Member Info for NoQuestionMarks

They are still losing money.... hardly excellent
Pre tax profit of £1.3m
Post tax loss of £411,000
Jam tomorrow

wokinpark,
I agree with your sentiments on the board.
Cairn's exploration director for all their big finds was Richard Heaton, he retired in 2017 after 23 years with the company.
Capricorn seem to be drilling a lot more dusters under the new guy.
As I said, I would get back in if the price breaks massively to the downside

I have sold out this morning, took a 20% profit whilst it is on the table.
Where will the shareprice be once the tender offer and share consolidation are complete?
I have no idea, I suspect the market won't either.
I'll keep CNE on the watchlist a d hope for a negative over reaction by the market.
Good luck to all

"TPG has not released its results for the period ended 31 December 2021. A loss after tax of £1.1 million has been included within the Science Group Income Statement, which is an estimate based on TPG reported information and public statements, proportionate to the Group's 28% shareholding and the duration for which TPG was accounted as an associate."

Hi robs12,
The Scottish planning and environmental appeals department has a target date of the 2nd of April 2022 to decide on the expansion of Mid Hill I and II.
If they allow another ten turbines, a couple of them will measure 200 metres base to tip, I would think that PMG's hopes of either selling their land or establishing their own wind farm are enhanced.
Aberdeeenshire council have objected at every stage but at the end of the day, holyrood calls the tune.
I will be watching closely with a view to getting back in when the share price is suitably low.
https://www.dpea.scotland.gov.uk/CaseDetails.aspx?id=121426&T=66

Capricorn have already fulfilled the requirements of the first two terms of the licence and are have published their $200m exploration budget for 2022. Plymouth will have to wait until 2023-2024 I would expect. Capricorns priority for 2022 is to maximise revenues from the rise in oil prices by boosting production in Egypt
The government may want drilling to take place but they are not paying for it.
"We completed the acquisition of nearly 700km2 of broadband 3D seismic data over the P2428 licence and surrounding area in November 2021, which fulfils the work programme commitments for the current and next licence phases and will inform a drilling decision in the coming year."
Current estimates of 2022 capital expenditure total approximately US$200m, including:
o Egypt production and development expenditure of US$90-110m targeted at delivering
substantial production growth during 2022
o Egypt exploration expenditure of US$30-35m to sustain the resource base
o UK infrastructure-led exploration expenditure of ~US$40m, predominantly on the Jaws
and Diadem wells, with no further well commitments beyond 2022
o Other international exploration of US$30-35m, principally in Mexico, with no further
commitments beyond 2022 and any further investment contingent on farm-downs
"Exploration drilling this year will take place in the UK, Mexico and Egypt and focus primarily on shorter capital cycle,
infrastructure-led opportunities,"
If Pensacola comes up trumps, quite frankly I can wait.

https://www.energyvoice.com/oilandgas/north-sea/388800/deltic-energy-in-southern-north-sea-exploration-charge/

Years have passed since the last exploration well was drilled in the Southern North Sea, and Deltic Energy is hoping to lead a fresh wave of activity.
The company, which focuses on building up and proving “overlooked” prospects which are then farmed out, has a trio of targets in its sights with its partners Shell and Capricorn Energy.
“The last exploration well that was drilled in the SNS was in 2019,” said chief executive Graham Swindells.
“All being well, it’s possible for us to be drilling three exploration wells in the next year, year-and-a-half, between Selene, Pensacola and potentially Plymouth, depending on how things go with Capricorn.”
The first of those is Pensacola, a well with mid-case recoverable resources of 309 billion cubic feet (bcf) of gas, which is expected to be drilled in the second quarter of this year, with a rig contract expected to be announced soon.
“The main sentiment for us is excitement,” Swindells said.
“Planning is such that we remain on track to drill that well before the end of the next quarter and we’re very excited about the prospect of drilling what we hope will be the first of many exploration wells going forward.”
Shell farmed in as operator on both the Pensacola and Selene prospects in 2019, at 70% and 50% respectively.
A well investment decision had been expected on the latter in 2021, however that’s now expected “in the coming months” according to Swindells and, subject to that, sees “no reason why that well shouldn’t be drilled before the end of next year”.
In 2020, Deltic announced a 44% increase to estimates of overall gas in place thanks to new seismic data, though it has been delayed by Covid.
“Given the scale of that prospect, it’s a 300bcf prospect, 70% chance of success, it’s in close proximity to existing Shell infrastructure and we’re confident that’s a well that will and should be drilled.”
More recently, in November last year, Deltic farmed out of five licences to Capricorn Energy. Work then got underway almost immediately on new seismic over the Plymouth prospect, which Deltic’s team has boldly likened to Cygnus, the UK’s largest-producing gas field.
The seismic data on that is due back in the second quarter ahead of drilling, Deltic hopes, by the end of next year."

Simon Peckham has been quoted recently suggesting that the 'plan' is to spin-out Aerospace and Automotive once the businesses are turned around
"Boss Simon Peckham said the company was not close to firing the starting gun on the spin-outs, but that it was ‘beginning to load the gun’."
Aerospace is expected to list in London whilst Automotive could be better suited to the US due to the number of listed car makers there.
I would think events in Ukraine have put that 'plan' firmly on the back burner for now.

