Longboat Energy Share Discussion Threads

[ohisay] 09/8/2022 14:02

Quite encouraging ..

[johnhelme2704] 08/8/2022 14:07

The problem with selling to the principal operator is the agreed value. If I remember correctly Egyptian vulture isn’t due to be assessed commercially until next year. So yes it probably covers todays mkt cap but can’t be monetized any time soon

[ohisay] 05/8/2022 15:31

Sludgesurfer ...You are being overly negative I think.
What they have found covers the market cap IMV.

[anley] 05/8/2022 11:31

In a way you are correct but remember that LBE can sell their entitlement to the principal operator.

I will look at all the published figures and ask around to see what the sector says and come back by the end of this month.

If anyone has any suggestions in the meantime please post.

Thanks.

[sludgesurfer] 04/8/2022 20:24

75p per share? You can't be serious. There's a reason the market cap is about 19m i.e. about 3m less than cash. Its because what they've found thus far is marginal and needs a decent chunk of cash to bring it to production. Cash that LBE certainly dont have. The market is valuing these discoveries at zero. Rightly so imo. They're going nowhere. Even at these prices.The market has changed for exploration stocks. The days of a 50% bounce on a decent result have gone. If this well comes in at P50. Can you see the share price bouncing more than 10%? I can't. Bear in mind the CoS is 36% from memory. All IMO. Luck to all.I follow these guys as I did ok out of FPM but I really wanted them to pick up some production.

[ohisay] 04/8/2022 15:42

Somebody is selling lumps.

[chopsy] 04/8/2022 15:31

So why is the price still going down when we are drilling?

[anley] 04/8/2022 15:23

I totally agree and in fact a suggestion along the following lines is to be made to another E&P company if they should be successful with their drilling plans:

1 LBE after the drilling programme has been completed in 2023 start a monetise plan of its assets of Boo. This would give the company sufficient cash to continue with whatever plans it had in 2023 and cash to pay shareholders.

2 Shareholders should push for say 75p per share (the last funding price) as a dividend/capital return.

Has anyone worked out how many BoOil and at say $90 and 100 per Barrel what this is worth to LBE.

However, there may be other ways to skin the cat.................

[ripvanwinkle3] 04/8/2022 13:01

Good post anley. Don't forget Copernicus is also still to drill (25 mmboo net). Considering current and historic share price performance, a return of some capital to shareholders upon sale of some discovered assets could be an appropriate action to placate shareholders

[anley] 04/8/2022 12:38

I have also bought a block recently on the basis that the BIG shareholders and their brokers STIFEL will have to call for some return in capital to shareholders.

There are still two drills to go OSWIG & VELOCETTE worth 19 and 26 mmboo net. So add that to RipVanWinkle's 12m and then let the BLACKROCK's of this world decide what to do along with other shareholders.

A cash payment to start BUT how long will it take for LBE to sell its stakes - that is a question one should ask the BoD.

Lets try and get our sums spot on and I will push STIFEL hard.

[ripvanwinkle3] 04/8/2022 12:09

Come on Longboat, sell your already banked discoveries and return the approx $60million raised to shareholders. Should give a one off dividend of around 90p per share . That will keep us happy for a bit. You can then grow the company from existing cash reserves, circa £30 million (including tax rebate owed ) , plus any of the prospective 70 million barrels you bank with the forthcoming drillls

[ripvanwinkle3] 04/8/2022 11:48

12 million barrels already confirmed discovered to date, which should be worth around $60 million to Longboat

[ohisay] 04/8/2022 11:35

I think the risk reward here is pretty good .I bought more this morning.

[sludgesurfer] 02/8/2022 18:51

I get:£26.3m at '21 YE. So say 24m prior to OMV farm-in. Farm-in costs of approx. £4m. So £22m vs a market cap @ close of £19.4m.With 2 Wells to be drilled by year end. Even at discount to cash I'm still struggling to get excited by this one. Particularly given the pretty duff results thus far...Am I missing something?

[sludgesurfer] 02/8/2022 17:47

Anyone have an idea of current cash position?

[anley] 04/7/2022 11:17

and the next drill..............

hxxps://factpages.npd.no/en/wellbore/pageview/exploration/drillpermit/9647

[ripvanwinkle3] 16/6/2022 07:42

Thanks for the update Longboat management. Now follow that up by buying some shares.

[ripvanwinkle3] 15/6/2022 12:30

AXA continuing to offload "at best". With more than two million shares potentially still to offload, it will be interesting to see how low this one goes . Already well below cash in bank levels..

[anley] 14/6/2022 11:59

AXA have sold a few - never good news.

[anley] 07/6/2022 14:38

Indeed and I do not disagree with what you have said BUT this market is now "short term" in how it delivers and this LBE team which I rate has had no luck so what happens when the last 2 drills come up as dusters?

[ripvanwinkle3] 07/6/2022 14:02

anley they are getting a 78% refund on the 8 well programme keep up mate! They discoveries to date should be worth more than the current share price Not reflected at all in current share price however. PIs are demanding cash flow via producing assets whilst the company seems to be happy with going down the exp. route whilst the rebate is still there

[anley] 07/6/2022 13:49

I have emailed the company and asked - when and where........will post when I have heard back from them.

I notice this morning that over 1m shares have changed hands - there must be quite a number of very unhappy investors and its going to take what I call a cast iron deal to get the share price back to 75p.

The best bet for this gang is to find someone in Norway to take the company and use the tax losses and tax position............they can't gamble with 2 last drills..can or will they?

[ripvanwinkle3] 07/6/2022 12:19

What about the value of the most recent successful well and the potential value of the three wells still to come ?

[johnhelme2704] 07/6/2022 12:11

50p is just over the cash held by the company. Last year’s successful drill is probably worth 20p or so but won’t be assessed until next year. So yes more than 50p of value but a long wait for it to be realized is my view