Longboat Energy Share Discussion Threads

[sludgesurfer] 14/12/2022 14:52

If a company was involved in an Enron style fraud and the CEO rodgered his wife, Malcy would still put them on his 'bucket list'.£9m is less than I had expected.

[anley] 13/12/2022 16:53

AND the current M/Cap is £10m but what would have to be the price for the large holders to sell..........they will as and when better results come to pass.

That is for 2023/24 too long for me.

[anley] 13/12/2022 16:50

and this is what Malcy has to say this afternoon.

Longboat is in a curious situation, it has made just two discoveries this year but they are both capable of being meaningful to the company in different ways. They have always said that with discoveries comes the ability to trade production for acreage or merely the finance to drill some more live prospects.

This is clearly the plan for Kveikje, it must be otherwise the news that the upcoming well at Velocette is the next planned well and in Q3 2023 would have mullered the share price. As it is expect some use of the new asset plus proceeds of the increase in the debt to turn into more and nearer drilling next year. 

As for Oswig it looks like the fact that it has ‘substantial volume potential’ means that it will be going forward as a development and will add value to Longboat in the future. Overall the word of the day is monetisation and that is what to expect from the company next year. 

[pre] 13/12/2022 12:41

So they reduced cash by £12m since June and only £9m left

[anley] 13/12/2022 12:01

Well now we know...........

* Only 3 possible finds with unknown financial forecasts
* Only £9m cash at the end of 2022
* £44m to be repaid via tax rebates in November 2023
* £65m of new bank facility which will expire at the end of 2024 to be repaid via tax rebates....(good to be a banker in Norway = lend and be guaranteed by the government)
* Next drill in Q2023 = 10 months wait

And in the meantime perhaps some news on a sale of production deal to keep the share price at 20p

[ashtonl] 10/12/2022 08:47

Lbe had £85m

They now have £21m and 3 non commercial assets. I wonder what the balance will be at the end of next year?

[yellowdog] 08/12/2022 18:20

Very cheap now - Mkt Cap £11m Cash of £22m and some discoveries which must have a value.
Problem is no easy way to exploit them. Could be a long time before any cash flow / profit.

[sludgesurfer] 08/12/2022 12:09

Yeah, I'm not sure I see the investment case here. If the previous discoveries were worth anything at all...(personally I think Vulcan is the only one potentially worth more than a handful of beans)....then you'd think they'd have monetised them already.After that...2 wildcat drills in the Barents both with low CoS...with no certainty that they've actually got the cash to drill and almost certainly won't until the weather improves next year?Not exactly inspirational stuff.

[anley] 07/12/2022 13:59

All said an done its not going to be a happy Xmas for the LBE directors. For 2023 they are un-investable in and perhaps the London quote could be useful for a slight change of direction.....roll on 2023 and we shall see.

[anley] 06/12/2022 16:45

HSFINCH............that is E&P for you and as famous NY speculators once said "you loose some and you win some".

So how did you do?

[hsfinch] 05/12/2022 19:17

Wow...mug punters thought these chancers had the midas touch. Only hope is a big find. Some hope...you might as well play roulette.

[anley] 05/12/2022 13:00

BC - I have not seen a million go through on my screens recently so how did you do this?

[bencook1] 05/12/2022 09:26

Very very cheap here I've taken a million.

[anley] 22/11/2022 14:24

Thank you for your link but it says nothing new and in fact raises a question or two.

The shares were originally floated at 100p and then slowly as each announcement came and went the shares slipped to 20p. This must be one of the worst value destructions in recent times.

How does this expensive team plan to continue?

How will they repay debt - by the tax credit they will say but then they need capital for more drilling?

When will they tell us what the true picture is and how they plan to get back shareholder value?

Finally - I bet Sneller never thought he would loose as much as he did but now he is out and his shares spread around a new bunch of punters times may change.

[burtond1] 22/11/2022 06:28

Green shoots of recovery for Longboat Energy"...Value triggers on the horizon for Longboat include the prospect of further announcements regarding Egyptian Vulture, Rødhette and Kveikje, continuing operations at Oswig, and the (longer term) prospect of exploration at Velocette..."https://total-market-solutions.com/2022/11/longboat-energy-plc/

[bencook1] 21/11/2022 10:43

Seller out move this up

[ohisay] 17/11/2022 02:09

Good for you !

[ripvanwinkle3] 16/11/2022 17:30

I grabbed 50k of Snellers early Xmas presents today, cheers pal

[chutes01] 16/11/2022 17:01

wiped him out for 20p

[stockhunters] 16/11/2022 09:22

gas on the rise

[ripvanwinkle3] 11/11/2022 08:46

Just waiting for the Snellster to continue sticking the boot in and drive the price down further. Bargains to be had down here but may as well wait till he offloads his last couple of mill? . We are well under cash on books and there is value in the finds, so come on , give us your shares snelly!

[anley] 10/11/2022 11:47

LBE FUTURE?

What next and waiting to hear from the directors.