Member Info for ocelot

Not Monday morning, Neeko, it's a holiday.

The Miran impairment is a non-recurring item, so, for the purposes of earnings forecasts, 2018 earnings have to be adjusted for it in order to establish the base on which to extrapolate 2019 growth.

OFFICIAL MILESTONE TODAY! The 200th tanker containing crude oil has left Horse Hill and is heading to Hamble terminal #gatwickgusher #oil

I blame the Emperor of Japan - everybody's on holiday, even the British on Monday.

There will come a time, in all likelihood pretty soon, when this stock and board will come alive again.

hasn't helped my Friday Club forecast either!

More than a couple of years ago, the incumbent at the time was David Cameron and his energy adviser an ex-Schlumberger gentleman.

All that's happened is the company has raised some additional funds.

It is very difficult to operate in oil exploration and production without funding.

From the RNS of 08/04:

With respect to the 2018 financial year, a year in which free cash flow
totalled $164 million, the Board has accordingly recommended a final
dividend of 10¢ per share, a total distribution of $27.9 million.

Rangor,

Final dividend of 10c (they've spoken of splitting the full year dividend of 15c about 1/3rd for the interim and 2/3rds for the final).

just to complete:

re Greenland:

exploration programme to be submitted to the authorities tomorrow, 1st May.

Many thanks, Yanis.

re Clogau:

"as good as it could possibly be", "couldn't have had any better result from this work so far";

re Limerick:

1 outstanding permit, hope to obtain it in next couple of weeks, and then will go straight in to drill.

£3.01005m raised, market cap down £3.67m.

Jacksdad,

Yes, it's curious they provided so much detail about an acquisition that's yet to be concluded, highly unusual, I would have thought.

My reading of their accounting policy is that there would be, at least, a partial write-back of the impairment if Miran came to be assessed as a "cash generating unit":

Impairment testing of oil and gas assets is considered in the context of
each cash generating unit. A cash generating unit is generally a licence,
with the discounted value of the future cash flows of the CGU compared to
the book value of the relevant assets and liabilities.

Looks like a buying opportunity to me.

Let's see how quickly the placing is subscribed.

After yesterday's price decline, wasn't expecting the share price to decline as much as it has (4.225p now).

Good to have some clarification.

Agreed, nothing settled yet, but seems to be going in the direction sought by Genel.

... Behind this, Genel has a “free option” on a couple of enormous oil and gas fields in its usual hunting grounds, which have often been talked up as potential game-changers.

The plan is to develop Bina Bawi first as it’s the smaller asset, before moving onto Miran further down the line.

“It’s much more likely that we can attract capital for [Bina Bawi]. More of our friends in the banking industry will be willing to put money to work on a smaller project,” said Higgs.

“Once you’ve demonstrated that you can get one running, then you can go and build another one and another one.”

Because Miran has been pushed to the back of the queue, Genel took the decision to write down its present value in the latest accounts, although Higgs was keen to stress that the quality and potential of the asset remains unchanged...

https://www.proactiveinvestors.co.uk/companies/news/219293/balance-sheet-transformed-genel-energy-ready-to-make-most-of-kurdistan-s-second-coming-219293.html

... “We see increased risks of significantly higher oil prices,” Oxford (Economics) economists John Payne and Gabriel Sterne wrote in a note. “In the short-run, it is likely the supply impact will be offset by higher production elsewhere, but the market is tightening and all it would take is one more shock to supply and oil could reach $100.”...

https://www.bloomberg.com/news/articles/2019-04-29/what-oil-at-100-a-barrel-would-mean-for-the-world-economy?srnd=premium