||EPS - Basic
||Market Cap (m)
|Oil & Gas Producers
|mariopeter: Better shells around. SRO has cash of 11p in the bank and no debt and sitting dormant on the market at 4p. Seems a good idea but as a shareholder in SRO its very very tedious waiting for something to happen as the share price falls and falls ignoring fundamentals. Its an oiler and maybe KEA should have tried to reverse in there.|
|hawkwind4: That's it all over now.Bust.
Big sell off of assets and share price reduced from 0.01p to 0.001p.
We've al lost our money on this one.|
|mclellan: 23 May 2014
"Convertible Loan Notes
A first tranche of £1.0 million of CLNs has today been issued, in integral units of £50,000 at a price of £45,000 per unit to raise a cash amount of £900,000 before expenses. Darwin has conditionally agreed to subscribe for up to an additional £1.0 million loan notes of principal value for a further consideration of £900,000. The remaining CLNs will be issued in two equal tranches of £500,000 in integral units of £50,000 at a price of £45,000 per unit, the first on 11 July 2014 and the second on 22 August 2014, subject to the condition referred to below.
The CLNs are convertible, subject to the condition referred to below, into Ordinary Shares of the Company ("Shares") at Darwin's option at the lesser of 3 pence per Share, or 90% of the volume-weighted average prices of the Shares on the 15 consecutive trading days ending on the last trading day before the date of conversion. The investment in each subsequent tranche is conditional, inter-alia, on the share price of the Company being no less than 80% of the price at the close of the trading day prior to the initial £1 million loan notes being issued (that is, no less than 1.56p) on all but two trading days following the date of the preceding issuance, unless both the Company and Darwin otherwise consent.
The CLNs are repayable on 23 May 2015, or earlier on the occurrence of certain events, and may be redeemed by the Company for cash at any time during their term subject to a small redemption premium. They are interest free and unsecured, ranking at least pari passu with all Kea's other indebtedness other than certain existing debt.|
|mclellan: The KEA share price was 1.5p to 2p and more before the Puka 3 result was near, from the chart above.|
|mclellan: F A point of view from lse forum:
Today 11:19MSmithRE: MSmith0.88No Opinion
I am talking revenue. They have turn over.. product for sale.. growing the company does not equate to profit. Increasing revenue tends to indicate potential for profit as costs can be reduced over time, whilst the costs related to drilling are all upfront costs... come on Garyn... you are talking about GAAP so you should and probably do realize that fixed asset costs are all upfront costs (typically).
Look at some of the the costs Kea incurred, break them down... you will see these are not all recurring costs, land, equipment, licences.. most are one off costs.There are one off costs with regards to Darwin, running an Aim company, filling accounts.. there is always costs... not all of which will occur over and over and over for till the end doth come. Revenue is the most important thing to focus on in my opinion here. Kea have fluid assets to sell and can finance their position imho. When Kea release the RNS stating that increased flow from Pukka 1 and 2 has hit 200+bopd watch this share price fly...
Today 11:32garynMSmith0.88No Opinion
I was looking purely at cost of sales and admin expenses, rather than capital expenditure on assets - obviously am aware that the cost of setting up production is front-loaded. If it wasn't for admin costs being so high then they would be making a profit if you purely looked at revenue versus cost of sales (i.e. cost of generating that revenue). Personally I would see earnings as more important than revenue as they are reflective of the costs involved. I was only really pointing out that KEA aren't making millions in profit as was being suggested.|
Darwin sold 16.66m shares at above 3p pre drill on the basis they could in all permutations get them for 3p from the company via the cln. Now that the share price has collapsed they could simply buy them back in the market and have probably indeed been selling the market so they can buy everything back cheaper. KEA will not get another 500,000 unless the BOD agree to issue them at a price that suits Darwin. If I were Darwin I would want the cln converted at a tad below market price. KEA are now desperate again and will have no option but to agree.
In summary expect an rns that about 55m shares are to be issued to convert the loan note at 0.9p. Darwin by now will have sold some 39m further shares.|
|keylyd: From lse
Opinion: No Opinion
kea chart(s)Today 18:42
Okay, a few observations from me as to the state of play with the kea chart.
Please remember that charts are only an investment tool and are not gospel but imo they do offer some useful insights.
Firstly, why did the price top out where it did today at 3.2p?
The price rose to intersect with horizontal resistance from our October rise and a falling tram line resistance from April 2013. I haven't time or space to write about tram line charting but do your own research if you want to know more - it's quite a useful tool.
