Afentra Share Discussion Threads

[roman2325] 23/2/2024 11:32

Very interesting, and I know each market well. Good friends at Clarksons and Scorpio but I don't have the stomach to invest there!

I heard about Afentra through work, great management and the right backers. Very comfortable buying more as it rises

[mount teide] 23/2/2024 11:16

R2325 - now retired after a 40+ year career in the sectors - firstly at sea with P&O trading worldwide on General Cargo, Reefer, LNG, Dry Bulk, and Cruise ships, until I qualified as a Master Mariner. Then came ashore as a Port Captain, before moving up to run, with full profit and loss responsibility, a nine ship short sea freight ferry shipping company and, then a number of ports(which proved a stroll in the park by comparison to the boom and bust shipping sector), where the market downturns are without exception brutal, as evidenced by the Baltic Dry Index(cost to ship commodities by sea) falling 98% peak to trough during the last market cycle.

Still very active in the sectors from an investment/research perspective...currently hold a long term position in Clarkson(first bought in 2000), and circa two year holdings in Star Bulk Carriers (SBLK) and Scorpio Tankers (STNG) as investments for the duration of the recovery/boom stage of the latest shipping market cycle, which I expect to peak in these two sectors in 2026/7 - all three companies are global leaders in their own sectors - Shipbroking, Dry Bulk Shipping and Product Tankers respectively.

[roman2325] 23/2/2024 10:37

Thanks MT, did you say you worked in shipping/ports? Are you still active?

My background is energy we might have some crossover

[mount teide] 23/2/2024 10:35

R2325 - yes, to update the header with an overview of the excellent progress the management has made developing the business over the last 18 months, and to provide some useful links that may be of interest for further research.

There is a plenty of useful PI research and links/discussions of Broker Notes going back over 2 years posted on the old thread. Well worth a read.

[roman2325] 23/2/2024 10:10

Hi - is there any reason why this new thread was created?

(I am a new holder i.e. am i wasting my time reading the old thread?)

[mount teide] 23/2/2024 00:38

VJ2 & C2 - thanks - the strong post September uptrend does look very promising.

[chessman2] 22/2/2024 23:08

Thanks MT and I see we have an interesting uptrend here.

Having been a Tullow holder for many years I'm a fan of Paul McDade. The experienced management team is a great plus.

[kevjones2] 22/2/2024 21:38

Well done, Mount Teide. Great stuff.

[mount teide] 22/2/2024 21:15

Well done!

New AET thread with Company Overview, Presentations, Broker Reports and additional charts.....Moving Averages, Daily Transaction Volumes, and MACD Charts.

Still under development, so as a technophobe, would appreciate being cut some slack on its initial appearance and content.

[tim000] 22/2/2024 21:13

First post! 😁

[tim000] 22/2/2024 08:20

Crude oil tanker Diamondway now due to arrive at FSO Palanca at 16:00 hours Sunday.

[kevjones2] 21/2/2024 23:39

Yep. Thanks, lads. Just saw the "skip header" thing.

[someuwin] 21/2/2024 19:53

All threads come with a 'Skip Header' link by default. It's at the top on the same banner as the 'Serarch this thread' box.

p.s I think we could benefit from a shiny new thread here too.

[graham86] 21/2/2024 19:46

Could you keep the introduction concise as sometimes thread creators go into gory details and this means scrolling down for ages to read posters' comments. Is there a "skip to posts" option? Just opened one or two all opened on the post but the top of the thread did flash by maybe some one will help you with this.

[kevjones2] 21/2/2024 17:52

Mount Teide, you obviously know what you're talking about so I would encourage you to create a new, updated thread. In fact, I would very much appreciate it. I have two suggestions:

Could you keep the introduction concise as sometimes thread creators go into gory details and this means scrolling down for ages to read posters' comments. Is there a "skip to posts" option?

Also, could you put your name or initials (MT) in the thread title so it can be differentiated from other threads? Or the "date created"?

I'm no good at that type of thing so I appreciate other peoples' efforts and I'll support your thread regardless of my tech-philistine ramblings.

[dilip40] 21/2/2024 11:40

mt thanks re jse . ihad folowed you in but got out at 54p when it halved from 110p

[roghart1] 20/2/2024 09:58

I'd rather stay under the radar as long as possible - we can do without the volatity that everone piling in would bring. Just a personal thought :-)

[mount teide] 20/2/2024 09:20

Sent the following message to poster 'excellence' the AET thread creator:

'.....hope you're well!
Since the header of your AET thread was last updated 18 months ago, the company is now on many more investors radars and with it continuing its rapid growth in 2024, would greatly benefit from being brought up to date, or superseded with a new thread, expanded to provide an enhanced source of current information, presentation links, charts and data for investors.

Happy to do this but, would be interested in your thoughts before commencing.

