Capricorn Energy Share Discussion Threads

[controlledmadness] 12/9/2023 19:18

Isnt Bank of America supposed to be buying shares in the buy back.
They have not been active for a month.

[last of the mohicans] 12/9/2023 14:17

churchill2

I'm not expecting great numbers, because its nearly impossible to have them given what we already know.

Expenditure in the 1st half of this year was extremely high (excluding the $449M special dividend).

Production was in gradual decline & that would have continued until probably late March before the 1st of the new wells came on stream.

The 1st half loss will be substantial.

Capricorn won't even break even for the year, even with these rising oil prices & increasing production.

2024 is a completely different story, Goldman Sach's & Bank of America see what's coming & are accumulating voting rights, right left & centre shaking out the weak holders.

Private Investors are going to wake up to this to late ......

Capricorn is going to be a cash-cow, because of all the money that's been invested in the ground.

LOTM

[churchill2] 12/9/2023 13:53

The current share price does not generate any confidence in me that the numbers on Thursday will be positive. I hope I am wrong.

[last of the mohicans] 12/9/2023 11:46

I wasn't intending to buy any more shares, especially ahead of the half year results & webcast on Thursday.

However given the silly price they were just offering I just bought another 6,750 shares.

Maybe someone isn't watching the price of oil & the direction its being going for the past 6 weeks!

$$$$$$$ in the bank daily

LOTM

[last of the mohicans] 11/9/2023 13:23

Well so far in Sept the price of Brent oil has averaged roughly $90 a barrel which means the company is receiving roughly $88 a barrel in Egypt.

We should be producing a net amount north of 5,500 bopd by this stage, possibly getting close to 6,000 net bopd. However I'll use the lower number for now.

So revenue earned over the last 10 days is $4.84M (10*88*5500) less OPEX of $0.715M
(10 x $6 per barrel to be safe x 2.1685 (the ratio of our share of production compared to the WI costs that we need to cover).

Therefore we've made over $4M in those 10 days with only really G&A costs to come off that figure in cash term & an allowance for Depreciation & Amort of the asset from "finding" it cost.

In oil terms our true OPEX costs are around $13 per barrel & we are currently making around $400,000 a day net.

The Nat Gas terms seem to be slightly different as the cost ratio works out at 2.6992 (call it 2.7) on the figures the company presentations give.

So on production of 7300 boepd we're getting revenue of around $118,500 a day (5.6*$2.90*7300) with OPEX costs of $108,405 ($5.5*7300*2.7). A mere $10,000 a day profit unless the price of gas is index linked to inflation since last year.

Certainly not worth the effort in monetary terms that's for sure, but they do get some liquids production with the gas & some gas will be used for power production etc.

That explains precisely why they are targeting liquids production.

LOTM

[last of the mohicans] 08/9/2023 08:38

churchill2,

No problem :)

I've tried to be on the safe side & hopefully I am.

Yes they & us might get very lucky with the oil price over the next 6 month's. That coupled with hopefully rising production is exactly what your wanting.

I hope they start being much more informative regarding all this drilling that's taking place.

We've only had a tiny snippet so far, 1 failed exploration well which cost under $3M. 1 development well that was fractionally worse than the pre-drill numbers. 1 that was maybe 20% better than expected, one 50% better than expected & one probably 100% better.

Not much to go on.

LOTM

[last of the mohicans] 08/9/2023 08:22

In case anyone is wondering where the hefty $203M came from, $25M to Shell for the max earn-out on the Egypt assets, $13M for the share buy-back, $40M G&A expenses, given that they will likely have to front load some of the severance payoffs to staff, $30M for the Mexico exploration well, $60M for D&P drilling in Egypt ( half the expected amount for the year there) & finally $35M in OPEX costs.

I've got the 2nd half at $140M (assuming they spend the other $12M+ on the share buy-back during that period) which doesn't include the next special payment to shareholders.

So I've basically got the 2nd half of this year kind of neutral, with that $140M of expenditure matched with around the same sort of level of cash inflow from Egypt.

Now some might think that's not a great outcome, but there failing to see the turnaround that will occur in 2024. When that $340M of expenditure is immediately cut by $90M ($35M from G&A, $30M non Egypt exploration & $25M share buy-back).

On top of that your production levels are much higher than they are now, so I'd expect next years exploration, development & production expenditure to be lower, maybe in the $80-100M range. So that would be another $20 - 40M to take off this years expenditure number. While at the same time revenue from Egypt is far higher, especially in the 1st half of 2024 than it was this year. Plus we'll be getting a healthy payment from Waldorf as well at the end of Q1 2024.

