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Wentworth Resources

Noen som følger Wentworth Resources her?

https://www.proactiveinvestors.co.uk/LON:WEN/Wentworth-Resources/

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Særdeles få. Finnes så fantastisk mange bedre aksjer på børsen.

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Det har vært en ørkenvandring siden WEN ble tatt av OSE.

Men i det siste har omsider aksjekursen begynt å røre på seg, fra 17p til 23p.

WEN har utbetalt utbytte i 3 omganger de site årene, for min del har jeg fått ca 15% utbetalt av inngangsverdi.

Jeg har blitt mer positiv til WEN siste året, og ser på den som en ganske så “safe harbour” i usikre tider.
De er gjeldfrie, har ca 200 MNOK i cash (som utgjør ca 1/2 av dagens market cap…), har fast avtalt pris på gassleveranse.

Så er det alltid “Afrika-rabatt”, det må man ha i mente.

Den største trigger på relativt kort sikt (Q1 / H1 21) er forlengelse av PSA med 10 nye år.

Denne investor presentasjonen fra 12.11.20 gir en grei oversikt over dagens situasjon:

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Oppdatering fra Wenthworth denne uka.

Ikke de helt store nyheter kanskje, hyggelig å se at kontantbeholdningen er solid. Håper på økt utbytteutbetaling i år.

Venter fortsatt på oppdatering rundt forlengese av PSA. Med den i boks bør det kunne åpne seg muligheter. Da bør de være mer interessante for både oppkjøp eller andre selskapsmessige transaksjer.

Highlights

· To date, there have been zero reported cases of COVID-19 at Mnazi Bay. Employee safety remains a top priority and robust precautionary measures remain in place

· Wentworth’s share of gross 2P Reserves as at 31 December 2020 estimated by RPS Group to be 142.2 Bcf (23.7 mmboe) with a post-tax NPV10 of $116.6 million

· Debt free with $17.8 million cash on hand as at 31 December 2020 (unaudited)

· Production guidance for full-year 2021 set at 65-75 MMscf/day (gross)

https://polaris.brighterir.com/public/wentworth_resources/news/rns/story/xpp9omx

Wenthworth er også på Malcy’s bucket list 2021:

Wentworth is in a remarkably strong position that has not been realised by the market this year. When the oil price crashed you might have thought that having the Mnazi Bay gas project which has long term prices linked not to oil but to retail prices in the USA would see outperformance but so far it is only modest. WRL has no debt, a strong management team with plans to expand the business and pays a dividend that yields 8%+.

WEN må gjerne beefe opp utbyttesatsen i år, ingen problem å betale det dobbelte av i fjor…

https://www.wentplc.com/investors/dividend/

Mon tro hva Malcy legger i det han skriver i dag om at han har sett noen veldig positive kommentarer om WEN i det siste.

Wentworth Resources

Wentworth has announced that its CEO Katherine Roe will provide a live investor presentation relating to its Full Year Results for the year ending 31 December 2020 via the Investor Meet Company platform on 21 April 2021 at 12:30pm BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9am BST on 20 April 2021 or at any time during the live presentation.

I have seen some very positive comments around on WEN recently and think that is a very good opportunity for shareholders to catch up on the story and here from CEO Katherine Roe.

Financial

· Declaring a final dividend in respect of FY 2020 of 1.0 pence per share ($2.6 million); a total dividend distribution in respect of 2020 of $3.8 million (1.5 pence per share) representing an increase of 27% from 2019 ($3.0 million) and a yield of approximately 6.7% (calculated on an annualised basis)

· Strong and resilient financial performance against a challenging macro-economic backdrop

· Revenues of $18.9 million (2019: $18.6 million), underpinned by long-term fixed gas price contracts

· Adjusted earnings before interest, taxes, depreciation, amortization and exploration (EBITDAX) of $9.7 million (2018: $8.8 million)

· Debt free with cash on hand of $17.8 million at 31 December 2020

· TPDC continues to remain fully current with all invoices for gas sales

Operational

· Production averaged 65.5 MMscf/day (2019: 70.3 MMscf/day), lower due to fluctuating demand but in line with guidance of 60-70 MMscf/day

· Capacity from existing wells and production facilities increased to in excess of 100 MMscf/day