LuckCounts,
They are Capricorns, not mine.
See the information pack on the company website, filed under full year results 2021.

Toadhall1,
Yes they did
The CFO said that at US$60 Brent, Egypt would deliver around $150m of operating cash flow with good visibility on sustaining that over the medium term.
This assumes they drive down opex to around $5 per boe, grow and sustain production at around 45,000boepd from 2022 to 2026, and convert contingent resources to producing reserves.

Barnyrubble,
My guess for Egyptian revenue is just that, a guess.
We are unhedged at the moment and with oil prices moving so much... who can tell where its going?
What do we know?
Q4's revenue of $56m based on an average 36,500 boepd.
We know they are targetting increasing the liquids production (up 21% in Q4 alone)
We know they expect to exit 2022 with WI production above 43,000 boepd.
We know entitlement production for oil in 2021 was 5350 boepd and they hope to achieve 6040 boepd in 2022
We know entitlement production for gas in 2021 was 9150 boepd in 2021 and they hope to achieve 8560 boepd in 2022
Revenue should be in excess of $200m in my opinion, just how much in excess I do not know.
All in my humble opinion.

On the cash position we have to factor in the tender offer and share buyback in my opinion.
James Smith told us earlier this week that the pro forma net cash position after receipt of the india tax refund and settlement of the $500m tender offer will be $870m gross cash and $690m net cash (we have $181m debt)
Of the $690m net cash, $200m is set aside for the share buyback.
So, realistically our net cash position is $490m
We are going to spend around $100m in Egypt on production and $30m on exploration.
Outside of Egypt we will spend around $75m on exploration primarily in the UK and Mexico.
So, a total capex of around $205m leaving our net cash position at around $285m.

At the end of all the tender offer and buyback malarkey (which will run throughout 2022 and maybe into 2023) I'm seeing a better balanced company with shares in issue under 300m, hopefully under 250m.
It seem silly to talk of downside protection at the moment but in 2020 just look what happened... Egypt gives us that downside protection.
In the north sea the contingent payments are held on the balance sheet at $200m with oil prices in the $70s.
At today's prices that would total well over over $300m giving us exposure to the upside.
Senegal, Mexico, Plymouth, Diadem etc etc
At the moment valuing the company is like pinning a tail on a donkey, a donkey on the move, without a tail.

Correct Gruyere (in my opinion)
From the circular: "There is however no guarantee that the Tender Offer will return the full sum of
US$500 million to Eligible Shareholders, as this is dependent, amongst other things, on the level of participation
in the Tender Offer. If a material amount of the US$500 million is not returned through the Tender Offer then,
provided there is a meaningful surplus remaining, the Board anticipates the return of part or all of this to
Shareholders by way of a special dividend (the “Special Dividend”) with an accompanying consolidation of the
Company’s share capital."

Hi Gruyere,
Sorry if I misunderstood your post but you wrote that "Where there doesn't seem to be any choice as i read it - is in surrendering at least some of your shares"
As I read it you can participate in the tender offer in full or partially.
From the circular: "All Eligible Shareholders on the Register of Members at 6.00 p.m. on 5 April 2022 are entitled, but not
required, to tender some or all of their Ordinary Shares for purchase by Morgan Stanley, acting as principal,
at a price (or prices) within the permitted range of VWAP-based prices set out in this document."

I'm voting against the tender offer, for the special dividend and not offering any shares for tender.
Patience is key (IMHO)
I'm talking years not hours or days.
Simon Thompson: "I think it's worth reflecting that, in the period since the
Indian IPO, we have raised capital from shareholders once during the financial crisis
in 2009, when we raised around about US$160 million. But, in that same period,
we've returned US$5.5 billion to shareholders, including the current returns. I think
that clearly differentiates us, and it's a track record that we will look to continue
going forward. In summary, we're renewed and refocused. We offer a combination
of growth and further returns from a combination of differentiated balance sheet
strength and continued fiscal discipline in everything that we look at"

FWIW I suggest you all visit the capricorn energy website investor section.
Go to Results/Reports/Presentations.
Download and read the transcript of the webcast and the information pack.
Most of your questions will be answered, by the company.
https://www.capricornenergy.com/investors/results-reports-and-presentations/#Tab2022=1

Sold the rest of my holdings yesterday and for the first time in over a decade hold no shares in PMG.
Getting my money back has involved trading the 35p to 60p range over and over again.
I would invest again, but at the right price (under 40p)
I got greedy, bought a 'hot share', as it was at the time.
I think many investors here made the same mistake.

Morning all,
Eric Hathon of Capricorn said yesterday "In the Mid North Sea High, we've completed the acquisition of
3D seismic over the main Plymouth prospect and we should have the data in hand
in May of this year"

Relinquished as part of a 'licence re-focus'
At a time of record gas prices PMG dropped the golden goose writing off £11m in the process.

I do hope you are right SOTB, I am just protecting my capital and making money when I can.
PMG has been a perennial under achiever, I think we can all agree on that.
2014 Pre tax PROFIT £1m
2015 Pre tax LOSS £30.8m
2016 Pre tax LOSS £6.4m
2017 Pre tax LOSS £4.3m
2018 Pre tax LOSS £5.9m
2019 Pre tax PROFIT £4.8m
2020 Pre tax LOSS £792k