Hope so Junga - they've been one hell of a drag on the share price.Was also great to hear from the horse's mouth today that share dilution is to be avoided, and that they are confident of arranging other funding sources to bring the DEWA resources to market. |
This isn't even back to here it as in Sept. and that was with no deal yet signed. |
Probably our seller since July is done? |
Company assets now better than ever before. Share price yet to get the memo... |
Time for some rerating |
added today |
Looks like the overhang has cleared |
Only 57.1m shares in issue. So at current 16p, valuation is just £9.1m.
Crazily cheap now they've been awarded the DEWA Production Sharing Contract. |
This transaction seems to be as close to the very opposite of the truism, "there's no such thing as a free lunch" as you can imagine! |
 My notes
DEWA -
Hugely transformational at zero cost for those resources.
500 Bcf in place (3-400 bcf recoverable).
'A lot of upside beyond those figures'.
Also a lot of low risk fault blocks to be tested yet.
'There is hard value in those - now underpinning the company.'
'Lots of options under consideration -'negate any need for equity'
Build a train of these opportunities (in what's being looked at post DEWA).
-----------------
Kertang on Block 2A.
Mentioned the 3 other analogue type fields that had gas chimneys etc similar to Kertang.
Gas coloumns are huge in those fields - the 450m in one being higher than the Pertronas towers. The other 2 fields with 800m and 1km columns.
Kertang modelled at around 600m - potential upside could be 3.7 billion boe (why i said this was a 'Cove' like play for value months ago - see the £14.65 estimate for 1.7 billion boe).
Expect a transaction announcement this quarter.
Worth mentioning in previous presentations (not covered in todays) - other major prospects in 2A beyond Kertang if a success.
------------------
My take as ever - DEWA+ expected resource upside are company making as Malcy himself opinioned on yesterday and with further opportunities of similar likely - so this is only the beginning of material resources/reserves growth coming in at zero cost wheras others have to use the drill bit first to find those BOEs. Hoping for a 10 bagger from these levels on that basis (which is barely £90m m/cap at current shares in issue implying a future 30 mmboe). This is the underpinning of the company on those.
Kertang - entirely blue sky opportunity. |
https://youtu.be/tb56KHNYrzU?si=am9wwh4LncH-MM5QOn Youtube |
Happy with that presentation. The real key is to get 2A farmed down and the well commitment in. That in my opinion will be when we see a step change in the value of the company.Cash |
Excellent presentation. Very exciting times ahead.
I noted JM's thoughts on current lowly share price also contained the element of overhang from IIs who have been selling out due to them switching focus from North Sea to SE Asia. I'm hopeful of a phoenix like rise from the share price ashes soon, but have been grateful for the chance to load up recently at these levels! |
Good stuff this on investor meet! |
ZENGAS and others have touched on these valuations in the past, and it's good to see them laid out in the broker note.
It suggests there is a really great opportunity here right now, created lately it seems by some or all of the large holders who bought in for Norway selling down. When they are done this should rise sharpish one would hope and expect.. |
From Cavendish yesterday...
Valuation
We will update our target price and valuation in due course. However, we note the recent acquisition of a portfolio of producing Sarawak gas-focussed assets by TotalEnergies from SapuraOMV for US$4/boe.
Net to Seascape, this would value the 14-19mmboe of net resources at Dewa at a potential unrisked value of 75-100p/share (5.4-7.2x the current share price).
Similarly, at Block 2A, we estimate that Seascape would look to retain a 15.75% interest post farm-down. This would equate to a net mean prospective resource of 261mmboe (1.4Tcf of gas and 23mmbbls of NGL’s). At US$4/boe, this would equate to a potential unrisked value of £14.65 per share net to Seascape.
Potential valuation of £1.00 + £14.65 = £15.65 per share. Almost 100 fold from current 16p. |
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Looking much better. Eyes on the prize.. a lovely Q4 farm out, cash and carry.. and happy christmas all |
This is great news! missed it I were out all day. Some great flow rates on prior wells, 3d seismic, the award of these blocks and discoveries are significant, I really like them with infostructure so close it could be developed pretty fast.
Very nice news indeed. |
There will almost certainly be a cash component to a Kertang 2A farmout .
That would be normal and is their stated preference.
Given their timeline is to do that before Xmas ,amid intense Industry interest as they put it - the time to think about a placing will be well into the New Year.. at a much higher price of course post Kertang .
And thats ignoring whatever local (SE Asia) financing deals they can come up with to help develop Dewa.
Thats the intangible value of a guy like Menzies if you like who has been round the houses in that area with Salamander . |
Cash, aren't you bothered about the extreme lack of cash in Sea right now, before expenditures crank up with DEWA ? |
15p share price - the iron is still stone cold katsy, don't be silly.
Just out of interest, the company (as Longboat) has had a placing once since listing five years ago. That was at 75p in 2021, to raise the £35 million for the exploration farm-ins in Norway. |
Wouldn't surprise me if we get news of a placing tomorrow morning. Strike whilst the iron is hot! |
Given the current marketcap, the potential values around both assets (as they stand now) are extraordinary.Look forward to the receipt of updated guidance on DEWA or 2A.Cash |
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