Share Name Share Symbol Market Type Share ISIN Share Description
Global Energy Development LSE:GED London Ordinary Share GB0031461949 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -2.27% 21.50p 20.00p 23.00p 22.00p 21.50p 22.00p 5,000.00 13:49:43
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.2 -18.1 -44.1 - 7.76

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Date Time Title Posts
06/12/201609:29*** Global Energy Development ***45.00
06/10/201614:11Global Energy Development - New Thread 20092,828.00
15/12/200620:15Global Energy, Harken Energy sub., now on AIM1,100.00

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Global Energy Development Daily Update: Global Energy Development is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker GED. The last closing price for Global Energy Development was 22p.
Global Energy Development has a 4 week average price of 23.56p and a 12 week average price of 24.60p.
The 1 year high share price is 41p while the 1 year low share price is currently 21.50p.
There are currently 36,107,180 shares in issue and the average daily traded volume is 16,948 shares. The market capitalisation of Global Energy Development is £7,763,043.70.
hugepants: Good question. Someone posted a link to the 2 ships a while back. Anyone have it? I don't think they are rust-buckets per-se. And I'm not sure acquiring a couple of boats is going to do any harm to the share price given where its at just now.
anangf: Returning cash to shareholders would be a massive boost for the share price (div or buy back stock). If I wanted to invest in a leveraged loan vehicle I would not have bought GED...and don't go on about the 12% coupon, why is the borrower paying that if it is not the market rate for the credit risk.
anangf: Who knows what will happen to the share price if the loan defaults. I don't and nor do you. The best use for the cash is to give it back to shareholders. Any loan priced at 12 percent is risky
anangf: The attractiveness of the deal is enhanced because we trade at such a low ptb, blame the board. I have done the maths, it is a bit of an anomaly that if they default and the shares are cancelled the share price COULD go up, but nothing to say price to book wont go even lower. I don't like related party trades. Give the cash back to shareholders.
neo26: Note receivable $8,040 Cash and cash equivalents $25,608 Convert this this to pounds £25.5m, just in cash. Mkt cap currently 9.75m, share price currently discounted by 2.62 time by cash, this not including other assets ie machinery, property and equipment
hugepants: Its notable the share price hasn't adjusted here for the strong dollar. Even allowing for some ongoing admin costs this mutt should still have 50p of cash and net working capital of over 60p. And if the $8M loan is repaid on schedule in september there will be well over 60p net cash. Current share price only 24p. Burn rate about 5p per annum?
hugepants: Balance sheet is stronger than I expected. Most of the liabilities have gone. In fact net liquid assets position (accounting for all liabilities) has only dropped $1.5M over 12 months. Writing off the fixed assets the company has a 59p NAV which is mostly cash. At the current 30p share price these should be a screaming buy especially since they are looking to acquire assets at the bottom of the cycle.
pavey ark: Back in the real world: if Everest defaulted on this debt it would be very good news for all sensible holders. I have no doubt whatsoever that this management would jump at the chance to buy $8m worth of shares at the current prices but if they tried the share price would simply rise as they bought. If the company managed to get hold of these shares as a result of Everest defaulting AND the share price fell it would only be as a result of private investors not understanding what is going on and would make an attractive share look even more attractive.
pavey ark: Bought a few of these recently for what seems the rather silly price of 29.5p (famous last words). I did look back at the previous posts and spent some time researching the company as I felt there must be a catch but couldn't find any (again,famous last words). GED came to my notice in the IC but I didn't pay much attention but the share price just kept on falling so I had a look. I was a bit worried that the management would "splash the cash" but Simon Thompson in the IC pointed out that we have a concert party here holding 69% of the shares and any deal would have to be cleared by them. I suspect that these holders are quite happy to see the share price fall and then use some of the cash to buy out the remaining 30% and take the company private. Provided the offer is at a good enough level they should do OK . An open offer to buy the shares back for 50p, obviously for a limited time, would do the trick. Buying in 10m shares at 50p would leave a lot of cash and the remaining oil assets. The senior management are certainly getting on and it looks like a time for a change. Its only been nine months since the asset sale and the oil market is in turmoil but it will be interesting to see what the H1 results bring. It certainly doesn't help the share price that the company is called Global Energy Development so in the current climate they may act soon if they are going to take it private. Take it private , take the remaining cash and wait for any uptick in the oil price then flog off the rest of the assets. Nice work if you can get it.
