||COMMON SHARES NPV
||EPS - Basic
||Market Cap (m)
|Oil & Gas Producers
|cyan: Nothing is just about guaranteed. Would require a significant favourable exchange rate move to be higher.
Today 5c in Canadian dollars equates to 2.9p.
This phrase in the extract below should caution;
"...possibly substantially lower, "
..........assuming the Distribution occurs in December 2016 and an exchange rate for the Canadian dollar of US $0.77: Cdn $1.00). If the return of capital of Cdn $0.05 per Common Share is achieved, this will represent a premium of approximately 80% over the three month average daily closing price of the Common Shares on the TSXV.
To the extent that the Corporation's expenses, liabilities and obligations are higher than current estimates,
or if any unforeseen obligations arise, if the Dissolution is delayed, or if the exchange rate of the U.S.
Dollar versus the Canadian Dollar changes unexpectedly, the actual amount distributed to Shareholders may be
lower, and possibly substantially lower, than the anticipated net asset value per Common Share based on the above figures.
|investment dave: Look at sound oil share price just imagine if we had accepted the offer we would be 14p ish|
|hugepants: I'm quite happy holding this mutt at the moment. They've done a better job than GBP have at cutting costs and based on the last quarter its going to be well into 2020 before they run out of funds. There are several years of losses factored into the current share price. If oil gets back to $90 its possible the listing alone will be worth the current market cap. Obviously hope they can do a deal sooner rather than later but they're in a good position just now with the decomissioning out of the way.|
|hugepants: Finals: http://www.investegate.co.uk/antrim-energy--aey-/mkw/annual-financial-report/20160425071559M8432/
Net cash of 3.5p per share
Running costs are down to 0.7p per annum now (if you annualise Q4 costs)
Its a waiting game just now. Something will happen once everyone has given up. Around about now looking at the share price.|
|sea7: With 3.5p in cash and a share price of 1.25p to buy - we have a good margin of safety here. The market should close the gap between cap and cash, as it is quite a disconnect.
Company has no debt and $659k of obligations over the next 3 years, as things stand. The rest of the expenditure is salaries and associated costs, such as listing fees.|
|sea7: On the existing licences, the FEL 1/13 licence requires a work program for the second term of the licence, which runs for four years, to be submitted no later than early april, before this second term begins in early july. If they do not, then they will lose the licence.
They are either working on it, or simply going to let it lapse, along with erne licence which is uneconomic on its own.
Potter is the president, CEO and CFO of the company. That is not the structure of a company in an expansion mode. Three of the other 4 directors are deemed independent and stephen greer, the former CEO, who is chairman, is not independent.
Potter, as far as I am concerned is overseeing the withdrawal from all previous activity, despite talking them up. He is an accountant, not an oil man.
This will render the company a pure cash shell with no debt/liabilities or assets, except cash. Its is just about there anyway.
There is no real direction at this time, hence the heavy discount to cash. Any hint of anything positive will push the share price up quite a bit.
On cash alone it should be trading around 3p, the market may close the gap at some point.|
|hugepants: If Antrim had accepted the all share SOU offer, then based on the current SOU share price (which has risen 60% since the offer was made) Antrim's shares would be at 5.5p just now. That's 4 times the current share price!
That's why I asked previously how many shares the directors hold. I think I recall they held just a few % but I'm not sure. Usually this info would be listed in the accounts but there is no sign of it. Maybe being a Canadian company they don't need to divulge? Even the recent 3% purchase by Chris Williams et al may be more than the directors hold.
I'm stating the obvious but if the directors hold almost no shares then they have little motivation to do a deal that leaves them out of a job. Shareholder's interests would be secondary.|
|the_sage1: 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.|
|sea7: 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.|
|jusmasel99: In July the AEY share price doubled on the announcement of the Irish CPR on their ONE Licence.
Well EOG are about to release their CPR on their TWO Irish licences on the back of Kosmos 3D interpretation.. Should spark quite a rise in EOG. Especially seeing that EOG have a free carry on two wells.|
Antrim Egy share price data is direct from the London Stock Exchange