To put all of that in context, Capricorn is investing around 33% of its market cap (£0.60) in just 1 year into Egypt. Which is a huge investment.

If they are able to pay the $100M special dividend later this year & do the share consolidation at the same time, There will only be around 100 - 110M shares left in issue, which is tiny.

Next year 2024, G&A costs will fall by around $0.30 - 0.35 per share on that basis.

The Waldorf payment at say $50M would equate to $0.45 - 0.50 a share alone.

The $80-100M estimate of investment next year is another eye watering amount, & yet production will still be on the rise & we will be banking eye watering sums on a daily basis to quickly offset it. At current oil prices we'd be looking at 7,000 Bopd bringing in a net $0.5M per day ! ($616,000 revenue less $90,000 of OPEX) on 1st of Jan 2024.

LOTM

[churchill2] 07/9/2023 18:07

IOTM
Thanks for the effort you are putting in. I must confess that my attempts to work out a credible financial position have failed miserably. I may be clutching at straws but Capricorn paid $323 for Egypt so if they can improve performance I.E Randy and the oil price holds up then who knows?

[last of the mohicans] 07/9/2023 14:05

Share Register has now been updated on the company website to the positions as of 25th August 2023.

We knew about the drop in the Madison holding through an earlier "holdings announcement".

What we didn't know is that Irenic Capital reduced its holding between 11th & 25th August by 912,716 shares.

The other noticeable change is that ABRDN no longer hold above 3% of the company, they previous held 4,543,990 shares (3.18%) we have no way of knowing whether they sold all of it or part of it.

BoA (Merrill Lynch) appear on the list now but only for 5,118,047 shares which is a far cry from there current voting right holding of over 15M shares.

LOTM

[last of the mohicans] 07/9/2023 10:01

I've been crunching some numbers ahead of the half year report.

There estimate for 2023 production in Egypt is for an average of 6,000 bopd & 7,021 boe in nat gas.

The 2022 actual numbers were 5,028 bopd & 7,941 boe in nat gas.

Given production was on a decline throughout 2022, that decline would have continued probably until the start of the 2nd quarter when the 1st of the new development wells would probably have come online, which would have stabilised the rate before it started to increase as more & more wells are added in.

Therefore I don't think oil production will have averaged above 4,750 bopd during the 1st half of the year. Or around 860,000 BO in total.

Average price of Brent for the 1st half was $79.75 & therefore the realised price in Egypt is thus around $77.75

So gross oil revenue for the 1st half should be around $66.5M with an additional $12M from nat gas.

I've estimated total outgoings to be a hefty sum of around $203M for the 1st half plus the $449M that was paid as a special dividend to shareholders.

So we should be looking at a net cash balance of around $157M assuming receivables due $97M & overdue amounts of $66M are roughly unchanged from the end of December.

I am being conservative in the above numbers so hopefully the actual results top these numbers.

Right now we should be entering a fantastic scenario where rising production and increasing oil prices are really increasing daily revenue substantially.

Oil revenue in the 1st half was around $360,000 gross per day on average. Today its probably around $460,000 & if the price of oil remained constant it would be north of $560,000 in late December (possibly close to $600,000 even).

All of which makes a massive difference to the bottom line.

LOTM

[taxi1] 06/9/2023 07:49

LOTM
Sorry agin another week to wait

[last of the mohicans] 06/9/2023 07:23

taxi1

No

They postponed the results from the 7th Sept (see announcement on 21st July) its now 14th Sept for the results announcement with a webcast at 9am that day to.

LOTM

[taxi1] 06/9/2023 07:18

Sorry half year results on the 7th of September
The company strategic plan is on the 14th it’s in the AGM statement

[taxi1] 05/9/2023 20:03

Think half yearly results out tomorrow
We may see more of what’s happening and why

[last of the mohicans] 05/9/2023 18:02

Now Bank of America (Merrill Lynch) has revealed that it to has added 0.6M to its last declared voting position.

So Goldman Sach's is no1 for voting rights & BoA no2.

We still don't know who's reduced there holdings for everything to match up, but clearly something is going on when 2 of the biggest Investment banks in the world are aggressively increasing there positions here.

LOTM

[last of the mohicans] 05/9/2023 10:38

Well I've just bought some more, but the 1,500 shares is not showing on the LSE trades list so I resume Barclays have done my trade with another vendor.

