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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.25 | 4.95% | 26.50 | 26.00 | 27.00 | 27.25 | 24.90 | 25.00 | 2,274,247 | 14:31:17 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 323.28M | -91.27M | -0.1688 | -1.57 | 136.56M |
Date | Subject | Author | Discuss |
---|---|---|---|
20/9/2024 08:00 | Very good, thanks pogue! | king suarez | |
20/9/2024 07:56 | KS well done on the write up covers 99% of what I would say. I will add some more bits to flesh out things as I did a bit more chatting to Phil Corbett from IR who gave some other insights. By the way management are very happy to talk to anyone and Paul and Phil claim they reply to every email. If you want Phil’s email message me he was giving out his card freely last night. Akatara As KS says there is another buyer for the gas and that is upto the limit allowed by the government however more gas can be produced by debottlenecking, bypassing choke points in production using other equipment they already have or can buy, they would assess the cost benefit of this later when production has settled down plus they would need government permission to sell more than their current allowance so increased sales is possible in the future not near term I would suggest as the second buyer is not getting his gas till end of next year. KS said there is a dry run tonight but that is of the Siemens motors other bits don’t work such as the compressor as well so that is not as life changing as it seems. As KS alluded to design of O&G plants is my speciality, it’s the day job. The screw up at Aaktara is due to doing the job cheaply. The skids were built in China and the whole project was fixed price with local EPC. If you are in the business you will know why there are issues now. If not here is it broken down. The plant was built using skid mounted equipment which is fine if the people that build the skids are competent and honest. A skid is a piece of plant that comes pre built eg a compressor package which has the compressor and all the ancillary equipment it needs to operate so it comes as plug and play effectively. These we built in China which is world famous for shoddy workmanship in O&G and in my experience forging certificates so what you see is not necessarily upto the standard you need or ordered. This was a double problem as the EPC, company doing the overall design and build, were given a fixed price contract, ie they had to bid a price at the beginning they thought they could build the plant for. Most companies nowadays don’t ask for fixed price as it is very difficult to manage the EPC and get an operating plant at the end. If the EPC has made an error in its pricing which considering inflation recently in materials is very likely they also can get the design slightly wrong as all they are doing early on is guesstimating for a bid so the real design usually brings out things that need changed it means the EPC has to recover the costs somehow. 2 ways to do this get the client to pay on a change order or get equipment from the cheapest vendor eg China. So we have lots of Chinese built equipment on site, even the Siemens motors I suggest were Chinese built. How these skids passed a Factory Acceptance Test (FAT) where the equipment is supposed to be tested to the specification is beyond me as they are not working when hookedup on site. Anyway if you want to worry think about what else might go wrong later. They are going to have to manage preventative maintenance very tightly. Misc Fireplace asked yesterday about them selling the company. Yes they are for sale at the right price however from the look Paul gave the right price is a long way from where we are so not going to happen soon. They are looking at ways to increase the share price but seem lost for ideas. Phil seemed to think the market will turn soon as 2 of the insitis that hold JSE Shares were indicating to him that they see the drop in US interest rates as stimualtingthe small cap market there and should come across the pond. Only an opinion there but we live in hope. Moving to another index I suggested and KS described the reply very well my impression is there isn’t one that they could go to that is any better than AIM just now and from what I heard from Phill he seems to think that too, even if there was one that would not upset current holders that couldnt handle the move due to restrictions. It would be a dual listing by the way. FPSO for Malaysia will be sale and leaseback to another company that will keep Mount Teide happy lol. They plan to buy the FPSO and sign the leaseback agreement same day so there is no issues. | pogue | |
20/9/2024 07:43 | Thanks KS, appreciated. | dunderheed | |
20/9/2024 07:41 | Thanks KS - the business appears now to have stabilisd with a concerted effort by management to repair the recent damage over time. My thoughts are that the share price may well now be around the low, so on that basis I have added a few more today. | puzzler2 | |
20/9/2024 07:08 | Thanks KS for your summary - very helpful | sea7 | |
20/9/2024 06:12 | KS - thanks for the updateIt's always worth remembering that Akatara is now the largest portion of 2P reserves for the whole group at 25.8m 2P.The gas has grown from 55BCF to 81BCF and the liquids from 8m to 12.3m.The liquids alone make this very cashflow generative and worth about £500m when produced and sold | croasdalelfc | |
19/9/2024 22:38 | I'd prefer if everything material was released via RNS but then I'm an old fashioned so and so. | nigelpm | |
