The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
From the results...
"Presentation to Analysts and Investors
A presentation to analysts and investors will be held at 09.30 today - London time. The presentation will be accessible via a webcast by clicking here."
^^^ The above link relates to a call scheduled for yesterday at 1pm. I'll try nearer the time.
Really happy with the results. Pleased that share buy-backs start this year (today?), but slightly disappointed in the $15m allocated. It could have been double that and not made a dent in finances. A good start nonetheless !
Plenty of time Karken, chill out man.
Climate - The Movie.
A must watch for anyone interested in climate change. Should be a box office record breaker !
200,000 @13.82
GBP 600 to develop Bressay
https://www.rigzone.com/news/viaro_acquires_full_ownership_of_license_west_of_shetland-04-mar-2024-175946-article/
At the current ridiculously low SP, it seems prudent to consider implementing a share buy-back initiative rather than distributing dividends. Of course nobody knows where the SP will be if/when the buy-back starts, but even if the buy-back is initiated at a price twice the current level, it still presents a compelling strategy. In fact, even at three times the current stock price, the argument still holds ? Maybe ?
This is speculation I know, but I'm curious to hear various perspectives on the potential size of the dividend/buyback fund and the possible commencement timeline ?
A fantastic update if ever there was one. I particularly liked this:
"The Group will provide an update on shareholder return plans when we announce our final audited results in March.”
Me neither! So fill your boots while you can.
Serica Energy, 100% North Sea operator, 50/50 Oil/Gas. At the last interims had net cash of £234m. They've just completed a new 6-year $525m RBL facility with an option for another $525m, Why ???
From the original RNS (18/12/23)
"The new facility, combined with our existing attributes, means that Serica can approach acquisition and investment opportunities from a position of considerable strength."
Could be interesting !
Karken - there's no volume. The price you see is meaningless.
Sure UK O&G is sold on the open market. But the point of energy security is that the UK government *could* requitision UK produced O&G in extremis. That is the security.
UK Petroleum licensing bill 2nd reading today.
Bressay green light is a given what with the recent Rosebank approval and Sunak on record wanting to "max out" the NS. Perhaps more pertinent, is what will the development cost and how will it be funded ?
Oil rose after Iran sent a warship to the Red Sea in response to the US Navy’s sinking of three Houthi boats over the weekend.
Brent up a $ in 9 minutes
8 Years.
Adding on dips throughout those 8 years. Still adding occasionally. Volume weighted average price 23.25
Wouldn't dream of selling any sub 30p (Market Cap £574m).
Heat pumps. A car crash in slow motion !
https://www.youtube.com/watch?v=GhAKMAcmJFg
Not many of them around with a publicly available price. Did find this:
https://www.oedigital.com/news/495980-bw-offshore-sells-laid-up-fpso-for-50-million
Dumbly
That’s not how I read the RNS. My understanding is they’ve bought a 15% interest in the Bressay fields and a 15% interest in the FPSO.
Anyone else think differently ?
Anyone care to estimate the value of the EnQuest Producer FPSO ?
Re ENQ tax losses - There are rules which apply in carrying forward tax losses when company ownership changes. Generally speaking a trading loss arising before the change in ownership cannot be carried forward for relief against profits arising after the change of ownership. There maybe ways around it, but it's far from simple and it's not straightforward.
"We are encouraged by government announcements relating to the fiscal regime governing the UK’s oil and gas sector"....
What announcments ?