Member Info for welloilbeefooked

Can I double check something? Have we actually been awarded a contract or am I right in thinking the shares are up 20% on the announcement that there is a contract up for grabs and we might be able to join the tender process?

Be interesting to get other people's take on EPS for 2023? My *** packet calculations based on a conservative 25k boepd gives a minimum of 3p per share - plenty of room to increase dividend and initiate share buybacks.

Think we’ll be well in excess of 24k boepd by year end given theere’s around 10 net wells still to contribute. Also really looking forward to the reserves update at year end, we’ve expanded our acreage substantially this year. Surely must be a prime target now for some of the bigger guys.
Aimho

Down 5% today on less than 0.1% of shares in issue traded. Absolutely laughable ??

Just catching up here and thanks to SeisNav for posting the link to the Cogito note. Interesting final sentence on the JLP section of that report : "All future capital expenditure will be funded out of internal cash flow, and non-recourse project finance debt."
Do they know something we don't?
GLA

While it's good to see the director buys, it's equally encouraging for me to know they weren't selling into the Serenity news. Looks to me like they're committed long term. Bring on that production news now please.

I've filtered the pillock but just to address one of the lies he or she is spouting, per the 2021 year end accounts there's a total balance sheet provision of £126m for decommissioning costs set aside.

Think I agree with Homey on this one. Basically we remove the chrome from the waste material first which produces the beneficiated feed for better yields on the PGMs. The chrome side of the business has been growing for years and has always been reported on separately,and in almost every quarterly report they have been trumpeting how well the chrome side is performing so to suddenly see it downgraded to a by-product seems very strange to me. Also, in my accountancy days many years ago all sources of income and expenditure had to be accounted for gross, ie the chrome process produces its own gross revenue and expenses resulting in a gross profit - if you then remove that gross profit and deduct it from the pgm expenses I’m pretty sure the auditors would take a dim view. They’re probably fielding us figures based on internal management accounts which they can manipulate as they see fit. The real detail should come out in the annual audited accounts.
Aimho and happy to be corrected because I’m a long time retired from accountancy.
GLA

Seems a strange way to declare the cost per tonne of copper? They are showing it nett of cobalt by-product credits. Would be good to see that grossed up, the figure looks high although it is the ramping up period.
As always, lots of questions left hanging in the air and quite disappointed with the format of the statement - could have been penned by a certain C.Bird. It appears the new chairman hasn’t really hit the ground running. Pretty underwhelmed tbh but lets hope the coming years blow this out of the water.
GLA

Just realised that article is from last August, apologies. Might be annual maintenance I suppose?

The AECO drop seems to be maintenance work driven and prices will rise once completed, probably by tomorrow.
https://www.nasdaq.com/articles/canada-natgas-prices-drop-at-alberta-aeco-hub-on-pipe-work-2021-08-12

Looks like a whopper of a buy round about 4pm - £242k ?

Noticed the announcement and payment date for the divi is getting shorter each month, are they making way for a special dividend ?

Hi Olderandwiser, there was an interview earlier this year (proactive i think) where Majid and Graham gave some info re the year ahead. Forecast net operating income this year of $241m and crucially Graham said this was based on $69 ave boe. He also said something along the lines of "we're generating a bow wave of cash" so with total dividends forecast to be around £15m I don't think we've got anything to worry about.
GLA

Hi Spike, agree about the drop in gas price over the last couple of weeks to $6.7 US. The point though is that Majid et al were happy to hedge 37% of this year's gas production at $3.86 Canadian. Also, looking back at qtr 3 and qtr 4 2021 operations reports, gas prices realised were US $2.95 AND $3.72 respectively. I can't see a comparable figure in the Q1 2022 update but pretty sure we're looking at a much higher realised price despite the hedge. Time will tell.
GLA

Absolutely Gusto, all these arguments about macro factors, oil prices down, recession coming etc. If any of this was actually having a real effect on our SP we'd be seeing investors running for the hills in their droves. What we've actually seen this morning is a 9% drop in SP with less than one fifth of one percent of shares transacted.
Fear is the biggest enemy of the spooked small investor and the biggest opportunity for everyone else.
Aimho of course.

If you're right Spike and people are selling on the basis of oil price fluctuations, it's probably time to let them know that 80% of our current production is actually gas and gas liquids.

Hotchip, you say "Bear market, rising inflation & interest rates, impending global recession and political issues will dampen all markets over the next 12 months" but in every market there will be companies who completely buck the trend and i3e will almost certainly be one of them. They are throwing off cash, indeed "producing a bow wave of cash" at much lower oil prices than we currently have, they are rapidly expanding production and, crucially, reserves as well. Majid talks about decades of production to come so I'm loading up whenever possible. And I like to remember the Warren Buffett quote "“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”
One other thing, in a bear market - definition down 20% or more which we are - the last place I want to be is in cash. Inflation eats the true value but each to their own.
GL all

On the 5th April the share price was around 26p and this interview took place - well worth watching (again) - should allay any fears.
https://www.youtube.com/watch?v=g_NQufrGYkw

Agree with that TSSZ, also when doing my research before buying saw a cost of £8.36 per boe in the 2021 accounts. That's not too shabby!