Member Info for NoQuestionMarks

Visitor and Upomega,

I don't have the PH note but the interim results give us a little insight into the reduction in net cash.

On the 30th of June we had £444m gross cash, debt of £210m, resulting in Net cash of £234m.

Page 17 f the IR tells us "As at 31 August 2023, the Company held cash and cash equivalents of £333.2 million, after settlement of the 2022 final dividend and an initial 2023 tax instalment in July 2023.

Presumably debt was still around £210m at that time so that would give us a net cash position at the end of August of £123.3m or thereabouts.

PH are probably 'on the money'

aimo dyor

July Production came in at 7562 barrels (4932boepd of gas and 2630 bbl/day oil)

GLA.

Edradour. No Production. Glenlivet 54.9mmscf/d gas 358bbl/day oil. Laggan 48.9mmscf/d gas 495bbl/day oil. Tormore 11.0mmscf/d gas 145bbl/day oil.

Total gas = 20,348boepd. Total oil = 998bbl/day.

20% Net to Kistos. Gas = 4069boepd. Oil = 199.6bbl/day.

Q10-A

Total production 7,375,908M3 or 44,598boe

Daily production 1439boepd

60% Net to Kistos = 863boepd

Balder

Total production 0.119776 mill Sm3 or 753,368 barrels of oil

Daily production 24,302bbl/day

10% Net to Kistos=2430bbl/day

aimo dyor

Now I see what you mean Suffolk!

You are right, the presentation of the interim report has only the front page uploaded

Good afternoon Suffolk,

All 24 pages of the interim report are viewable from my browser.

https://d1ssu070pg2v9i.cloudfront.net/pex/kistos/2023/09/28143952/Kistos-Holdings-plc-2023-Interim-Report-002.pdf

Good afternoon theshipscook1,

I don't expect to get a reply, I just hope they read their e-mails!

If they were not aware of rumours circulating this share chat forum regarding delays with the Jotun FPSO, they should be now.

One would think they will now act to see if there is any substance to the rumours and act accordingly.

I have chosen to trust the information provided by Var Energi on the 19th of September, and based on that, have added to my holding on the dip.

aimo dyor

I have made the company aware of the rumours being circulated here by OilMan1984 and OGtourist with screen shots of the posts.

I find it hard to believe that the statement made by Var Energi on the 19th of September, just two weeks ago, could be so inaccurate.

OilMan1984,

The operator, Var Energi, released an update on the 19th of September stating that the Balder X start-up is maintained for Q3 2024.

Are you seriously suggesting that start-up won't begin until at least Q3 2025?

That the operator knowingly misled their investors?

I seriously doubt it...

aimo dyor

https://varenergi.no/news/var-energi-project-portfolio-and-operational-update/

My Div was paid promptly on the 26th to Hargreaves Lansdown.

For those of you who use Hargreaves Lansdown (and other providers presumably) be aware that your dividend payments do not immediately show in your capital account... that's the cash shown as 'amount available to invest' on your account summary page.

Dividend payments are credited to your 'income and loyalty bonus' section which you will find by clicking 'cash' and then 'income and loyalty bonus' from your account summary page.

This is done so that you can decide what to do with the money.

You can transfer it to your capital account so that you can invest it or you may prefer to withdraw it to spend spend spend!

HL is a bit long winded to navigate but you are in total control.

Hope this helps.

Source please OGtourist.

If it is true it isn't totally unexpected and has been planned for.

· The consideration for the transaction is US$1 plus the issue of up to 6 million warrants exercisable into new Kistos ordinary shares at a price of 385p each, which represents a premium of 31.4% based on the last trading date prior to this announcement of 293 pence on 18 April 2023. 3.6 million of the warrants can be exercised between completion of the transaction and 18 April 2028. The balance will be exercisable from 1 June 2025 until 18 April 2028.

· A contingent payment of US$45MM will be made to the MIME02 bondholders in the event 500,000 bbl (gross) have been offloaded and sold from the Jotun FPSO by 31 December 2024. This will decline to $30MM from 1 January 2025 to 28th February 2025, to US$15MM from 1 March 2025 to 31 May 2025, and to zero thereafter.

