Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
Un, a bit unfair on our Clive ;) Don’t forget he had to sign up to the shares in lieu deal when Covid hit and has 2.245m shares plus his options.
https://www.marketwatch.com/investing/stock/casp/company-profile?countrycode=uk&pid=12506017
SB,
I think our Stockopedia are definitely out with the PI holdings as I believe they are closer to 13%.
Yep, our KO has 48% and the WCP take that up to 75% ish. KO’s payday comes on a success case, no guarantees but you can’t say that they’re not committed. That commitment was increased recently with the conversion of the $6.4m debt Whether they get their big payday is another question but skin in the game is an understatement. Would be nice to see our CC put his hand in his pocket but that’s not going to happen regardless how good the prospects, his payday comes from options qualification .
Sp edging nort up to the Interims as people add a few, probably to sell pre news.
GWM,
The million dollar question….lol
The upside is way more than x4 BUT history has shown us that they’re not skilled enough to convert a deep or maybe the geology is too difficult, who knows.
The asset base is larger than it has been originally and they own all of it. They have the barge with a lucrative contract for 2024 (allegedly) and will probably be adding Block 8 opportunity and we’ll find out more shortly. They have MJF and SY which has been their saviour as it’s the cash cow and avoids dilutive fundraising and if you look historically, they’re still producing more than the c1300bopd average snd net prices are far higher today.
I’m staying in as the assets on A block and N Yelemes are still in play, so is MJF and SY with the possible new structure and probably Block 8. As far as I can see they’re funded to continue operations without dilution and the cessation of divi and recent increase in oil prices will help considerably.
No advice intended, only one throat to choke and all that. Sentiment is on its arze and the last update was probably the most honest we’ve received so hopefully bad news is out. I’m staying in until I see see reason to exit but certainly not for the faint hearted !
Https://oilprice.com/oil-price-charts/#Brent-Crude
Oil prices up 30%+ from the c $70 low in the summer and looks like $100 could be breached again as we head into winter. Needs to increase another $20 to make exporting work but hopefully we’re benefitting from the recent price spike.
Belles,
No arguing with the pong.
Et al,
It’s been a very poor year since all the positivity in Q4 22. Our Shin started off with loads of promise on the horizontal program but sadly he’s gone backwards since initial success and obviously not easy to maintain productivity. Water ingress comes with the territory but remedial action, work-overs etc are all part of field management. Only need to have a few producers to manage as opposed to the numerous verticals that deliver far less so hopefully they’re making progress on that front.
23 a write off ? who knows but not getting an update pre Interims is disappointing but we’ll get to see the current picture next week. Most important factor is sustaining production levels as a minimum, hopefully net oil prices have softened the blow. Progress or more excuses re supply chain, stuck pipes, yada, yada.
Very little I suspect .
Oil prices continue the journey back to $100+. Currently $94 and how much extra will they be geting from MRs ? Crude increased 30% so hopefully we’re seeing $40 + from MRs snd a couple of extra bucks from Casper trading it. If that’s the case then it will be a welcome contribution when oil production reducing.
Looks like news with Interims, hopefully no delay to publication ! There shouldn’t be as there’s no audit reqt at half year.
Interims forecast ? C $11.5m t/over, still profitable but the outgoings on Divis snd Block 8 would’ve drained cash by c$6m leaving a reduced budget for operato Al activity hence the go slow. No more Divis which was draining $1.2m pm !! snd our Clive stated that it was their intention to keep them going on a quarterly basis ! That was fluent BS and accounts will show that. Poor decision making snd the only way they could’ve managed it was with the CE cash but it was management by hope not by fact !
Going forward, they will be able to facilitate the stated operational activity, especially if prices increased and no divi expenses. Still profitable whereas they have t been for 16 years so still all to play for.
As always, this will surge on the slighted snippet of good news and investor enthusiasm returns. One day they may break this rinse/repeat cycle and put sone real foundation under the sp !
