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Dated today
https://www.londonstockexchange.com/news-article/KAP/kap-expects-adjustments-to-its-2024-production/16286256
While actively pursuing alternative sulphuric acid supplies, current projections indicate that the Company's intention to achieve 90% production volume as per Subsoil Use Agreements in 2024 may be challenging.
When you think that companies like egdon resources which had just over 250 boepd was sold to petrichor for £26.6m in may of this year and europa oil and gas, which currently has production of 265 bopd, has a mcap of £11m and are both onshore Uk Producers, it just goes to show how undervalued STAR is
after all, STAR has eight times the production levels of the above two companies and yet has a mcap at the same level as europa and at the same level egdon was before it was sold - egdon surged 85% on news of the takeover.
45p is not an undemanding level for star to move back to.
Analysts at Canaccord Genuity lowered their target price on exploration and production company Star Energy from 73.0p to 65.0p on Monday but stood by their 'buy' rating on the stock following recent updates.
https://www.voxmarkets.co.uk/articles/canaccord-genuity-lowers-target-price-on-star-energy-fbdcc5a/
Following on from that piece about being actual investors who aren't worried about looking stupid...
from their european growth trust report dated 17th November 2023..
htTps://www.londonstockexchange.com/news-article/BGEU/baillie-gifford-europe-growth-tst-plc-final-result/16213730
We have underperformed over the past two years - this simple observation is irrefutable.
blaming the market...Things can always get cheaper but even the idea that our portfolio would trade at a discount to the index in a few years highlights just how inefficient the market is at valuing growth
Our investment style is very much out of favour, and we have undoubtedly made mistakes
Think baillie gifford are losing the plot a bit...
htTps://www.bailliegifford.com/en/uk/individual-investors/actual-investors/future/
We call ourselves Actual – not just active – investors
Many investors avoid yet-to-be profitable companies for fear of looking stupid if they never generate free cash. Actual investors don’t care so much.
Good analysis of star energy
NPV10 £176M
NPV10 Over next 5 years - £71 m
https://www.youtube.com/watch?v=I6h5jFMFmxI
Slowly but surely Jadestone is regaining the credibility that it had before the months of Montara misery. It is down to the fact that the management had built up a big supply of credit in the bank of investor credibility that it is able to make a trading update like this.
The East Belumut programme is clearly doing way better than expectations, something that has been alluded to recently, the fourth well is clearly going so well that one wonders whether the company’s data before drilling was so wrong, but hell, luck be a lady tonight.
Elsewhere all remains the same, Akatara is 87% complete and on target for first gas mid next year, Montara is ‘stabilising’ and Malaysia continues to be a ‘strong performer’. Right now for the company it is heads down and do the operational stuff well, find another deal or two and hope that the *** share price picks up…
Dated 1st December 2023.
** PFC's combined credit score - which measures how likely a company is to default in the next year on a scale of 100 (very unlikely) to 1 (highly likely) - was 1, LSEG data showed
https://www.xm.com/research/markets/allNews/reuters/petrofac-sinks-to-record-low-analysts-flag-balance-sheet-concerns-53708671
This conclusion required a significant judgement with respect to the possibility of requiring assistance from lenders to adhere to the EBITDA financial covenant over the period to 31 December 2024, as described above. In addition, the Group’s liquidity position is reliant on a small number of relatively high value collections from clients which are not entirely within the direct control of the Group. Consequently, in accordance with accounting standards, the Directors have concluded that there is a material uncertainty that casts significant doubt upon the Group’s ability to continue as a going concern during the Assessment Period for the Group’s financial statements for the six months ended 30 June 2023
relating to the timing of receipt of these collections from clients.
(The going concern assessment period is for the 17-month period from 11 August 2023 to 31 December 2024)
and
Total gross borrowings less associated debt acquisition costs were US$837 million at 30 June 2023 (31 December 2022: US$799 million). This consisted of US$585 million senior secured notes (net of debt acquisition costs), US$162 million drawn on the revolving credit facility and US$90 million of term loans.
Sandgrove have been selling down - they don't want to hold for the geothermal, if i recall - their last holding statement was on 25th sept - they went down to 2.34% holding - so it is likely to be them still selling