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Company is targeting 1,500bpd by end 2019.
Note: We can now allow well 16az to flow to its full potential. Detailed operations being prepared to be shared shortly. I think these guys have things in hand. Gl
Maybe a sell order to fill? Good news here. No debt, producing ~1,100bpd shortly, definitely underpins this price. Gl all dyor
Assume 20m sold is Woodford, now holds 73m shares Good to see he is reducing. Once clear or 5% less the overhang is gone and things can continue ..
What’s that got to do with BLOE?. Mining permits are completely different, many juniors take years to obtain them (sometimes 3-5 years) as Mining has a completely different environmental impact. Gl all. Dyor
Here’s what to expect in the next 12months GL all dyor http://www.blockenergy.co.uk/about-us/#business-strategy Drill horizontal sidetracks at three West Rustavi wells analogous to 16aZ to scale up oil production and fund future capital programmes Appraise two of the field’s existing gas discoveries and drill a new gas well Expand the field’s facilities to increase production capacity to 4,000-5,000 bbl/d Acquire a 3D seismic survey to provide a critical understanding of West Rustavi’s subsurface Continue existing Norio work programme and drill a new sidetrack Next 24 months Bring West Rustavi’s gas reserves into production Continue oil development across all our licences Secure additional licences in Georgia and the wider region
Think it was stated on the proactive interview it would temporarily go offline for upgrades to handle the increased capacity once they begin.
MTRO has dipped below placing price in the last weeks, although it’s up today.
New here just loading up, not sure why so impatient about an RNS? Things don’t happen so fast in this industry. Good thing is target 1,500 bod in 6-12 months, that’s circa 1.6m cash flow per month. No debt, nice Plus other drill potentials. Gl
Even more than expected. Shares in issue 68m, well over double. Directors also buying in cheap...so they knew it was going to be bad! AIM at its best.
Yes right. Note ETX, E-therapeutics, Woodford has sold down from 14.11%-6.67% today. SO Woodford is still looking at raising further capital despite the recent fire sale. Which means CIR is no way safe from another sell off period at any given time. I think the fundamentals are good here but with 25% of the entire shares in issue potentially needing to be sold creates a massive concern short term. Also -can CIR run with current cash flows, a raise at these levels would be insane? -The company is still running at a loss. Will this break down in SP ever recover to previous levels in any short-medium term? Maybe 30% back up but I think we will struggle to get up by 100% to circa 30p for a long long time. Seen this before, sadly after big crashes shares rarely get back up to previous levels and a responsible estimate may be 40p in 2020/2021 or when we start making money. Gl all dyor
Interim results for first half due end Sept. maybe some update on Air-No-Vent FDA approval, but I think this is likely in Autumn. Woodford due to give a fund update next week. Sympathy for fund holders but I doubt they have suffered the same as this share. 60% down since Feb alone.
Woodford fund may be on freeze until later this year or even next. Illiquid stocks could take 6 months plus to sell. https://uk.reuters.com/article/uk-woodford-inv-suspension-unlisted/illiquid-assets-held-by-woodfords-uk-fund-pose-hurdle-to-reopening-idUKKCN1TO05O
Bestintown, I was just playing with possibilities. I don’t know if the company will require further use of its debt facility since the projected profit is considerably less this year. Depends what else they have planned! Acquisitions, unforeseen circumstances etc.
Yes that will be good and I guess the fine details to follow. SP prob should be £1.50 now. But Mr market is saying £1.00. So whichever equity firms pick up placing is going to get a bargain. Onwards and upwards to the next couple of years.
Cheers yes makes sense. Current debt for 2019, that is publicly known is 75.6m, if no further debt is obtained that’s 3x projected EBIT this year. If more debt facility is used that factor will be higher. So yes capital raise would be used to get comfortably below 2x. Otherwise a restructure of debt but I can imagine they would like to have a better balance sheet so imo equity raise probable.
Loan facility =150m 120m committed 30m uncommitted 25m overdraft In Jan RNS stated 63m (of which 20m exceptionals) debt for year end 2018, revision of audit issue in my calculation (32.6 mil exceptionals) put that to total net debt end 2018 at 75.6m For year end 2019 I don’t know what further debt will be incurred but up to a total of 90mil is not out the question If the covenant is 2x EBIT that’s 50mil debt ceiling assuming EBIT of 25mil. Shortfall =~40mil otherwise they are operating debt at ~3.6 x EBITDA . So the loan facility can take it, but the covenants are low due to worsened outlook this year. Looks like a placing IMO unless anyone experienced has a view on how the creditors will view this? Gl
At least SH’s dual role was/is not hidden. All clear on Woodford website. https://woodfordfunds.com/funds/wpct/board-directors/ So just need to keep superglued to news, anything pointing to safeguarding illiquid funds and be ready to pull the buy trigger, imo dyor GL
Not 100% out the question! Long shot but not impossible. Also what will the placing be? Perhaps above £1.00. Bod really played this stupid, could have played their cards much smarter.
If a placing happens let’s say at 80p then that’s 44 million shares to raise £37mil That puts 71 mil shares in issue, if we are at £1.00 at that point it’s a mcap of £71 mil, roughly 2.5 x EBITDA currently So if we take 4 x generous scenario that’s £1.50 share . If no dilution more like £4.00 Next RNS, placing or no placing and what placing cost makes all the difference. I am pondering if to get back in GL