19/9/2024 22:30 | This is why it is good to go to these things first hand as you never know what might be revealed in the informal chats. The point greatly emphasised about Akatara is that all of the cost recovery happens in the first 2-3 years, so the cash flow is very strong. Not only what JSE spent on development, but also I think he said around a further c$120m spend by the previous operator(?) so all in all $250-300m is cost recoverable whilst JSE earn their 90% - then it moves to 45% JSE share once all costs recovered. They can produce far above the contracted rate, but they are only 'allowed' by the government to produce at a certain rate based on the formal reserve size - so currently they can do another 3mmcf - which they have negotiated with another taker at a slight premium to the rest - this will kick in at some point next year I think he said. After that they could raise it again, with a reserve upgrade, or alternatively extend the life of the contracts instead. | king suarez | |
19/9/2024 22:25 | Thanks KS for your feedback. | chessman2 | |
19/9/2024 22:23 | Thanks King S - some of that is quite material in my view - should really RNS that! | nigelpm | |
19/9/2024 20:21 | Significant shareholders list updated from 31st july to 31st august only changes are hargreaves down to 3.98% from 4.13% invesco up to 3.82% from 3.63% | sea7 | |
19/9/2024 13:45 | What a good time to be taken out by Tyrus or MBO or hybrid (for them, anyway). Very disillusioned shareholder base, Akatara yet to be seen to have any positive effect, potential for significant oil price hike at year end, share price on it's uppers? | fireplace22 | |
19/9/2024 13:17 | Hi Pogue - they made a reference in an earlier presentation about talking with a second customer for taking additional gas at Akatara. Do they see that as still possible / straightforward without lots of capex etc(e.g. do they have enough gas volume)and are the discussions still ongoing? Can you also let us know if they give any hint or indication about how far off they think Akatara is from Full DCQ? Appreciate they cant be definitive and cant give sensitive information out but can you let us know if the give any indication e.g. they are expecting it to be a few weeks or is it months? Cheers | paduardo | |
19/9/2024 10:27 | KS - Lol Reminds me of an old Sea Captain addressing a new group of officers and crew who had just joined his ship: "There are only two rules you need to concern yourselves with on this ship. Rule 1 - The Captain is always right. Rule 2 - On the very rare occasion when the Captain is not right, Rule 1 applies!" | mount teide | |
19/9/2024 08:52 | 1) What the eff are you going to do to turn around the share price?! 2) See 1 | king suarez | |
19/9/2024 08:33 | I am going to the Proactive presentation tonight where JSE are presenting any questions anyone wants asked. I usually do this after the presentation when face to face. | pogue | |
19/9/2024 07:13 | I would also add, regarding Tyrus, that everyone thinks these investment houses would automatically know how to run the businesses they invest in, better than the industry experts who currently run them, and that they have a reserve of super-execs waiting in the wings to take over the management. They do not. It's a fallacy. | winnet | |
18/9/2024 20:51 | With JSE paying 9.8%(SOFR+4.5%)on their drawn RBL, the 50 basis point reduction in the Fed rate should lower the SOFR. | pughman | |
18/9/2024 13:33 | Tyrus Capital - Investment philosophy: "Downside protection is key to all of our strategies" Interesting comment considering they too are now circa 25-30% underwater after 6 years, having been up over 300%. Tony Chedraoui(with Gordon Gekko hairstyle to match) - Founder, CIO & CEO of Tyrus Capital since 2009, is the Manager of the Event/Structured Portfolio the Jadestone investment sits in. Tyrus Capital appear to have little researchable history of buying out even small businesses they're invested in. AIMHO/DYOR | mount teide | |
18/9/2024 13:00 | they would have to have more than 24% to win any vote on that and if they start to go to the market to buy, that would push the price up. So, unlikely IMO. | winnet | |
18/9/2024 12:58 | same thoughts yasx ... happened too many times. just after all is set and before the free cash flow starts we get a 30 pc premium and a goodby timing is always the same ... after all is invested and running but before the free cash flow starts. it usually is also the lowest sp and here we are | kaos3 | |
18/9/2024 12:55 | One potential cause for concern is (as I have stated previously) the intention of Tyrus and Co - perhaps a bleak picture suits them to take the entire business at some stage? Not stating that with any degree of confidence, but it is worth bearing in mind. | yasx | |
18/9/2024 12:15 | Messers Neuhauser and Waldner will be seriously down on their investment in JSE and I imagine they will have some grown up conversations about the future of this business. Is Blakley past his sell-by date? They will be the ones to decide. Can't remember the last time JSE released some news and we managed to hold any gain. It's depressingly poor and the temptation is to cut and run. | winnet | |
18/9/2024 10:41 | Let's not forget that Tyrus own 26.4% of the company with Board representation - plus Gunter Waldner, also with 26.4% and who is a director. These are both substantial investments that both shareholders will expect to come good, so we can probably take some comfort from the fact that they will be directing decision making along the right path. The share price decline is annoying, but the company is now in a more positive position than it has been for a long time. | puzzler2 |
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