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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jadestone Energy Plc | LSE:JSE | London | Ordinary Share | GB00BLR71299 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.19% | 26.25 | 25.50 | 27.00 | 26.50 | 26.25 | 26.50 | 61,677 | 08:28:51 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 323.28M | -91.27M | -0.1688 | -1.56 | 141.69M |
Date | Subject | Author | Discuss |
---|---|---|---|
01/3/2019 11:58 | The Stag Field is serviced under long term contract by the FPSO Dampier Spirit operated by Teekay Offshore. Teekay secured a 10 year contract extension for the vessel in 2014 - as part of the terms of the extension of the charter, Dampiar Spirit entered drydock during H2/2014 for $11m of capital upgrades. According to data sourced from the FPSO operaters and Lloyd's List the vessel is generating around $25,000/day of revenue under the contract(circa $15k/day of cash flow). The FPSO cost to Jadestone is currently circa $7.35/bbl of production, which could fall to circa $5.50/bbl in the success case for the infill well due to spud this month. The Dampier Spirit has an oil storage capacity of 700,000 bbl - some 205 days of current field production - so requires as few as just two shuttle tanker visits a year to deliver the annual field production to market. By way of comparison, Premier Oil is currently paying $575,000/day for the charter of the BW's Offshore's FPSO stationed at the Catcher field - circa $8.80/bbl at the current peak production rate - and need to offload the FPSO weekly to avoid production shutdowns due to storage capacity constraints. Stag Field History - Malaysia's Sona Petroleum Berhad agreed to buy the field for $50 million in 2015 (average oil price circa $55, down from $100 plus in 2014)) - long before the deal was due to complete the oil price commenced a further rapid decline (during which Sona elected to walk away by paying a penalty fee), on its way to circa $28 during H1/2016(the Stag field at that point had operating costs close to $70/bbl). Paul Blakeley/Mitra Oil(now Jadestone) stepped in at the oil market nadir in H1/2016 with an opportunist $10m offer - which was accepted. The deal completed in November 2016 by which time Brent had recovered to $56, double the H1/2016 market low. After taking over operatorship of the field in Q2/2017, Jadestone has reduced field operating costs to circa $30/bbl(target low 20's post two 2019 infill wells and further operating cost savings). As with Montara, Blakeley and his team clearly have considerable expertise at spotting lowly valued SE Asian O&G market midlife/mature asset purchase opportunities with material upside potential under their management eg: a poorly managed and oil price low ravaged asset (STAG) and a very poorly managed asset operated by an IOC looking to vacate the region (MONTARA) - long may it continue. One of the great attractions of investing in a highly experienced second phase operator in an energy hungry, high population region like SE Asia/Pacific Rim is the much reduced market competition for high quality mid/late life assets and, the mostly benign sea and weather conditions compared for example to the gale lashed Northern North Sea and even more challenging conditions found in the North Atlantic west of Shetland, which routinely experience huge depression generated oceanic swells (10 metre plus) and appalling weather conditions from September through to May. The near year round reality of operating in the Northern Sea Sea and North Atlantic: | mount teide | |
01/3/2019 10:50 | We're now into March. So Stag spud can't be far away. "The Company is planning to spud the Stag-49H well in early March 2019 and drilling operations are expected to take approximately 34 days." | someuwin | |
28/2/2019 16:29 | L2: 40.4p v 41.0 - Bidding 40.6p for volume into the close. | mount teide | |
28/2/2019 14:19 | Still not showing on LSE website though. Buffy | buffythebuffoon | |
28/2/2019 13:09 | Yes I noticed that. That's why I checked with JSE Investor Relations yesterday. They confirmed that JSE CEO would be presenting there. | someuwin | |
28/2/2019 12:56 | Thanks. Weirdly doesn't show on the calendar page, if you click on it. | alan00 | |
27/2/2019 19:52 | Half way down this page... | someuwin | |
27/2/2019 19:49 | Where does it say this?Thanks | alan00 | |
27/2/2019 19:34 | Jadestone Energy CEO Paul Blakely will be presenting at... London South East Oil & Gas Investor Evening Date / Time: Tuesday 12th March 2019 from 6:15pm Location: Brewers Hall, Aldermanbury Square (Off London Wall), London , EC2V 7HR | someuwin | |
27/2/2019 12:13 | Any linkys? | fardels bear | |
27/2/2019 00:52 | Latest Broker coverage: Cantor Fitzgerald - BUY - 94p price target - 'An Asian Treasure' - 11 Feb/19 BMO Capital Market - Outperform - 100p price target - 'Finding A Hidden Gem' 22 Nov/18 | mount teide | |
27/2/2019 00:16 | Costax - lol! - i'd lay off the crackpipe son - as they told you on the RRE thread; do some research worthy of the name instead of wasting your time spamming embarrassingly amateurish 'research' on companies you're invested in on dozens of other competitor company websites. | mount teide | |
26/2/2019 22:57 | Mcap too big,debts,small reserves,small daily oil debit for such a big mcap!!!! | costax1654x | |
26/2/2019 20:58 | ahh i get it now, this months highest share price ;) | meteors | |
26/2/2019 20:48 | Does breakout mean an increase in share price and also how do you know from that chart? (obvious noob here) Thanks | meteors | |
26/2/2019 20:48 | Does breakout mean an increase in share price and also how do you know from that chart? (obvious noob here) Thanks | meteors | |
26/2/2019 20:34 | Chart looks better on the TSX imo - close to breakout... | someuwin | |
26/2/2019 19:26 | Malcy's take on US activist hedge fund Tyrus Capital clearing out an 8.5 million line of stock recently to go above 25% 'I have had a number of questions about the increasing holding of Tyrus Capital on the shareholder register at Jadestone which recently went above the 25% level. I am told on good authority that not only are Tyrus friendly and supportive but have held a large position in the company for many years, indeed the recent addition was an ‘opportunistic And with Montara coming back on at 10,000b/d against an average of 7,615b/d in 2018: 'With no further maintenance required before the end of 2020 things are set up nicely for JSE for the foreseeable future.' | mount teide | |
