marktime1231
09 Aug 2019
Another punt on a minnow No more oil hit, prices have not recovered. Out.
marktime1231
25 Jul 2019
Another punt on a minnow Oh dear, a slump in wholesale gas prices coupled with a warning that production will be 20% off because one of the wells is full of water rather than oil or gas. That has hammered the share price back down to 50p. Still hopeful of a second dividend so I am holding on to a small stake, but yield will be smaller unless they hit more oil or prices rebound. Blast. Can’t win them all.
marktime1231
20 May 2019
Another punt on a minnow Announced at the AGM today … R_evenues for the first four months to 30 April 2019 were US$14.6 million (1 Jan to 30 April 2018: US$12.4 million) with higher production partly offset by slightly lower prices for oil and condensate. The estimated EBITDA for January to 30 April 2019 was US$5.3 million (1 Jan to 30 April 2018: US$3.5 million). _ __The Group’s cash position as at 30 April 2019 was US$14.8 million (US$15.2 million at 31 December 2018), after payment of approximately US$2.2 million on capital expenditure, repaying the full outstanding balance of US$1.7 million of bank debt, and purchasing 450,000 of the Company’s shares in the market. Since February 2019, the group has no borrowings Despite prices 10% weaker that is in line with my 2019 expectation for +20% to +50% earnings compared to 2018’s $10.56M. Apart from plans to invest a further $2M in developing the LPG plant the promise of enhanced free cash flow is being achieved. Enough for a good interim, a special maybe reading between the lines.
marktime1231
03 May 2019
Another punt on a minnow Volga Gas provided a production update today, the upshot of which is that after April maintenance shutdowns 2019 output expectations remain unchanged at an average of 5,900 boepd. Which means +20% on 2018, and which is exactly how the first four months has turned out. Subject to costs and prices remaining firm that means a double up on 2018 profit and cash flow … actually I think wholesale pipeline gas prices are weaker, but a higher mix of more valuable LPG exports should balance things up. So, at best, profit / fcf to $20-21M or 21c per share. OK so I am investing a lot of hope into this, but with a strong expectation of another 5-6p divi later in the year. The ex-div on Tues saw the share price fall back from 90p, now around 81p. Which is really cheap, represents a backward p/e of 10 and perhaps a forward p/e of just 5 if earnings double as per my expectation; and a yield this year of about 13%. Could be tempted to add again.
marktime1231
23 Apr 2019
Another punt on a minnow The share price surged again today into the low 90’s, prompting the board to issue an orderly markets announcement … basically to confirm that there is no material news nor a bid to be disclosed, current trading is as expected and the price has risen because of declared results etc. In other words, because we are worth it. If current trading is in line with my expectations that means volumes are up 20%, prices are firmer, so H1 should be a terrific performance with extra free cash flow to pay a bumper interim dividend. With luck and continued demand we might see a further 10-15p rise before final ex-div on 2 May, and another 25p if in October we hear H1s as good as I expect.
marktime1231
18 Apr 2019
Another punt on a minnow It is taking off again today, I have added a third tranche at 72p because it feels like this will end up in 100-120p territory if the next update confirms my expectations of production volumes and free cash flow generation in H1. It is delivering the promise of speculators 5 years ago who paid up to 140p. After sleeping on it I could not identify a better prospect of 50% upside and 10% yield … can you? I don’t understand the complexities but the bulk stake of about 49% held by Barings Vostok the russian specialist investor / private equity / venture capitalists was transferred to another investment vehicle called Dehus Dolmen who now hold about 59%, but the ultimate beneficiaries remain private equity clients of BV/DD. Blackrock and JP Morgan hold 3-4% each. For some reason VGAS bought back 450,000 of its own shares yesterday, and somehow did so at 60p which was about 5p below market price … perhaps that explains why then, a bargain and a comfort to hold some of your own stock in treasury for whatever reason. Trading volume has quietened down again but price movement is very strong.
marktime1231
16 Apr 2019
Another punt on a minnow Still waiting for this to take off, a week where we have seen a rather worrying standstill. But I note someone bought 500,000 shares at 64.97p late this afternoon, which is about 0.6% of the listed stock in one bite. Has the hallmark of a fund manager who specialises in small cap growth stocks. So come on VGAS it is time for the sp to respond.
marktime1231
11 Apr 2019
Another punt on a minnow So compelled by my own arguments that I have just doubled up at 63p. Still 10+% in cash in case a blue chip bargain comes along.
marktime1231
11 Apr 2019
Another punt on a minnow This time on VGAS a Russian gas / LPG producer Volga Gas which is AIM listed. They have recently announced excellent results for 2018 posting a $10.6M profit up from $0.2M as production gets underway and sales rise. It will pay a final dividend of 6.5c equivalent to 8% yield while the sp is at 62p. Ex-div 3 May for payment 28 May. Even better, 2019 Q1 has been exceptional and the outlook is for production in 2019 to increase on average by about 20%, so the multiplier on cash flow and profit biased towards H1 will be significant if prices remain stable. Currently sitting with positive net cash, no obvious worries on the horizon beyond planned maintenance etc. So far the market has been slow to respond (but is now taking off sharply) the p/e of 7.5 does not reflect backward value never mind forward potential. I would not be surprised if we see another good interim dividend later in the year taking total yield up to 15%, based on a stated dividend policy of distributing 75% of fcf. Rather impressive short term yield, and growth opportunity to 100p. Suddenly I am not missing my holding in BP.
Elena Saratov
15 Jan 2018
Low Cost Producer Worth an investment.Producing Gas Condensate and oil.Low Market cap. £48m
LINTON5
11 Apr 2017
Cracking Dividend Qualifying date 5th may ,Pay date 26th $0.062 (5p) after super update
LINTON5
10 Apr 2017
Re: Outlook Buying continues from institutions patience required though . . Very underrated compared to peers for sure
LINTON5
04 Apr 2017
Outlook Fantastic results today for Volga I've been a shareholder before in 2010 before the slump,now back in at much reduced and bargain price I'd say and the bonus of a divi hopefully will keep me in for a years longer especially after reading today's rns