Yep, gap is closing. Will they ever benefit from exports when they’d be taxed at gross Brent prices v true discounted price. That’s a stealth tax on all oil producers in Kaz. We should be benefitting from a better net price now that crude has jumped 30% and looks likely to March on to $100 again. The key Opec/Opec+ players are playing games. Saudi and Russia are holding in the volume cuts and fuel price inflation set to continue. Going to be tough again this Winter for households but it will curb the rate hikes as budgets get squeezed.
Providing Casper sustain the current production, H2 results will look much stronger than H1 and they obviously have the opp to rebuild the numbers. The barge sale is a transformational event as it enables them to push on without financial restriction. Block 8 is likely to happen and a new chapter starts and with it sone investor enthusiasm. As stated, sentiment on its arze but it won’t take much to really kick this off again but they need to build the foundations ie sustaining 3-5k bopd as that will be the cash engine to develop the business.
TT !
Crude edging its way northwards and over $92 now and nearly 30% up from recent low of c $70. Casper aren’t benefitting from the export pricing but the MR sales are very profitable from a net perspective. I suspect Caspian are benefitting for improved pricing on MR and domestic sales.
Trading volume is tiny and that sums up current PI sentiment. The 15% that are still invested are sitting tight waiting for the next episode of Carverspeak. There’s meant to be plenty going on and as it stands, it looks like we’re going to get an update with the 23 Interims, I’m hoping we get news sooner.
We all know the current negative ie declining MJF volume but we know what expectations are in H2, to get the offline wells producing again. As stated, hopefully net oil prices are increasing and worst case they’re sustaining prod levels. The extra $2-3 from oil trading will also help and by my sums, they can run the operational schedule, especially as no £1m pm divi to pay.
I’m up to the gunnels with stock, if I wasn’t I’d be a buyer here but no more ‘rude not too’ buts for moi. Need to see some positives now that will improve financials and with it, investor confidence.
Worst case we have to wait 2 weeks for news but hopefully a positive update before .
To add. This company has survived on fumes for years, generating far less income and relying on Oil Traders, Kuat etc to ensure that it was funded. Making more money from domestic and MRs today and crude back up to $90 so hopefully a few more $ in the bank. They’ve lost 500bopd or c$500k pm (Gross) and dropped the $1.25m divi so as I see it, they’re $750k pm better off. Build the prod back up to 3k+ with a couple of shallows and they’re in great shape.
Warning heeded ! My better half is the seafarer and she was laughing at the twin engines and poodling over to IOW v travelling farther afield ! Single motor big enough and room for 6 so a mid sized rib more than adequate, hopefully it’s a quick learning curve :)
Our KO converted his $6.4m and he’s not winning on that transaction currently. He’s all in and let’s hope that he’s going to make the right decisions to steer this back to double figures. As we know, it won’t take much but currently, Shin and his team are failing so decisions need to be made as to whether the current deeps will ever deliver. Is the geology to difficult, are they skilled enough, are there easier targets etc. walking away from A block will be difficult or maybe selling it but they’ve done most of the work so finish off the mess exiensive sidetracks and perforations and make a call. If it’s failure, they’ll complete work at NY deeps and qualify that in or out and probably move on to Block 8. Still enough in play to make investors a few quid .
Hi Mike,
Good for you .
Just back from Lymington, house hunting and looking for a Rib ! understand you’re allowed to speed and can have a drink :) can’t believe how quick they are !! Not a seafarer but I can cope with a little return trip to the IOW as long as there’s a meal and some wine involved. Some real bargains for used but need to test one out. Just need Casper to get a move on so I can afford the fuel to feed those twin 300 Hp Mercury motors ;)
Chin up Mike ;)
I see a light breeze on n the horizon with gales to follow, hopefully one that gives momentum as oppose to sinking us !
H1 accounts will be poor but far better than any period pre 22. They will be profitable but CAB will be tight as a result of divi payments and additional B8 costs. We know what the answer is, more prod volume and CE cash. 24 will be stronger as a result of CE rental which could be significant but the sale today is probably preferred.
SP will edge north through September as likelihood of news updates near. No guarantee on the news being positive but there should be enough going on, especially shallow remedial work that could deliver positive outcomes. Just getting 142 back online makes a considerable difference and 153 workover could add to that total. 141/145 ? and new spud at 155, the NJF wells are capable of delivering 4-5k a month but these levels will fluctuate as water ingress needs management hence constant work overs.
