Wentworth Share Discussion Threads

[wbodger] 06/11/2018 19:22

And today WEN.OL closed at 2.6 Kr. That's a more respectable figure. Perhaps Norwegian holders have become a bit more canny with their selling price.

If I were Norway-based I wouldn't be trading until there is a proper market in London, and eventually it will take over because the Oslo VPS trading will become erratic.

Predicted changes confirmed at Board level: Bob McBean becoming Non-exec Chairman is a power shift to the CEO, Barton and Kelly stepping down (also as expected for streamlining). Bentley remaining.

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I have copied this post to

(WRL.L not being used for trading now)

[steeplejack] 05/11/2018 13:31

Now up and running,price u/c 21-3 15500 traded

[steeplejack] 05/11/2018 10:03

This "relist" has become a farce.Norway as mentioned appears to be up and running but London AIM remains absent.It might help if the company clarified things.

[wbodger] 02/11/2018 13:54

I know the change has been made to Oslo, and the shares are trading as WEN.OL but for now WEN.L is unknown to AIM and WRL.L seems to be continuing.

It's just the ISIN and SEDOL numbers that have changed for now, also the new code for Oslo.

Not sure why (or if) they need to change the "Tradable Instrument Display Mnemonic" as the RNS calls it.

I'll check out the website ;-)

[sleveen] 02/11/2018 08:07

Happy to start a new bb for WEN.

Improved website and a November presentation available.

[sleveen] 03/10/2018 07:58

Another $3.2m in the coffers. Pity about the monthly receipt updates being stopped.

Tanz assets being enhanced in due course, gas demand expected to increase over the next few years.

Reduced production due to hot tapping of pipe for a new steel mill and slick line improvements.

Looks like Tembo will be put on hold until Mozzy becomes more developed. Non cash write of the Tembo assets in the accounts?


Even the potential competition from AEX gas supply (which depends on success of a recompletion and then further drilling sometime in the next 12 months) looks like it will be absorbed by the four new power stations in due course.

[wbodger] 02/10/2018 11:47

When I looked on a Norwegian bb yesterday there was somone musing about a combination between Sterling Energy (cash of $40 million, no debt) and Wentworth (cash flow well covering debt repayments). Eskil Jersing came over from Sterling, so it (sort of) makes sense. Especially if Faroe Petroleum succumbs to DNO, and John Bentley, Katharine Roe and Jonathan Cooper (ex Sterling CFO) find themselves with time to fill.

Wentworth with access to London market could raise funds to buy out Waterford in a RTO, put Mozambique into a dusty cupboard somewhere, and drill Somaliland ( ... well, Genel is paying for that).

[wbodger] 02/10/2018 00:27

The EGM to approve the ending of the Oslo listing is today (Tuesday). Just a formality, it should go through.

The significant shareholders list now shows three solid holders with around 9% each, Axa, Vitol and Sustainable Capital (the latter declared in the most recent RNS). Then there's Fidelity with just under 4%.

When all the trading is in London I expect WRL to get some attention, and that could bring buying pressure. But possibly the real reason for the change of domicile is to allow shares to be placed to institutional investors without pre-emption? In Norway I believe placements are usually offered as Rights Offers to all shareholders. Maybe by law. That's why it's worth mentioning, otherwise why not stick with Oslo?

Katharine Roe is quoted on a bb saying that they plan to give operational and corporate updates including another cash payment update later in the week.

[sleveen] 30/9/2018 14:13

That's about 30MM scf/d to Dangote.

[sleveen] 03/9/2018 09:08

$3.4 received in August and no share price movement.

What am I over looking?

[glawsiain] 03/9/2018 07:32

a good month reported today

Month Pay $m Average mmscf/d
August 3.4 87.9
July 3.7 90
June 3.1 87

May 2.7 79
April 6.0 77

March 3.1 83
Feb 2.5 80
Jan 1.82

[sleveen] 18/8/2018 08:40

From the MD&A:

Outstanding receivable for gas sales sold to TPDC and TANESCO total $20.41 million at June 30, 2018.

A total of $9.76 million of the outstanding gas sales receivables has been settled since June 30, 2018.


-----> So almost $10m (of $20.4m) has been received in early H2 for gas sales in H1.

Nice.

[sleveen] 16/8/2018 09:04

spread narrowed to 26-27p from 26-28p with nil trades.

[sleveen] 16/8/2018 07:47

Our operating numbers were almost spot on.

Non cash tax expense $8.7m and the one off G&A marred a great set of figures. Much of the corporate expenses appears to be spent so perhaps a reduced corporate cost in H2.

So long as the cash continues to be received each month, WRL remains a buy IMHO.

[glawsiain] 01/8/2018 09:40

Cheers Sleveen - Last month's average of 90mmscf/d is the highest ever reported.

I make it $22.92m received in 2018 so far and an average of 82.6mmscf/d.

I make WRL on course to reach $39m and, as you say, maybe exceed $40m if consumption increases.

[dianecarberry] 01/8/2018 09:04

Just look at what they are selling gas for: $3.04/MMBtu

Laughable.

[dianecarberry] 01/8/2018 08:13

This share is a dog.

Strong sell says my broker.

[sleveen] 01/8/2018 07:10

$3.7m received in July for gas sales and historic receivables.

90MM scf/d gross that's around $4m net to WRL to be received in October 2018.

Further gas demand over the next 6 months as the new power stations reach full generating capacity and Dangote switches to gas for its cement processing.

Looking at revenue of at least $35m (perhaps nearer to $40m if gas consumption continues to improve) and profit around $10m for 2018 all for a MC of £50m.

[sleveen] 16/7/2018 09:33

Confirmation of Q2 production 81mm scf/d

$16.1m cash received, H1 revenue coincidentally $16.1m. That's treble H1 2017 revenue.

Cash $6.6m net debt $8.2m gross debt therefore $14.8m.

[sleveen] 05/7/2018 10:09

Circa 12500 boepd energy content or about 4000boepd $.

Around 1200 boepd $ net to WRL and potentially an annual profit of $10-12m*, must be worth more than £50m MC?


*assumes monthly payments will continue.