Share Name Share Symbol Market Type Share ISIN Share Description
Velocys Plc LSE:VLS London Ordinary Share GB00B11SZ269 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.10p +1.66% 6.14p 171,915 16:35:29
Bid Price Offer Price High Price Low Price Open Price
5.80p 6.48p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 1.45 -14.07 -8.84 24.0

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DateSubject
23/9/2018
09:20
Velocys Daily Update: Velocys Plc is listed in the Oil Equipment Services & Distribution sector of the London Stock Exchange with ticker VLS. The last closing price for Velocys was 6.04p.
Velocys Plc has a 4 week average price of 5p and a 12 week average price of 5p.
The 1 year high share price is 47.50p while the 1 year low share price is currently 5p.
There are currently 390,322,765 shares in issue and the average daily traded volume is 657,326 shares. The market capitalisation of Velocys Plc is £23,965,817.77.
12/9/2018
15:56
gac141: Just in case any of you missed this. Q&A with Velocys CEO, David Pummell On the topic of Velocys’ announcement about ceasing operations at the ENVIA Energy plant. 1. David, thank you for joining us. To start with, why are you suspending operations at the plant and does it mean that operations will never recommence? We have announced that the Board of ENVIA has decided to suspend operations at the Oklahoma City plant and to undertake a review of strategic alternatives in order to preserve the value inherent in the facility. This decision was driven by financial circumstances following a leak at the plant which we announced several months ago. ENVIA’s appointed insurance company has independently confirmed that the leak was not the result of any flaw in our core technology, nonetheless the incident was a setback. During this period ENVIA has been operating the plant at reduced capacity using a single reactor to generate products, but in this configuration the plant does not meet the specific process energy requirements applicable under its RFS pathway to generate RINs, which further exacerbates operating losses. Following careful consideration of the facts, projections and available financing, the ENVIA board decided to suspend operations at the facility. We fully support the ENVIA board’s decision given the likely capital requirements of the plant and believe that Velocys’ capital is better invested in progressing our two biorefinery projects in the US and UK, which have the potential to generate significant value for our shareholders. We are focused on finding a strategic alternative that will preserve the value inherent in the facility and we intend to provide additional updates as appropriate. 2. Why resort to a shutdown? Why not continue to operate the plant while the insurance settlement plays out? There is simply too much uncertainty around the timing and the potential amount of the insurance settlement. The projected costs required to get the plant to sustainable cash generation is likely to be many millions of pounds. It’s simply not a prudent business decision to do this, when we have much more significant opportunities with our next plants in the US and the UK. 3. Let’s talk about those other plants. How will this affect the process to find a strategic investor in the MS project? Will it impact your UK facility? We don’t believe this decision will negatively impact prospects for our planned Bayou Fuels or our UK facilities. A significant amount of learning has been taken from ENVIA and the design of our US and UK plants are very different. We will use process technologies which are superior, carefully chosen and designed to meet the process requirements for these new plants. Most importantly we will engage EPC’s that have the right experience, standards and track record of delivery. In addition, we have generated significant amounts of data and demonstrated successful operation of our F-T technology from commissioning and start-up through full commercial operation. We’ve produced fuel that qualifies for the highest level of credit from the US government. All of this is critical to taking the next steps in our planned facilities. 4. What do you say to investors or others who will call this a failure? First, we don’t consider the ENVIA project a failure by any means. We achieved significant milestones and learnings that demonstrated that our technology can operate at commercial scale. The setbacks we encountered were unfortunate, but common with new technology development. Probably the single most important learning from ENVIA is the importance of selecting the right EPC. We joined ENVIA initially purely as a licensor of our technology and so we had no influence on the selection of Ventech XTL Oklahoma City, LLC, as the EPC nor access to assessing the detailed plant design and the specifications for the unit process operations in the plant. What was evident, is that the design and engineering execution by Ventech created many operational issues that led to significantly more capital to be invested and considerably longer timeline to get the plant fully operational. Many of the issues were resolved or work around solutions found, but the reactor leak incident had the root cause of a poorly designed ancillary coolant system. We must now deal with the reality of the situation. This decision was difficult, but it is the right financial decision for Velocys, now that we have collected our valuable commercial scale data for our technology. Finally, the operation of the ENVIA plant for over two years without a lost time accident speaks to the culture of quality and safety which are fundamental to Velocys and the operational leadership we provided the ENVIA plant. We can now fully direct capital and teams on our Mississippi and UK projects, where we are in the position to leverage our teams’ extensive experiences across engineering, technology, operations and project management. 