There are probably 5 or 6 news items that can materially affect sp over next few months, the deeps and barge the big catalysts to do appreciation.
Interims will be out w/c 25/9 probably and they won’t make great reading as production levels declined by 30% from 22 H2 highs of 3400 bopd and H2 23 will be less unless they sort out MJF/SY. Expecting to see low CAB as they paid Divis and funded Block 8 but they can continue to operate but obviously progress will be slower if cash is limited. The CE sale changes the landscape and gives them options as goes increased production so still all to play for.
Plenty of upside to be had but i for one am getting bored of hearing the sane excuses for deep failure and success at one of the current 5 deep wells sends the sp back to double figures and beyond.
One day Rodney, one day indeed !
The only material news is likely to be CE sale, all other operational activity won’t be at a conclusive stage at this juncture. The sp is likely to edge north through Sept as conclusive operational news is released ie 142 workover and positive 802 news. Maybe A6 if they’ve not started fist SY horizontal but the news that may jolt the sp will be the 100% sale of CE for $45m+. I believe that they are concentrating their efforts on this as it would give them the financial flexibility to accelerate the priority operational activity.
Other news that may push sp on, 153 spud and Block 8 deal but let’s hope that we’ve seen the last of the 2ps.
Somm,
They’re outsourcing 803 as they don’t have the reddies to do it. From cash flow. The 803 tender was one of the first signs of cash pressure. Along with dividend stalling, we’ll all get to see the full story when H1 results out next month.
They’ve been doing the bare minimum in H1 and I believe that we’ll never deliver the ‘expected’ operational schedule in H2 unless they get a cash injection. Not going pop but they’ll hopefully be prioritising those cash generating prospects :)
Well, somebody wants our at this level, 1m dumped. Distressed had enough or thinks it could go lower, who knows ? Probably our Edmund needing the cash for repairs on the Limerick estate !!
Regardlesss, we now know what’s ‘expected’ to happen operationally in H2 but as always, ‘ expected’ gives them the get out.
Hopefully our Benny saw an opportunity with KO and maybe one of the Al Marris needed another Urus or 3.
They’re sitting in oil rich Western Kaz and are one of the few operators not converting exploration and appraisal into production volume. Time is running out on the explo phase so now time to convert one which will transform this company’s fortunes. Something has to change on the deeps and maybe we’ll end up seeing that the geology is too difficult for the Casper team ? Don’t know but they can’t continue pumping cash and coming up with the same result ie heat, pressure and blockages. That’s why I think our Block 8 is important for KO as it gives him other options should BNG price to be a dead duck.
MJF has years of production. That is their lifeline and they need to explore DY as communicated to see if they can build volumes whilst getting MJF non producing wells back online.
I stay invested to see the end of the deep saga whether that be good or bad, the day they turn into a miner, that’s the day I’ll say goodbye !! Next 6 months should see closure on some of the deeps but then again, I’ve been dating that for years !! One day Rodders :)
Hi Mike,
Yep, nice to see some opportunistic buying pre likely news before month end. Value at this level, very much so but many PIs are still feeling a little bruised from the last update. Pays your money as they say :)
Lots of news to come, the big question, will it be positive. Market has priced in the doom and gloom and some ! Only needs a little positive update to get the interest going again.
H1 accounts out at end Sept and I believe it will show they’re poor cash management and leadership decision making. They made the statement that it was their intention to pay Divis and move to quarterly, I believe that was impossible and the accounts will evidence this. Maybe our CC was hoping for better operational results and higher income from production but the decision to move cash to facilitate Block 8 appraisal really grates on me. Maybe the CE sale was well progressed and they could pay Divis if cash landed but you can’t run a business on possible outcomes !
Nowt we can do about that now and to hope that they improve their decision making and communicate effectively going forward. Won’t take much to get this back trending north, 802 success and CE sale being the biggest catalysts but a couple of positive shallow wins would build on the current foundations.