Global Petroleum Share Discussion Threads

[swanvesta] 08/4/2020 10:14

Thanks Jimarilo, will study some more!

[jimarilo] 08/4/2020 09:44

I picked up another 100K this morning, it's obvious something significant going on here

[jimarilo] 08/4/2020 09:25

The next news will be the quarterly report at the month end. which has mentioned in the previous three quarters, the continuation of talks with counterparties regarding a farm out of licences PEL29&94

There could of course be news regarding a farm out or buy out before then. Namcor are currently working from home and are due back to work on Monday

The company are currently in an application process for 4 significant blocks offshore Italy. More details here in the previous quarterly report

[swanvesta] 08/4/2020 00:43

So I guess next news will be results of seismic processing. And then hopefully a farm-in if all looks good? Or of course it could all be pre-empted by a take-over :-)

And there's the italian dispute - not sure what's going on there. Seems they picked up 4 blocks that noone else was interested in and the italians are trying to get them out on a technicality. Is that material?

[swanvesta] 08/4/2020 00:16

Did I miss something out of my first paragraph? I felt the reason Namcor might make that choice didn't need stating.

[jimarilo] 07/4/2020 23:50

Don't think you get it at all ;-)

[jimarilo] 07/4/2020 20:12

Before they were carried through exploration and now to first production, before contributing to 17% of costs

However they could have taken a significant cash settlement for the 3D data, instead of equity and the hope of success in this frontier region....there is the financial risk

As I said before why would they ignore the cash and accept the risk with a micro cap like GBP. Obviously they are inside and have the full picture in front of them.

We will have to wait for the rest of the picture to unfold

[swanvesta] 07/4/2020 18:32

But it says Namcor are carried to first production, so actually taking no financial risk whatsoever?

[jimarilo] 07/4/2020 17:24

Although Namcor have a 10% free carry, they have now effectively farmed in to PEL94 for a participating 7% interest. The cost of the 3D data, prices the original 85% held by GBP. The market seems to think Namcor pretty much gifted the data,which could easily be worth $5-$7m

Nothing priced in for the substantial assets as yet

[jimarilo] 07/4/2020 15:33

Agreed and a very poor deramper at that

[adnexal schevsur] 07/4/2020 15:07

deramper iamgreat here - sign to buy

[iamgreat1] 07/4/2020 14:27

Dealings in ItalyLosses on financials High cash burn Wouldn't be surprised to see a placing at 0.5p and today rise is one where the mms are allowing the placees to sell at profit before they announce the placing

[iamgreat1] 07/4/2020 14:24

R u on drugs

[iamgreat1] 07/4/2020 14:24

Wow what a ramp

[jimarilo] 07/4/2020 13:49

Before we acquired PEL94, I thought 8-10p for just PEL29

Combined over 4Bln barrels mid case....15-20p if Venus1 comes in ?

[yasrub] 07/4/2020 13:02

I thougth 6-8p was more likely.

[swanvesta] 07/4/2020 12:28

What are the comparators for potential take-out price?

[yasrub] 07/4/2020 11:02

This is way off the radar, in this environment if Exxon were serious GBP is simply taken out, at what price who knows but hopefully a multiple of where we are.

[jimarilo] 07/4/2020 10:33

Exxon taking over as operator might be enough motivation

[jimarilo] 07/4/2020 09:59

Namcor I imagine are not flush with cash themselves......what motivates them to take "participating" equity over cash in a block held by a micro cap with even less cash ???

[emptyend] 07/4/2020 09:53

...would be interesting to know where the offer would be though.....if some small fund wanted to have a punt....