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Excellent news company still growing cash balance healthy even after dividends I think the market thought growth was stalling which it isn't.

Agree with Roxi, good to see the shuttle tanker rieved of it's duties this has been huge costly drag on Montara, production has held up at 17.5k bo/d, as for Akatara the commissioning phase and ramp up to production will always flag up issues this is to be expected with all the mechanical components and electrical instrumentation, switches etc working under load will flag up some failures of kit which has happened here, it is not a failure in any way of the installation team who have done a marvellous job, it's life.

1, a limited life copper mine with it's end date on the horizon, therefore limited growth unless they acquire another asset.

2, a lead and zinc mine that's profitable but secondary to cu operation.

The upshot is they are at the mercy of commodity prices and efficiencies for share price movement it's not coming from increased production.

I thought the half year update was okay by kmr standards, longer term supply seems as though it's in a trough with no new supply imminent to come on line, they seem to have grasped the nettle with larger dredges to maximise efficiency and are addressing the increased slimes expected when they move to the new mining area, on the downside we are going through a period of lesser graded material with production not reaching the highs of years past, although as management state financially they are in good shape with a cash balance it will be interesting to see how big the cash pile can be built before the looming wcp move.

When all's considered they seem to be aiming for maximum mining efficiency their customers are varied and enjoy consistency of supply so with a 100 year mine life I don't think they will be looking elsewhere for guaranteed supply.

We have a little downward pressure on prices buts that's life in mining maybe dwindling supply will keep that to a minimum.

Well said ISA, running mines is not a straightforward run of the mill operation, there are always hurdles to overcome and do far the company has jumped them all with aplomb, eventually it comes down to the balance sheet and with the gold price as it is they are doing just fine regardless of wether they hit lower end of guidance or not.

There are other gold miners out there to choose from with many having far greater issues than here.

On the back of Mondays rns this is excellent news and backs up what the company stated that first gas was imminent, hopefully all goes well over the next two weeks as they ramp up production, the only downside being the market response which is pitiful, still with the major capex now spent we are on the cusp of the payback.

I am right that Orion can now start selling if they wish after the 90 day lockin period, in addition stoping to start in August providing permits are received, otherwise all is progressing well, getting to really interesting part now nameplate capacity.

Tipranks commentary

Seplat Energy PLC reports a solid first half of 2024 with operational improvements and key projects on track, despite a slight decrease in production and revenues compared to the previous year. The company has successfully maintained a stable operational environment in the Niger Delta, leading to reduced pipeline losses and improved production deferments. Financially, Seplat Energy has seen a rise in adjusted EBITDA and a decrease in net debt, while continuing its commitment to the ANOH gas project and the proposed acquisition of MPNU.

Not sure I agree with you there Trek, I was in Eland prior to this and only bought Sepl later after they took us out, I have done well in both instances, like everything it depends on what you buy.

It's obvious to me that the comments made by many have never worked on major engineering projects from design to brownfield site to completion if they had they would know how difficult it is to achieve what has been achieved here, they haven't hit there stated start date however it's imminent which suggests days not weeks, these projects are on offs, the workforce who design builds and commission will all move on to other projects which will not be another Akantara, this not about building a plant that has been built exactly the same hundreds of times before by the same team to the exact same specification so to get so close to what has been stated as completion and the start of production deserves some appreciation.

I don't think anyone on here has mentioned Nigeria as a possible country for acquisitions the majors are leaving at rapid rate there and deals are there to be made, however it does seem to take time from announcement to completion but it is certainly a country which is looking for inward investment with the government looking for more backing and wealth generation from oil and gas, it also has the benefit of being Western leaning in it's political outlook.

In the world we now live in, this diversification of power supply is welcome news, definitely required to comply with nonsensical green agenda regulations or expect ramifications if you don't, I am amazed how countries have adopted the net 0 nonsense without push back, the threats of not doing so must be severe.

From Malcy rightly points out the management structure at Sqz has been transformed, the charges laid against the old management is old news, we now have a new team in place and it's from here they should be judged, not from what has been inherited. The Sqz that lth knew is no longer this company has new management and new direction.

Just before I go I want to congratulate Andrew ‘Benners’ Benbow who recently left as Head of Investor Relations at Genel Energy. Without drawing breath he has told me that next week he starts in his new role as Head of IR at Serica Energy. Now readers know that I am a big fan of Serica and in recent months they have virtually completely changed their executive management team, Dave Latin, having done a great job as interim CEO returns to the Chairman’s office and leaves Chris Cox who has just arrived as CEO. With Martin Copeland getting settled in as CFO and with a great team across the board this looks like the final piece in the jigsaw at Serica and I congratulate whoever it was for hiring Benners.

This gets marked down due to situation and political risk if it was Australia or US

then fine but it is not its Mozembique so that has to be taken into account nevertheless as you rightly point out it is still undervalued for a world class profitable asset.

Read several of these types of news reports over recent months this came up from nowhere, are we any nearer comments appreciated.

https://nairametrics.com/2024/07/19/seplat-exxonmobil-1-28-billion-divestment-deal-shows-nigerian-government-understands-what-business-means-dumo-lulu-briggs/

I see Tenaz have bought some gas assets in the Dutch North Sea 11k bbls of oil equivalent for $180m they are Canadian listed with some existing assets in Canada and the North Sea however these are minor compared to this deal.

Not sure of the EU tax regime but it does show there are deals to be made.

https://www.reuters.com/markets/deals/canadas-tenaz-energy-buy-dutch-nams-offshore-assets-180-mln-2024-07-18/

I can't see anything materialising until after the WCP move so sometime in 2025 hopefully between now and then we will see some appreciation in share price to reflect the mine investment programme currently ongoing.

Not so sure about that with inflation still not falling as much as economists would like means costs are generally rising why should the cu we produce go down in price there has to be a balance, and this equation relates to all commodities.

Broker commentary

Kenmare Resources (“KMR”) has released its Q2 trading update showing improved output (as expected) and leaving Moma on track to meet reiterated FY24 guidance across all metrics. Ilmenite production of 239kt was 1% below H&Pe and up 16% QoQ with better ore excavation rates offset by lower than expected grades. Despite solid operations at Moma, finished product shipments were 16% below H&Pe at 235kt, due to poor weather and unscheduled conveyor maintenance. With output expected to rise in H2.

When thinking about statement made by Mr Carvill his retirement and takeovers I have a feeling there is a suitor out there and perhaps informal discussions have already taken place.

I note we are putting in place several improvements that should have been implemented years ago, improved slime systems so they impact recovery more dredges etc, they should imo hire vessels for continuation of supply when it's known one is due for dry dock inspections rather than stockpile which then gets flagged in updates as lower revenues, it's just not a good look.

Fortunately I feel our current investment programme will have the mine running at optimum levels, if I was betting man I wager our suitor has stated get your house in order and we are interested but not if we have to put right your failings.

Just my musings interesting times anyway with the investment and upgrade programme.