Member Info for SEA7

Yes Happy New year to you Roxi as well.

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.

Good to see buys moving it up, without being sold into for once. Finally back to double digits

Good footage - getting ever closer now to completion

Reckon sandgrove finally exhausting their selling - hopefully that is them done and the price should begin to rise again

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.

At end October they were at 7.76% as stated on JSE website. Today it shows 7.2% as of 30th November

Good analysis of star energy

NPV10 £176M

NPV10 Over next 5 years - £71 m

https://www.youtube.com/watch?v=I6h5jFMFmxI

Cash in the bank of £2.9 million and a cap of £9.6m

33% of the cap in cash, over 2k boepd a day, net debt £2.6m and valued at sub £10m---wow!

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…

On the move

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

Dated october 2023

htTps://drillordrop.com/2023/10/30/whats-happened-to-onshore-production-since-2018/

13 oil fields and four gas fields recorded rising production in recent months.

They represented less than a quarter of UK onshore producers but included the largest onshore gas field, at Saltfleetby in Lincolnshire, and several onshore oil fields operated by Star Energy in Lincolnshire and the Weald in southern England.

The biggest rise was reported at Saltfleetby, which resumed production in September 2022. Since then its most recent monthly data, from July 2023, was a record high. The field accounts for 80% of UK onshore gas production.

In these fields, production in the most recent month was above the monthly average for the past five years.

The oilfields were:

Bothamsall (Star Energy, Lincolnshire)

East Glentworth (Star Energy, Lincolnshire)

Gainsborough (Star Energy, Lincolnshire)

Goodworth (Star Energy, Hampshire)

Horndean (Star Energy, Hampshire)

Keddington (Heyco, Lincolnshire)

Long Clawson (Star Energy, Leicestershire)

Palmers Wood (Star Energy, Surrey) – see chart above

Rempstone (Star Energy, Nottinghamshire)

Scampton North (Star Energy, Lincolnshire)

Singleton (Star Energy, West Sussex)

Stainton (Star Energy, Lincolnshire)

Stockbridge (Star Energy, Hampshire)

AND

The top five

The data shows the UK’s top five oil fields were:

Wytch Farm (Perenco, Dorset) accounting for 80% of onshore oil production

Wressle (Heyco, North Lincolnshire)

Singleton (Star Energy, West Sussex)

Welton (Star Energy, Lincolnshire)

Stockbridge (Star Energy, Hampshire)

The top five gas fields were:

Saltfleetby (Angus Energy, Lincolnshire)

Coalmine vents operated by Infinis Energy at Bilsthorpe, Maltby and by Velox Power at Stillingfleet

Albury (Star Energy, Surrey) – in March 2023, the county council refused planning permission for the site to convert Albury methane into grey hydrogen.

Updated 1/11/23 to correct the operator of Stillingfleet to Velox Power

Worth remembering the following continuity measure they put in place, as indicated in the half year results announcement in september,

It is also important that we take no short cuts, thereby ensuring that safety and structural risks and any potential for a hydrocarbon leak to sea are absolutely minimised. The provision of a small storage tanker in the near-term enables us to safely continue steady production operations during a period of limited tank capacity on the Montara FPSO, thereby sustaining current production from Montara at around 6,250 bbls/d.

With oil prices under pressure, it is worth remembering ...

As required by the RBL facility, at 30 June 2023, the Group had entered into oil price swap contracts for

4.2 mmbbls, representing approximately 78% of the required hedging volumes, at a weighted average

price of US$70.29/bbl. The hedging programme was subsequently completed in July 2023, with 5.5

mmbbls hedged over the Q4 2023 to Q3 2025 period at an overall weighted average price of

US$70.57/bbl; and

Keep up roxi - 34 on the offer!!