5. What is the financial impact on Velocys? As we said during our recent fundraise process, we intended to set aside funds to continue to operate ENVIA during the claims process – and those are still being deployed. There are already funds set aside by ENVIA to use to fund a wind-down, should that be necessary. Additional funds could be required to achieve the best net return to Velocys, but these would be small and only deployed if this resulted in delivering greater asset value. In the long term, this means we have essentially eliminated the uncertainty surrounding the need for additional, potentially significant, funding. By taking these steps we ensure that we will no longer need to continue supporting the facility, and we can turn our full efforts and capital to our two planned facilities. We expect to communicate additional details in due course, likely in conjunction with our interim reporting during 3Q18. 6. What about lost revenue from the plant? Won’t that negatively impact the balance sheet? While we had been projecting that ENVIA would become cash-flow positive during 1H 2018, prior to the leak incident, the reality is that we now simply can’t predict when that will be given the uncertainty around the claims process. What I can say is that even at cash-flow positive status, the plant is not likely to be a significant generator of financial returns. When we weighed the risk/reward profile of continuing to fund this plant with all the uncertainty around it, we determined that it was best to reallocate the funding to projects with bigger upside, now that we have acquired significant commercial scale operational data from the plant. 7. Did you know this was a possibility when you went out and raised the money? At the time of the fund raise the best information we had from ENVIA was that the insurance claims would be quickly resolved. The resolution of these claims has taken much longer than ENVIA expected and remains uncertain at this time. The inability to establish a reliable timeline for reactor replacement and operation was only recently made available to us by ENVIA. During our fundraise we clearly stated that proceeds of the raise would be used to continue to support the ENVIA project to the point where the Company understands the financial plan to restore the second reactor to operation and get the plant to sustainable cash generation which we have just now become aware of. 8. What do you say to those who are extremely concerned about the share price? I say to them that we understand their concerns. I believe the steps we’re taking today are the right ones because they will remove uncertainty around the ENVIA plant and enable us to put all our efforts into our US and UK plants. I believe we are making fiscally prudent decisions because they will strengthen our balance sheet in the near term and better position us for success in the long term. The data we have taken from the plant is an extremely valuable asset to the Company and will be essential information that will support the successful delivery of our US and UK projects. 9. What do shareholders have to look forward to? Let me use this as an opportunity for a quick update on our three key projects. First, our Mississippi biorefinery project remains on track. In fact, we recently announced that we obtained a ‘Finding of No Significant Impact’ from the U.S. Department of Agriculture on the project’s Environmental Assessment report. This is a key regulatory milestone for the further development of the site and we believe it reflects the quality of our design and overall approach. In the meantime, we continue with our process to secure the necessary development capital investment by one or more strategic partners. We have a number of extremely attractive strategic investors who have joined the process and have begun their detailed due diligence on the project. This process will lead to a commercial deal with one or more of these investors and I hope to have news for you on that before the year is out. Second, the UK waste-to-renewable jet fuel plant project is also progressing to plan. We announced recently having received £434k from the Department for Transport (DfT) under the Future Fuels for Flight and Freight Competition (F4C), as part of an overall £4.9m funding from project partners. We were very pleased that Shell joined us and British Airways as project partners. Pre-FEED work on the project is ongoing and we plan to announce a site location in the coming weeks. Third, the Red Rock Biofuels’ project is continuing on track with its biorefinery project. We participated in their ground-breaking event several weeks ago and we wish them all the best for continued successful development. Last, I do want once again thank all of our shareholders for your support. Please know that the entire team is working tirelessly to bring our next projects online and begin delivering on the future that we all believe is possible.
01/8/2018
10:20
deutsch3: A load of waffle but no update or mention of Cash Flow or revenue streams on Envia- It seems that they want to portray Envia as a useful test bed for Mississippi etc. No talk whatsoever of payback on investment or settlement of JV investment guarantees etc. - Everything is 'exciting' and will bring forward 'more investors' - Has anyone looked at the 5 year share price profile recently? - It looks like a lot of woody mass. - Massively Jam Tomorrow all the time - There is a need to talk seriously about the state of the share price and cause and remedy. Is Envia a test bed only? or should it be returning a return on investment? - Someone needs to get serious!
09/5/2018
15:09
cpap man: Analyst Price targets for VLS Numis 35p 'Buy' Canaccord Genuity 40p 'Speculative Buy' These share price targets for VLS targets are likely to be revised upwards in the context of the very positive announcement on 4/5/2018 that VLS has received a "notice to proceed" action to commence manufacturing a biorefinery for Red Rock Biofuels in Oregon, and received a $6 million down payment (with the project expected to deliver $15 million revenues to VLS during the construction and early operation stages, and an additional $30 million or more over the project life).