Best regards,

[mount teide] 19/2/2024 15:55

d40 - Replacing one FSO with another is relatively straightforward since they are only storing crude oil and not carrying out processing of reservoir liquids.

However, the Montara Venture is an FPSO - ie a highly specialised ship capable of receiving fluids from a subsea reservoir through risers, which then separates the fluids into crude oil, natural gas, water and impurities within the weather deck production facilities. Crude oil stored in the storage tanks of the FPSO is then offloaded onto shuttle tankers. These ships are designed/tailored specifically to the unique characteristics of the field they are to operate over. So, it is not easy to replace one FPSO with another at short notice, even in the event you could find one off-charter.

Explained my disappointment with the way the otherwise excellent Jadestone management handled the inspection and maintenance issues they encountered with the Montara Venture in the following post:

[dilip40] 19/2/2024 15:15

MT why didnt jse get temp replacement fso when they had issues with their fso.

[mount teide] 19/2/2024 13:14

Update to a post made last summer.

Considering the maintenance issues Jadestone Energy has experienced with the FPSO at their Australian Montara Field, as a shipping and ports professional, one of the first things I checked when carrying out initial research on Afentra, was the history of Block 3/05's FSO(Floating, Storage & Offloading) Palanca.

What I found was reassuring.

Angolan 3/05 Blocks- FSO Palanca

FSO Palanca was towed 7,200 miles to the Sembawang Shipyard at Singapore in late 2012 to undergo dry docking/Special Survey, and to carry out a major programme of structural inspections, repairs, maintenance and upgrades to extend the commercial life of the ship by a further 20 years.

The programme of work included:

* Renewal of the entire cargo pipeline system and cargo pumps.

* Hull cleaned, inspected, shot blasted, primed and coated. All damaged hull plating replaced.

* All cargo and ballast tanks cleaned, inspected, shot blasted, primed and coated

* Electrical systems - Renewal of all cabling.

* Accommodation enlarged from 30 to 60 people to carry more maintenance staff.

Some photos taken in April 2013, of Palanca after spending 4 months at the yard, immediately prior to departure for Angola.










UPDATE - From ERCE's updated June 2023 Competent Persons Report:

The Block operator plans to dry-dock the Palanca FSO again in 2030, to undergo dry docking/Special Survey, and to carry out a further major programme of structural inspections, repairs, maintenance and upgrades - this will extend the commercial life of the FSO to beyond the recently negotiated 2040 license extension for the 3/05 Blocks.

The production impact is anticipated to be minimal as they plan to have a replacement FSO on station during the dry-docking process.....which should take around 6 months inclusive of towing to and from SE Asia.

AIMHO/DYOR

[tim000] 19/2/2024 12:50

Lots to look forward to with AET, a rapidly growing business with a supportive government and a very cheap business model of acquiring very productive and long-life assets with no decommissioning liabilities to worry about. And of course a very skilled and experienced management team. What’s not to like!!

[mount teide] 19/2/2024 11:03

Encouraging to see some very strong transaction volume today on an otherwise quiet day for the small cap O&G sector.

[mount teide] 17/2/2024 09:37

Block 3/05 - 'Sonangol assumed operatorship in 2005 and has since focused entirely on sustaining production through workovers and maintaining asset integrity.

No infill drilling campaigns have taken place for 18 years on the asset. The asset currently produces from around 40 production wells and has nine active water injectors.'....Offshore Technology


Block 3/05 - what is remarkable about the performance of its conventional, swallow water field's, is that despite not having an infill well drilled on them since 2005, it was possible last year to increase gross production by a remarkable 56% to 25,000 bopd, and P2 by a huge 4m bbls net to AET, on little more than a modest/partial increase in the level of water intervention.

The 2024/25 plan is to add in ESP, infill drilling and major workovers, and draw up a development plan for the Block's low tie-in cost, appraised satellite fields that could collectively add a further gross 10-20k bopd.

Peak production for the block was 193,000 bpd of crude oil and condensate with a combined 3.0bn bbls OIP.

Angola has over 300 discovered O&G fields, but to date less than half have been developed.

This was the principal reason why the Government recently improved the Fiscal terms of the O&G industry - to attract new investment & extend existing licences to avoid the assets becoming 'stranded'. It's had some impressive early commercial success - with Exxon, who are increasingly vacating the rest of Africa, signing up to put $15bn of CAPEX into three large offshore blocks.

The Angolan Government is actively seeking more oil & gas investment. With Afentra having recently built, both offshore and now onshore, a solid commercial relationship with Sonangol, the divesting National state-owned oil company, the management has positioned the company perfectly, as a respected and reliable partner/candidate for the highly material pipeline of future acquisition opportunities that Sonangol plans to bring to the market over the next 2-3 years.

AIMHO/DYOR