Member Info for ZENGAS

Something to think about and i think it is already dawning on some that this was way oversold basically on one major shareholder selling (held for 1 year) and the low free float/liquidity/absent buyers. I said yersterday i was heartened to see no TR1s from the IIs in the whole affair since flagged up over a month ago in the results. Personally i think this is completely oversold and there is more to excited about than negative.

So what value here on and if -

Adding 'significant' drilled/discovered hydrocarbon resources at ZERO cost. Close to existing infrastructure. What if there's 10-20-50 mmboe resource here across a DRO cluster ?

How big is SIGNIFICANT for a company of this size ?

If you have a proven resource that can be converted to 2P on a dev plan (and a lot faster to production than waiting on the likes of Kviekje in Norway), then S.E Asia is more cost effective.

The addition of Geraldine Murphy described as an industry legend at this time is significant. Also Pierre Eliet.

Has anyone considered the valuation metrics in having a proven resource much greater than Norway and Norway sold down at breakeven and a small raise here on the back of early development ?

In the a/res investor presentation https://youtu.be/GVElFW-2ipY just over a month ago James Menzies at 21:30 into the video said it was NOT JUST an exploration story re Malasyia and said Petronas were keen on getting the smaller discoveries worked up and the government - 'they offer some of these to you for development at no cost if there is a sensible, credible development plan'. He said back then they had applied for offshore Sarawak.

Fast forward a month "should the partnership be successful, the DROs are anticipated to add significant hydrocarbon resources capable of near-term development to Longboat's growing Asian portfolio". NEAR TERM versus sitting on a 50% share of 1,000 boepd and 50% of 1.55 mmboe 2P that is eaten up supporting just the Norwegian team who are now scaled down at board level. The recent update was specific in saying "ensure its capital is directed towards the areas with the greatest value potential"

Worth noting that in may of these clusters (DROs) there is proven oil/gas and very close to existing infrastructure

As an example The Bambazon DRO cluster (off Sabah) had a number of fields and wells that tested at 700-1000 bopd and Tigan in the same cluster at 1200 - 2,000 bopd with 50- 150 c/ft GOR or 1,000 boe gas min plus the oil. https://www.petronas.com/sites/mpm/files/download/BAMBAZON%20CLUSTER.pdf

"Should the partnership be successful, the DROs (MORE THAN ONE ?) are anticipated to add significant hydrocarbon resources capable of near-term development to Longboat's growing Asian portfolio."

My feeling is Petronas will be keen to support Longboat with additional opportunities like this given LBE have already attracted major interest to the giant 2A block.

A much smaller team and Geraldine Murphys appointment is really interesting imo being a senior advisor at 'Perella Weinbergs' energy division 'tph'. It will be good to have someone of that calibre to call on/source equity/deal making/re-structuring.

IIs will have wanted this in support imo and a new CEO making decisive decisions from his appointment should be a positive.

Still hopeful of not seeing any II TR1s (famous last words) and would be a show of confidence other than that of A Bruce sales, being a notifiable holder.

Unlikely for GM to be coming to a company that won't be sticking around given it's material potential with a farmout in Block 2A. Also the CPR will be being paid for and likely to be available within the next few months - possibly by end August imo. With her already sounded out and proposed i'm sure she's had an idea/insight on the Norway strategy which is probably already under consideration and way forward for the CEO to consider.

https://pwpartners.com/

https://tphco.com/

https://tphco.com/team/geraldine-murphy/

Well further cost cutting made on those salaries etc

My post 1/5/24

2 directors are standing down and won't be replaced in the immediate future.Brent Cheshire £70k. Jorunn Saetre £50k. Nick Ingrassia was on 230k and moves up to CEO replacing Helge Hammer who was on £300k. The current Chairman of LBE is on 95k.

Helge leaves to become chairman of LBE/Japex - will there be a pay cut to a more modest Chairman salary or still remain on £300k ? Either way, Helges salary would now be 49% met by the Japex ownership portion of the JV so if he remains on £300k this would be a net saving to us of £147k.

