volatility in gas markets and then make 'real' money at times like the last month or so.

aimo

I can only piece together revenues generated since the acquisition dated 23rd April 2024.

Revenue from 23/04/24 to 30/06/24 $1.91m. (see page 7) https://wp-kistos-2024.s3.eu-west-2.amazonaws.com/media/2025/09/2025-interim-report-18.09.25-vF-1600.pdf

Revenue from 23/04/2024 to 31/12/2024 $6.68m (See page 54) https://wp-kistos-2024.s3.eu-west-2.amazonaws.com/media/2025/04/250411_Kistos_Annual-Report-and-Accounts-2024_vF-3.pdf

Revenue from 31/12/2024 to 30/06/2025 $7.16m (see page 7) https://wp-kistos-2024.s3.eu-west-2.amazonaws.com/media/2025/09/2025-interim-report-18.09.25-vF-1600.pdf

How the revenue translates to profit? I don't know. We will have to wait for the full year accounts up to 31/12/2025 for the energy storage business I would suspect.

However, this business was bought for £25m.... We are going to make money from it, of that I am sure.

aimo

Revenue down from $727m to $600m.

Cost of sales up from $504m to $537m.

Tax up from $68m to $132m.

Resulting in an after tax loss of $52m.

Tax and Triton, not great.

Very early days, but more positive news for us.

"The site is located approximately 5.2km south west of the town of Middlewich, west of Warmingham, in the Cheshire East Council area. It is partly on the site of the existing British Salt/Kistos Energy Storage facility."

https://national-infrastructure-consenting.planninginspectorate.gov.uk/projects/EN0310002

There is activity in Angola at the moment. Energean have just bought Chevron's stake in Block 14 and there are rumours that Equinor are looking for buyers for their assets.

Equinor have three non operated interests in three producing licences along with interests in five exploration licences.

Block 17. 22.16% equity interest. Net production: 77k bopd. Operator:Total. Licence: 2045

Block 15. 12% equity interest. Net production: 24k bopd. Operator: Exxon. Licence 2037.

Block 31. 13.33% equity interest. Net production:8k boepd. Operator: Azule. Licence ?

They all look right up our street I would say. Non operated interests, operated by majors with near term upside.

aimo

https://www.equinor.com/where-we-are/angola

https://worldoil.com/news/2026/2/27/equinor-explores-sale-of-offshore-angola-assets-as-brazil-and-u-s-output-grows/#:~:text=Equinor%20explores%20sale%20of%20offshore,future%20there%2C%E2%80%9D%20he%20said.