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Directors can only buy at a distance from any price sensitive news.
I assume they haven't done enough homework on where to drill the exploration wells. Nonetheless they had said drilling in this quarter but now saying H2 2022. So no meaningful increase in onshore production coming anytime soon.
I read the RNS. Should all be worth it in the end.
Flat production was expected. The postponement of drilling was not. Always "jam tomorrow". Not drilling now means any onshore increase in production is end of year.
I wouldn't hold your breath for a dividend.
Having waited a few years I can wait a bit longer but some admission of what the onshore delay is would help ... the recent RNSs are vague. It seems extraordinary that after years of owning the onshore facilities and with such high gas prices IOG are not in Production yet.
CaneToad Trinity operates several old fields which produce modest but steady oil flow. They have no debt and the cost base is low so they sit on cash. Modest oil flows mean modest cash flow and modest profits in a high tax regime. They have grand plans for drilling onshore exploration wells. They want to do a major offshore development but how it will be financed is not set yet. They don't pay a dividend (so the only beneficiaries in the last few years are the management paying themselves performance bonuses no matter where the SP is). Production update due soon: they were predicting a slight decline. Could all come good in a few years from now.
Oil & Gas projects are 24/7 so it would be odd if they closed up for the holidays. I think we are all puzzled as to what the onshore problems are. I think they said everything offshore was ready. If first gas isn't happening this month then I think we need an RNS. The follow on question is what production rate will be and then we can all guess at revenue. I would hope IOG is worth more than 35p
Was 750 so a 700 target is still good. Today's update.
Not a big company but seems to be doing all the right things. Regular buys by directors this year and last is always a good sign. It is a while before next results or trading update.
Viable - Rescue boat is a requirement alongside any fixed installation. Not at all strange.
I found the latest RNS from CSN on the APP board. I am sure this is just LSE muddle and not the stock exchange. Doh!
Going by the Q3 statement, Q4 oil production is expected to be a bit less and also down on 1 year ago. We have to hope the new drilling brings increased production within next 6 months.
All fine but I hadn't realised CAR was the primary supplier of these kits or their contents. Are we sure about this?
Anyway I agree it is top up time.
Any ideas, seems to be going okay as a recovering company?
A mention would have been helpful.
Don't take advice from LSE chat is the best advice! MATD for example has lost many fortunes for many people for many years and not produced a drop of revenue.
delfrog, that is a long, long way back! (I thought I was old having been a few seasons on Oxy Piper offshore - the two years before it blew up). A few things have changed since then. Most of the heavily unionised construction yards have gone.
Drill rig ROV operations are the worst (I used to work in ROV operations). Months of doing nothing and then a few hours of very intense work then nothing again. ROVs and crews work best when used regularly. Anyway, just a blip, a great nothing of significance, only a small delay. Nice rise in SP in last few days. :-)
With the high gas prices this winter we have to hope IOG gets into full production early New Year. I am sure they know that: we just have to be patient. Could be quite a lift to the SP when it does.