Cost cutting of around £200k at least to perhaps £300k depending on what Helges salary at LBE/Japex is.

---------------------------

Latest RNS

Katherine Roe is now going = minus £60k

J Cooper CFO also going = minus £250k.

Graham Stewart standing down as N.Ex Chairman (taken up by James Menzies) but staying as a n.ex director. £75k down to £50k ?

Geraldine Murphy appointed/coming in as non exec likely £50k.

I make that about £500k - £600k net savings (haven't included pensions etc) at board level.

The JV - "Significant remaining value" (New CEOs words).

Had averaged 401 boepd Jan - April - 4 months.

Roughly at 544 boepd 4 weeks prior to May - 1 month.

Equinor working to have the 2 remaining wells online during Q2/Q3 - Presumably by the end of Sept.

Assuming we run from now to Sept at 540 boepd versus the CEOs guidance of 575-625 boepd for the full year - that would mean using the end of Sept as completion, then production must be expected to be around 850 - 1050 boepd from then using those 2 full year guidance figures.

Basically we're relying on Equinor the operator to have those wells completed by end Q3 to be close to producing 1,000 boepd which at gas/oil combined using $65/boe is almost $24m/yr less opex to the JV.

It would be a shame to give up that now in a sale to Japex or some other Norwegian focussed player to have to do the same thing all over again in S.E Asia in establishing production from scratch which we'd need money for anyway.

The above is a huge starting position to be in.

Our predicament is the shortfall in cash calls through to the next expected revenue jump and relying on Equinor to complete the work in the projected latest timescale. Obviously the 2 drilled wells need to produce as anticipated (surely they know this from logs etc).

Without giving up the producing assets, perhaps we could sell down our share of the discoveries in the JV to some of the other partners or operators (such as Kveikje/Equinor).

We need to know come the end of June if we are still to be involved in further Norwegian producing assets via Japex $100m funding and what is HHs exact role by being solely at the JV.

LBE have cut more costs by this current staff trimming on top of that earlier with those announced a month ago. They say they want to direct cash to "ensure its capital is being directed towards the areas with the greatest value-creation potential." (Maybe sell or cut down on the exploration assets within the JV and focus on production ? They don't have anything in Asia that is producing cash so raising money there for an asset would be no different in the short-medium term ?)

Haven't seen any other TR1 changes other than the 7m holding by A Bruce. They were bought in small tranches and have only been held for the best part of 1 year and now basically out. Coupled to the liquidity and low free float of the stock and absence of buyers to take up that slack our m/cap is £3.6m

RR,

Barely a month ago i enquired about the June investment conference.

I was sent details and it contained last years 2023 sponsors etc but no details of any company speakers or sponsors for this year.

I got followed up by an email to see if i wished to book a place but when i queried what deals had been approved or gone through over the last two years to attract anyone to next months event, i had no response back at all.

Given the cancellation of the event i take it they'll need as much investment as they can find and surely they need to show that investors are able to do business when they do seek approval to buy assets and significantly grow them. The cancellation of the event should be a wake up call to S.Sudan.

Just to pick up on Deekos post yesterday.

"What the hell are these guys waiting for, if it's the perfect deal then clearly it's not happening. Just get on with it, stop being picky and start to build some value, yes we have out 1000 boepd right now but the main thing here is increasing cashflow so we can self fund further acquisitions."

Both ourselves and Okea have suffered a delay and cost over-run in buying these assets. They also thought them good i take it because they were praising them when the deal was struck.

You can't just sign off on any deal because nothing is risk free and the last thing we'd need is a second deal of size also running into cost over-runs or delay. The S. Ost issues has been known to them now since the beginning of the year. Japex's team came over in October 2023 and last month to build out the JV team re assets.

The Upstream interview said they were dealing direct with Norwegian area sellers rather than entering direct bidding processes and that there was a lot of competition.