paleje: ST sorry not IC, anyway same outfit, Simon's take, don't disagree with his logic except he seems to infer a share buyback might be likely, well I hope he's right but that was most definitely not what Anna Williams told me:- The dramatic slump in the oil price in the past six months has sent shock waves through the listed oil sector and with justification too. Not only does the near 50 per cent decline in the price of Brent Crude since mid-June undermine capital investment projects and decimate earnings of producers, but the damage may not be over if reports prove accurate that Opec, accounting for a third of the world supply, is willing to let the price fall to $40 a barrel. By refusing to cut output in the face of downgraded global demand forecasts, and focusing instead on maintaining market share, the 12 member countries of Opec have exacerbated price falls. Ultimately the cause of the oil price decline is down to a softening of global growth prospects, but there is no getting away from the fact that the actions of Opec have helped undermine the economics of US shale gas producers and heaped further woe on Russia – oil accounts for two thirds of Russia’s exports and half of its federal budget revenues. Conspiracy theories aside, it's difficult to believe that Opec, and Saudi Arabia, the world's largest swing producer, are unaware of the full consequence of their action. I am not going to even try to attempt to call an end to the current rout, but what is apparent to me is that the indiscriminate sell-off has thrown up some appealing investment opportunities even if the oil price stays below $60 a barrel for a prolonged period of time. Indeed, it was reassuring to see Aim-traded South American oil explorer and producer Global Energy Development (GED: 45p) complete a major asset sale and one that transforms the company’s finances. The disposal of its Llanos Basin properties in South America to a subsidiary of Canadian listed oil and gas exploration company Platino Energy Corporation (PVE:CVE) completed earlier this month and at a favourable price too considering the fact the oil price has fallen a third since the deal was announced. The cash consideration of US$50m (£31.8m) represented a 35 per cent premium to the valuation analysts attributed to these assets and equates to five times their annual cash flow (pre-capital expenditure). The properties generated a pre-tax profit of $4.7m on revenues of $75m last financial year and accounted for 95 per cent of Global Energy’s total cash flow. But those figures were based on an average oil price of $90 a barrel, or 50 per cent higher than the current price. Free ride Moreover, having paid off its net debt and accrued interest of $8m, Global Energy now has net cash of $42m, or £26.7m at current exchange rates. To put this sum into perspective, the company has a market value of just £16m based on 36.1m shares in issue. Or put it another way, net funds now account for 74p per share, or 68 per cent more than the current share price, This means that we are getting a free ride on the company’s development programme, albeit the slump in the oil price means that hitting pay dirt in the current environment is less likely to be fully recognised by investors who can cherry pick bargains amongst the debris of the oil sector sell-off. That said, the funding costs of the ongoing drilling programme are being met by partner Everest Hill Energy following a farm-out agreement earlier this year whereby Global Energy retains a 50 per cent interest in its Bolivar license area, located in the Middle Magdalena valley in Colombia, and has a fully carried interest on three wells. The portfolio contains 32.2m barrels (1P-proved), 55m barrels (2P-proved and probable), and 184m barrels (3P- proved, probable and possible) and importantly Everest is fronting drilling costs of $24m (£15m) which mitigates risk for investors holding Global Energy’s shares. Investors are also getting all of Global Energy’s Bocachico properties, in Middle Magdalena, held with partner Ecopetrol, in the price for free too. These contain 11m barrels (1P-proved), and 40.4m barrels (2P-proved and probable). Clearly, these Columbian assets have some value, but even if we ignore them completely, then Global Energy’s shares shouldn’t be trading 40 per cent below net cash on the balance sheet. It’s a crazy valuation in my view. It’s worth noting too that we can expect Global Energy in due course to make a further announcement with regards to the use of the cash proceeds from the aforementioned asset sale following the completion of the Llanos transaction. An earnings enhancing share buy-back programme would not go amiss given that 86 per cent of the company's issued share capital is controlled by the top nine shareholders, so it wouldn’t take much buying to propel the share price upwards and reward Global Energy's loyal shareholders with a much fairer valuation for their equity holdings. Admittedly, the investment has not worked out since I initiated coverage two years ago (‘Insiders major buy signal’, 17 December 2012), and the shares are close to their 40p all-time low (‘Overdue and ripe for a bounce’, 10 September 2014). But with such substantial cash backing they are a value buy ahead of an announcement from the company on the use of the cash windfall.
Global Energy Development share price data is direct from the London Stock Exchange
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