· If 500,000 bbl (gross) has not been offloaded and sold from the Jotun FPSO by 31 May 2025, the holders of Mime's Nordic Bonds will be allocated up to 2.4 million warrants exercisable into Kistos ordinary shares at a price of 385p each. The warrants can be exercised between 30 June 2025 and 18 April 2028. Simultaneously, up to 1.9 million of the 5.5 million warrants issued as consideration for the Mime shares will be cancelled.

Much has been made of Kistos swinging from a net cash position of €26m last June to a net debt position of $42m this June.

Not surprising when you consider that in that 12 month period we spent €180m acquiring Mime. (In December we should receive back ~€72m of that as a cash tax refund)

Amazingly cash on the books has still gone up by €34m over the last 6 months and €71m over the last 12 months... In a period where we acquired a business in Norway with 24MMboe of 2P reserves and another 30MMboe of 2C...

What hasn't been mentioned is the increase in asset values following the Mime acquisition.

Our non current assets have risen from €337m to €521m and our current from €276m to €404m

Total assets are now valued at €925m. As opposed to €614m at the end of December 2022.

The value of the Mime transaction is filtering through and will prove to be yet another masterstroke by the Kistos team.

aimo dyor

NewKOTB,

Now is definitely the time to strike. I seem to recall from one of AA's interviews that he has investments in other sectors that he seemed excited about, sustainable aviation fuel was one.

At anything north of 350p I think most KIST shareholders would seriously consider it.

The obvious M & A move (in my opinion) would be to have another go at Kistos. They now have beach heads in The UK, Norway and the Netherlands which would give us the geographical diversity we so desperately need. Norway looks to be at an inflection point with a substantial lift in oil production only a year or so away

In the UK Total are looking to sell their stake in GLA and with it operator status.

£180m for all they have going on is cheap and ticks so many boxes for us

Opening bid of 375p?

Agreed GD1962, we are now fully unhedged.

JAdams5000, you were mixing up 2022 and 2023...

"In the first half of 2022, 100,000 MWh per month of gas from Q10-A was hedged at a price of €25/MWh from January 2022 - March 2022 inclusive. Prior to its acquisition by Kistos, Mime closed out all of its Brent swaps in February 2023. Therefore, the Group is fully unhedged and, although, the position is reviewed regularly, it does not have any immediate plans to enter new hedges."

Cash and cash equivalents. 31st Dec 21 77m euros, 30th June 22 148m euros, 31st Dec 22 212m euros, 30th June 23 247m euros. Very impressive cash generation.

Effective tax rate of 19% on EBITDA. Again, impressive against the headline rates of 75% 78% and 50% in the UK, Norway and Netherlands.

Kistos are playing the hand they have been dealt... Making big profits now just results in big taxes.

aimo dyor

The interim results for the period ended 30th of June are due this week aren't they? AIM rule 18 gives companies up to three months from the end of the period to report. Last year we got them on the 7th of September and in 2021 we got them on the 14th.

Tomorrow seems most likely imo.

Thoughts?

Thank you NewKOTB,

I guess the UK politicians model of "you make the money and then we'll take all the profits" was just not for Jacques!

It would appear that Mr Tohme, co founder of Tailwind and our deputy CFO, has run out of patience with the UK and it's fiscal environment.

“The UK Treasury has become very unstable and lacks engagement with the industry,” Tohme said.

It looks like he'll be devoting the majority of his efforts to Samos Energy as they seek to invest $1bn from Africa to South America.

I assumed he would replace Andy Bell in the near future, looks unlikely now?

If he ain't with us 100% what are we paying him for?

https://www.samosenergy.com/about-us

https://www.rigzone.com/news/north_sea_oil_dealmaker_sets_sights_abroad_in_1b_push-25-sep-2023-174108-article/

Sector wide jitters whenever the C word is mentioned. I took a top up at 1065.

An outbreak of Covid has been blamed for the third air-traffic control slowdown at London Gatwick so far this month.

Staff sickness in the control tower meant the “flow rate” of flights using the world’s busiest runway was reduced.

Fifty flights to and from the Sussex airport were cancelled or diverted, while many other services were delayed by up to seven hours.

An estimated 8,000 passengers were left out of position. Once again, easyJet made the vast majority of cancellations: a total of 42.

RSV is currently responsible for around half a million hospitalisations and 33.000 deaths in adults over 60 in industrialised countries.

As populations age and more countries become industrialised that 'market' will grow exponentially.

A life saving step forward by GSK

What's a Waldorf, anyway?

A walnut that's gone off?