The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Half year results - liabilities should look much better.
But clearly there will be no cash from selva - so not expecting much.
Also, El romeral cash generally appears to stay in Tarba, so might not show as cash on balance sheet.
The full year will look much healthier. Saying that, still expect we get PVE update on 1st cash payments and flow rates 🔜 to give short term steer.
Maybe worked buy throughout day or broker buy.
Nice purchase anyhow.
Let’s not forget - 1 of the largest gas fields in the world closes in a few weeks 👍🧘
Further upwards pressures on TTF’s incoming.
https://www.offshore-technology.com/news/groningen-gas-field-closure/#:~:text=Extraction%20of%20gas%20from%20the,the%20Dutch%20Government%20has%20announced.
Agreed - I would be gobsmacked if that's not an indication bigger contracts are due to roll in shortly.
Love it.
Nice steady presentation:
✅ 2 producing assets now from onshore indigenous European gas assets
✅ Balance sheet strenghthening month on month
✅ CLNs - expect more conversions into equity to reduce cash outflows, CLNs held by 'known' HNWI's (inference of holding)
✅ Use cashflow to self-finance future drills on both Selva + El Romeral, no raises needed for this activity
To be fair to Mark, he's really turned around Proxpex - it's in an extremely strong position now, and circa 4.5m euros flowing in conservatively.
1) Further organic development of assets
2) Further acquisitions
2) Prospex becoming a ripe takeover target
...take your pick, all good options ✅✅✅
It's certainly ridiculously cheap at 6.5p!
Feel 8-10p should be a good short term target ahead of continued production and winter sentiment / increased TTF prices moving this forward from there.
I calculated (per prior post) PXEN should have circa £2.7m already, by y/e could be increased to crca £4.5m+
- Above taking into account Sept/Dec repayments of CLN if no more exercised
If CLN's were all to be exercised that figure could be circa £5m.
Not bad way to start '24 with 2 European assets producing FCF, and permits / expansion on both to come.
Https://twitter.com/ProspexEnergy/status/1699678889231208796
Not the most heavily advertised event in recent history.....but if anyone is hanging around Mayfair tonight wondering what's on.....
"Catch #PXEN CEO, Mark Routh presenting at the
@proactive_UK
One2One #Investor Forum, taking place at the Chesterfield Mayfair Hotel in Mayfair today at 6pm."
I don't sign-up to this trail of thought, but in many ways matters not, as we are where we are.
But expect many CLN holders are sticky / LTH's, if not, why not convert earlier - expect many are converting to hold, and believe many will be known to BOD.
Anyhow - looks like march to 8p will occur over next few weeks or so.
Very helpful - last question, what's the cut off date to convert ahead of 30th Sept repayment?
Https://wcsecure.weblink.com.au/pdf/PVE/02708235.pdf
https://www.povalley.com/investors/asx-announcements
Nice take from theyknowitall in PXEN TG post PVE's latest presentation update:
"The take away from it for me is it’s a simple mathematical / financial read across for the Italian producing well whilst the drill permits for the look a like wells are worked up. EG. Production well @ 80k scm daily x 35 TTF for 31 days @ 37% creates €320k monthly revenue whilst @ 145k scm daily x 40TTF @ 37% creates €665k monthly. I like the fact the production is coming on line in a managed fashion and not rushed. It’s the best approach in the long term. All looks good in here imo. The last 6 months we have seen a sell off / profiting through the combination of the exercised warrants being sold, traders moving on, big legacy holders selling down, distressed sellers ,conversion of 75% of CLN’s which in the main l think are long term holders as they were not converted when the SP was 15/20p region. Very bright future ahead with good cash levels, income, only circa 320m shares and no debt once the small amount of CLN’s are converted"
The other points re. today's RNS worth considering:
✅ Contract win to existing client
✅ Addition to their existing contract
✅ States further opportunities identified within this client and other existing private / public sector clients for STREAM
So more than just the £87k on closer inspection:
👉 Further proof that existing clients are a) being retained and b) being 'upsold' / taking more services
👉 Re-affirmation of further opportunities in play
So whilst 'just' £87k (4% of rev) - if Kerry and team can continue to add multiple contracts via existing and new clients, which we know is 'sticky' based on retention rates, then the story quickly unfolds
Agreed - getting tight now, appears material seller of last few months is done.
Let the re-rate kick-on.
Hi @bigmj - do terms allow for CLN’s to be converted ahead of each 1/3 repayment date or just at the point of 1st repayment date?
E.g - can’t convert remaining CLN notional once accepted 1st 1/3 repayment.
Based on prices - pretty confident they are worked buys.
Incomings YTD '23 (+£3.04m):
- £1.5m PXEN '22 Y/E
- £428k (EUR 500k) Tarba '22 Y/E
- Tarba '22 Y/E circa EUR 1m profit, so let's say EUR 500k to PXEN
- £240k (EUR 280k) SNAM Bond returned
- £500k Tarba estimate Jan-Aug
- £372k Selva estimate EUR 435k @ 30 EUR (conservative)
- 1.8m scm (pre 7th Aug) / 2.16m (post 7th Aug) = 3.96m scm @ 30 EUR
Outgoings YTD '23 (-£364k):
- £214k Non-Convertible loans
- £150k Salaries YTD??
Current cash circa £2.676m*
*Post Selva cash received to end of Aug)
Owe (£1.45m):
- £1.2m CLN's (if not converted - split across Sept '23 / Dec / Mar)
- £150k CLN interest (if not converted)
- £107k Non-Convertible loan (Dec '23)
@zak agrees with bullish divergence in play from technical perspective.
Clear 6.5p and aim to hit 10p next 4-6 wks
https://zakstraderscafe.com/bulletin-board-heroes-august-31/7599/
Doing the calc - Mark Routh’s stated €360k per month / $4.3m / £4m per annum, is based off circa 100k scm/d and €30 TTF.
So just need to ramp up daily production from 75k to 100k scm/d - expect that will be confirmed in imminent flow rate update (plus 1st cash amounts confirmed from Selva).
TTF’s increase to 40/50 (already circa 40 Eur) revenue increases to £5.3m / £6.6m accordingly.
Ignoring El romeral at 33% (circa €500k per annum) capacity and all other wells in both Spain 🇪🇸 and Italy 🇮🇹.
It’s cheap - fundamentals will win through.
Current mcap = Sub 17m.
Expect that was a buy - anyhow, in the book either way.
TA's view is that "bullish shark and butterfly in PRZ with bullish divergence".
September should be good.
Think we've hit turning point now.
Under 6p is a rare opportunity.
Update expected this week on 1st payment from gas production into accounts AND updated flow rates.
Expect both will be welcomed by the market - facts don't lie.
Such a tight free float and contract wins expected in Sept.
Today's move shows how difficult it is to build any position in size.
10p 1st short-term target.
Volatility continues with renewed strike notification by Chevron workers;
https://www.worldoil.com/news/2023/8/28/chevron-lng-labor-strikes-to-begin-in-september-surging-european-natural-gas-prices/
Continued reminders who gas supply is still hugely sensitive to any global “blips”.
More cash to PXEN - and expect demand to increase from Japan, China and Europe heading into winter.
Solid fundamentals, hugely undervalued.