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Upstream are reporting speculation that there's going to be a big reshuffle in Petronas top management early July, so it's just possible they may hold back announcements until the new people have taken up post. That would affect the DROs if so, but not the CPR. Just flagging the possibility.
Anyone nervous about tomorrow?
Hoping for good news re DRO and potential CPR.
These 100,000 tranches have definitely been buys
Tbf, after my buy showing as a sell at 20.44p (spread of 20p - 21p). I'd suspect everything above 20.25p is a buy.
All scrappy sells being absorbed for tomorrows mark up ;-0
Showing as a sell at 20.44.
Also, it’s interesting that we are sitting at an arbitrary 20’ish Pence. I never understood the markets attraction to whole numbers.
I’ll sell at 20p, I’ll sell at 30p, I’ll sell at 40p. Human nature is strange. Either way, lots more to come give the real value indicator is a minuscule Mcap of £11 million.
Feels abit like the calm before the storm. Hoping we get more detail on the DEWA asset through either via RNS or presentation, similarly hopefully we’ll get some info on the partner in Malaysia.
Back above 20 now, seems good value to me 😊
By comparrison our block has 6,350 km2 3D and 17,500 km lines of 2D seismic so counting the 2D this has saved us more than $30m imo if we were to do that now compared to $35m last year for an offshore 3D survey to 5,000 km2. (see below).
From 2018 - "Over a one-year period, the average price of 3D surveys has increased by 20%, while that of 2D surveys has risen by 25%. "
"The cost of a High Level 3D survey is now $250,000/d with a 2D survey costing half or even a third of the amount. Between 2015 and 2017, when the slump in activity was at its height, the price of 2D acquisition was comparable to that of hiring a source vessel. The problems of fleet over capacity in relation to demand seem to be diminishing.Following four years of decline in the global geophysics sector, 2018 had already brought with it a return to growth with an increase of 4%. The crisis led to a radical reconfiguration of the market (Fig.10a).
15th June 2023
"In addition, a 3D survey over PEL 87 and the surrounding area in the Orange Basin offshore Namibia had reached progress of being more than 50% complete as of late April, according to Sintana Energy. The survey will cover a total area of 6,872 sq km. Initial processed results should be available by the end of August.
Woodside Energy reportedly covered the costs of the $35 million 3D seismic survey over an area of at least 5,000 sq km. "
https://www.offshore-mag.com/geosciences/article/14293452/seismic-survey-market-finally-recovering
Oooo stop it Jungmana, you're setting my trouble off
Not long to wait until the news. 🤞
Excellent post Zengas, market cap today is less than the worth of 2D and 3D seismics on 2A .
"having over $20m worth imo of 6350 km2 3D and 17,500 km lines of 2D seismic."
Can't wait for the block 2A CPR and the DROs finally revealed.
Is anyone planning to attend either?
Also, what are people expectations?
Holders have absolutely nothing to worry about here.
Leaving aside Block 2A for the moment because that's not going to be the only asset for value creation.
To get an idea of what the provisionally awarded DRO may be worth, i'd look no further than Conrad Asia Energy Ltd. They are NOT in production.
For 3 DROs with a combined 161 bcf net to Conrad (27 mmboe) the valuation attributes US-$88m/£68m to these ie $3.25 per boe.
In Aceh Indonesia the offshore 3 discoveries (DROs) totalling 161 bcf net. *** "The CPR ascribes a Net Present Value (“NPV”) of US$88 million to the Aceh PSCs net to Conrad on its net attributable resources of three of the discoveries". ***
https://yourir.info/resources/3f46e16f9e883e80/announcements/crd.asx/6A1211411/CRD_Chairs_and_CEOs_Address_to_Shareholders.pdf
Depending on what size our net share of the DRO is, using the same figure per boe as Conrads CPR valuation. 10 - 15 mmboe+ net boe or £25m of value could see a value attributed of over 44p - 66p/share. We'll soon see what they mean by material resources from several fields ? (44-66p would be in the £25m - £37.5m m/cap range but at least backed up by actual boe's).