I'd be surprised if a deal was announced before the end of June given that they say they are exploring all options but you never know. If a large chunk of the $100m package was put to use, the resultant income could sort the company out on a better financial footing by year end. The short term issue is capital so perhaps a placing sounded and we retain all or the bulk of the JV. Or it goes and we pick up on the other potential deals if awarded off Sarawak for existing discoveries ?.

Why would i ?

After 25 years of investing, there's nothing for me to over-react to in the scheme of things.

You face the same risks in any company as UPL have had this past 7 years and i bought more LBE this morning over the course of an hour.

Might pay you to do some actual research because i believe we'll be looking at potentially multiples of Kertang in terms of possible recoverables with the same risk profile to UPL and not an out and out exploration play as UPL. The onus on here is to find hydorcarbons recovered when they do drill here because there is nothing else to fall back on.

LBEs Sarawak 2A block - Kertang prospect with DHIs, brights, gas cloud and multiple samples = 9 tcf estimated (1.5 BBOE) recoverable.

Todays update - "Additional, significant prospectivity on Block 2A has been identified. Two areas of interest have been delineated: firstly surrounding the Kertang structure, where several large structural closures analogous to Kertang have been mapped and secondly in shallow water, in the southwest of the block, where the continuation of a play that has seen several notable recent gas discoveries made in younger, shallower horizons to the south of 2A.

Following recent increased interest levels in exploration for world-scale fields, multiple large companies have approached Longboat regarding Block 2A."

LBE will also farm down from their current 52.5% to around 15-20% i expect.

LBEs m/cap is £4.56m. UPL £44m.

LBEs update today relates to the delay by the operator Equinor in bringing on 2 drilled wells to the main hub and a cost over-run for its Norwegian JV.

UPL retreated from over 4p mid 2018 with 456m shares.

Languished sub 0.5p - 1p range for 3.5 years.

No other assets now than exploration only .

Trebled it's shares in issue to 1324m with warrants still to convert and about $4m in cash awaiting the farmout and PSC.

Both UPL/LBE have the Sarawak potential for $250m/£200m - $500m/£400m value based on a net 80-160 mmboe discovery at just over $3/boe.

UPL current shares in issue 1324m = 15-30p potential (M/cap £200m - £400m) versus 3.3p today = 5- 9X upside if successful for that level.

I expect either LBE could sell off some or all of the Norwegian JV or potentially double their shares in issue from the current 57m to around 115m possibly and bring in a similar cash amount. Also have a sizeable fully carried interest in a Norwegian well with 56% COS Q3 along with a number of others progressing.

Same Sarawak value prize of £200m - £400m value prize for LBE even on 115m shares (double todays amount of 57m) = 175p - 350p (£200-£400m m/cap) or 20-40 X for same money at play as ever.

Took an hour to buy 300k shares ranging in size from an initial 100k at 9.4p (8:08) to my last two 2.5k buys at 7.75p (9:14 & 9:15).

Current 8p = a m/cap of £4.56m.

They either downsize on the Norwegian JV. Or a complete sale of the JV or raise additional funds.

Upcoming well fully carried.

When they bought the producing assets for $12.75m their expectation was do double this from the 300 boepd then to the initial 600 (see original RNS) by Q4 2023/early 2024. This went on for the expectation to be circa 1,000 boepd end Q2 but the last 2 wells drilled are still not connected. The cost has risen from the $12.75m to $17m owed to Japex due to the delays/cost overrun by the operator Equinor. We bought our stake of a different partner but Okea bought theirs direct from Equinor and sought recompense for the o/runs/delays threy've also encountered. Doubtful if we are covered in any way and our Kevikje discovery is included in their development plan to Troll while Vaar want a different anchor hub used.

Personally i think LBE are laying down their options on possible asset direction but will they wait or not until the outcome of the upcoming Norwegian well re the Norwegian jv.

I'd like to know if Helga has any direct input with LBE now re Japex rather than just at the JV.

'The event has been postponed in coordination with the authorities in Juba.

