Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Really disappointing situation (and poor judgment on my part) - the Balance Sheet is horrible. Apart from all the loans there are 88m of current liabilities and the current assets will include VAT which they are struggling to get back from the respective African governments
Why would it not be good news - we have plenty of tax losses to absorb extra profits without paying any (standard) Corporation tax. I’ve looked at several NS oil Companies and the latest accounts seem to be an exercise in proving how distructive the EPL has been (rightly so) with lots of impairments and commentary on the negative affect of the EPL
I’ve just bought into Enq and caught up on some of the story so far. A low cost acquisition does seem likely that will add a nice amount of extra post tax earnings (due to our huge tax losses) without costing a fortune.
Https://wp-hummingbirdresources-2020.s3.eu-west-2.amazonaws.com/media/2023/06/June-2023-121-Investor-Conference-Corporate-Update-HUM-Final-2.pdf
Page 30 ratio of net debt to EBITDA is zero
Listened to Betts talking to Zak Mir (last week) 4 times now and (unless he's outright lying) Hummingbird are way undervalued. He reiterates that we are on the cusp of a heavy increase in output and that there is great value in today's share price. He also talks about de leveraging in Q4. We need patience of only a few months for the output gains to wash through to cash generation but every fall in the share price really does test that patience
I share your caution BB2 (particularly over the next few months) but they did forecast zero net debt at the end of 2024 in their presentation in June - either way the cash should start to flow next year if they can hit production numbers
Bushy - there is no chance of 30m FCFin Q3 - Yan will probably do around 18000 and may make 3 or 4m Kor probably around 6000 with a loss. Q4 could see around 44000 (for both) and in excess of 20 m FCF. Next year should be exciting if production goes to plan (plus a decent gold price)