Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Looks like they all passed.
if you read the resolutions its all about agree to issue shares against payments and debt interest.
https://www.echoenergyplc.com/media/1539/2022-06-01_agm_notice_web.pdf
Oil trader - production this year will be higher with a higher return on then new contract. Notice they are now planning to use the money not only to crack on with the workover program but also to get this debt down. If Dec 2022 accounts show an further increase in production and the debt reduced by another 3-5 million i think we should take that a step in the right direction.
this company wont 100% overnight. However i believe a slow steady growth in production and with the debt be paid off is progress even if we do not see it in the SP.
Unfortunately we just need to ride it out. I still stand by my calculations that without the debt this company would be sitting around 3.4ppl. Hopefully in time ( 18-24 months ) we get there.
If you notice on the chat there are only around 10 of use who regularly comment that are invested. Im know we are all down on our averages but unless we ride this out its only a paper loss.
To be fair ranger you have no shares in this company so i still don't understand why you even bother posting on here. But ill agree wit you that this company has been run in to the ground over the years. I think the fact we are still ticking along was because the main investors didn't want to lose there original stake. However as much as people criticize MH, if you look at the work he has done behind the scenes to stabilize the company he hasn't done a bad job.
Personally i would of liked to see him at the start of the project too see how he would have spent that £25 million. I reckon he would have done a better job.
I'm not going to average down as I'm in to crypto recently and starting to turn a profit in that so will continue working my portfolio there.
Hopefully this time next year i can say ill be a millionaire lol
The oil and gas price will continue to be high for at least another 12-18 months in my view. I have seen a jump of 20ppl on fuels within the last 2 weeks alone. There are always different deals out there including platts, hedging, weekly, spot etc. With covid outbreaks in china and the war still going on we wont see any normality for a while. I also don't believe the barrel price will go below $80 for a very long time. With all this in mind Echo should do rather well in income for at least the next 3 years. During that time they should be able to do there workovers, clear the debt and look for new opportunities. that is the only reason im still here. plus my average is crap.
I see Fiona is still doing alright for herself. Still cant believe she gets these types of jobs considering she blew £25million in less than 2 years on failed projects and left this company in the Sheet.
https://www.costain.com/news/news-releases/costain-appoints-fiona-macaulay-as-non-executive-director/
he seems very confident to back up his prediction for growth for the whole company. didn't look phased one bit when challenged about the % of growth. if they can increase SC production from 2250 to 3500 by year end then crack on.
just listened to the podcast. was worth listening too. that ceo seems very confident on how there company will move forward. the info on production increase on santa cruz was also interesting. if they can increase the figures he suggests then echo's % will be pretty decent year end.
No I'm still here. tempted to buy some chunks to get my average down . I think the results could give us an idea of where we are going forward. I'm more interested to know about the unsecured debt and how that is going. Be interesting to see if anything else was announced too.
Seb has averaged down and bought a chunk. In my view you don't buy a chunk like that in this company without good reason. That's certainly not a punt.
do you have a link to interoils podcast or is it on there website? im tempted to buy a chunk in here to get my average down ahead of the results. i think they will be better than last year but need to see them on paper.
ill be honest last time i posted on here my convo with Martin i got shot down instantly. All i will say is we had a chat and Ill be having another chat with him in a few months.
All i will say is the main focus is getting the unsecured debt sorted and this workover program done.
If you took away the debt total which is nearly 45 million the sp would be around 3.44 so you have to factor that in.
The money there earning this year will certainly help ease pressure.
I have offered to come on board as a NED couple of times but to no avail.
There wont be much action this year i would of thought until they get this unsecured debt down. i was tempted to buy some more at this rate and get my average down but think it would be too risky at the moment.
ive had more luck on the bitcoin drops so far.
We are not getting $8.70 for the gas though. Contracted is half that rate. The spot rate also differs to the average price you are seeing which will be less.
I’m unsure of the spot rate in Argentina but it’s not 8.70. If our contracted rate was in the 4’s then the spot won’t be far off.
second that Diggittt.
Until that debt is sorted ( which i believe it is ) we will not see a shift in sp.
the problem with this debt is its not secured. Our suppliers can simply turn us off if thy wish hence the urgency in paying it back.
Once that's paid back then we should start seeing movement.
all in all we around around £45million in debt... that disappears then the true value of the company would be around 3.44p at todays rate.
The debt is the reason we are being held down.... debt starts gong down then we should see a better sp, but we need to see that on an rns first.
don't get your hopes up oiltrader.
News will be released soon on financials but i doubt any news will come out soon on workovers. There will be additional maintenance work carried out but i don't think we will see much for the next few months.