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As at 31 July 2020 net debt stands at c.$32m.Įd Story, President and Chief Executive Officer, commented
Gms oil and gas plus#
That means that repayments totalling $31.7m have now been made in accordance with the redetermination and, the Borrowing Base amount currently stands at $64.3m against a Facility Agreement of $125m plus a further $125m on an uncommitted “accordion” basis. They have also announced the half yearly redetermination of their RBL facility over the Group’s production facility in Vietnam is now complete. Pharos has announced a TGT field licence extension of two years has been granted by the Ministry of Industry and Trade in Vietnam, taking the date through to 7th December 2026. A top management, upper end of guidance earnings and a possible bid within the year, what’s the downside? Pharos Energy (PHAR) With the likelihood of a bid from Seafox, assuming the Panel decide all is happy with the ‘curious’ side changing, it becomes an even more solid buy as a bid when rules allow they must surely return and having paid 22p that would be a reasonable target price. The work that the management have done in recent months deserves to be recognised and in any other circumstances the shares would be a solid buy against most peer group companies. So what to expect from both sides following these skirmishes? Well, given what the banks have said there is little doubt that the equity raise will go ahead and that however opposed Seafox are to it they will have no choice but to participate to avoid dilution. I was also most surprised to see that the banks that had recently completed a serious refinancing, (which included an equity rights issue much disputed by Seafox) taking the most unusual step of writing to shareholders to say that their deal was effectively not negotiable, including the equity part of it. It is very unusual at the moment for any of the service companies that I cover to have any guidance, let alone looking to be at the upper end of it so it is a very creditable performance by any means.
Gms oil and gas crack#
This follows two major shareholders changing sides in mysterious circumstances and makes us wonder if Seafox will have another crack at a bid when they are allowed by the Panel rules.Īs it happens, yesterday also saw the GMS interim results where not only EBITDA was up 34% y/y but also the company said that FY numbers would be at the upper end of the $57-62m. It has been a funny old time recently for GMS which culminated in a General Meeting yesterday at which Seafox succeeded in their bid to appoint two new members of the GMS board which is clearly tactical as the last thing this board needs is two new members. Yes we all see some shaving of demand forecasts due to the virus as well as increased supply from Opec+ since the start of August.īut in the here and now the US stimulus is under discussion and data such as factory orders are showing that there is scope for growth, markets ‘crawled’ higher by a very decent 3.9% in the Dow, 5.6% in the S&P and 7.2% at the Nasdaq…įinally the API stats not only continued a better trend but also to defeat the analyst community, crude inventories actually drew by 8.6m barrels when the teenage scribblers had a build of 3m b’s penned in…How we laughed until we think what these buffoons are being paid. The oil price continues to quietly show fortitude despite most analysts trying to do it down.