22/7/2017
20:09
fluky: My assumptions/scenarios were posted in #3343 & 3345. Here they are: #3343: Velocys cannot survive this year without a cash injection. There are a few scenarios to get to year's end: 1. Another raise at approx 50p - probability: 5% - Will run into shareholders opposition because last round was at 225p unless VLS could grant them a deal. 2. An acquisition by a strategic partner - probability: 80% - would mean that the VLS shares are converted into cash and/or shares of the acquirer 3. VLS goes out of business - probability: 15% If VLS stays in business I'll go for 125p at Christmas 2017. I'll go for zero in the other cases. In the latter case, the shareholders will have cash or shares equivalent to 55p VLS share price. I discard the "going out of business" scenario. Thoughts? I added later a 4th scenario, responding to Fern's comment: #3345: Good point. Let's add scenario #4: RA takes VLS private and buys out the other shareholders at 55p - probability 30%. Probability of scenario #2 goes down to 50%. Fern5: what do you think? ------- Now that I retrieved my old posting, I am surprised about my prediction of the raise at 50p...
06/2/2017
20:00
pugugly: Another possible drag on the vls share price "More pipelines form part of a wider, deflationary trend of rising energy supply that is likely under President Trump (see this). That means not only gas markets, but also coal miners and even power generators will feel the effects as those ripples grow more intense" https://www.bloomberg.com/gadfly/articles/2017-02-06/new-gas-pipeline-approvals-here-comes-the-monster. Declaration - A vls holder - and still partially under water so I need a higher share price but just looking a possilbe potholes on the way there - See also > https://www.bloomberg.com/news/articles/2017-02-06/u-s-oil-gas-prices-seen-falling-with-trump-energy-revolution
04/1/2017
15:49
fluky: Velocys cannot survive this year without a cash injection. There are a few scenarios to get to year's end: 1. Another raise at approx 50p - probability: 5% - Will run into shareholders opposition because last round was at 225p unless VLS could grant them a deal. 2. An acquisition by a strategic partner - probability: 80% - would mean that the VLS shares are converted into cash and/or shares of the acquirer 3. VLS goes out of business - probability: 15% If VLS stays in business I'll go for 125p at Christmas 2017. I'll go for zero in the other cases. In the latter case, the shareholders will have cash or shares equivalent to 55p VLS share price. I discard the "going out of business" scenario. Thoughts?
26/5/2016
07:40
gac141: The last time oil was $50 VLS share price was over 80p this shows what a massive disparity there is and how the share price could recover very quickly. There are signs that buying has started again it won't be long .....
25/5/2016
14:30
gac141: Yes RR has been slow and legal procedures have dragged their heels .. However I think there are many things that could lift the share price significantly over the next month or so.. 1) East Oak complete..and in time commissioned 2) Abramovich Engineering study 3) The disparity on the price of Oil and VLS Share Price 4) Directors talked about many projects not in public domain..maybe they are about to hit us? 5) Ashtabula..once East Oak is up and running.. 6) Red Rock in time late September? I reiterate that I feel this is a buying opportunity...
18/3/2016
14:21
gac141: Ok so here is the question. If you firmly believe that VLS share price is inextricably linked to the price of Oil (Which I do not but I'll come to that) Then on or about the 8th of December 2015 the price of Brent was $42...and VLS share price was 50p then why has the price languished at circa 30p? As I have said before we are not an Oil producer we make very high spec Diesel and Jet fuels and we also make Speciality Products that can sell for as much as $240/b. So with all this what is keeping it down...? I would like to see Velocys be more transparent about the projects not in the public domain and I will say this to them. Maybe the market thinks we will fail to get enough traction..I cannot see this with our first commercial plant in East Oak about to start in a few months producing all of the above... Maybe the market is waiting for that as a Catalyst perhaps the delays in the projects in the public domain have made people wary..it is possible. Red Rock has been months away from FID for quite a while now but they seem to have friends in Lake View so it must only be a matter of time. Ashtabula- The water permit has been granted. Product off-takers and gas suppliers have been identified and a number of letters of intent are in place. The company has secured letters of support from a major lender and a potential investor in the project. I guess watch this space- Exceptionally cheap feed stock from the Marcellus must make this a very viable proposition to make serious money. Greensky out but another to take it's place and British Airways still saying they will do something here. Oil price is rising and maybe will hit $50 once freeze is agreed on the 17th April. Results out in April so an opportunity for VLS to tell all or at least be a little more open. I shall be putting some my shares into an ISA quite a few more than last year so there are pluses as well as minuses so hope they do well. Exceptionally frustrating but also maybe a good opportunity to take a balanced punt over the next few months?
06/1/2016
16:15
meijiman: Well the VLS share price has taken such a pummeling that he is probably the right man for the job -arf arf.....
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