We would love to hear your thoughts about our site and services, please take our survey here.
Much bigger company but Petrofac's RNS of this morning included this paragraph:
The Company has engaged and remains in discussions with its lenders to restructure its debt which would result in a significant proportion of the debt being exchanged for equity in the business. It also continues to be in discussion with prospective investors and certain major shareholders in relation to potential further investment in the Company and remains in negotiations with prospective purchasers regarding the sale of non-core assets, as set out in recent announcements. All options remain under consideration.
Costco sells gold bars to its members - an idea for Tesco? Or, maybe, Waitrose?
https://www.businessinsider.com/costco-gold-bars-silver-coins-monthly-sales-wells-fargo-bullion-2024-4
The last placing was for 585m shares.
Since its announcement, in the 9 sessions through to yesterday's close, 526m shares have been traded on AIM.
This figure excludes the volume dealt on Aquis.
Hopefully, therefore, the impact of the last placing on the share price will now begin to diminish.
Don’t ignore Montanaro’s ‘buy’ signal for over-sold UK smaller companies
‘Every valuation metric is telling you to buy at this level,’ says Montanaro Asset Management's chief executive after lifting its stake in Montanaro UK Smaller Companies to 6%.
BY GAVIN LUMSDEN
A version of this article was published in the Telegraph’s Questor column earlier today.
A significant investment in Montanaro UK Smaller Companies (MTU) by its fund management company has flagged a contrarian buying opportunity in the investment trust and for UK small-cap funds in general ...
Angus is also awaiting a decision, as to whether Frack Free Balcombe can appeal against their extended well test at Balcombe.
This decision, too, could be made at any time.
Balcombe is a promising horizontal well into the Kimmeridge so may have implications for UKOG.
Scroll down and their are some higher prices further out, eg Q1 25 is at 93p:
https://www.ice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5600725
Finch v Surrey CC re scope 3 emissions at HH.
Supreme court decisions are delivered on Wednesday and the timetable of future decisions released at 11am on the preceding Thursday.
This morning's page on the court's site is unchanged since before Easter, we are too close to the beginning of the new term this Tuesday:
https://www.supremecourt.uk/news/future-judgments.html
CORRECTION of my post of 09/04 at 11:27:
If one assumes the EV/EBITDA multiple is currently about 2x, then a multiple of about 8x would give us a share price of about 1.30p.
I've just pulled up Singhie's most recent post on Angus (of 20/03) and his share price forecast was 1.34p and not 1.51p, as I indicated in my earlier post, so, by different routes, one arrives at almost exactly the same share price forecast.
George Frangeskides of Alba wrote this in their Final Results RNS of 19/05/22:
"We look forward to hearing of the Operator's plans for enhancing productivity and delivering on the INHERENT, AND TO DATE LARGELY UNTAPPED, VALUE of the Horse Hill Oil Field".
The Supreme court judgement will remove the uncertainty. A favourable judgement should enable a more generous valuation of Horse Hill by the market.
GF wrote this in the Final Results RNS of 19/05/22:
"We look forward to hearing of the Operator's plans for enhancing productivity and delivering on the inherent, and to date largely untapped, value of the Horse Hill Oil Field".
The real problem appears to be less HH itself than the operator, UKOG's lack of resources to develop it.
From note 18 of UKOG's 22/23 annual report.
At 30 September 2023, the outstanding loan balances owed to HHDL’s shareholders were; Alba Mineral Resources PLC (Alba) £2.1 million (2022: £2.54 million), Doriemus PLC (Doremius) £0.6 million (2022: £0.57 million) and UK Oil & Gas Plc £17.43 million (2022: £16.59 million).
Since that date, a partial repayment of around £100k has been made to Alba (see the RNS of 06/12/23).
The loans are payable on determination by the Board of HHDL. The loans currently attract an interest rate equivalent to the Bank of England base rate.
The Easter legal term began yesterday and runs to 24/05. Below is an extract from Free Frack Balcombe's timeline:
November 2023
1st November 2023 Another round of fund raising is launched to fund our Appeal. Crowdfunding site launched at https://www.crowdjustice.com/case/stop-balcombe-oil/
October 2023
31st October 2023 We lodge our application for permission to appeal to the Court of Appeal.
15th October 2023 Judgement received from the High Court rejecting our judicial review. Our judicial review has been rejected.
July 2023
19th July 2023 The High Court heard a judicial review of the Planning Inspector’s decision to grant permission to Angus Energy to flow test for oil at Balcombe.
https://frackfreebalcombe.org.uk/latest-news/flow-test-diary/
CORRECTION: in 3/ "He speaks of considering drilling" instead of "considering drilling THEM", to make it clear they are not planning to drill 4 wells, the planning request for 4 wells is to provide them with a choice of options.
From 02:25 RH explains the capital projects at Saltfleetby currently being undertaken or planned.
1/ the booster compressor is on track, being constructed for the company in the US and planned for installation in Q4:
2/ noise abatement measures for the site, the compressor "hoods";
3/ working on a planning request for up to 4 new wells. He speaks of considering drilling probably from mid-2025 onwards.