Member Info for SpArmada

Drillspar, I have respected everyone in this board so far, I expect the same in return.

Your numbers are incorrect and this statement is in a RNS "Net cash on 31 May 2022 of €6.3 million", if you think it is not true, go and demand the company for publishing misleading or false information.

The bond does exist (and the company has bought part of it already BTW), GLA's acquisition has been accretive since 1st of January and it has generated more or less its purchase price ($125m now + $40m in 2023 subject to the average gas price in 2022) and the dutch asset has been producing in excess of 6kboed net to Kistos in 2022 at a price much higher than the NBP. So, they have accumulated quite some cash since 31/12/2021 (when they already had a cash balance of €77.3m). The operating loss was due to a huge impairment of €121m, hence, the company generated a lot of operative cashflow during 2021.

Please, before giving an statement like this "at least get your facts about Kistos correct," or disrespecting me by calling me a troll, check your numbers.

IOG has 100m€ in debt and Kistos is debt free (Net cash on 31 May 2022 of €6.3 million) at this moment . Even if you only look at production, IOG is making 4kboed net (after CER royalty) and Kistos produces 12kboed net, which would make IOG more expensive again. Nevertheless, both companies are cheap, but I don't think IOG isn't as cheap as Kistos, only when Southwark becomes in line and the production ramps up.
I have a long position inf both companies, DYOR

IOG is my second largest holding, I will not think everything is perfect and when I see something that could be interesting, I'll try to rationalise what could be going on. I appreciate the knowledge of SailorNL, that's why I asked him. I didn't suggest any problems with the Thames pipeline or Southwark, but Blythe is a NUI which should not have a support vessel for 24 hours, unless they are fixing the issue with the chemical injection, which is still pending. If you cannot bear a glimpse of doubt on the company, you'll suffer a lot, because O&G is difficult and the North Sea is very challenging as the best assets have been already exploited.

Putford Jaguar has been close to Blythe for more than 1 day now, could they be working on the final repair of the chemical injection fault? Maybe another shut down due to mechanical issues?

The EDT hercules looks that has been stationed at some points directly over the Thames pipeline, not in the direct tie-in for Southwark, could they have been testing the pipeline between the Blythe tie-in and the new Southwark tie-in for leaks? I overlaped the vessel's track in marinetraffic with the position of Thames pipeline and Southwark, it can be seen that part of the track lies straight over the pipeline: hxxps://photos.app.goo.gl/4URcx5Z43TK97uHB6

This RNS looks like an administrative burden, rather than a positive announcement. There is something else being cooked by Kistos, hence they do not want to put so much positive tones into this RNS. I'd say there is an inminent announcement of a really big milestone, possibly a new deal, which would explain why there is little information on the cash/liquidity position in today's RNS.

I was reflering a conflict betwen Algeria and Spain, and not a military one, but a IIRR one given the Spanish need of securing its gas supply. Also, the EU is interested in securing (Russian-backed) Algerian supply to replace part of the Russian supply, which may create a total chaos due to the different interests in play.

Do not expect it, Morocco is a developing country and I'm sure it will demand more gas than the increase in production in the coming years. Geopolotical risk of a conflict with Argelia may force Spain to stop supplying gas to Morocco to save its own supply as it cannot sustain only with the imported LNG

Any idea what is the EDT Hercules vessel doing? Its status/destination is "subsea ops CPA 1NM" and it looks to be stationary over the Thames pipeline

There is a big change between closing the operation de 30th of June and the 1st of July, they are different semesters and that has implications at reporting and fiscal level. I hope to see the announcement tomorrow or next week as latest. Let's see whether Andrew Austin decides to include some bad and good news in the RNS as he used to do at RRE

I give 0 chances that TNZ lists the shares in UK

Can someone brief here how the AGM is going? I cannot find a way of following it online

I reply to myself, I see the infrastructure in the WSU is for gas, not oil, so I guess oil will be transported using trucks in any case.

I am studying the company now and it seems they do not have any plans to transport and sell the gas, only this vague project to power crypto mining instead of flaring the gas. Are there any concrete plans to commercialise the gas? I have read about they plan to get the oil out using tanks and trucks until the connection to a pipeline is ready early 2023, but I understand that's only for the oil. I'd appreciate if you could comment about whether there is or not plans for the gas. Thanks in advance! :)

Andrew Hockey agrees with you so he bought some 90k shares

What it is unbelievable is that I got 4000@22.5p and the broker cancelled the trade one hour later

Glendronach, sorry, I mixed it with Benriach

No worried at all, GLA will invest in the development en Glenrionach in H2 2022 and then the exploration of Benriach in 2023, it should generate enough relief from that capex to reduce the impact in the short term. Beyond 2023, let's see the level of the gas prices, it may lower to historic prices or keep high and force GLA partners to spend more in capex. This bill comes with "free" exploratory costs, either you spend in drilling or pay taxes, as you prefer. Norway already did something similar this year, higher taxes if you do not explore.

Considering the start-up, low production levels in Mar-Apr already disclosed, current temporary shut down, previous realisation prices commented by the company and gas prices futures, my estimation is that the company may generate a revenue of 169M net to IOG, and a net income of 123M. This already includes the effect of the new energy profits tax, it would pay: 0 in ring fence taxes (due to the capex and previous RF losses), 5.8M in supplementary tax and 0.4M in this energy profit tax. But, the company will be generating a relief for next years of 4.4M when Southwark (it could be used in Q4 2022 as well) and the phase 2 fields come definitely online. So, it is not a big deal at this moment and the company should have enough cash to complete the capex program, subject to no more shut downs.

This is a very short term issue, instead of 1 week it might be 10 days, it does not change the global picture