Kistos Share Discussion Threads

[epifanio1] 30/5/2023 07:30

90% tax..!!!! May as well call it a day when you start working for nothing. Jeez

[adg] 30/5/2023 07:26

Results in - between Holland and UK production they paid effective tax rate of 89.8%
Utter lunacy !

[papillon] 28/5/2023 20:14

free stock charts from uk.advfn.com


KIST log chart. Looks like it's got further to fall before it bottoms.

[sunbed44] 24/5/2023 12:44

MP / sorry forgot to ask you. What's your view on dividends here?

[sunbed44] 24/5/2023 12:44

MP / TY I may start a position here soon.

[mariopeter] 23/5/2023 13:33

From the interim results and before the very recent acquisition see below. Expecting finals from Calendar year 2022 shortly (poss tomorrow).



"Kistos remains well-funded. The Group exited 2021 with cash of EUR77.3MM offset by EUR150.0MM of Nordic Bonds issued by Kistos NL2. After buying back EUR27.7MM of those bonds in February 2022, Kistos exited the half year with total cash of EUR148.4MM and outstanding Nordic Bonds of EUR122.3MM (net). After making the completion payment for the GLA acquisition and undertaking a planned maintenance shutdown at Q10-A, the Group's cash balances on 31 August were EUR153.6MM, meaning the Company had net cash of EUR31.3MM at that date".

The recent acquisition has brought on more debt but from interviews they had scope to spend $1bill for acquisitions. Clever acquirers btw. Just need to think about saying goodbye to the North Sea. Mime were over-geared and a little distressed.

[sunbed44] 23/5/2023 09:08

Hi all - am starting to look at KIST, could somebody please let me know the current debt?

[ashkv] 17/5/2023 08:24

Hopefully it is so - entire energy complex is tospy turvy...

[papillon] 10/5/2023 18:50

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3 year log chart. It's currently bearish.

[wooster4] 28/4/2023 11:28

if labour get in, its curtains next year

[anley] 27/4/2023 16:57

.......and after a reasonable interview with Malcy yesterday the shares slump today.

The market just does not know what to do with the Oil/Gas sector......but the warning is that it will come right just as soon as this government realises that the tax take is and will continue to drop over the coming months.

[mariopeter] 27/4/2023 08:01

Last CPR Holland. The undeveloped oil is interesting and windfall tax free:

file:///C:/Users/User/Downloads/110799.TulipCPR.FinalReport%20(3).pdf



Then you need to see RNS re North Sea



Very big target for the current drill in the North Sea.

Guessing production from Holland is 3/4kboed and North Sea seems consistent at 6kboed.

Then you had the very recent acquisition

[ashkv] 26/4/2023 19:30

On completion, the acquisition will add 24 MMboe of 2P reserves (operator estimate) plus 30 MMboe of 2C resources, increasing total Group reserves plus resources to approximately 80 MMboe. The acquisition will also add over 2,000 boe/d of production immediately and help to boost Group output to in excess of 15,000 boe/d in 2025 once the Jotun FPSO is on production. Management estimates enlarged Group production in 2023 will be in the range of 8,500 and 10,500boe/d.



edefosseux
19 Apr '23 - 13:39 - 908 of 909
0 0 0
Gents, struggling ot source information on Kist. Where did you get 2023 production guidance? cannot get reserves either.

[ashkv] 26/4/2023 19:27

Must watch interview of Andrew Austin with Malcy posted on his blog from Tuesday, 25 April 2023

[pro_s2009] 19/4/2023 14:57

Certainly looks a good deal.

[edefosseux] 19/4/2023 13:39

Gents, struggling ot source information on Kist. Where did you get 2023 production guidance? cannot get reserves either.

[ashkv] 19/4/2023 11:58

Enterprise Value of acquired currently onstream Mime production.

