Member Info for SEA7

senergy litigation payments gone. At last. Payments to gemini expected to drop to 20% FROM may 2013. Earlier than expected. Production levels up. Renewed interest in company - confident of offers in coming months now that thunderball has lapsed and £16m drill commitment gone. Henderson facility to be cleared before end june. Awaiting approval from decc for the licence transfer to a north sea oil and gas company. Even though they haven't given a name it does narrow it down a bit. Cash position at end of year was a bit thin, but that will have improved somewhat since then. All in all, a good set, one weight lifted and loose ends being tied up. Someone may make an offer soon, which, I suspect would be conditional on the payments to gemini to have reached the 20% level. Their changing of the debt to a production cost makes things look cleaner.

i can get 3.85 to sell and 3.9 to buy at the moment

a nicely timed buy, just above the low, mopping up the sells. He should have some idea of the value of the company.

was just about to post link, however, I see that arminius has already done it

I see the former ceo haydn gardner has bought a further million shares, yesterday at 3.70p - rns out

The company has always posted half yearly reports at the end of feb, so we should be getting that soon. Also the final payment to senergy regarding the litigation is to be paid by the end of feb, which means one of the things weighing down the share price will have been removed. The other is the 50% production payments to gemini, to pay off the principal of the loan. There should be only 3 or so more monthly payments to them, then the payments drop to 20% of production. The name of the new operator and what the plans are for the remaining licences. should be outlined soon.

should be more upside to the field Reservoir performance, including the continued production of dry oil, provides a positive signal for the longer term potential of the field. The timing of water breakthrough at the Athena wells, along with the efficiency of the sweep of oil through the reservoir assisted by water injection, will be key to predicting the ultimate field production profile and will be built into a range of production forecasts by the Company. http://www.ithacaenergy.com/uploads/q312mdafinal.pdf

By the summer the total debt should have reduced to $14m payable at 20% of gross production, there should be around $8m in cash in the bank. Meaning about 2pps in cash by the summer.

the costs of athena at last accounts showed $1m per month and expected to continue at that level for remainder of the year. The company also has to pay 50% of gross production revenue to gemini to pay off the principal of the loan, which should reduce to 20% of gross revenue this summer. The company stated that it is making an average of $1.7m per month after athena costs. Then there is the gemini loan to be subtracted meaning about 500k a month in the bank.

I have built a postion here, average 4.11p, my last purchase was at 3.67p. If this drops further, I will add another tranche, but only below 3.50p. I intend to hold for sometime on these.

I believe he works for euroclear france, now and is formerly of jp morgan chase.

I take nothing for certain. I have added today at 3.67 as it is a wider market drop, not specific to lochard. As the bw athena fpso is contracted for 3 years with options for 5 more, it is early days regarding athena. We await news... of takeover, licences, cash balances,debt repayments, completion of litigation payments and stabilising production figures. Any or a combination of these items should boost the price.

I agree the figure is distorted by the lower figures at start up, the report is always 3 months in arrears. The company did state in their january update that production for the three months to the end of december was approaching 11,000bopd.

https://www.og.decc.gov.uk/pprs/report4.pdf I see the average for athena was 7965 bopd between may and october. With october being the highest at 10161

As for holding through into 2014 - The for sale sign has been up since september of last year and I think the BOD would like to see the company merged into a larger entity before then.

Picked up a few more on monday, also under 4p. We should, based on history, get interims at the end of this month - which should tell us that the last payment to synergy has been made and an update on everything else.

They will have some carried interests in the licences that have been transferred to a new operator. (not named yet)

One thing to remember is that by the end of may the first part of the gemini loan will be paid, leaving the second part of $14million or £8.96 million to be paid at a rate of 20% gross production. This means the amount of free cash that the field will be delivering will have increased, there will be an increase from 1st march as the court case payments will have ended. The longer the process of selling takes the more debt that is paid off and the more cash that piles up in the accounts. If the flow rates vary, then the repayments vary.