Antrim Egy Share Discussion Threads

[ohisay] 29/5/2015 07:22

Cash down to 14m$ and

P077 Block 21/28a - Fyne, Antrim 100%

The Company is in discussion with DECC with respect to relinquishment and possible reapplication for the licence. The carrying value of the Fyne Licence at March 31, 2015 is $nil (December 31, 2014 - $nil).

The Fyne Licence includes three suspended wells and the Erne Licence one suspended well. The estimated decommissioning obligation for these wells at March 31, 2015 is based on a stand-alone abandonment program to be completed in 2016. The Company is currently evaluating options to abandon these wells as part of a 2015 or 2016 multi-client, multi-well abandonment program which the Company believes could reduce the Company's net share of abandonment costs from $4.7 million to $2.8 million.

Just about got a pulse but little else these days.

[fireplace22] 27/5/2015 09:14

Very true in four short years they have grown the share price from 60p+ to the 2p we have today - an amazing feat in the face of $100 bbl oil for much of that time. (Frightening to look further back when the share price was actually in the £'s).

[seangwhite] 27/5/2015 09:02

The BOD here are working away to try and grow the Company they deserve every cent they drawGLTA

[cinques] 15/5/2015 23:21

So all AEY get for the 75% is some back costs and 3D? Who's paying for the drill? A further farmout or a placing?

This Irish Atlantic Margin stuff will get nowhere, imho. It didn't with PoO > $100 and there's little hope it will now. It's deep, it expensive, there are no hubs. I just don't see it happening. But let's see if Kosmos drill with Europa or whomever - or if Kosmos can farm down its 85% with EOG or 75% here.

Just my view. NAI, DYOR, etc

[haydock] 12/5/2015 08:26

Irish Prospects. Europa o/g.

[haydock] 11/5/2015 13:39

Well, whatever the plans are they have certainly leaked them to Bar chart.

I wondered why the share looked strong, not weak, & find that the company has an overall 88% buy rating.

Looks a real winner technically, puzzling.

[ammons] 11/5/2015 12:54

AEY's future plans? LOL!!!

[seangwhite] 11/5/2015 12:45

Malcy banging the drum for Sound again I wonder if he is as impressed with AEY's future plans.VGLTA

[berry453] 09/5/2015 14:39

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[seangwhite] 09/5/2015 14:26

It's going to take a proper BOD to take AEY to realise any return on Skellig or its tax losses.Let's hope someone fancies a challenge and wants to give the BOD a wake up call.VGLTA

[nick rubens] 01/5/2015 11:59

Skellig block is massive (25% to AEY). It's worth awaiting developments here. Kosmos Energy own 75% and will not be sitting idle.

[empirestate] 01/5/2015 11:26

looks pretty good to move north from here imo

[edgein] 30/4/2015 16:56

Yasx,

Yeah cash since year end will be a little bit lower agreed.

As for decomm costs you've almost doubled the lastest from the company, as low as $2.8m and not payable until next year earliest, possibly out of future production.

Not a waste of money if they secure production, reserves or a suitable under-valued or private company for merger or RTO. They have to spend money to assess opportunities.

Fireplace,

Agreed, significant value to a producer or predator.

Regards,
Ed.

[fireplace22] 30/4/2015 08:13

Biggest asset is the tax losses? This will only be crystallised as value to a predator.

[yasx] 30/4/2015 08:08

What Edgein does not point out is that from the cash pile you have to discount:

1. The $15 mln figure was end 2014 - the current balance is significantly lower.
2. Decommissioning liabilities are to be accounted for - at least, £2.5 mln
3. the fact that they will continue to waste money 'assessing' opportunities for many more months.

It is cheap - but, unless the Board are be replaced, it will remain cheap. The main attraction of the SOU offer was a different Board and a premium to the price at the time. Given the performance of Sou since, well, say no more..

[61tom] 29/4/2015 21:32

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[kirk 6] 29/4/2015 21:06

Would be worth near 9p now that's abit of slap

[badger60] 29/4/2015 14:07

Ed

Much as I would like to feel reassured by the rhetoric....what happened to...."and evaluated a number of opportunities in 2014."?
.......and now its...."The Company(2015)plans to look for
additional opportunities and assess those opportunities....blah blah

Its the same old soundbites we heard last year ...nothing specific, no substantive action and no further forward. This management is inept with a 10mio cash pile to line their pockets until its all spent.

Like I said before....in hindsight they should have taken the SOU offer, which would have floored the AEY share price @ 3.5p....and would be worth 7.5p today.....but they would have lost their control of 10mio cash and probably lost their jobs.

[oilretire] 29/4/2015 11:58

That strategy is easier said than done....

[edgein] 29/4/2015 11:52

Badger,

Sounds like they're very busy:

"The Company intends to use its strong balance sheet and licence holding to acquire opportunities either asset specific or corporate where an acquisition or a corporate combination would enhance shareholder value. The Company has good access to international M&A opportunities and evaluated a number of opportunities in 2014. The Company plans to look for
additional opportunities and assess those opportunities based on, amongst other criteria, strategic fit, focus on near term appraisal / development, use of funds, transformative potential with upside potential for Antrim shareholders and current or near term cash flow."

$15m in the bank at the end of the year.

Near term appraisal and development potential, with cash flow or near term cash flow and transformative potential, definitely sounds like more than sea front property. You could be right though monetizing AEY could come down to Skellig and the current tax allowances.

Regards,
Ed.

[loverat] 29/4/2015 07:52

Most AIM management are serial failures. From an investor's/traders point of view it is whether you can make some money on the dips and spikes.

Long term investing in companies on this market is a sure way to lose money.

[oilretire] 29/4/2015 07:45

Nothing wrong kirk?!?!

Serial failures...... looks like we might have to pay decomm costs on Fyne if they don't get the licence back.

We paid a 'golden goodbye' of 0.7M to one of the execs!

If they can't monetise Fyne & surrounding potential what is the point in trusting them with this strategy......

The Company intends to use its strong balance sheet and licence holding to acquire opportunities either asset specific or corporate where an acquisition or a corporate combination would enhance shareholder value. The Company has good access to international M&A opportunities and evaluated a number of opportunities in 2014. The Company plans to look for
additional opportunities and assess those opportunities based on, amongst other criteria, strategic fit, focus on near term appraisal / development, use of funds, transformative potential with upside potential for Antrim shareholders and current or near term cash flow