· Low operational cost of production of $0.69 / Mscf

· Wentworth’s share of Gross 2P Reserves as at 31 December 2020 estimated by RPS to be 90.8 Bcf with a post-tax NPV10 of $116.6 million

2021 Outlook

· Record quarter performance to date with average production volumes for Q1 2021 of 84.74 MMscf/day (gross) compared with Q1 2020 average of 63.60 MMscf/day (gross)

· All-time production volume highs at Mnazi Bay of 110.65 MMscf/day including monthly average production of 101.85 MMscf/day (gross) during March 2021, demonstrating the ability to supply greater than 100 MMscf/day (gross) consistently during periods of high demand

· 2021 Mnazi Bay production guidance remains unchanged at 65-75 MMscf/day (gross), considering the seasonal rainy season typically impacts demand for natural gas during Q2

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Malcy er optimistisk…

Wentworth Resources

Full year 2020 numbers today from Wentworth where the highlight was undoubtedly the 1p dividend making 1.5p for the year and a total distribution of $3.8m up 27% and giving a 6.7% annual yield. Still one of only a handful of oil sector dividend payers the company is correctly proud of the pay-out which is encompassed in the company ethos and shows the financial strength.

This has been an important milestone for Wentworth who have today firmed up its financial strength as shown by the dividend commitment. With potential upside capacity and in-country demand across industry and domestic use easily covered by the financial and operational strength the upside for Wentworth is significant and is not yet mirrored in the share price. In this respect I think that a target price for the company at present should be of the order of 50p.

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Takk for deling. En veldig fin presentasjon av CEO. Caset er rimelig solid nå. Ingen grunn til å selge aksjer som har ligget årevis i skuffen:)

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Ja synes WEN er bånnsolide nå, og uventet høy produksjon i Q1 i år.
Og tenker de og operatøren Maurel & Prom holder igjen investeringer på Mnazi bay til de har fått forlenget produksjonsavtalen. Inntil da kan de fortsette å betale ut stadig økende utbytte.

Så sier de at de ser på å ekspandere og ikke forbli en “single asset player”. Ikke så veldig mye å velge på kanskje i Tanzania. I dag er det kun to produserende gassfelt…

https://www.londonstockexchange.com/news-article/WEN/operational-update-and-guidance-increase/15017181

Sterke tall for H1…

21 MUSD i cash (ca. 30% av MC), utbytte på 1,32 MUSD (0,52 GBP pence / aksje)…

Interim Results for 6 months ended 30 June 2021

Record Financial Results

· Interim dividend of $1.32 million declared, an increase of 10% from H1 2020 ($1.2 million), bringing the total dividend distribution declared in the last 12 months to $5.12 million, in line with the Company’s stated progressive capital return policy

· Revenues grew 40% to $11.7 million (H1 2020: $8.3 million), due to record levels of production at Mnazi Bay

· Adjusted earnings before interest, taxes, depreciation, amortization, and exploration (EBITDAX) rose 75% to $7.0 million (H1 2020: $4.0 million)

· Strong financial position with $21.0 million cash in hand at 2 September 2021 (2 September 2020: $16.7 million) with zero debt

· Tanzania Petroleum Development Corporation (“TPDC”) continues to remain fully current with all invoices for gas sales

· Payment plan to settle outstanding arrears from Tanzania Electric Supply Company (“TANESCO”) established with over half the outstanding balance received in August

Strong Operational Performance

· Reiterate increased production guidance range for the year of 70 - 80 MMscf/day (gross) compared to previous guidance of 65 - 75 MMscf/day

· Production at Mnazi Bay averaged 80 MMscf/day (H1 2020: 58 MMscf/day), the highest H1 production performance achieved to date

· Production capacity of existing wells and production facilities increased to 100 MMscf/day

· Operational costs of production down 72% to $0.48/Mscf (H1 2020: $1.72/ Mscf), due to continued focus on cost efficiencies

· Wentworth’s share of Gross 2P Reserves as at 31 December 2020 estimated by RPS to be 90.8 Bcf with a post-tax NPV10 of $116.6 million

https://www.londonstockexchange.com/news-article/WEN/interim-results-for-6-months-ended-30-june-2021/15119927

Interessant at det sakte men sikkert går veien. Sitter “Innelåst” med 100k aksjer der. Forøvrig ikke den verste aksjer å være innelåst i med utbyttepolitikken som nå ligger for dagen