Expecting to see a bit of trading going through this afternoon now the USA is back from the Labour Day holiday.

LOTM

[last of the mohicans] 05/9/2023 08:23

So it was Goldman Sach's who were the big buyers on 31st August increasing there holding by another 2.605M

I'm sure there will be other holding notices due to be released soon as that stock has to have come from somewhere else.

If it wasn't from any of the existing top 11 shareholders then there holding of CNE has just increased from 109.638M shares or 76.8% to 112.243M or 78.6%

Which means the free float is down to just 30.6M shares.

Hopefully the company website will be updated soon with a list of the major shareholders as at 31/08/23 rather than 11/08/23

Goldman Sach's clearly see value here.

LOTM

[last of the mohicans] 05/9/2023 07:26

From EnQuest's announcement from 05/09/23 relating to the half year to 30/06/23

Kraken

Average production of 13,082 Boepd (18,556 Boepd gross) (2022: 19,527 Boepd net; 27,698 Boepd gross) reflected an efficient return to service of the FPSO following the anomalous failure of hydraulic submersible pump ('HSP') transformer units during May. Working alongside the vessel owner, Bumi Armada, the EnQuest asset team limited the impact on production, resuming production on a single train basis on 12 June and then reaching 80-90% production capacity through the refurbishment and reinstatement of a transformer unit in July. On 7 August, a further transformer unit was brought back into service, following a rebuild, returning Kraken to full production. New transformer units were proactively ordered from the manufacturer and are due for delivery in September, providing further resilience to production capacity.

The Group reacted quickly to mitigate production losses by executing maintenance work, originally planned for the third quarter shutdown during two periods of single train operations. No further planned maintenance outages are anticipated during 2023.

In light of the direct impact of the EPL on the Group's available cash flow and the indirect contribution to underlying inflationary pressures through incentivisation of industry-wide investment within a defined timeline, the Group took the decision to delay its plans to progress the Kraken drilling programme. However, near-field drilling and subsea tie-back opportunities continue to be assessed, with interpretation of 3D seismic data ongoing to access the significant opportunity in terms of main field side-track drilling opportunities, along with further drilling within the Pembroke and Maureen sands, with c.33 Mmboe of 2C resources available at Kraken. Until drilling resumes, Kraken production will be subject to natural field decline.

--------------------
So most of the down time was when oil prices were at there low point of the year & full production has been restored going into rising oil prices.

LOTM

[last of the mohicans] 02/9/2023 03:21

So Kraken is due some downtime for maintenance during this quarter (3rd quarter 2023) hopefully more detail will be revealed with Enquest's half year report.

Based on the Enquest data, Waldorf's share of production for the 1st 4 months of 2023 for Kraken would be 6,657 boepd compared to 8,311 in 2022.

So total production for the 4 months - (120 days) was 798,885 out of the 3.002M needed to trigger the additional payments.

Putting Kraken on course to produce roughly 2.4M for the year before the loss for maintenance is included.

Getting current info on the Catcher area is sadly much harder. Production for 2022 seems to have averaged around 38,000 boepd according to the Harbour Energy website. 2 new wells were completed just before the end of 2022 so they should help to keep production levels up during the rest of this agreement period.

If we were to say field production during 2023 was to average 34,000 boepd allowing for declines etc, then Waldorf's 20% interest from Capricorn works out at 6,800 boepd (they acquired MOL's 20% interest in 2022 separately as well).

So 6,800 boepd would indicate production of over 2.4M barrels for 2023 from the Catcher area affects us.

Add the 2 together & we're looking at total production of 4.8M barrels.

Indicating that production will be roughly 1.8M barrels above the 2023 performance threshold of 3.002M To which Capricorn will therefore be entitled to 40% ie 0.72M barrels.

If I do a rough calculation for a comparison, 2022 total production was 5.82M less the 3.94M threshold gave an outperformance of 1.876M to which we were entitled to 50% at that point ie 0.938M barrels & that yielded a payment from Waldorf of $134.4M. The 2021 payment was $77M.

Average price of Brent oil in 2021 was $71, in 2022 it was $101 & so far it has averaged $80.12 in 2023 (hopefully that average is going to get pulled even higher during the next 4 months to possibly $84)

-----------------------------------------------------------

From the Capricorn 2022 annual report published 27th April 2023

additional contingent consideration ('earnout consideration') dependent on oil prices from 2021 to the end of 2025 and minimum production levels being achieved, which at 2 November 2021 had a fair value of US$197.4m including an adjustment for expected credit losses.

