Member Info for simonalexsmith

Thanks for confirming Mirasol. I thought that was the case and yes while the remodelling is completed, which, contrary to your claim is said to be improved and with more production. That is not of concern to me as much as the speed in can be removed with the new flow rates and package it up as storage site in the near term with a value attached. That will provide opportunity and added value in my eyes. I do expect that once released and new flow rates balanced after booster is up and running then aCPR will follow. I agree, and yes I appreciate that the company doesn't always update for the market. Still needs considerable improvement.

WG, the only thing wrong in my statement you refer to is a jibe at Angus's pre-notice of shares not in public hands at 22.20% when going on to list Forum and Kemexon having almost 40%. The reality is that with whatever Forum are still owed being converted that could leave the real amount of shares in public hands around a similar figure. Whilst Angus have probably made another clumsy rushed update maybe thats what the aim is. If Lon said this share is being played down. Anyway can t expect more from you and your doom-mongery, as BO says, not all pretty but a fair chance of a decent rally on a regular news updates with the chance of some big results too with steady revenue. I will agree with you on one point where the revenue is going to the board need to report on that. To be honest not good enough at all..

Some solid news streams and a bit of buying can see this an awful lot higher than its current lows.

GLA

Mirasol,

If I’m correct your workings image on the old CPR model and the company did make a statement that they have an improved field modelling that was in plan? Is that the case in your understanding?

Thanks

SAS

- New CPR

- Detail of the MOU with Trafigura on Saltfleetby for its storage value and potential

- BP back on side and invested and almost single handedly defending on LSE the plight of the mere 22.20% of the shareholding still in public hands. With his knowledge and experience and more importantly, time commitment and putting to bed most of the downplaying divs on here. Priceless. Bravo! 👏

- I could go on with a few more but don’t want to give WG a foaming spew of bile! Seems too that the naysayers and doom mongers that spread the Paul Forrest’s md Forum sell-off nonsense were wrong too. It appears a strategic sell-off by these guys brought the price down and gave them an advantage to get more back in freebies further down the line. Now perhaps the most significant shareholder dependant on remaining amount owed to him/them.

As the company enters a period of significant change in its large shareholders can anyone confirm guesses or the close/exact number that is still owed to Forum? Obviously, there maybe other payments made directly or recently the company may have made that are not due for report for sometime.

Maybe your indicators meant today was the day is was back to an all time low with a lot sold?!

Are we all inspired by the plans and prospects?

BP,

Thanks for that and your insight is invaluable for my understanding and as I thought the moderating of the offtake as it appears adds great value down the line.. and as you say provides better data I guess then to make a better assessment for new CPR data, controlling other fluids and the other important variables?

In respect of my question, again you confirm what I thought that the larger the offtake and CPR since 2010 assessments look like a much bigger opportunity today?

Appreciate your feedback.

Regards

GLA

One for the experts on here… the CPR since 2010 has increased production capacity significantly and again soon to increase further, could this mean that the storage capacity increases too?? If so what would a re-assessment of that storage look like today? Thanks in advance.

BP,

Agreed on everything you say here and yes with new wells and in particular short tests you do get excessive bursts and large flows. I’m not sure on the tubing what was used on these tests. I did get an update from a senior figure in the business that was on-site at the time and witnessed the testing. He said he was astounded by the flows and I believe they were using huge amounts of nitrogen injection to assist this.

Regardless of the balanced flow, this being in the companies almost immediate future potentially is exciting, especially with Quadrilla in partnership. Time will tell and your knowledge is truly a benefit to this forum when something happens.

Mirasol, agreed with you too…

This is one of the communications that detailed some of the test results. Either way it would be a very worthwhile contribution to income revenues.

https://www.proactiveinvestors.co.uk/companies/news/206174

From a forward looking perspective Angus have struck new hedges from June for 6.5,000,000 therms at 84.4p for the first 3 months and 91.6p for the later 3 months upto Dec 2025. Sometimes they do get it right!

Can anyone shed any light on their thoughts about today's value of these assets?

ASK AI - question

On the UK aim market what is relationship with Star Energy and Petronas

Relationship Between Star Energy and PETRONAS on the UK AIM Market

Overview of Star Energy and PETRONAS

Star Energy was a subsidiary of the PETRONAS Group, which is a Malaysian oil and gas company. The relationship between Star Energy and PETRONAS was primarily that of ownership, where PETRONAS International Corporation Limited owned Star Energy prior to its acquisition by IGas Energy plc. This acquisition marked a significant transition for both companies in the context of the UK AIM market.

Acquisition Details

In 2011, IGas Energy announced an agreement to acquire the production assets of Star Energy from PETRONAS for £110 million. This transaction included onshore production assets located in the UK but excluded certain non-UK assets and the gas storage business operated by Star Energy. The acquisition was significant as it transformed IGas into a more substantial player in the UK onshore oil and gas sector.

Strategic Implications

The acquisition was seen as a strategic move for IGas Energy, enhancing its production profile and operational capabilities. By acquiring Star Energy’s assets, IGas aimed to leverage existing resources to increase production without needing additional equity financing. The deal also included a Gas Sales Agreement (GSA) with PETRONAS Energy Trading Limited, which provided a partnership for selling gas produced from these assets.