South Sudan Oil & Power 2024, including the South Sudan Mining Forum, was originally scheduled for 25-28 June 2024.

We regret any inconvenience and look forward to providing an updated schedule.'

https://southsudanoilpower.com/

Somebody mentioned LBE here not so long ago but was told to take it elswhere as im sure i will be but consider this in context as the SK334 is clearly in close proximity to numerous fields not just the 2 or so mentioned by them so interest should and must be high .

"While the Company awaits the PSC award Upland also confirms that it is now in discussions/negotiations with five established E&P companies, including Oil & Gas Majors to participate in the Exploration and Production of Block SK334."

"As we would expect the potential of SK334 is attracting a lot of attention and we already have some very serious alternatives to consider. We do expect there to be a lot more interest and as a Company we will make sure that the options we choose move us ahead but also are in the long-term interests of all our stakeholders."

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Why doesn't UPL have the PSC in the bag before discussions/alternatives with O&G Majors who could quite frankly throw much more firepower to the Sarawak Govt in undermining UPLs negotiation terms outcome.

LBE were awarded 'operatorship' of the 12,000 km2 Block 2A of Sarawak with 36.75%. Topaz 15.75%. Petronas 40% and Petros 7.5%. 1.5 Billion BOE estimated recoverable in the first of a multiple ofprospects with over 6,000 km2 of 3D.

LBE upped that to 52.5% by buying Topaz 15.75% share for up to $3.25m.

There are a number of majors interested in 2A also but the PSC terms are there with substantial 3D, the amount of drilling and processing of seismic required in each term of the PSC.

So far UPL have about $3.4m - it's not enough to see out whatever those PSC terms when issued which is likely to include a number of wells and a fair chunk of new seismic both 2D/3D - not just a case of drilling a well and why as above UPL say 'long term interests' for shareholders.

With so little capital the negotiating power could lie more so with any farminee.

For SK334 Petros could likely be on a minimum of 20% or possibly 40% allowing for the warning in the adm doc that Petronas may yet have a claim to have a stake in the PSC. (Petronas and Petros have 47.5% of LBEs 2A offshore Sarawak so these might be similar terms that Petros wants for itself on SK334 ??). That could whittle it down to 60% for which a farminee with having to pay a fair share of the costs is going to want a sizeable stake. (LBE are farming down and intimated they could give up 20-30%) If a farminee comes in for a similar amount here that could leave the JV on 30-40% meaning UPLs net amount could be 15-20%. This is my opinon why the PSC isn't awarded yet and strange that they are negitaiting with other oil Cos and majors when it hasn't been officially awarded to UPL as yet while LBEs block 2A was done prior to any farmout activity.

Afentra was launched 3 years ago 5/5/21. They have good management and a small outfit. But they are not operators in any of the producing licences. Whilst SAVE have been on the go since 2014, the same opportunties may not have existed in Angola any earlier with their falling production and recent change in terms and seeking investors.

AET are doing the same as Save re West African acquisitions which started on a much smaller scale.

Afentra 2021 - "This is in line with Afentra's strategy of acquiring assets across West Africa with solid low-cost production, proven reserves and significant upside.

Their 3 acquistions at different stages started with 3,900 bopd, 780 bopd + 1300 bopd bringing them up to 6,000 bopd and 32 mmbo P2 (which have now reached circa 7,000 bopd as of now.

"This represents a strategic entry into a highly attractive West African jurisdiction with an implied acquisition cost of ~$4/boe, "

I don't see the reason to say AET have better management.

Save acquired, 'operate' and doubled the Uquo production, increased sales customers and increased reserves.

We did make a 100% discovery success rate in Niger demonstrating the rationale for the risk profile for discoveries (albeit without a pipeline and held back by a few years while the route was prefferred via Benin (more costlty) than previously in principle with Chad then delayed by Covid. We had more debt relative to the infrastructure nature of the assets (processing/pipelines versus just reserves/production) which were over $1 billion of value to replicate.