The fair value of the earnout consideration fell by US$8.1m from 2 November 2021 to US$189.3m at 31 December 2021. The first annual payment of earnout consideration of US$75.8m due on 2021 production was received in 2022. With strong oil prices and production levels above forecast across the assets, the fair value of the remaining earnout consideration receivable increased by US$110.4m during 2022 to a closing fair value receivable of US$224.1m in the Balance Sheet as at 31 December 2022 (see note 3.5).

From Waldorf Production UK PLC (2022 Annual Report) published 1st June 2023

in the notes page 50

As part of the purchase of the producing assets of the subsidiary, Waldorf Real Estate Limited (formerly Capricorn North Sea Limited), the Company is due to pay additional payments to Capricorn Energy plc, based on the results of the fields. At the end of December 2022, this is estimated to be $134.4m relating to 2022, which is due to be settled in March 2023. There is an additional $101.0m which will be due from 2024 - 2026. During the year, the contingent consideration was revalued upwards by $91.2m mainly due to an increase in forward oil prices and a net increase in the total Catcher and Kraken reserves.


LOTM

[last of the mohicans] 02/9/2023 02:35

From Enquest announcement 24th May 2023

We have improved asset reliability and integrity across our operated assets, resulting in delivery of strong uptime across our portfolio, including production efficiency of c.89% at Magnus, c.94% at the Greater Kittiwake Area and at Kraken, where we continue to deliver top quartile FPSO performance

Guidance unchanged

2023 average net Group production is expected to be between 42,000 Boepd and 46,000 Boepd, noting shutdowns and periods of single train operations planned at Magnus and Kraken, respectively, in the third quarter

Production details

Average daily production on a net working interest basis (Boepd)

1 Jan 2023 to 30 Apr 2023 1 Jan 2022 to 30 Apr 2022

UK Upstream

- Kraken 15,910 19,862 boepd

[last of the mohicans] 02/9/2023 01:48

Uncapped Earn Out Consideration which will be payable in respect of calendar years 2021 to 2025 if
both (i) an agreed minimum production volume for that year is met and (ii) the Average Daily Brent
Crude Price in that year is not less than US$52.00 per barrel.

The agreed minimum production volumes in respect of each year are as follows:

Year Production Volume

2021 ......................................... 5,648,400 barrels of oil
2022 ......................................... 3,947,220 barrels of oil
2023 ......................................... 3,002,490 barrels of oil
2024 ......................................... 1,748,890 barrels of oil
2025 ......................................... 1,331,640 barrels of oil

The amount of any Earn Out Consideration payable in respect of any year will be equal to the amount
by which Average Daily Brent Crude Price for that year exceeds US$52/bbl multiplied by the number
of barrels of production in that year in relation to the Sale Interests multiplied by a percentage rate set
for each year.

The percentage rates agreed for each year are:

• in respect of 2021, 60%;
• in respect of 2022, 50%;
• in respect of 2023, 40%;
• in respect of 2024, 30%; and
• in respect of 2025, 20%

Nautical Petroleum has a 20 per cent interest in the Catcher Licences. Premier Oil (50 per cent) are the Operator.

The other partners within the Catcher Licences are MOL Group (20 per cent) and ONE Dyas (10 per cent).

The majority of Catcher was discovered in 2010. Since then, a total of 19 development wells have been drilled.

The first 12 wells were drilled as part of Phase 1, which began in 2015, and a further six wells were drilled in

Phase 2. An additional infill well was drilled in the Varadero accumulation in 2020. Of the 19 development wells, 15 were producers and four were water injector wells.

There are a further three wells anticipated to be drilled in the near future: the Catcher North and Laverda
locations (which were deferred from the programme in 2020 due to COVID-19 uncertainties), and possibly the Burgman Far East location.

The Catcher Complex is developed via an FPSO, with subsea tie-back. First oil from the Catcher field occurred on 23 December 2017, followed by Varadero, which came on stream on 11 January 2018 and Burgman on 4 May 2018.

Catcher recent performance

Average gross production for H1 2021 from the Catcher Area (Cairn 20% WI) was 47,400 bopd.

Continued Calcium Naphthenate events impaired facility production performance in early 2021, however the Operator is now managing this well and positive gains are being made against expected year production performance.

The 4D Seismic acquisition was completed in May 2021. The full integrity 3D and 4D products are expected early in 2022. Planning of the 3 well campaign including Catcher North, Laverda and Burgman Far East wells continues. The anticipated spud date is late December 2021 / early January 2022.
Gas injection trial data has shown positive results and is incorporated within the recently submitted FDPa along with relaxing well constraints and gas depressurisation. FDPa approval is expected in Q3.