26/2/2019 17:52 | US sanctions on the Venezuelan oil industry look to be bearing significant fruit - there are now 16 VLCC's loaded with Venezuelan heavy crude anchored off the coast unable to find buyers. The crude had to be loaded onto ships to free up storage space at the upgraders that convert the crude into liquid that can be utilised in refineries. Even with the move, the upgraders are operating at much reduced production rates with buyers for the backlog few and far between. This has coincided with OPEC cutting heavy oil production as part of its agreement to rebalance the market(raise prices). Canada, for its part, is still struggling with a lack of export infrastructure and has materially curbed production in an effort to maintain a reasonable price level for its heavy crude. As a consequence, the global supply of heavy crude is dwindling much faster than expected. This is resulting in significant price anomalies, likely to create a shortage of heavy crude as demand for these grades picks up later in the year, ahead of the fast approaching January 2020 start up date for the new shipping industry low-sulfur emission rules set by the International Maritime Organisation. Data from Lloyds List | mount teide | |
26/2/2019 17:28 | Wall Street is finally calling time on the loss making shale industry. Wall Street Loses Faith In Shale - OilPrice.com 'To Wall Street, the shale industry has lost a lot of its allure. A decade’s worth of promises have failed to materialize, and Big Finance is cutting some of its ties with smaller shale drillers who have not delivered. The Wall Street Journal reports that the shale industry only saw $22 billion in new bond and equity deals, down by more than half from 2016 levels, which was a much worse time for the market. The steep decline in new debt and equity issuance is a sign that major investors are no longer rushing to finance unprofitable shale drilling. It’s worth noting that this is a new development. For years Wall Street financed unprofitable drilling, holding out on the promise that rapid production growth would eventually pay off. Shale wells suffer from precipitous decline rates, with as much as three quarters of a well’s total lifetime production coming out in the first year or two. After an initial burst of output, shale wells enter a steep decline. Of course, this has been known since the beginning and Wall Street has long been fully aware. But major investors hoped that shale companies would scale up, achieve efficiencies and lower breakeven prices to the point that they could turn a profit. However, that has not been the case. While there are some drillers that are profitable, taken as a whole the industry has been cash flow negative essentially since its beginning in the mid-2000s. For instance, the IEA estimates that the shale industry posted cumulative negative free cash flow of over $200 billion between 2010 and 2014. The red ink has narrowed since then, but so too has the patience from Wall Street. In 2018, even as oil prices hit their highest levels in years, new debt and equity issuance plunged. That makes it harder for small and even medium-sized companies to finance growth. It’s not all that surprising, then, that a wave of spending cuts have cropped up in the last few months. The WSJ notes that the credit environment also worsened when the market hit its nadir in 2016. Regulators tightened lending requirements, raising the cost of capital for indebted drillers. That, of course, made it even more difficult for these drillers to turn a profit. To top it off, all of these pesky investors are much more demanding than they used to be, calling on companies to stop spending so much and instead return cash to shareholders. That leaves less capital available to inject back into the ground. Earlier this month Barclays issued a double-downgrade to Occidental Petroleum, lowering it from Overweight to Underweight, citing the company’s deficit after dividends at a time when the driller still expected to aim for an aggressive production target.But some companies are between a rock and a hard place. The WSJ notes that CNX Resources has lost over 20 percent since late January when it announced that it was bowing to investor pressure to cut spending. That led to speculation that the company wouldn’t meet its production target. It’s a no-win situation for some. What to make of all of this? As Liam Denning of Bloomberg Opinion put it, “[t]the prevailing financial model for many frackers has hit a wall.” Denning points out that the shale industry has not posted a return on capital above 10 percent any year since 2006, which says is a “feature of shale, not a bug.” According to Rystad Energy, the 33 largest publicly-traded shale companies, accounting for 39 percent of U.S. shale output, will struggle to please shareholders while also trimming debt. “Shale E&Ps struggle to please equity investors and reduce leverage ratios simultaneously. Despite a significant deleverage last year, estimated 2019 free cash flow barely covers operator obligations, putting E&Ps on thin ice as future dividend payments remain in question,” Rystad Energy senior analyst Alisa Lukash said in a statement. Taking a step back, explosive shale growth was only possible because in the context of the post-2008 financial crisis and the response by the Federal Reserve to drop interest rates close to zero, something Bethany McLean argues in her book, “Saudi America.” Cheap money financed the debt-fueled shale revolution. Rystad finds that over half of the total debt pile for the 33 companies it analyzed is due within the next seven years. Ultimately, the industry may have to erase $4 billion in promised dividend payments. “The obvious gap in expected versus likely dividend payments confirms the industry’s inability to deliver sustained investors’ payback while simultaneously deleveraging,” Lukash said. That doesn’t mean that production is going to fall off of a cliff. These days, the shale drilling frenzy is being pushed along increasingly by the oil majors, who have gobbled up smaller companies. ExxonMobil and Chevron, for instance, can take a long view, and put mountains of cash into drilling. Investor pressure is different for these multinationals and, in any event, they are much more profitable than smaller shale companies due to various assets in refining, chemicals, offshore and otherwise conventional production. As such, production growth will continue for a while longer. But the go-go days are over.' | mount teide |
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