Hi DB (CNE's announcement & my random thoughts)
Based on CNE's Preliminary Results Presentation, March 2020 (Page12 ) Sangomar Capex Cairn FAR 15/40) FAR 15/40) Cairn Net Cumulative p.a cumulative US$m US$m US$m US$m 2020 390 390 146 146 2021 470 860 176 323 2022 370 1,230 139 461 2023 270 1,500 101 563 1,500 563 (First oil expected H1 2023) https://www.cairnenergy.com/media/2555/preliminary-results-tuesday-10th-march-final.pdf FAR's Funding Cash as per 21/2/20 ann 168 Less $42m for cash call - from Dec '19 quarterly but incl in $563 below Less ICC fees and related (20) ?? Less 4 yrs Salaries & overheads (40) + more Options? Less drill costs (Gambia etc) (40) ??Maybe results from this will surprise to the upside? Sangomar Capex (563) Extrapolated from CNE Senior lending facilty 300 Just how binding is this though. The terms? Shortfall (195) Secondary debt/CR etc (blank canvas but probably doable) So the good news is that, depending on the Lenders, we can sail (very possibly beneath the waves SP wise) through 2020, 2021 and part of 2022. Which just leaves the rest of 2022 and half (but maybe all?) of 2023 to get through. Delays happen. Weigh all that up with the incomings expected from 2023 onwards (I haven't worked it out), the hedging (anyone remember Sons of Gwalia?) & POO E&OE.Its late - just my random jottings. And if we think the long termers are hurting, spare a thought for AG. For many it was a long drawn out teasing process.Like frogs in lukewarm water.Its getting kind of warm now though. But the poor b'staards at AG put hundreds of millions in the till on one day only to find that half of it was gone the following morning. Then they went and did it again the following day As did the 4.25c Sophs and SPPers (bless them all, the latter in particular) (non-litigious) Corporate activity ahead?Wouldn’t surprise me if overtures haven't already been made to the big 3.Entirely my own speculation.
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Hi DB (CNE's announcement & my random thoughts)Based on CNE's...
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