Member Info for Slift

"potential assets from Lancaster alone are about 800m-1000m after costs, providing the remedial works are successful."
Wrong.

"Following the initial conclusions of the Technical Review (see above), the associated downwards revision of estimated recoverable reserves and the decline in oil prices during the year, a non-cash impairment charge of $238.9 million has been recognised against the producing Lancaster oil and gas assets. The impairment charge was calculated based on expected future cashflows from the Lancaster EPS, using a number of forecast production profiles (both with and without the cost and benefits of a water injection programme) and probability weighted according to our best estimates of the most likely outcomes."
Assets from Lancaster valued at approx. $400-450m following successful remedial work.

lol "the mentality".

Another one of Jubileey's mentality:
'let's start a war with Iran so oil price rises'

"take profit while you can in this market :-)"

I'm good, i'll hold until the disposal of ESS.
Liquidity is the problem here.

"they only get £298m cash for ESS. The rest is just £57m debt it had and the last £45m is 'subject to' so forget that as unlikely."
This is a stupid statement to make. If you read the circular, the sale is for £298m + £57m debt reduction on completion of sale (Expected completion 1st Feb 2021), and then a further £45m following the completion of Montagu's investment in ParentPay.
So it's not "unlikely", Capita will receive this payment, but just not immediately.

Good luck on your "momentum" whilst i'll wait for the approval of this sale by shareholders on the 14th January :)

Okay, great. Gratz on your profits.
So why are you here then if not for a lower entry? Lol

Okay great, gratz to you.
So why are you here then if not for a lower entry? lol

Laurenti,

You do make it obvious that you're waiting for a lower entry lol

Whether you get it or not, good luck to you!

I was reiterating my point:
"Calm down, only AM is new to this company, rest are all still the same management on their paychecks. Their salary comes before your investment."

Just a reminder for you Dickbat:

Chairman, Steven McTiernan
Salary: Approx. £150k/pa
Shares purchased: $4.4k worth

Interim CEO at the time, Beverley Smith
Salary: Appox. £70-150k/pa
Shares purchased: £10k worth

Chair of technical committee, David Jenkins
Salary: Approx. £70k/pa
Shares purchased: £4.3k worth

CEO, Anthony Maris
Salary: Approx. £450k/pa
Shares purchased: £5k worth

COO, Steve Holmes
Salary: Approx. £350k/pa
Shares purchased: £1.5k worth

Non-Exec, Sandra Shaw
Salary: Approx. £70k/pa
Share purchased: £5k worth

Non-Exec, John van der Welle
Salary: Approx. £70k/pa
Shares purchased: £4.5k worth

CFO, Richard Chaffe
Salary: Approx. £300k/pa
Shares purchased: £0 worth

Lol Dickbat,

You're talking as if the whole management to new.
Calm down, only AM is new to this company, rest are all still the same management on their paychecks. Their salary comes before your investment.

If they had taken action from the summer, or even Autumn following the Technical Review, HUR wouldn't be in this mess.
But hey, keep injecting that hopium.

Joek1,
Yes, there were uncertainties of Tullow failing RBL amidst the panic with COVID19 and the oil price decline in March.
At the time, share price also plunged to 7-8p.

Wtih the completion of the sale of Uganda, the risk has been drastically reduced and the liquidity for the company has improved along with cost cuts.

There's 2 problems with the company repurchasing the bonds at discount:

1. The bond covenants do not allow this (if I have understood this correctly):
"The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:
make any principal payment on or with respect to, or repurchase, redeem, defease or otherwise acquire or retire for value, prior to the Stated Maturity thereof, any Indebtedness of the Company or any Guarantor that is expressly contractually subordinated in right of payment to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness between or among the Company and/or any of its Restricted Subsidiaries), except
(i) a payment of principal at the Stated Maturity thereof or
(ii) the repurchase, redemption or other acquisition of Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or scheduled maturity, in each case due within one year of the date of such repurchase, redemption or other acquisition"

2. Wouldn't have solved the problem Tullow was and is going through: Forecasted Liquidity.
Would have saved interest payments on the value bought, but this is insignificant for the liquidity lost in buying.

ALL IMO. GLA.

Second that Longish.

According to the Prospectus for both the bonds:
"The Company issuedthe Notes on the Issue Date in global registered form in minimum denominations of $200,000 and integral multiples of $1,000 in excess thereof maintained in book-entry form. Notes in denominations of less than $200,000 will not be available."

And yes Joek1:
"Application has been made to admit the Notes to listingon the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF in accordance with therules thereof. There can be no assurances that the Notes will be listed on the Official List of the Luxembourg StockExchange, that such permission to deal in the Notes will be granted or that such listing will be maintained."

GLA.

"which may be partially offset by a Q4 bump from the 205/21a-7z well re-entry."

Lol, are they expecting the drill to spud in Q3 then?
Let's waste more time and delay drills and let shareholders suffer lol

Targa123,

2020 is the year we just had and DavidLaw probably means the target set for this year.
Of course the pandemic had an affect on sales.

If you don't believe it did, then look at price of soybean, coffee, corn, etc.
The rise in the prices of these commodities indicates that there was/is a supply shortage in this pandemic.

Whether that's because demands growing, less farms operating or lower yields, who knows.

Just a small correction:
As a scientific trial:
Control = Volume, mineral content/doses K2O5, plant location, etc.
Variables = mass, price, etc.
Measure = TRS, TPH, TSH.

"I see they sold less in 2020, any idea why?"
Hmmm.... Let's see...
Could it be because there was and is a pandemic ongoing?

"Am I wrong to not see this as a good investment?"
The chairman bought £770k worth at 18p 1.5 years ago.
I see this as a great investment if sales hit 50kt/pa this year.

I think Bayovar is around $100-150/t.

Yo Brazilian farmer, wanna confirm?

@quisad,
The trials were looking at yields as a function of phosphate, not potassium.
Isn't really much of a trial comparing potassium with Bayovar which has very little K2O.
As a scientific trial:
Control = Volume, mass/doses, plant location, etc.
Variables = mineral content, price, etc.
Measure = TRS, TPH, TSH.

I'm here to laugh at you remember?
Or do you want me to copy and paste again?

"Who’s the idiot or moron?"
I'll be the idiot or moron after the refinancing/dilution update. See ya when that happens.

What?

YE = Year end.
Not my fault you're too dumb to figure that out mate.

Why would I even do a cashflow estimate for 2021 when there's uncertainty of this company even lasting that long?
Heck there's uncertainty about production too.

Dickbat,

"Not black swan at all..!!!"
Lol, you're telling me that the extra cuts and delay in production from OPEC wasn't a black swan event? Ok then.

"Well I suggest you look again on current not past prices"
Well.. considering we're in 2021 and I was calculating for 2020, surely I should be looking at the past prices? Idiot.

Dickbat,
Current oil price is due to a black swan event.
And since the event, my oil price predictions have also changed for 2021.

But below calculation is based on past oil price (2020).
YE 2020 free cash = $92-95m