We have access to finance for deals. International oil Cos have faith to sell to us given our management credentials, ESG score and our ability to operate major assets that contribute 24% to keeping Nigerias lights on.

Chad (Exxon) as operator worth more than 15k bopd considering the pipeline - Let's see where it all ends up. We had a deal announced prior to the president of Chads early demise .

We've finally done the Sipec deal (Sinopec) for Stubb Creek which should bring us another 3.7k bopd.

Niger (hopefully) is now close to start up this year with a target of 5k bopd.

South Sudan 50-55k bopd and possibly 300 mmbo awaited one way or the other.

I bought into AET at the outset on their similar strategy but as non operators there can be things outside their control. I held Jadestone (top rated management) and thankfully got out near the peak before there were issues with the FPSO in Austraila where little political risk existed only to see the s/p decimated. You never know where anything can come from left field to throw a spanner in any investment. I think that's why AK said the risks are the same whether the assets are small or large and they've prefferred to go for sizeable acquisitions or that they are really compelling value accretive with no recourse on debt to Save.

'd add to that by saying that a similar level of potential annual dividend as paid out by SEPL would reward and keep on board many of the II and HNW investors while capital growth should really come through given the potential to really grow at least the Nigerian and Niger assets alone. Even AK said he would be a fan of dividends given his holdings. One of the KPIs was the delayed $20m dividend.

FWIW I believe we were on the cusp of this with the very sizeable 12,500 bopd Chad acquisition with also a significant income stream from the pipeline assets - hopefully this in time will reward us with some level of meaningful compensation.

In the meantime imo we are again on the cusp of a step up with the South Sudan deal which could mirror Seplats Div payments and cash flow even on a reduced temporary output even at 15k bopd.

Seplat have been able to invest into gas plants etc, controlling their debt levels all while paying that amount of dividend. Seplat have had numerous issues since ipo. Their production is only 10% higher than 8 years ago and fluctuates within the ranges in the previous posts. It too would also be on a major step change if the Exxon deal gets over the line.

Let's hope we will soon be rewarded for our patience (mostly enforced patience this past 18 months) and that new oil production is soon added from somewhere to give us that step up.

It's now back to 170p 10 years later. If you add in the $575m dividends allowing for the various ex rates over those years say using £1/$1.35 or £425m that's about an extra 72p so has been to date worth/made 242p in total if you were cashing in today.

It's been battered by Force Majeure, Mareva injunctions, internal spats, other court cases, trying to deport the CEO, Eland takeover not going so good at the time, fatalities, low oil prices, Covid, debt financing/repayment re low oil price/oil going below zero, worry over alternative export routes, low gas price, financing gas plant expansion and now the hold up on the Exxon deal which would be very material.

Really considering the above with our steady 20,000+ boepd net gas at an almost 50% premium relative to Seplat, + 1200 bpd Nigeria oil. Basically if we had circa 20,000 bopod additional oil (we have Niger up to 5k and a further 3.5k to come from Nigeria) we too should be in a position to rapidly reduce net debt or on a mixture of debt repayment/dividends as Seplat does - be in a position where we could be paying about $60m dividend (or about 3.4p/share ) though in SAVEs case they want to re-invest into renewables.

On average over the last 10 years $575m paid out in divs = $63.8m year and still having as much net debt as Save ($385m March 31 2024)

Production over the last 10 years was a low of 25,877 boepd to a high of 51,183 boepd with Q1 2024 being 49,258 boepd which is an average of 42,300 boepd/yr.

Even servicing the debt, we should with an additional 20,000 bopd be able to support a similar average dividend of $60m/yr. Certainly imo with re-investment into renewables we should come out with the fabled and pencilled in $20m div.

Let's face it, they are not paying off the $380m Accugas but refinancing it over 10-15 years which would lighten the costs even more/free up cash for re-investment..

We have about 20,000 boepd net gas minimum. 1200 bopd from S Creek.

