Cadogan Energy Solutions Share Discussion Threads

[brumbrum79] 22/8/2020 15:45

hxxps://dyvys.info/2020/08/19/yak-pratsyuye-brytanska-naftogazovydobuvna-kompaniya-na-lvivshhyni/?fbclid=IwAR1AmWLsAg-sXqqVGMksU-kPa7ZfduuZ0obRgCTFOvPqRjh0MLTheiYPkDY

[targatarga] 23/6/2020 12:01

Obviously management planning a delist. Clever money been undoing their positions since Michelotti got the push. Would be nice to see Michelotti bid for the company.... 5p a share would probably do it... imho

[manual dexterity] 05/6/2020 14:15

As a manual event "one" has recovery plays for the oil and gas sector.

[diesel] 05/6/2020 10:00

He can’t, sorry shouldn’t, buy with insider knowledge, so nothing imminent.

[techgeek12] 05/6/2020 07:32

Big things being lined up here IMO. That's a pretty sizable buy

[manual dexterity] 05/6/2020 06:56

As a manual event it is indeed a decent buy -

[targatarga] 05/6/2020 06:53

No surprise with that announcement. I'm expecting more buying by Fhady over the coming months imho

[spangle93] 03/6/2020 14:54

Techgeek - well they sure as heck didn't bring him onto the board for his communication skills. The board is turning out to be even worse than the last one in terms of shareholder engagement.

[manual dexterity] 03/6/2020 13:45

One assumes a break up from 3p will be positive.

As a manual event i have added CAD and others to my oil portfollio as the oil markets recover.

[manual dexterity] 03/6/2020 13:00

It is a Manual event.

There are some manual bargains on the SE.

[targatarga] 13/5/2020 08:29

I see today that Lamprells board have agreed to take a 25% pay cut.

[techgeek12] 04/5/2020 22:56

I am assuming they brought Fady Khallouf on the board as CEO to move the company in the direction of renewables sector given that's where all his expertise is.

[brumbrum79] 04/5/2020 20:25

I don't know 'why' but I don't have a good feeling about bytlianska's license renewal...

From Cadogan's Annual FY 2019 Report the future Plans/Projects seems to be these:

'Gas trading, which had become unprofitable, cannot be a major activity for Cadogan. The Company will focus on its oil operations and a more value accretive and comprehensive diversification of its activities.' (taken directly from page 10 - lines 11-12);

Now It's all clear...

ByeBye
BrumBrum

[brumbrum79] 04/5/2020 20:21

Proger's Rating Report - English Version:

RATING COMMUNICATION
Cerved Rating Agency S.p.A. confirms the public rating
A3.1
of PROGER S.p.A.
Pescara (PE) - Piazza della Rinascita, n°51 - Italy

Cerved Rating Agency on 22/04/2020 confirmed PROGER S.p.A.'s A3.1 rating.

First rating issue: 23/04/2019

Founded in 1951, Proger S.p.A. (hereafter Proger or the Company) is a reality active in the general engineering sector, both nationally and internationally, realizing and managing infrastructural works mainly within the Oil & Gas and construction segment.
The Company is 75.96% controlled by Proger Ingegneria S.r.l. and there are shares attributable to Simest S.p.A. (20.53%) and Manitalidea S.p.A. (1.81%); the remaining part is made up of treasury shares (1.70%).

RATING FACTORS
The confirmation of Proger's rating comes from the company's ability to adapt to changing market conditions, thanks to its organization and deep-rooted know-how applicable to the different sectors of integrated engineering. In addition, in 2019, the parent company, Proger Ingegneria S.r.l., entered into an agreement with Cadogan Petroleum Holdings BV (a Ukrainian company listed on the London Stock Exchange) that, through a convertible loan granted to Proger Managers & Partners, allowed a paid-in share capital increase of 13.4 million euros in favour of Proger S.p.A.
Important level of backlog and ability to create synergies - Proger, in addition to having a backlog that amounts to 272 million euros and a pipeline of 140 million euros at 30/11/2019 (of which 110.5 million already awarded), is taking a strategic role in the face of the Covid-19 (coronavirus) emergency through the implementation of orders mainly related to the expansion of health facilities as well as the supply of medical devices such as ventilators lungs and face masks.
Organisational capacity and investment in strategic equity investments have enabled the Company to benefit from specific synergies, which are fundamental for the acquisition of these orders and which will already have positive effects on 2020 results, estimated at approximately 19 million euro in terms of Value of Production (VdP) and 4.4 million euro in terms of contribution margin.
Maintenance of adequate margin levels - the 2019 results for Proger could show a reduction of the VdP by up to 20% compared to the estimated budget of 103.5 million euro. Despite this, the application of the "back to back" principle, provided for in the contracts with suppliers (which involves the simultaneous reduction of the related costs and revenues), has allowed Proger to maintain adequate levels of EBITDA margin adj (including impairment losses on receivables) in a range between 9.5% and 10.0%. The deviations from the budget are due to the delayed activation of some job orders (mainly the Libyan one) in addition to those impacted by the Covid-19 emergency, for a total of about 47 million euros.
As regards foreign legal entities, revenues amounted to approximately 39.4 million euros (approximately 20 million in 2018), with EBITDA of 2.4 million euros (2.2 million in 2018).
The Agency considers reliable the estimates made by Management, which predict a turnover close to 178 million euros in 2020 (Proger S.p.A. and foreign legal entities) due to the current backlog that almost entirely covers the expected VdP, and the development of projects already in the pipeline and being awarded.
Balanced financial structure - Proger is characterized by a balanced financial structure, thanks to the application of the principle that all projects are started only after a prior verification of financial sustainability, which follows the technical feasibility analysis.
The Net Financial Position (NFP) from the pre-closure figures at 31/12/2019 is equal to 24.1 million euros, down compared to the previous year (33.1 million euros at 31/12/2018) also due to the capital increase of 13.4 million euros. In order to support the investments planned for 2020, the Company can count on cash and cash equivalents of 22.5 million euros as of 31/12/2019, also resulting from loans taken out in the last months of the year for 19 million euros.
In addition to this, an additional liquidity buffer derives from the available short-term credit lines, only 51% of which were used at 31/12/2019.
The main financial leverage ratios at the end of 2019 confirm the good sustainability of the debt, with an NFP/EBITDA adj and NFP/PN ratio of 2.87x and 0.55x respectively.

RATING SENSITIVITY
* In the short term it is assumed that the rating class assigned will be maintained.
* The rating of Proger S.p.A. may be downgraded in case of:
i) failure to achieve the objectives set out in the Plan with an EBITDA margin of less than 10%;
ii) NFP/EBITDA adj higher than 3.0x

...

In my humble opinion, Proger's 2019 Preliminary Financial Results seems to be not so bad.

[targatarga] 15/4/2020 12:20

Another great day in Paradise...

[targatarga] 08/4/2020 14:23

Twitter.... Oh dear... Not on there i'm afraid!

[babbler] 08/4/2020 14:14

Check twitter.

[targatarga] 08/4/2020 14:09

News afoot then?

[aimtrader2] 08/4/2020 13:52

Took a few bombed out this oil stock