As of 30 June 2021, cumulative production amounted to 64.6 MMstb of oil, 21.6 Bscf of gas (excluding gas lift) and 18.4 MMbbl of produced water. A total of 86.5 MMbbl of water has been injected.

Catcher Interests pre and post Transaction

Assuming the Transaction completes the impact on the holdings of interests in the Catcher Licences will be as set out in the table below:

Party Interest pre-Transaction (%) Interest post-Transaction (%)
Premier Oil ................ 50.0 and operator 50.0 and operator
MOL Group ................ 20.0 20.0
Cairn ..................... 20.0 Nil
Waldorf . . . . . . . . . . . . . . . . . . . Nil 20.0
ONE Dyas ................. 10.0 10.0

Catcher reserves

Cairn’s working interest reserves as at YE 2019 and YE 2020 for the Catcher Complex are outlined below:

Field
Net 2P reserves YE 2019 (mmboe)
Net 2P reserves YE 2020(mmboe)

Catcher Complex ............ 13.31 10.13

Based on Cairn’s internal forecasts, cessation of production on Catcher is expected to be at the end of 2025. The firm period of the FPSO charter will end in December 2024. However, subject to reservoir performance, operating costs and prevailing product prices, the field life may be extended beyond that period prior to decommissioning.

Kraken is operated by EnQuest which holds a 70.5 per cent working interest in the P1077 Licence. Cairn holds a 29.5 per cent working interest through Nautical Petroleum.

The Kraken fields were discovered in 1985 by a well drilled by Occidental Petroleum. This well was plugged and abandoned. The discovery lay fallow until 2003, when Nautical Petroleum undertook 3D seismic over the field area. Further appraisal wells were drilled in 2007 and 2008, followed by a seismic analysis in 2009, a further well in 2010 and additional seismic analysis in 2011.

The development of Kraken received DECC approval in November 2013 with a planned production start-up in 2016. Two heavy oil field tax allowances were granted. In August 2015, EnQuest commenced the drilling and completion of the development wells.

The Kraken field’s FPSO was installed in April 2017 with production commencing in June 2017.
To date, twenty-four development wells have been successfully drilled and completed in the southern and northern parts of the Kraken field from Drill Centres 1, 2, 3 and 4.

In 2020, the Kraken JV successfully brought online the Worcester producer-injector well pair.

Kraken recent performance

Average gross production for the six month period to 30 June 2021 from Kraken (Cairn 29.5% WI) was 33,000 boepd.

The Riser Tether defects accounted for the majority of production deferment, shutting down production while inspections and repairs were made. The campaign to replace all Tethers was successfully completed in August 2021.

The multi-azimuth 3D seismic programme was completed in July 2021. The final processed products are
expected mid-2022.

As of 30 June 2021, cumulative oil production amounted to 46.3 MMbbl. Cumulative oil production per well exhibits large variations, in the range of 1.6 to 5.7 MMbbl (excluding Worcester). A total of 175.8 MMbbl of water has been injected.

Kraken interests pre and post Transaction

Assuming the Transaction completes, the impact on the holdings of interests in the Kraken Licence will be as set out in the table below:

Party Interest pre-Transaction (%) Interest post-Transaction (%)
EnQuest ............ 70.5 and operator 70.5 and operator
Cairn .............. 29.5 Nil
Waldorf . . . . . . . . . . . . Nil 29.5

Working Interest Reserves

Cairn’s working interest reserves as at YE 2019 and YE 2020 for Kraken are outlined below:
Field
Net 2P reserves YE 2019 (mmboe)
Net 2P reserves YE 2020 (mmboe)

Kraken ..................... 29.79 22.76

Based on Cairn’s internal forecasts, cessation of production on Kraken is expected to be at the end of 2035. The firm period of the FPSO charter will end at the end of Q1 2025. However subject to reservoir performance, operating costs and prevailing product prices, the field life may be extended beyond that period prior to decommissioning.

