||EPS - Basic
||Market Cap (m)
|Oil & Gas Producers
Igas Energy Share Discussion Threads
Showing 7751 to 7772 of 7775 messages
|SharesMagazine UK fracking makes comeback
13th October 2016
|IG not accepting any more shorts|
|Who is so foolish as to buy this stock? Only those eager to part with their money it would seem.
It is worth bearing in mind the following:
For all the positive news of late regarding permits for the fracking industry (even if its own application for planning permission from Notts County Council saw the decision deferred to next month), AIM-listed drowning-in-debt Igas (IGAS) still has the pressing problem of staying within its bond covenants. The company stated in its interims to June 2016, released on deadline day of 30 Sept, that it was expecting to breach its daily liquidity covenant in the second half of October – that could be as early as next Monday.
The board has not hidden the fact that it is in a bit of a hole in this regard, although the consequences could be made rather clearer: the bonds are secured on the company’s assets so perhaps as soon as next Monday the board could find itself working not for its shareholders, but for its bondholders – one of which is believed to have amassed 34% of the secured bonds and therefore a blocking holding. We still don’t know who owns this holding, the bulk of which was acquired in the recent Dutch Auction conducted by Pareto Securities, nor the intention – but a back-door takeover remains a possibility.
Meanwhile those secured bonds have suffered a small spot of slippage on the Oslo Bourse in the last few days, dropping from around 81c in the $ to 75.25c in the $. Granted, not a calamitous collapse, but hardly a comfort.
At risk of sounding like a broken record, if the bond markets are pricing in a 25% haircut for the secured bonds then – given that the equity ranks firmly at the rear – the implication is that the equity is toast. We might also note that the unsecured bonds are sitting at 54.25c in the $ and these too rank ahead of equity.
If a breach is called and the secured bondholders want their cash back, Igas has a big problem – one, (with the shares sitting at 13.75p in the middle) about twice the size of its market capitalisation. And with the bonds due for repayment in less than 18 months, cash draining from the balance sheet and admissions from the company that it is looking to extend bond maturity, defer interest payments and that there have been discussions involving equity finance (ie a big fund-raise) this is just an accident waiting to happen.
That accident could come soon. Very soon.
Still a sell.|
|Delayed trades buys or sells? Seem to be significantly higher than the buying price for those times.|
|Did anyone else see the large delayed trades reported! Few million|
|National need for shale gas
Mr Javid said in reaching his decision he had given “great weight” to national need.
“The need for shale gas exploration is a material consideration of great weight in these appeals”.
His letter said a Written Material Statement, made by Amber Rudd in June 2015, on shale gas – widely quoted by Cuadrilla at the planning inquiry – made it clear shale gas could help the UK government achieve its objective of secure energy supplies.|
|So what's the long answer?|
|The short answer looks a porky!|
|:40Extract from yesterdays meeting..... "Conservative (Cllr Keith Walker), asks if the company has the finances to carry out the operation. Mr Blaymires said "The short answer is yes".|
|As banksy says the game is nearly over for the shareholders of IGAS. All this stuff about the wonders of fracking and planning approvals is quite irrelevant. It will be the new owners of the company at the behest of the bondholders who may benefit and not current shareholders. Get real!|
|My last job in the north sea was putting in pipe lines for the Claire ridge project,
5 kilometre bundles
the NEW platforms 3 or 4 of them and linking into the old pipe lines,, and even that was in the billions,,,
so to start from SCRATCH is in the billions|
|BBC - govt upholds appeal
Horizontal fracking can go ahead, the government has said, in a landmark ruling for the UK shale gas industry..........................|
|and todays news ... saxon
Cuadrilla drilling rig
A Cuadrilla drilling rig
Emily Gosden, energy editor
6 OCTOBER 2016 • 10:06AM
Fracking in Lancashire by energy firm Cuadrilla has been approved by the Government, overruling the decision of local councillors.
Sajid Javid, the Communities Secretary, decided the shale gas explorer should get planning consent to drill and frack its site at Preston New Road.
A final decision on a second site, Roseacre Wood, has been delayed to allow Cuadrilla to give more evidence about the traffic impact. However, if the company can address concerns raised by the planning inspector, Mr Javid has said he is also minded to grant consent.
The four wells Cuadrilla plans to drill at Preston New Road would be the first horizontal shale wells to be fracked in the UK.|
|IGAS will now get full backing from the Cuadrilla decision. Money will appear from all sectors as they hold a massive stake in UK fracking.|
|Unfortunately this share will be dead and buried before the fun starts|
|Preston New Road approved waiting on the next one , only hold up issue due to Hgv/road concerns but is expected to be approved as well. Gl :-)|
|The other in limbo: needs more time, typical politicians !
Local objectors/ FOE now will go to the courts next, then civil disobedience.
Long haul yet.|
|One approval for Cuadrilla. Gla :-)|
|Anyway good luck all. We all need it!|
|Wiseacre, a yes decision for Cuadrilla will be a defining moment for all players.....Igas and it's shareholders will prosper regardless of any short term funding issues.....this is going to be big imho. Gl :-)|