Member Info for oxygen

Hope this turns around for those involved although with Euan in control ( Co.op Group / SuperDry ) anything can happen and usually does , to shareholders detriment. GLA.

An EPL floor set near average historical prices (well below current Brent pricing) won’t bother ‘joe public’ whilst knowing the Industry is still being heavily penalised to pay for their comfort. Currently we have OPEC to thank who care little about what others think !

Will be interesting to see how the Market reacts tomorrow. BUR have quite rightly highlighted a number of hurdles to be overcome and elongated time lines, to try and manage expectations but you can’t ignore this is a very significant step for them. I gave up trying to predict daily SP movements long ago my only conviction being to review this holding in 5yrs time, as for me any settlement within that period would be a result given Arg’s history and dire economic position.

Hi Rom. …Yes and equally heartening was to hear Jeremy Hunt acknowledge that fact during his Treasury Select Committee appearance last week. Well his comment was directed at Gas prices but clearly he wasn’t going to admit the same applied to Oil, as he was very keen to steer the conversation in another direction. We just don’t need Oil Prices to overshoot before amendments are announced as I firmly believe they will ….just a question of when !

“ the US bond market is screaming recession “, that’s as maybe but some in the US need to travel more then they’d realise any recession is home grown…tried booking a last min. Asian flight recently . Take Cathay Pacific, passenger numbers up over 3400% in Feb ‘23 from year ago….China is now buzzing and Biz Class always full ! ( just returned from HK ) . More of a problem for the US are Asia’s wider ambitions, and what some will want in return for rather large overseas debts that can’t be repaid….

Thks for posting. Agree with Oliver Shahs first words “the oil and gas tax was wrongheaded “ , but going onto say “the electricity one is so brainless it makes its fossil-fuel counterpart look like a work of genius “ is rather pushing it !! ….but at least it’s not only Shareholders who can see the blinding flaws it created. So I’m happy to accept any delays if it means they finally get it right.

Perhaps answered my own question as I see Bloomberg quote Burford as previously saying the legal claims are worth more than $7.5 billion before prejudgment interest. Ties in with the Arg. Reserve figure. I’ll go back to sleep !

Interestingly the Shares were suspended “pending an announcement “ following the earlier statement of the Ruling being released. So will the Company will now provide an update on the level of Quantum now being pursued as otherwise we’re in a rather false market being unable to assess the Company’s potential value. ( Ps. whilst a long term shareholder I haven’t looked at BUR for several years )

Clearly still a long way to go with no damages specified it seems, only guidelines so now up to Burford to get those large calculators out. Should put a floor under the SP but can expect Arg. to Appeal and wriggle & wriggle, as only they know how !

Good news to end the week on, just had to smile that the Suspension was 3 mins before close of play to allow those privy to the news to buy into. Will allow myself a little Moët later.

Whilst remain confident an EPL Floor will be introduced, the Industry has been clambering for this since last year, so the Gov. don’t appear in any rush, although agree the Finance Bill going thro Parliament gives them an opportunity, before an Autumn Statement. One of the unintended consequences of this tax being the reduced access to funding should be of concern to them, which shouldn’t be lost on Hunt, given his Business background. Next question is when would any Floor become operative, albeit the proposed installation of one should be enough !. I imagine AB has already written his Results script…they generally go down like a lead balloon, so let’s hope the new Chairman inserts his own upbeat version !

Guess George Monbiot has the luxury of being able to devote his time to climate activism . Of course he’s heavily outnumbered by the masses on this planet who have more pressing daily survival needs, so Global Temp. rises above 1.5c just doesn’t register, even to many living in low lying coastal areas. So good luck to him trying to persuade the likes of OPEC to leave the last drops underground as it’s scarcity valve rises, or indeed trying to take my neighbours 1970’s / 70hp diesel tractor off him before it’s belching fumes get him !

Well let’s hope AB focuses his charitable work next week towards his long suffering shareholders who’ve seen their food stolen by the UK Gov. !

There will have been much conversation with the Gov. behind closed doors here, and it wouldn’t surprise if the Chancellor has provided some further guidance ,to those in the room , about possible EPL amendments to meet price volatility. Thought Ithaca’s statement today was revealing “ We continue to look towards the UK government to create an economic environment that encourages investment in the UK North Sea."….that’s rather benign if the door had been slammed on them.

Problem is any news gets sold into so be careful what you wish for. AS probably regrets that SD !

Good to hear the Chancellor , currently being quizzed today by the Treasury Select Committee, acknowledge that wholesale Gas prices are now below the level just prior to Russia’s war on Ukraine….maybe he’ll also acknowledge the O&G windfall was equally short lived. We live in hope.

Guess that line “ the combination of inflation in our cost base and top line sales which are likely to edge backwards is uncomfortable” has unnerved a few, from what otherwise was a very comprehensive and reasonably positive report.

Well Barclays are typically upbeat saying that “any protracted outage of Kurdish exports until the end of the year would imply a $3 a barrel upside to the bank’s $92 a barrel Brent price forecast for 2023” . Being heavily exposed to this sector that sounds good to me , having sold off here today.

Suspect a number of Traders who were expecting a results bounce are departing.
Overall financials and prospects remain very good so now look forward to the mid term update.

@Jeff. Well at least this localised issue seems to have improved the POO. ( Had written off GKP yrs ago, just forgot to sell so still a shareholder… just checked SP surprised so high ! )