Member Info for Tobin

I know that many are bothered by the time to get coho on-line but the real money that will fund further development on this block will come from Cascadura. When done the income stream, ad growing income stream is secured and the development wells on the different Royston zones, and the exploratory wells (drilled by a modern rig) can start in ernest. Lets hope the process of building and commissioning the coho pipeline will mean that Cascadura is sorted and pumpng gas in double quick time and not "island time".

I certainly never said buy backs resulted in “zoom zoom” of SP. The best use of spare cash is hopefully reinvestment in the business. That also doesn’t result in “zoom zoom”.

Much a rehash of similar presentations but at $100/b Brent, the current price, then at 25.000bopd which is what we are looing at in a couple of months when ONP is hopefully running... then free cash flow $400 million/annum. Some nice round numbers.

Good to see the share buy backs and that the company is doing what it said it would. The numbers bought are relatively small though and will have a limited impact at this scale imo.

Sturm.. indeed, would be logical.
But I would still prefer that they spend cash on new developments providing it is well spent, which I believe it will be. Otherwise I wouldn't be invested.

BBB...Rule 14

Dividends imo would be the worst use of free cash possible for this company.
Hopefully it has enough other opportunities to spend the cash on, and after that then share buy-backs because I believe that the shares are markedly undervalued.
Returning money to me in dividends is also less tax efficient and if I thought I could take the money and invest in a company that offered significantly better risk/reward in what increasingly looks like a high inflation environment then I would sell the shares I own and do it.

Canada finished 103.5p

Do we know how much PGM/chrome reserves JLP has access too? It must be churning through a lot of tailings to produce nearly 2millin tons of chrome a year

At least the minister is wearing an FFP2 mask, the surgical ones Xav and Paul are wearing are a waste of time.
It’s a shame that 21/2 years into a global pandemic that there is so little understanding of the basics, even in our own hospitals.
https://www.bmj.com/content/bmj/378/bmj.o1929.full.pdf
But this in the investment world leads to mispricing and opportunities for those prepared to do their own research; like TXP.

I seemed to have provoked a few replies on the topic since i posted the question this morning. Thanks.
It seems that the consensus is that nearly all of the cobalt stream will be profit; hopefully that will be the case but it seems that there is not a lot of hard evidence to support this. I guess time will tell!

Have we had any indication what profit margin the company expects on the cobalt?
If we have 1,200tons/annum at $50k/t that’s a reasonable amount of turnover but how much profit?

Ultimately the SP does trend to the NAV. There’s always the question if the NAV is overstated but recent realisations are over 40% higher than the booked NAV.
So it continues to look like managers are booking conservative NAV estimates, the discount is approaching Al time highs and …
“The Board remains disappointed with the discount of PIP's share price and considers the current elevated level relative to the value and prospects of its portfolio to be unwarranted. Accordingly, it intends to buy back shares actively to enhance shareholder returns”

“PIP's NAV per share has grown by a remarkable 31%, of which 24% arose from portfolio gains and 7% from favourable currency movements. PIP's share price, however, has grown at a more modest 9% reflecting the turbulent market conditions at the financial year-end. This has resulted in a significant widening of the discount to NAV from 21% at the end of May last year to 35% at the end of May this year, and further to 43 at the time of writing.”

NAV 462.7p with a share price of 254p.
Not seen these sort of discounts for a decade.

The sub-thrust was an original target on both wells. Maybe I am wrong but I don't recall the company mentioning that they were planning to re-target that zone. It seems an obvious target considering that in the event of failure the well should still be able to be used to drain one of the other zones.

Do we have any indication how much the cobalt circuit costs to run? Profit/ton?

The EIA has to happen eventually and when Cascadura is hooked up and flowing with prospects of racking up to 200mcf/day which is what the pipeline and plant are designed for, the "wall of cash" starts flowing $10million a month for years to come to fund dividends and continued exploratory drilling on 20+ targets on the block... we will all be wondering why we didn't buy more .
BUT the market is not rational and we have August with its low trading and often high volatility. I think this rollercoaster is not over even though I have a good idea where it will end up.

Quite a detailed RNS.. So NAV 31/5 was 451.6p, an increase of 31% from May 2021; and yet discount increased.
Also did £10 million in share buy backs, and yet discount increased.
The average discount of the buy backs was 27%, but by my calculations the Discount to NAV on the 31/5 had widened to 34.5%
The SP is down with such a widening of the discount to NAV but still represents a better return to the FTSE all share over 1yr, 3 years, 5years, 10years, and since inception nearly 35years ago.
The discount has presumably widened more, and could widen further and certainly did in 2008-9. Such wide discounts in retrospect have been buying opportunities.
PIN remains a core of my retirement fund, which reminds me I simply must sort out this years ISA.
Remains a core of my retirement fund

As I predicted. You send a 1700 page document to a dozen different government departments and someone is going to raise some “concern” about something.
Had the same issue dealing with uk for planning.
Will look back and see this as a golden opportunity to top up, imo.