Member Info for tartan-rug

True, there are still options available and pursuable assets, little concerned about the monthly cash burn whilst that progresses though. I guess given my buy price of 5.6p I'd rather take the gamble and see what transpires, not point in selling at these prices when it's more than covered by cash, everything else is upside.

True, there are still options available and pursuable assets, little concerned about the monthly cash burn whilst that occurs though. I guess given my buy price of 5.6p I'd rather take the gamble and see what transpires, not po

Tendara farm-in option expired / not renewed. Starting to think I'd rather they just return capital, there's around 3.3p just sitting there in cash plus other intangible assets.

It presumably works differently in Peru but the assets aren't being wound down - The ethanol business has been given a capital injection and is being allowed by the crediors, to resume operation as a going concern. Those ethanol assets though, the way I see it, belong to the lendors now. I'm unsure of how this will affect their AIM listing, can they be unsuspended as a now solely O&G company(?). Complex to say the least! Hopefully RNS updates will be forthcoming to shed more light in that regard.

Good point, this had slipped my mind. Still a chance of either a farm-in or financial partner for Tendara, we can but hope! News to this extent I suspect could get us back to the high singles, maybe even teens, it's a decent asset.

In line with the RNS on 22nd (4th bullet point), the lendors have funded / bought ACC's A and B shares for $750k which, in addition to the extra $1.1m for outstanding costs, hopefully gives the Ethanol business enough capital to get back on it's feet. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12193139.html

imo anyway. Although the senior lenders have now taken ownership of the ethanol business, they've allowed Maple to continue managing / running it in a bid to turn it around and start repaying the debt. With the lendor's foot up the BoD'a ass throughout and monitoring progress closely, this might be the catalyst (along with such other things as better harvest conditions over the coming months) to get the ethanol business back on track. Regardless, the O&G division is still profitable and seemingly can't be touched by the creditors by the looks of it. I can still see a way back to unsuspension. Doubtful I'll recoup my losses (8p) but it's better than sitting with a dud stock in my portfolio showing n/a value for years till it's eventually deleted.

Are you a Shares mang online subsriber? Could you copy / paste the article here? Thanks

Today I take a look at one of the tips that has not gone so well to say the least. With the crude oil price cratering, so too has the share price of Fastnet (FAST), but it did not shed the majority on the back of the oil fall. Instead it decided to tank on the back of a comment by Chairman Cathal Friel to the press where he said that a return of cash and move into the medical sector could happen because of the oil price. The share price slumped 40% on that announcement which is an over-reaction and here is why. Fastnet still has its Morocco asset alongside majors BP and Kosmos Energy. That STILL exists but not much is going to happen there into 2016 now because of the oil price. The other two assets are pure options. The first option is the Celtic Sea option package that it is looking to farm out and that has been forced into 2016 because of the oil price. Let's not beat around the bush, management was facing an uphill struggle even before the oil price tanked but were making headway and then the oil price gets totally wrecked and the farmout is delayed. I'm as surprised about that as I was about Chelsea beating Tottenham yesterday. NOT very surprised!! The second option is onshore Morocco and management really needs to come clean about what is happening there. The process was started and it has probably been talking to companies about farming in. The beauty of the onshore asset is that it is high quality gas with a beautifully high gas price that is nearly 0% affected by the oil price fall. The gas is STILL there and the chance of success is STILL high. But will it drill? The market value is now £10.8 million. Money on the balance sheet with low cash burn is £12.7 million. The shares are trading at a discount to cash! If Fastnet winds up the company because that is the best interests for shareholders then I trust Friel to do that, and shareholders might get 4p per share if they sell the assets. If they partner onshore Morocco then all down bets are off and we could be looking at a £20 million valuation in a snap. Cathal seems to have dropped a clanger – although I give him gold stars for honesty - but you've got to be a first class mug to sell at below cash when burn is low, when management are very good (normally!) and when they are making noises about returning cash.