On 31 March 2023, Mime had cash at bank of US$109MM -> $109,000,000
Mime is due to receive a tax refund of US$80MM in December 2023 -> $80,000,000
Repay Nordic Bonds of US$75MM immediatly-> $75,000,000
US$120MM of Super Senior bonds, which will attract interest of 9.75% per annum (Maturity 17 Sep 2026) -> $120,000,000
US$105MM of so-called "MIME02" bonds, which will attract an interest rate of 10.25% payable-in-kind. (Maturity 10 Nov 2027): $105,000,000
Not including 6 million of Warrants exercised at 385p -> 0
Total Enterprise Value = $111,000,000
Enterprise Value Per Current Production (+2000boe/d) -> $55,500

Enterprise Value Including 2025 Production including exercised warrants (+6000bpd) -> $22,350

[ashkv] 19/4/2023 11:46

Phenomenal transactions - Post acquisition Pro-Forma Kistos Enterprise Value Metrics. Haven't included the 6mn of warrants at 385p as they are yet to be exercised.

Brent: $83.50
British Gas Prices (Next Month): £102
SP: 335p
KIST Current Share Price vs 52 Week low of 270p on 20 Mar 2023: 24.07%
KIST Current Share Price vs 52 Week High of 665p on 30 Aug 2022: -49.62%
MarketCap GBP: £277,581,000
MarketCap USD: $345,588,345
Cash EUR (31 Mar 2023) (Pro Forma): €293,000,000
Cash USD (31 Mar 2023) (Pro Forma): $320,835,000
Debt EUR (31 Mar 2023) (Pro Forma): €288,000,000
Debt USD (31 Mar 2023) (Pro Forma): $315,360,000
Net Cash(EUR) (31 Mar 2023) (Pro Forma): €5,000,000
Net Cash(USD) (31 Mar 2023) (Pro Forma): $5,475,000
Enterprise Value (In USD): $340,113,345
2023 Production Guidance (Mid Point 8,500 to 10,500 boe/d) 9,500
Enterprise Value/Barrel (2023 Production Guidance Mid Point): $35,801
Enterprise Value/Barrel (20230 Mid Point - Including USD 80million Tax Refund Due Dec 23): $27,380
Shares Outstanding: 82,860,000
GBPUSD: 1.245
EURUSD: 1.095

[dunderheed] 19/4/2023 11:38

Respectfully on 2p reserves cost and non cash element of purchase I think it's great cash but to be clear, I am very very much a fan of AA and I think he is one of the best deal-makers in the business - for companies around this size.

[cashandcard] 19/4/2023 11:12

Hi Dunderheed,Good to see KIST still actively on the 'deal' trail and I like the fact they have taken to some oil assets.Is this deal priced a little dear? For a further 2,000bopd, I can only justify it with the increase in 2P and future potential.They should have played a stronger hand with MIMEs bondholder group.Cash

[ashkv] 19/4/2023 10:41

Malcy’s view - After some time wondering if the tax system had ended any chances of the acquisitive Kistos putting any deals to bed it is good to see the firm doing what is another milestone deal which will significantly enhance shareholder value. A flash blog as I am seeing companies today but I am hoping for an extended meeting and interview with AA early next week.

This is a very smart and particularly cheap deal by the looks of it, at $4.63/2P boe it stacks against nearest peer Var Energi who are valued at c.$8, and done with no cash, warrants and repayment of Mime debt in due course. It makes Kistos more geographically compelling being in the UK, the Netherlands and Norway where I wouldn’t be surprised to see more M&A activity before long.

It gives material production pretty quickly, a decent, nay good reserves book in a well spread portfolio, now even better and of course traditional Austin upside. Importantly it leaves Kistos more strongly financed so no change there and I would suspect that after closing they will announce finals, pay off the bond and then be ready to pay dividends in due course but that is only my speculation. Another great deal, exceptionally cheap and definitely worth the wait….

[dunderheed] 19/4/2023 10:03

Seems like another good (value) bolt on acquisition - well done team KIST!

[mariopeter] 19/4/2023 09:11

A lot of reserves and potential production to get for $45m of net debt and post tax capex. Perfect.

Q10 needs those new wells indeed.