To approximately model our income to Seplat we need about 20,000 bpd of of additional oil

5k bopd to come through from Niger and a further 3700 bopd from S.Creek. Therefore an acquisition in the region 11-12k bopd could do it to mirror the past performance/dividend output from Seplat which could be worth $60m/yr of dividends or $20m min + funds sent to renewables? .

Unlucky with the hassle over Chad where we would now be there as above imo.

South Sudan still ongoing. It was a circa 50-55,000 bopd net production and with production even reduced by the rumoured 70% could still see 15k bopd still producing before pipeline repairs completed (if the deal goes through).

Gone through the SEPLAT annual report RNSs etc since IPO

For the sake of comparisson Seplat listed in April 2014 at 210p share with a m/cap of £1.14 billion. (542m shares) 4 months before SAVE.

It raised £300.9m.

'The net proceeds of the Global Offer will primarily be used to acquire and develop new acquisitions, and/or pay down any additional debt raised in connection therewith, of both onshore and shallow offshore acreages, assets and joint venture farm-ins. Approximately US$48 million shall be used to pay down in full a shareholder loan from MPI S.A.'

https://www.lse.co.uk/rns/SEPL/pricing-announcement-9y6vyme91v7rurl.html

It had 24,248 bopd + 39.4 mmcf/d for 2014 ie 30,819 boepd and 281 mmboe 2P. (139mm oil/condensate + 142 mm gas)

15/1/15 it secured $1b debt refinancing and pay down the existing $552m debt.

https://www.lse.co.uk/rns/SEPL/debt-refinancing-operations-update-o0vhffue61yd8fn.html

2014 Production 30,819 boepd (24,248 oil/rest gas) = 15c/$81.3m,

2015 Production 43,372 boepd. Net Debt $550m . Div 8c/$$43m

2016 Force Majuere issues, Production down to 25,877 boepd ( 52,000 boepd expected) 2P now 462 mmboe (195 oil & condensate + 267 gas).

Div zero due.

2017 Production 36,923 boepd. $141m net debt. Div Zero.(Preserving cash/debt reduction)

2018 Production 48,867 boepd (25,669 oil/rest gas). Net cash positive $135m (still looking for another oil pipeline route re Force Majuere issues re-occurring).

Div 10c/ $54m

2019 Production 46,498 boepd (23,935 oil/rest gas). Looking at a new pipeline potential to export. Net debt back up to $456m. Gas plant investment & Bought UK listed Eland Resources. Div 10c/$54m.

2020 Production 51,183 boepd (33,714 oil/rest gas). Net debt $440m. Div 10c/$54m. 2P Reserves now 499.4 mmboe ( 240.5 oil/condensate/258.9 gas).

2021 Production down to 47,693 re FOT shut-ins. (29,091 oil/rest gas) Net debt $426m Div 10c/$58.9m. (589m shares now in issue). New energy business announced Solar etc.

2022 Production down to 44,104 boepd (24,730 oil/rest gas). Net debt $365.9m. Div 15c/ $88m

" We continue to pursue alternative crude oil evacuation options for production at all assets, to increase our export flexibility reduce over-reliance on any one third-party operated export system." Announced also the Exxon acquisition in Nigeria on 25/2/22 just over 2 years ago and still awaited as per todays RNS update.

2023 Production 47,758 boepd (28,087 oil/rest gas ) Net debt $306m. Div 15c/$88m. Year end 2P = 478 mmboe.

I make that $521m of dividends paid but in the annual report for 2023 released on 22/4/24 they say they have paid out $575m since listing though i think this is me down to not having the exact date the shares jumped from 542m to the current 589m in issue.

In the last 5 years or more Seplats share price has been down a considerable time around 50p so lost 75% of its IPO value of 210p listing price. It's now back to 170p 10 years later.

Well they will have to sort the Accugas term facility debt out as it matures end of next year.

They won't run it to the last minute/month.

