Antrim Egy Share Discussion Threads

[sea7] 05/2/2016 16:36

made a start on closing the gap between the mcap and cash value today. long way to go yet.

[aimmafia] 05/2/2016 12:21

We are attacking 1.5 now.... Buyers coming in thick and fast.

[the_sage1] 05/2/2016 12:20

Cash is worth about 3p a share here. It is preposterous that the board are drawing salaries $1m a year for sitting around doing next to nothing.

There should be a cash distribution to shareholders plain and simple.

Market has got the share price wrong, this needs to be trading nearer 2.5p in my view.

[aimmafia] 05/2/2016 12:16

This is going to bag like a gooden!

[kingivor] 05/2/2016 12:12

Looks like punters are cottoning on today.

[yasx] 05/2/2016 12:00

I think the Board need to be reminded of their duty to holders of equity. They think drawing a salary for nil effort is entirely reasonable.

[aimmafia] 05/2/2016 11:57

I've taken just under £1 today as a punt. This will bag within a couple of weeks imo

[kingivor] 05/2/2016 11:48

Indeed yasx, 1.30 was one hell of a bargain that looks to have been snapped up this morning.

[kingivor] 05/2/2016 11:37

thanks f22. Looks a no-brainer to me.

First round Irish awards anytime now should ignite some interest.

[yasx] 05/2/2016 11:23

I think there should be some action taken to ensure the insouciance of the Board doe not continue to pauperise those who own the company - it is scandalous that they are taking a salary for doing very little indeed.

The cash needs to be returned, which, even after the decommissioning liabilities sorted, remains far higher than the current price.

At 1.3p it is a very good purchase - but these duds need to be removed from the Board.

[fireplace22] 05/2/2016 10:30

kingivor, I'm no expert on this but I believe the principal asset here is the tax losses and their use to a predator in the same business or should AEY buy into a producing asset. Cash is obviously a bonus. Most on here, I think, looking for considerably more than 150% on the current share price (Despite lack of confidence that it will be achieved).

[kingivor] 05/2/2016 10:13

If the share register is nearly all retail - a simple action group to return shareholder funds should see a minimum 150% return on investment.

[fireplace22] 05/2/2016 09:28

Because its perceived (rightly or wrongly) that the cash is there purely to provide an income for the directors for the foreseeable future and little else. We await to be convinced otherwise.

[kingivor] 04/2/2016 15:24

Don't get it?? why is this not trading at close to cash value.

Cash circa £6.0M+ no ongoing liabilities,

100% FEL 1/13 offshore Ireland (subject to Gov't sign off)

Market Cap about £2.25M

ffs why isnt Hugh Mckay at Europa not all over this?

[sea7] 23/1/2016 12:33

They are supposed to propose a work programme, no later than early april of this year to comply with the licence conditions of FEL 1/13. This is supposed to contain an exploration drill. They may propose a work programme, although I suspect any thoughts of a drill would be at the back end of that four year program.

The other assets, fyne and Erne most probably will disappear.

This leaves antrim today, as a fairly clean cash shell, trading at way below value.

Apart from the results of the atlantic margin licencing rounds, to be announced during the next two months, the Q4 report at the end Feb and the possible work proposal for FEL 1/13, there isn't much else to expect, unless there is a sudden desire by the board to buy some production.

[sea7] 23/1/2016 09:14

not necessarily vereker, just people noticing the disconnect between the share price and the cash value and sensing an opportunity.

[vereker von hecht] 22/1/2016 22:15

Lots of posts on this disaster share--sure sign something bad afoot-steer clear and don't get duped in here

[investment dave] 22/1/2016 21:53

Must admit the share price is looking tasty at the moment may buy in next week

[seangwhite] 22/1/2016 21:49

WigSound offered .3189 (I think) of their shares for 1 Antrim share. The Sound share at that % is worth about 5p in cash at today's price.We know Antrim's share value today and hence my rough calculation of discount.This BOD will do no deals to raise the share price just sit about and draw salaries like a good few more E&P boards.GLTA

[sea7] 22/1/2016 20:31

According to the interim financial report for the 3rd quarter 2015 and the corporate update in November 2015...

We have £6,305,000 in unrestricted cash. If we assume £700k G+A to end September 2016, which is high for a company with no revenue streams and the bulk
of this, I believe is the office leases at £386k for the year of 2016, then we are left with £5,605,000 in cash at end September 2016. This equates to 3.03p per share as at end September 2016.

At the current mcap of £2.26m there is very little downside and at the very least a possible rise to 3p just to match the cash balance in nine months time.

I have bought today at 1.29p in two tranches, one of 125k shares and the other 50k shares. These are shown as sells.

We have a good margin of safety here at these levels and time for the company to do something with the cash balance, other than draw salaries.

The Q4 report will be out soon and should show that the position is largely unchanged.

There does not seem to be any catalysts on the horizon, other than the fact that it is undervalued on a cash to share price basis, however, we may be surprised one day.

I may add on further weakness.

[linton78] 22/1/2016 18:40

glad to sell out at a loss here. In this environment I will pocket the little value left and spend a few weeks on the beach this summer than gamble a recovery with AEY.

Onwards and upwards!

[fireplace22] 22/1/2016 17:55

How about abject failure, the share price has collapsed from a high of 400p to less than 1.5p it was well into single figures when oil was over $100bbl. This failure is not a function of the current oil price. The Irish assets we have were rescinded for free by the principal holder that doesn't bode well for their timely monetisation. What's left? NS assets which couldn't be made to pay with oil at many times today's price. We have 3p a share in cash and accrued losses as our assets and a BOD as our principal liability.

[wigwammer] 22/1/2016 17:15

I neither trust them nor distrust them.My impartial view is they monetised assets at peak oil, and were using the cash to push the other assets forward, as you might expect an oil exploration co to do.Given the assets were partnered, they clearly aren't the only ones who saw value at a certain level of oil price. Why do you distrust them? Are you disappointed with the price they got for the uk assets? Are you surprised an oil explo business was planning to spend the money exploring for oil? It has been two months since oil collapsed below $50, did you expect the money to be returned and in your bank account that quickly? Perhaps you blame them for the oil price collapse? More importantly, the shares have never traded at a 70% discount to cash before, have they? So history hardly provides a precedent for where they head from here.

[fireplace22] 22/1/2016 16:38

'They are trying to monetise oil exploration assets' - The jury is well and truly out on that one! They are sitting on cash from previously monetising their only worthwhile assets and are now using it primarily for their own benefit.

wig you are obviously more informed about the good intentions of our management team, perhaps you could enlighten the rest of us from where this trust emanates?

[wigwammer] 22/1/2016 16:27

"Dumping, what dumping". The shares are at an all time low, ie far more sellers than buyers = dumping.Fireplace - this is an oil exploration business. Prior to 2 months ago, with oil above $50, there was a reasonable chance they could monetise the assets.If you didn't want exposure to a company trying to monetise oil exploration assets, then can I suggest buying the shares of an oil explorer might not have been for you.