The 200 day exponential moving average also appeared to act as resistance today and we really could do with getting above it:
The chart also suggests future horizontal resistance at ~ 5p if we get there (plus another around 11p).
After a rise like this it's often difficult to call where the chart is going to go. If that sounds like a cop-out then have a go yourself.
I can't see any other resistances applying to the chart other than those I've just mentioned and I also can't see any bearish chart patterns lurking at the moment.
Back to the current chart here it is:
It's a candlestick chart and that's the best way to see what's going on imo.
Key points: the price - even at closing, is sailing high above the upper bollinger band. This is very positive.
Equally, after the kumo cloud breakout yesterday, the share price is now way above the kumo cloud = very positive.
Volume is up and the MACD and TSI indicators are all good.
Obviously, nothing goes up forever or in a straight line. Over the last 10 trading days the share price has risen some 300% plus. That's some going. Along the way there have been 2 small black candles - almost token in hindsight. It's normal for rises to see up to 5 or 6 white candles, but 7 is fairly rare. You'll have to make your own mind up as to whether we can see another 3 or 4 white candles after today.
I am a follower of the elliot wave theory - again I haven't got time to elaborate, but it may well be that any rise in the share price follows the theory. You could argue that the 5 wave cycle has now finished and that the 2 black candles were waves 2 and 4. Could be, but I think that it's more likely that we are in wave 1, a retrace will then occur (wave 2) before the next upwave (wave 3).
Conclusion, we've risen a huge amount over the last 10 trading days and sceptics could argue that it's just a frensy. But the chart still looks very bullish to me and I'm hopeful for even better things. Great news from kea themselves could see this go in to orbit, whereas bad news would see it plummet of course.
gla and these are just a few observations and just my opinion :)
Reply | Recommend 2 | Report|
|loverat: It would seem like that. One of the worst performances in share price terms for a while I have seen. Probably has to be compared to FJET, BHR, JLP for share price destruction - all Darwin stocks. It does not really seem as much to do with delay over the farm out or even the hiccup with production. This accelerated fall occurred before that and as soon as the financing was announced. Either Darwin are sucking the life out of the company or/and investors took fright as soon as KEA annouced the finance arrangement and sold out. Even now, people selling out at 9% of what the share price was 8 months ago. A producer about to announce a farm out with a MC of 6 million. That is far, far too cheap but the share price will probably not reflect anywhere near fair value for a while. A huge spike in the other direction will probably occur although at what level these will fall to in the meantime is anyone's guess.|
|greenrichard: From patch 6 on a different board (lse)
So far Kea have sold Darwin £200,000 of Convertible Loan notes for £180,000.
Kea have given Darwin 2,823,529 shares in lieu of Darwins £60,000 fee.
Kea have also given Darwin 12,000,000 warrants to subscribe for Shares priced at 2.6563p per Share.
These warrants are an incentive to Darwin, not to short Kea as they are worthless until Kea's share price exceeds 2.6563p per share.
"The CLNs are repayable 18 months after their issue." . "and may be redeemed by the Company for cash at any time during their term"
i.e. Darwin can only convert them to shares when they become repayable in 18 months time, provided that Kea have not paid off the loan notes.
The next tranche of £50,000 Convertible loan notes are due to be sold to Darwin for £45,000, on the 14th February.
However there is a clause :-
"The investment in each subsequent tranche is conditional, inter-alia, on the share price of the Company being no less than 80% of the price at the close of the trading day prior to the initial loan note being issued on all but two trading days following the date of the preceding issuance, unless both the Company and Darwin otherwise consent."
So it is possible that Darwin will say to Kea - "Sorry we are not buying the next tranche of Convertible Loan notes on the 14th February, as your share price has fallen below 80% of the agreed price. Would you like to draw on the EFF?"|
|loverat: I tell you what would be interesting to settle the debate which rages on numerous threads where Darwin have got involved. I wonder if anyone has properly monitored the share price movements in those companies following Darwin finance agreements. Many folks saying that Darwin's involvement aggressively forces down share prices. Certainly seen it happen it on lots of shares they have been involved in but there do seem to be one or exceptions too. Here, the share price is following a similar pattern to most of the others and the difficulty for traders is selecting an entry price in terms of share price and timing. Most will sit on the sidelines I think - despite the low price. Others will conclude it aint worth touching with Darwin involved plus a seemingly useless management here.|
Kea Petroleum share price data is direct from the London Stock Exchange