Another 10p only values the 2A/Kertang opportunity at £5m despite having over $20m worth imo of 6350 km2 3D and 17,500 km lines of 2D seismic.
I'm so glad i sat on my hands when all started to look bleak. Good luck all
Agreed, rerate has only just begun IMO
AGM on Thursday and investors meeting after that . Lots of significant news due in the short term.
Imo could easily be £50 million market cap in a few weeks.
You can use the auto translate feature to English subtitles.
Good informative video for anyone new to the company as is new ( only done 5 days ago)
This is in Spanish and the guy has a good following of investors .
https://youtu.be/UcisdvDMUdo?si=-qyqFr2QUmgrWA8u
Jungmana it is one of those few gems that do not come around often
The big money is sitting and waiting, if anyone was in KIST SQZ UPL etc then you will understand why
Board still have a lot to prove but they have made the right moves so far and only been onboard for a few weeks which is very telling
Imo this could be the best exploration company to invest in right now with lots going on for a GBP 10 million market cap company.
We should soon acquire discovered resources which is very significant in building the company quickly into a producer without exploration risks.
Lots of pi's still building , free float getting even tighter and large shareholders also increase from recent tr1s.
Personally I would love to have 1 million shares here soon and have about 200k to go.
Amazing opportunity at this level imo with lots of important news due over the next 2 weeks;
"Progress continues to be made on the Company's Block 2A (52.5%, op) located offshore Sarawak in eastern Malaysia.
Detailed mapping of the giant Kertang prospect is nearly complete to support the of identification of an optimal well location to safely test the multiple horizons with hydrocarbon potential. It is anticipated that a final well decision will be made in late 2024 or early 2025.
Due to its importance to Longboat, the Company has recently commissioned ERCE to undertake a competent persons report to confirm the potential size and risk associated with the giant Kertang prospect, which is believed to be one of the largest undrilled structures in Malaysia. Longboat intends to publish the results of the CPR when available in the next few months.
In addition to Kertang, Longboat has recently completed a key exploration review gate with PETRONAS where additional, significant prospectivity on Block 2A has been identified. Two areas of interest have been delineated: firstly surrounding the Kertang structure, where several large structural closures analogous to Kertang have been mapped and secondly in shallow water, in the southwest of the block, where the continuation of a play that has seen several notable recent gas discoveries made in younger, shallower horizons to the south of 2A.
Following recent increased interest levels in exploration for world-scale fields, multiple large companies have approached Longboat regarding Block 2A and the Company is currently planning on running a farm-out process later in 2024 to identify potential partners for the block.
In addition to its exploration efforts in Malaysia, earlier this year, Longboat executed an Area of Mutual Interest agreement with another E&P company active in Malaysia to pursue discovered resource opportunities ("DROs") being offered by PETRONAS. The companies subsequently made an application for acreage in shallow water offshore Sarawak and should the partnership be successful, the DROs are anticipated to add significant hydrocarbon resources capable of near-term development to Longboat's growing Asian portfolio."
Most I was offered all day was 20k shares at 19.68p (and it was typically N/T), but could sell up to 150k shares at 19.71p and 19.05p - 19.55p for 150K shares plus. Suspect there's lots of PI's that have built significant positions (sub 3%), further limiting the free float. Market Cap far too low in my opinion. Could get interesting next week.
Good luck and as always DYOR.
Yes dai2belt you could not buy
Looks like market markers are still filling large buy orders, one of the new TR1 buyers?
Selfishly want a pullback as have not done myself
Stuart yes I was a holder of UPL but I sold out last month after being fed up with lies and delays in getting their psc.
Is it not a ok to change your mind and sell out if you feel the company is not delivering as promised?
For over a year UPL management promised psc and we are still waiting, no project presentation, no 3D, no cpr and no jv.
Stop this stupid childish behaviour.
End of topic.