WTI (Mar) $78.06 -41c, Brent (Apr) $84.50 -59c, Diff -$6.44 -18c.
USNG (Mar) $2.43 +4c, UKNG (Mar) 132.75p -2.73p, TTF (Mar) €53.93 -€0.72.
Oil dipped on sundry worries and no Turkish interruptions but it could have been worse it was two bucks off during the day. Also oil is up sharply this morning as Russia say that they are planning to cut March production by 500/- b/d in response to western price caps.
Reserves Based Lending (RBL) redetermination completed
IGas is pleased to confirm it has completed its scheduled six-monthly RBL facility redetermination process.
The redetermination exercise confirms $17.0 million (£14.0 million) of debt capacity. Net debt was $7.3 million (£6.1 million) as at 31 December 2022.
The next RBL redetermination is scheduled to take place in June 2023.
Nothing much to add for IGas on this redetermination but it indicates that despite the disappointing share price movement recently and still no news on the CEO front the company are pretty comfortably off financially.
Reabold has today posted a circular to Shareholders to provide information about, background to, and reasons for the proposed General Meeting which will be held at 12 p.m. on 28 February 2023, at the offices of Hill Dickinson LLP, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW. The Circular can also be found on the Company’s website: www.reabold.com.
Reabold has now received its share of the initial gross consideration of £10 million (c. £3.2 million net to Reabold) from the sale of Corallian Energy Limited to Shell U.K. Limited, as announced on 1 November 2022. The balance of the total consideration, £22 million (c. £9.5 million net to Reabold), is expected to be paid during 2023. On 31 October 2022, the Company stated its intention to distribute some of the net proceeds of the sale to Shareholders upon receipt of the second tranche of funds from Shell. The Board has been actively considering the legal mechanisms available to the Company for the intended distribution. The Board has also been considering its ability to make an earlier partial distribution having regard to the Company’s existing cash balance and its available distributable reserves.
The General Meeting has been proposed to approve the (i) Buyback Authority, (ii) Capital Reduction and (iii) adoption of the New Articles of the Company, further details of which can be found in the Circular (the “Resolutions”). Passing the Resolutions will, subject, inter alia, to Court approval, enhance the Company’s ability to return surplus capital, undertake share buybacks and pay dividends to Shareholders in the future.
Reabold are now in a position to come good on its promise to start distributing to its very patient shareholder base. Success here would mean that they could pay out a dividend or start a buy-back or both and will be particularly handy when the remaining £9.5m comes in.
Another monster weekend of sport right up until I start writing the blog on Monday morning.
The Premier league continues tomorrow, two London derbies start us off as the Hammers host Chelsea and the Bees travel across London to visit the Gooners. The Cottagers entertain Forest and the Foxes host Spurs, Wolves are at the Saints, the Magpies go to the Cherries and in the now infamous M23 derby the Seagulls go to the Eagles. Sunday sees the reprise of the Leeds v Red Devils game twice in four days after the draw at the Theatre of Dreams on Wednesday and finally Villa travel to the Emptihad.
The 6 Nations is back and starts with what may well turn out to be the decider when Les Bleus visit Dublin (14:15) tomorrow, after that Wales visit Murrayfield and now even without the OAP’s in the scrum may be afraid, very afraid. Finally whilst normally England at Twickenham against the Azzurri wouldn’t normally be much of a workout we saw last week that even France were given quite a scare by this fast, mobile outfit.
Racing sees Newbury and Warwick and for those really interested Harry Durham runs Game Winner in the 2.30 at Kempton today, subject to the ground…
And back to the top, when we wake up on Monday the LV11 Superbowl should have finished, the Kansas City Chiefs take on the Philadelphia Eagles or should I say Patrick Mahomes v Jalen Hurts at the State Farm Stadium in Glendale, Phoenix, Arizona.