George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
The secret to happiness is really no secret at all. Love your family and count your blessings.
Even the poorest people in this country are better off than 95% of the people in the rest of the world and 100% of people from previous generations. Green eyed envy WILL give you mental health problems. Should you put up with being exploited? No. But you should look at your own situation, not compare yourself to others, wishing things were worse for others won't make them better for you.
From the full year results
"2023 DIVIDEND
Stakeholder, and specifically shareholder returns, are central to our Company strategy. We have built a ten-year track record of returning cash to shareholders, based on our policy linked to free cash flow generation before growth investment. Our dividend policy makes firm commitments on capital allocation, meaning shareholder interests are always at the centre of what we do.
Consistent with the Company's commitment to returning cash to shareholders, and recognising 2023 as the final full year of reset of Sukari, the Board proposes a 2023 final dividend, for the year ended 31 December 2023 of 2.0 US cents per share (circa.US$23 million), bringing the proposed total dividend for 2023 to 4 US cents per share (circa.US$46 million):
...
As announced on 9 January 2017, the update to the Company's dividend policy sets a minimum payout level relative to cash flow while considering the financial condition of, and outlook for, the Company. When determining the amount to be paid, the Board will take into consideration the underlying profitability of the Company and significant known or expected funding commitments. Specifically, the Board will aim to approve an annual dividend of at least 30% of the Company's net cash flow after sustaining capital costs and following the payment of profit share due to the government of Egypt."
No mention there of a change in policy. Of course they could change their mind in future.
Https://hansard.parliament.uk/Commons/2024-01-22/debates/D1B46B7E-C26E-45F5-94A3-5B0E3493B03E/OffshorePetroleumLicensingBill#contribution-7281A082-89B3-4033-8D63-CA90E12F1964
Alexander Stafford
(Rother Valley) (Con)
My right hon. Friend is making a very powerful point about both energy security and getting those jobs—those British jobs. Recently, I visited the Falkland Islands with a cross-party delegation, and when we met the Falkland Islands Government, they said that they are desperate to unlock the Sea Lion oilfield and to get British workers to operate that field—obviously, the Falkland Islands is a British overseas territory—yet they are being stymied by the UK Treasury, which will not underwrite it. Does my right hon. Friend agree that the next thing we should do is back overseas territories by developing their oilfields, so that we can have good British overseas territories oil and gas in the UK and British jobs in the overseas territories, and support our one big happy Commonwealth and overseas territories family?
Claire Coutinho
My hon. Friend makes an interesting point, and I would be very happy to meet him to discuss it further.
The GB News piece, at about 18 minutes in.
https://www.youtube.com/live/dSD_gBdHazA?feature=shared
Saw some mention of this on the BOR board but nothing here. Serica have farmed into a JOG project:
"The total capital expenditure forecast for the Buchan redevelopment is estimated by the Operator, NEO, to be approximately £850-950 million (gross cost) to bring into production over 70 million barrels of oil equivalent (95% oil), with peak production rates of approximately 35,000 barrels of oil equivalent per day."
To compare to phase 1&2 of Sealion:
Capex $2.2B
Target 269 mmbbls
Peak 80k bbls/d
Sealion economics seem slightly better to me. Surely NAV should be able to find another farm in partner if they want/need.
Now only £6000, reduced from £12000 last year.
https://www.gov.uk/guidance/capital-gains-tax-rates-and-allowances#tax-free-allowances-for-capital-gains-tax
If the Theoretical ex-rights price (TERP) of 17.1p / 342.6p as stated in the Investor Presentation on p.15 turns out to be correct, my calculations make the break even price 60p today assuming you take up all your rights.
https://ir-news.synthomer.com/downloads/A.4.%20Investor%20Presentation.pdf