Hang onto Fastnet Oil and Gas by James Parter | 5th December Today I take a look at one of the tips that has not gone so well to say the least. With the crude oil price cratering, so too has the share price of Fastnet (FAST), but it did not shed the majority on the back of the oil fall. Instead it decided to tank on the back of a comment by Chairman Cathal Friel to the press where he said that a return of cash and move into the medical sector could happen because of the oil price. The share price slumped 40% on that announcement which is an over-reaction and here is why. The statement read: Fastnet the UK and Irish listed E&P Company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, notes the recent press speculation stating that the Board is currently considering a return of capital to shareholders. The Board remains committed to developing and/or monetising its assets. The Company is continuing to work the farm out process in relation to the Group's Celtic Sea assets. However this will not be completed in 2014. The Board is actively considering all options to grow and retain shareholder value including a potential return of capital should the Board deem it the most appropriate course of action in the coming months. Fastnet still has its Morocco asset alongside majors BP and Kosmos Energy. That STILL exists but not much is going to happen there into 2016 now because of the oil price. The other two assets are pure options. The first option is the Celtic Sea option package that it is looking to farm out and that has been forced into 2016 because of the oil price. Let's not beat around the bush, management was facing an uphill struggle even before the oil price tanked but were making headway and then the oil price gets totally wrecked and the farmout is delayed. I'm as surprised about that as I was about Chelsea beating Tottenham yesterday. NOT very surprised!! The second option is onshore Morocco and management really needs to come clean about what is happening there. The process was started and it has probably been talking to companies about farming in. The beauty of the onshore asset is that it is high quality gas with a beautifully high gas price that is nearly 0% affected by the oil price fall. The gas is STILL there and the chance of success is STILL high. But will it drill? The market value is now £10.8 million. Money on the balance sheet with low cash burn is £12.7 million. The shares are trading at a discount to cash! If Fastnet winds up the company because that is the best interests for shareholders then I trust Friel to do that, and shareholders might get 4p per share if they sell the assets. If they partner onshore Morocco then all down bets are off and we could be looking at a £20 million valuation in a snap. Cathal seems to have dropped a clanger – although I give him gold stars for honesty - but you've got to be a first class mug t

With $8m outstanding liabilities, it leaves LEN with slightly less cash than FAST. LEN's RNS basically admits defeat and no future for them in O&G. FAST still has the potential to find a farm-in partner with prospective assets - and I suspect that's what accounts for the difference in their respective market caps.

That gas project is sucking all their funds and thus far the results are disappointing. If they commit the $17m to main exploration and appraisal programme, most of that cash will disappear, reliant on one asset before debt facilities are needed. Not really comparable to FAST at this point.

is still less than the cash balance alone, potential upside here.

A more re-assuring update that they continue to look to monetise their assets. Still searching for a a farm-in partner for Ireland, though this is proving more difficult with the current price of oil. Board shuffle (strengthening imo and good that they're still looking to add a NE Director with E&P experience). Cash balance is $18m with monthly outgoings of only $275k. Still plenty to be confident about here imo.

Even if the worst case scenario occurs, and they can't monetise their assets or find a farmout partner, a return of capital (depending on the amount) I suspect would equate to levels around the current SP. As disappointed as I am by the lack of optimism, I don't see much point in selling as the worst outcome is already priced in imo. The room for upside therefore is worth just holding on and seeing what comes. If anything, I might even top up.

Good job with the de-ramping lads. There is always a reason for SP movement, it's just not always obvious. I'd say a combination of the 1) Cantor price target increase to 27p 2) Share Prophets recommendation 3) A gradual increasing awareness of the medium-term prospects / value 4) A few larger sized buys, have all contributed to the modest rise of the last couple of days.

Thanks OliG. Certainly makes for interesting reading.

Would someone mind copying and pasting the article here for non-subscribers? Thanks

Did you read somewhere that the government may start some discussions on lending and investment before the bill is passed?

Other countries could learn a thing or two about how to get things done! When you consider what this bill means and the magnitude of it vs. the time it's taking, quite remarkable. My pessisim in politics and law-makers has been alleviated somewhat today. Voted 90-28 in favour! Exciting times ahead - Our aspirations are fast becoming a reality.