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Also. its not technically "yield" until they send it back i guess but internal value creation i guess
Quiggers Im sure we're missing something, leave it at 40% :-)
You can dig out revenue and costs in the Admission documents or take their word for it in the September re-admission webcast and go straight to FCF AFTER OPEX AND CAPEX (AND FISCALS)
$50m at $75 Brent or when production is 25kbopd , circa $60m. Then remove interest, G&A and contingent considerations
So FCF 60m at these levels given production at 25kbopd and the webscast they said $50m fcf at 18-20kbopd, $75 Brent
FCF figure is after CAPEX, OPEX and TAX as confirmed by company but before interest, contingent payments and london overheads.
So FCF $60m less $3m interest on debts , less $7m contingent considerations at these brent levels, less say $3 million london overheads.
= $47, free cash flow for reinvestment or Dividends
220m shares in issue
= $21.36 US Dollar Cents per share = £0.17 per share = 55% NET FCF yield.
Re-investment is obviously the way to go , especially if they can do another similar deal, but this is tremendous value creatiion
If the Share price doesn't change, this is a 50% FCF yield. They can either pay dividends or re-invest the cash in projects!
Or both!
Fantastic Article!
6 chats here the whole day including this one! Wait until the herd arrive!
He Exploration and Production Business Unit (UNEP) has made a notable benchmark in the oil industry by marking a significant milestone on 10 December, when Blocks 3/05 and 3/05A, which it operates, reached a daily production of more than 25,000 barrels, a level that has not been observed for more than six years.
This remarkable increase in production from 16,000 BOPD at the beginning of the year, to 25,000 BOPD today, reflects the success of the strategies implemented by the Unit.
The partners who are part of the Contractor Groups of these Blocks expressed their satisfaction with the exceptional performance, particularly Maurel & Prom, who said, "This is simply historic! It had never happened since we joined the Bloc in 2019. We couldn't end 2023 better and that deserves our thanks and congratulations."
The extraordinary result was achieved thanks to an intervention campaign focused on maintaining the integrity of the facilities and the resumption of production in Block 3/05A, which played a crucial role in this milestone.
The progress of production highlights not only operational efficiency, but also the team's commitment to overcoming challenges and optimizing performance, consolidating UNEP's position in the sector.
The Azule Deal is 12%, quite a sizeable stake, only 2% smaller than Sonagol. They only said in the supplemental doc last Friday that only FORMAL completion will be delayed!
That infers the CONESNTS from MIREMPET will come still in Q4 , now
Nice trading here, but still relatively unknown which is suprising given Paul McDade used to be Tullow Oil CEO and COO
Great day but onwards and upwards!
- AZULE GOVERNMENT CONSENTS - NEXT WEEK?
- AZULE CLOSING - JANUARY?
- INTERIM RESULTS ANNOUNCEMENT - MID JANUARY?
- NEXT DEAL?
The Admission Doc was posted in September and the RTO only happens on Songaol closing. They released a new schedule one on Monday saying they now expect RTO in "EARLY DECEMBER" ie....Sonagol closing
There's a much bigger buyer appetite though. income investors plus deep value investors to come in now with closing risk subsiding by the hour!
Just can't wait to see the news mate :-)
Mid Day today?
Surely today is the last day within the boundary of "EARLY DECEMBER" !!!
This is how little - known Afentra is - just me here today
Sleepy share but going up steadily. Roll on DEAL completions..............
In Advance of the Completion of the Sonagol Deal. Should be interesting to see income investors arrive on completion