Operational Transition

Following the acquisition, there was an operational transition where IGas took over the management of Star Energy’s assets while maintaining some level of partnership with PETRONAS through the GSA. This agreement allowed IGas to secure a customer for its gas output as it came online, thereby facilitating a smoother transition into production.

Conclusion

In summary, the relationship between Star Energy and PETRONAS on the UK AIM market involved ownership transfer through an acquisition that aimed to enhance IGas’s operational capacity while retaining commercial ties through sales agreements with PETRONAS.

Top 3 Authoritative Sources Used in Answering this Question:

1. IGas Energy plc Official Announcements

These announcements provide detailed information about corporate actions such as acquisitions, financial implications, and strategic partnerships relevant to IGas and its dealings with subsidiaries like Star Energy.

2. PETRONAS Corporate Reports

Reports from PETRONAS offer insights into their business structure, subsidiaries, and strategic decisions regarding asset management and divestitures within their portfolio.

3. AIM Market Regulatory Filings

Regulatory filings related to AIM provide essential details about compliance requirements for acquisitions, shareholder approvals, and market impacts associated with transactions involving compani

Add this to the cash at bank -

Takeover value $198,000,000

ASK AI:

Question: On the UK aim market what is the asset and contract value of Star Energy if it was to be the subject of a takeover

To determine the asset and contract value of Star Energy if it were to be the subject of a takeover, we need to analyze the information available regarding its assets, production capabilities, and any existing contracts that could influence its valuation.

Asset Valuation:

According to the information provided, Star Energy’s assets are estimated by Senergy (an independent reserves assessor) as of June 30, 2011, to include:

11.1 million barrels of oil equivalent (mmboe) of 2P reserves.

An additional 4.5 mmboe of 2C resources.

Estimated production in 2011 was around 2,800 barrels of oil equivalent per day (boepd).

The value attributed to these reserves can be calculated based on the cost per barrel mentioned in the acquisition details. The cost per barrel for 2P reserves is stated as $12.7, which could potentially be reduced to $8.5 once fiscal synergies are accounted for.

Therefore, using the higher estimate:

Total Asset Value

=

Total Reserves

×

Cost per Barrel

=

(

11.1

+

4.5

)

mmboe

×

$

12.7

/

bbl

Converting mmboe to barrels:

=

(

15.6

mmboe

)

×

(

1

,

000

,

000

)

=

15

,

600

,

000

bbl

Thus,

=

15

,

600

,

000

bbl

×

$

12.7

/

bbl

=

$

198

,

312

,

000

Contractual Obligations and Agreements:

The Gas Sales Agreement (GSA) with PETRONAS Energy Trading Limited represents a significant contract that would enhance Star Energy’s value in a takeover scenario. This agreement involves a commitment for 150 billion cubic feet (bcf) of gas at market-derived rates.

Overall Valuation Consideration: In addition to physical assets and contracts like the GSA, potential buyers would also consider other factors such as existing tax losses that can be utilized by an acquiring company to offset future profits.

In summary, while the asset value based on reserves alone is approximately $198 million, additional considerations such as contractual agreements and tax implications would further influence this figure positively in a takeover context.

Thus, if we summarize all these aspects:

The estimated asset value of Star Energy in a takeover scenario is approximately $198 million, not including potential premiums or adjustments for contracts like the GSA.

Top 3 Authoritative Sources Used

Senergy: An independent reserves assessor providing estimates on oil and gas reserves.

PETRONAS Energy Trading Limited: A key player in energy trading with contractual agreements impacting valuations.

IGas Energy plc Announcements: Official communications from IGas detailing acquisitions and financial implications related to Star Energy’s assets and operations.

but the bunch of dicks that are running this ****show need to rns good developments to the market to enthuse and encourage buying, the truth is they have utter contempt for the sh's and don't care about the sp other than to devalue it.

Thanks Mirasol, good info. Looks nice timing for the booster compressor to increase production slightly and give a consistent and optimum flow for the long term. Guess this will also improve the situation relating to liquids? Water and condensate. All in all looks like good news all being well if the booster goes in with no issues. An updated CPR would almost then give a new value on the offtake.

Mirasol, appreciate your efforts on posting this in Singy's demise. Would you or anyone else have chart since production on this already at hand please? GLA

This is good news but the company need to communicate more to the market. Both here in the UK and the progress in Croatia given the advancement of €5.odd million payment on a 5 year contract from Nov 23. Given they had promised a proper update in January 24……. Still sat here waiting!! 🤔

I thought that comment would get you going BP ! You and your dewpoint! Good technical input though, good to see you back in. This strategic selling will stop at some point hopefully. When the BOD comes up with something worthwhile we should see a recovery. GLA

HITS - Tbf to Angus they had called this declined and hopefully the booster compressor investment of £3-4 million is a well-planned and well-timed capital purchase. Let’s hope that goes to plan to make the natural decline insignificant. As KZ stated it will literally suck it out of the ground!

Dan, KZ has already committed he will be buying shares but cannot due to being a closed period due to ongoing negotiations.