Member Info for YoungJun

Looks far out of Kistos league those non-ops, Block 17 is the best block in Angola, Block 15 has 4 FPSO on the block for 24000 net, Block 31 more in keeping at 8000pd net however i would hazard they would want to sell all three. can but dream Angola would be a great destination.

I would doubt AA would be interested in a directorship at SQZ he likes to be the man in charge and can steer the financials himself. as for 200p he would be well down on his investments, more likely to deal at the 400p. Once the next financials are out there should hopefully be a tick up in the SP regardless of any EPL levy issues. Shell Victory online now so that with the full ramp up of Jotun FPSO will mean cash starts to roll in.

Most positive statement in a few years, next 6 months transformational, Jotun on track now. HH to be developed, new operator at GLA at future possibilities, $26m of currency loss now reversed since report due to currency changes. Not to mention indepependent auditor report says no issues for going concern which seemed to panic a few last time.

HBR - Analysts have raised some issues recently. FCF 2025 expectations that it won't cover dividends at current level, its gone from almost zero debt to $5b. If there was a pickup in the sector then fair enough but that looks a long way off. Suspect there are bigger plays afoot with them.

Better waiting for VAR to report soon as they have one planned soon. Q2 and Mid are close timeframes so not concerned, financially its good new for Kistos due to the MIME takeover terms expiring

I can see where you can get to 70p valuation mine was nearer 60p based on my thoughst being the following: DEWA is basically a given, its just time from FID to actual production that restricts the valuations, Kertang spud would get the short term traders interested especially that this is a free carry so SP would naturally rise in anticipation. Famr out cash i don't attribute a whole lot to as it's going to be swalled up in working capital. Small producing asset aquisition is the next milestone for me as that underpins the costs, provides funds into production of DEWA then eventually Kertang otherwise SEA just keep spending/placing until there is a good production/profits base under the company.

Sold out their position stating the 15.75% retention. whilst 10% is still very good potential value its a long way away. The carry for the well is a good deal as well as the payment on a discovery . However the placing although i predicted this is still poor timing allowing favoured parties in at a better price knowing full well there would be a rise this today due to news my personal feeling is they could have waited a few days. Got to think about the long term costs before any drilling FDP for DEWA costs won't be insignificant so the per month spend will have to increase probably to nearer 0.5mln per month by summer next year. With no revenue there will be more dilution unless as Oiltdr says they are looking at producing asset this IMHO would underpin the share price until they can progress their developments/drilling.

They would have been in long ago, what they will do and i think we are seeing now is some slight de-risking as it's only 3 weeks of trading left until christmas and SEA do not want to be forced into making a raise in January as that would hammer the price, hopefully news in next two weeks.

500bcf is not proven - 'Internal Seascape estimates' recoverable is 300-400bcf based on again 'seascape internal estimates'

untested gas zones, it can still go wrong hence why the market cant attribute 75p - £1 of value. There is a costs to get the project to production. Again Block 2A once (if) a farm out is announced hopefuly the terms are good and there is a decent carry involved for an appraisal campaign, its currently a prospect nothing more, the signs are good however COS is still industry standard 22%.

Personally believe that SP is starting to get ahead of itself, 75p-£1 on DEWA in my opionion would be on production plan, timeframes confirmed etc however i am not complaining at the current rise. It's all on the farm-in news hopefully its a good deal and can see the price getting towards the £1

Why would you think that? Kistos are about to receive $84 million tax rebate due from Norway Costs due for payment in December. There is also scope for additional funds in current finance agreements if things did go bad due to an unforseen event.

With Kistos it's a timing only matter related to any call for cash from Dutch tax authority regarding solidarity taxes. The same tax that ExxonMobil and some EU States seem to be taking EU to court for but of which Kistos and tax advisors believe do not apply. In any account the statement is a material change to the accounts is possible if applied but not a going concern basis they have made provision for the tax in accounts in any contingency so i cant see where you are reading about being wiped out?

To be fair its all on the farm-in happening as otherwise its a drop back down to lower levels and a call for money, i certainly hope it all comes together nicely but always bear in mind this statement from the results.

'These savings, together with the cash proceeds from the LJN sale, are forecast to provide sufficient capital through to the end of Q1 2025'

In reality they said if they needed to equity raise they would have no issue. Listen to the recent Malcy interview where co say net debt is in reality closer to $50m and its a uk accountancy catch all for going concern which wouldnt have happened if they didnt pay off the bonds last year, saved $6M for company by doing so. The delay in Norway means the $45mn bond most likely wont be paid. Feeling is that the market is wait and see currently for UK tax position but in reality UK is not key assets/position in Kitsos portfolio Norway is where it is at and once Balder on stream the deal will look very good.

I assume this is a worst case scenario type statement as its mentions VAR date of Q4 '24 "forecast assumes a start-up date of 01/07/2025 for the Jotun FPSO in Norway, whilst the operator carries a Q4’24 start-up" later in the presentation page 10/11 we see Q2 2034 restated "First oil lift from Jotun FPSO targeted for Q4 2024, based on an inshore sail away by August 2024"

Same here, i invested at the start, we had the crazy spike during covid when the price got ahead of itself. 2025 will be a defining year need Baldur to come on stream as planned late 2024 and also Victory field for shell will reduce costs of SGP thats when the metrics should change. Add in the bonus storage facilities.

Seems to be a result of previous merger/aquisitions and estimated oil/gas prices prior to delays (pricing forecasts lower now) different assumptions for kistos

AA likes to be the one in charge, he is a mega millionaire he will not want to take on a serica role where he can't control the narrative with his own mgmt team. He has a lot of skin in the game here and wont want to sell his shares cheaply/loss. It's a case of waiting out 2024 and hopefully all goes smoothly at Baldur as that's the money maker.

Couple of days maximum and they will be back in running i would hope. Not operationally significant according to operator.

No other way to say it but it's a delay and also a strategy shift so early in the company lifecycle is not a good sign. Not pursuing a EU-GMP facility when this was one of the founding principles is also slightly alarming, does this affect the product quality/sales price even though the company say it will not? Also as legislation evolves who is to say that EU-GMP from crop to product wont be legislated and we get shut out.