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Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week by 57, falling to 408, with the total oil and gas rigs sitting at 582 fewer than this time last year as U.S. drillers continue to be squeezed between oversupply and under demand.
Over the last seven weeks, oil and gas rigs combined have shed a total of 384 rigs.
The number of oil rigs decreased for the week by 53 rigs, according to Baker Hughes data, bringing the total to 325—a 482-rig loss year over year. It is the fewest number of active oil rigs since June 2016
did anyone ask questions about the permission sought to issue shares? Someone mentioned the value of share to be issued at approx 50million US. Was any reason given as to purpose, were shares to be held in treasury for example?
Hardly surprising, I think the takeaway from this news is that the EIA are lying gits, and lower 48 production has nose dived so badly he will do anything to try stem the losses for next 6 months I.e. election.
TLW like PMO is tradeable with fluctuations in the oil price, whether there is also manipulation thats another matter. You wont find steady here or in PMO, maybe you can have that in CNE or BP. These are less risky but offer less potential upside. TLW is risky, no doubt about it. PMO too with potential massive share issue. I think oil heading towards 40, that's why I'm in here. Whatever SP is at that time I will likely sell. I'm thinking closer to 40p than 30p
Considering that unhedged 30kbod is now earning $150k more per day than this time last week it's a bit of a joke, but if its allowing some short positions an out it must be ok. That's a little over a million per week in income.
Like I said, 900million was for 100million cash up front, 50 at fid and 50 at initial start up all of which was subject to CGT in Uganda, 700million was towards costs to first oil also subject to CGT as it was being deemed profit. The project if it ever gets sanctioned will be massive and 700million -- not enough to cover tlw 11% position, so the cash out deal looks ok to me as 1) tlw is cash strapped and under pressure to reduce debt, and 2) uganda conditions change with every election making the project very risky. Tlw should have got out sooner in my opinion as no small/midcap e & p can handle mega projects of this magnitude. If you ask me I think tlw forgot who they were and got to thinking they could develop large mega projects which they are crap at based on issues with jubilee. Most majors fk projects up but shear scale wins through in the end. And here's the clincher, because they lost their focus their exploration business has suffered, recently they have gone from top to near bottom on drill bit success. Maybe because of not paying to have the right teams in place for both highly specific activities.
My opinion only, but I think they did ok to get 500million cash not subject to tax, and I think it will be a few years yet to fid. So wouldn't hold my breath for that 75million.
Where do you get the half from? Tullow sold for cash and its untaxed cash at that. The Ugandan government was looking for CGT of I believe but stand to be corrected 28% on original deal which was to be settled for 100+50+50 and a carry to first oil of a fixed amount. Uganda is going to be a disaster for total with cost overruns and general government interference (for cash to many hands). It looks good on the balance sheet that they increased reserves but that's all this transaction is about for total. Kenya is the same, and tlw right to get out of it although timing could be better.
Where has this 350million minimum raise come from?
I would be more inclined to say GS know lots but they run with the hare and hunt with the hound. I would love to see them and MS and a few others destroyed by this CV calamity but I think if they fall in **** they will come out smelling of roses
After market open on ops update this rose to 35p, where it was quickly brought under control. 35p is probably a decent near term objective. Oil coming under control, albeit a bit slower than I would like. US weekly figures are bull****. Continental resources shut in 160kbod last week alone. I reckon US production well below 12mbod now. 11mbod by end of May.