Matures 31/12/2025

Well i hope they took my 'boot in the hole' post seriously on the 29th April, the fact that the same old same wouldn't wash come the agm and Cautionyourblasts open letter to directors on the 1st May on this board and the urge for other shareholders to vent their displeasure (if they feel likewise) before the results - that we need change and action and after 10 years of no movement in value despite having world class assets that this can't continue (particularly the lack of progress on Niger and the entire 10 years passing on the PSCs with not a barrel of oil flowed, tested or sold).

Hopefully they try to head us off at the pass so to speak with some pre-emptive news to calm us restless LTHs. I'm sure there are bound to be at least a minority of IIs who also want to see them up their game.

Good post cyb, been thinking about your ugly financials point.

I posted on 21-3-24 and allowed no change/reduction in net debt since end June 2023 of $443.4m given the exc-rate/interest rate etc and left this at $443m

At the end of June 2023 net debt = $443.4m

To me i Implied no change in net debt with profit being taken up by the above in a worst case over the last 12 months. This was taking into account capex reduced by $30m as well.

Also if that level of net debt had not decreased i expected it to move up due to the Sipec acquisition announced in March which was for $59.5m less almost 7 months effective date reduction for 75% of the cost = approx $55m new net debt (though this won't have completed by mid year accounts next month).

This was potentially moving the net debt including the Sipec completion to $498m.

We don't know what the revenue is or if there is any increase in output over the last 12 months to improve that scenario i've pencilled in for myself.

I had a combined (net) valuation for Uquo/Stubb Creek 2P/2C including Sipec of $439.4m and $636.3m for Accugas = $1075.7m = 59.7p/share less 27.6p share for the increased net debt of $498m (my estimate) = 32p share net for Nigeria ops.

While SAVE did say the $59.5m acquisition of Sipec was being funded by a new bank facility from Stndard Bank of South Africa, they did say it would also be financed by the 'existing cash resources of the company' so perhaps it's not looking as bad as first though if they have cash to spare. However time will tell.

My 29/4/24 post on the Sipec deal would add about $41m/yr revenue.

Within 12 months of the the deal being approved this would add a further $60m revenue.

Ie $100m additional revenue stream from Sipec at approx $80/b pricing plus there's a small Brent premium.

Imo this small Sipec acquisition on it's own could transform the net debt/repayments fairly quickly not to mention Accugas putting out more sales gas to additional customers.

Nigeria imo net debt free is 59.7p as above or rounded basically 60p share. (32p + 28p debt = 60p). This is where i see us without any of the other assets considered but i think the additional Nigerian asset should address what i see as a possible mediocre/bad past year in Nigeria and heres to a speedy closure of that deal

FWIW AK did say they hoped to add 'at least' one further acquisition by the end of 2023 on top of South Sudan.

Either it was the Sipec deal that ran over by two and a half months (19/3/24 RNS) or perhaps was one of more than one in the pipeline they were after - who knows? But we did get one as indicated.

There could be one or two more still to surprise us out of the blue at any point in time. Just as long at they're not so big that it requires a suspension - just maybe if there is any new deal, they can be progressed under this main suspension.

No need to apologise longshort, every right to be frustrated as i am.

Been that long since a Malcy or VoxMarkets interview we'll forget what AK sounds or looks like !

Come friday, surely they need to be under pressure to soon say how long they expect this to go on for regardless of the looming results date. With the exception of the Nigerian acquisition there's been an absolute silence on operations.

Not one presentation for shareholders either with any material or slides available or growth projections.

Haven't checked it exactly since the name change but we must be approaching 3-4 years suspended out of the last 10 as a listed company.

It will be poor form to issues another shareholders letter from the CEO and Chairmans introduction and continue in the same vein. Communication needs to change.

Nope, no disrespect longshort, but I never said that ie as rubbish or words to that effect’ . It was re the 15p comments and I said I wouldn’t be making any reactionary decision on re admission to trading. (21st March 24). I get a sum of the parts valuation higher than 26p and gave my earlier reasons for this. Sentiment and investor reaction is another thing but why I won’t be reacting to any of it.