Olje og Energi

15.04.2019 kl 07:42 5363

Eskil svarede nu ret hurtigt og svaret blev lagt i et andet fora på Hegnar, hvor jeg har kopieret det fra d.d.

Svar på spørgsmål:

Skrivelsen fra Eskil er for lang, men kan klippe lidt ind... In which way can the investors see the strategic and ambitious plans for the following sentence to give meaning: ”We have an ambitious domestic gas-led East African focused strategy to deliver material shareholder value”?
As you know we have made great strides to simplify the Company platform over the last year. Following the Oslo delisting on 13 Feb-19, we will find ourselves with a simpler platform from which to transact and grow. These last 9 months have seen a major transition for the Company in order to get ourselves ready for the next phase of growth. The value we refer to relates both to a Corporate level with regards 1) sustained revenue receipt, 2) deleveraging the balance sheet, 3) reducing costs 4) focusing on maximising the latent value in Mnazi bay and 5) our stated M&A mandate. So in terms of you seeing this path/journey we have made great strides on 1)-3) and continue to work hard on 4) and 5). 4) as part of the JV and 5) under our control. SO in short we have an East African domestic gas producing core asset which we are working with the Operator and JV partners on to optimise value and our ongoing M&A growth mandate which wil hopefully be material to all shareholders on successful execution.

A delisting of OSE has in no way any special meaning for the cost savings or the synergies in WEN so why start doing this when common knowledge shows that this will have consequences for rate developments in a negative direction if the purpose is something else?
With regards the delisting from OSE, this was a Board decision made in 2017 with compelling rationale fully laid out in our RNS of 22 Aug-18. The current period of transition is clearly not ideal practically for our share price, but again we are overwhelmingly focused on sustained long term value. Our market valuation is and should be very compelling- we need indeed to attract new investors into our stock and are working hard at this in the background.

When has WEN chosen a trading platform as AIM in London, where the trade volume is smaller than on OSE? In trade circles this platform is considered less serious and this does not actually show a serious focused strategi where the intention is to make considerable shareholder value. Can you explain in which way AIM is more attractive than OSE?
I am of the view that we need scale, control and commercial triggers to benefit fully from liquidity. This is what we are working hard on. Our strategy is VERY focused, we need implement the M&A mandate through a successful transaction, gain materiality with borader shareholder interest, break out of our current non operated position and completely deleverage the balance sheet. AIM is more attractive in the long term as we complete this mandate.

og lidt om hvornår WEN forventer at være gældfri:

If moving to London is part of the strategy plan in making WEN more attractive for possible larger investors, it should be seen know when WEN can show satisfactory results and has a gas contract in the drawer. I know that WEN are negotiating a new contract, but everything else equal it should be better since the demand for gas will be much bigger in the future. Has WEN achieved any larger investors in the company during the last couples of months (your homepage has not been updated since November 2018 with regards to shareholders)?
With regards results- the market looks for cash and control that is what we are working on, as you know we intend to be debt free Q1 2020 which will be a major milestone.

We are not negotiating a new GSA per sae, as one of our focus workstreams, we are attempting to secure COD to allow us to fully enter the existing terms of the GSA, which of course gives us improved bankability, credibility and stability of investment terms.
Redigert 05.02.2019 kl 19:56

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