Interests and operatorship

Catcher
Assuming the Transaction completes, the impact on the holdings of interests in the Catcher Licences will be as set out in the table below:

Party Interest pre-Transaction (%) Interest post-Transaction (%)
Premier Oil ......... 50.0 and operator 50.0 and operator
MOL Group ......... 20.0 20.0
Cairn .............. 20.0 Nil
Waldorf . . . . . . . . . . . . Nil 20.0
ONE Dyas .......... 10.0 10.0

Kraken
Assuming the Transaction completes, the impact on the holdings of interests in the Kraken Licence will be as set out in the table below:

Party Interest pre-Transaction (%) Interest post-Transaction (%)
EnQuest ................... 70.5 and operator 70.5 and operator
Cairn ...................... 29.5 Nil
Waldorf . . . . . . . . . . . . . . . . . . . Nil 29.5

3.4. Earn Out Consideration
Earn out consideration in each of the next 5 calendar years may be payable by Waldorf to Nautical
Petroleum if (i) an agreed minimum production volume for that year being met and (ii) the Average Daily
Brent Crude Price in that year being not less than US$52.00 per barrel.

The agreed minimum production volumes in respect of each year are as follows:
Year Production Volume

2021 ......................................... 5,648,400 barrels of oil
2022 ......................................... 3,947,220 barrels of oil
2023 ......................................... 3,002,490 barrels of oil
2024 ......................................... 1,748,890 barrels of oil
2025 ......................................... 1,331,640 barrels of oil

The amount of any Earn Out Consideration payable in respect of any year will be equal to a specified
proportion of the Market Improvement in that year. Those proportions are:

(i) in respect of the year commencing 1 January 2021 ending on 31 December 2021, 60%
(ii) in respect of the year commencing 1 January 2022 ending on 31 December 2022, 50%
(iii) in respect of the year commencing 1 January 2023 ending on 31 December 2023, 40%
(iv) in respect of the year commencing 1 January 2024 ending on 31 December 2024, 30%
(v) in respect of the year commencing 1 January 2025 ending on 31 December 2026, 20%

4.1. Introduction

The Deferred Consideration Bonds will be issued as part of a larger issue of US$300 million (the “Issued
Amount”) of Waldorf Bonds (the “Waldorf Bond Issue”). Under the Bond Documents, the proceeds of
the Waldorf Bond Issue are to be applied to (among other things) the financing of the Transaction.
Nordic Trustee AS will act as bond trustee and security agent in respect of the Waldorf Bonds.

4.2. Interest

Interest will accrue on the Waldorf Bonds which are outstanding at 9.75 per cent. per annum.
Interest accrued in each quarterly period ending 1 January, 1 April, 1 July and 1 October (a “Quarterly
Period”) will be payable on (a) the last day of each Quarterly Period (a “Payment Date”) and (b) the date
of early redemption of the Waldorf Bonds (in respect of interest accrued on the Waldorf Bonds being
redeemed).

4.3. Repayment

The Waldorf Bonds will be repaid as follows:

(i) in 11 consecutive equal instalments, each in an amount equal to 1/12 of the Issued Amount, starting
on 1 January 2022; and

(ii) in an amount equal to the aggregate nominal amount of the Waldorf Bonds outstanding on 1 October
2024 (the “Maturity Date”), on that date.

Waldorf may redeem all of the Waldorf Bonds prior to the Maturity Date.

----------------------------------------------------------
The balance of US$30 million will be paid by way of the issue by Waldorf to Nautical Petroleum of
secured bonds at Completion in accordance with the terms of the Bond Documents. The Deferred
Consideration Bonds will bear interest at a rate of 9.75 per cent per annum, and will be repayable
(together with accrued interest thereon) in quarterly instalments over the period from 1 January 2022 to
1 October 2024.

Capricorn sold all of these bonds not long after receiving them ( see section 6 of 2022 annual accounts)

[last of the mohicans] 01/9/2023 12:16

Just bought 8,000 at 173.4108p trade not showing up yet.

Decided not to hold of any longer given the oil price is now at a 41 week high & I don't want to be on the wrong side if things pan out like they did yesterday from this time onwards. So banked a nice profit on yesterday's sell & got another 100 shares as well. Put another sell order in place.

I see a trade of 3.88M has just gone through !

That might change the dynamics for this afternoon or it maybe the end of a stock overhang, time will tell.

Still waiting on my trade from yesterday afternoon appearing on the records.

LOTM

[last of the mohicans] 01/9/2023 08:11

hmm not what I was expecting so far :(

Let's see if that changes.

I'm not a chartist, but I think they would point out that there is a gap that needs closed, so need to see it have at least 1 trade at 172p

So I've put a buy order in just above that price. We'll see if that happens or whether I need to change my tactic

LOTM

[taxi1] 31/8/2023 17:38

LOTM

Yes should be interesting in the morning