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KSK has announced that it has received a new coal supply allocation from the Indian government for its Mahanadi plant. This is for supplies of 6.8mmtpa, which are expected to begin in the coming weeks. The total coal requirement to achieve an 85% PLF on the envisaged 2.4GW of capacity at Mahanadi is 10mmtpa, and the balance above the new allocation is expected to be sourced from open market coal purchases (currently Mahanadi’s only source of coal) and imports. Construction of Mahanadi was origin
Companies: KSK Power Ventur plc
KSK has released its H1 FY 2018 results. The results show generation continuing to be limited by coal availability, particularly on Mahanadi, and the requirement for new, long-term PPAs on a number of the other plants. Nevertheless, the company remains OCF generative. The results also reflect a move from full consolidation of the company’s Wardha and VS Lignite plants to accounting for them as investments, as project lenders have exercised rights under their debt security to take a 51% equity st
KSK has reported its FY 2017 results, which demonstrate the challenges the company and the wider Indian thermal power sector have been experiencing over the last few years. Power generated was behind our forecasts (particularly for VS Lignite), having an effect down the P&L, as did a higher interest charge, though there was still good cash generation at the EBITDA level. We have adjusted down our FY 2018 forecasts accordingly. KSK continues to pursue reliable and sensibly priced coal supplies an
KSK has released its H1 results to the end of September 2016. These report a period of continued significant generation at Mahanadi (higher than H1 FY 2016, though lower than H2 2016), although transitory coal sourcing issues have resulted in revenues and profits behind our expectations, and we adjust our numbers for the full year (detailed below – we leave FY 2018 unchanged). More positively, the grid access and PPAs for Mahanadi are performing as expected, and construction is progressing apace
KSK has released its FY 2016 results, reporting strong revenues of US$675m (versus our US$600m forecast) and EBITDA of US$252m (versus our US$185m forecast). Based on this OCF was US$144m versus US$89.5m last year – demonstrating the impact of Mahanadi, which has been operating at a PLF of 80% on its entire 1,200MW existing capacity since October. We have increased our FY 2017 forecasts (revenues US$739m from US$644m, EBITDA US$273m from US$241m) given the strong generation performance from Maha
KSK has released its H1 FY 2016 results. Revenues were strong though margins were behind and interest charge ahead of our expectations. These could improve with greater utilisation of the generation base going forward. More important than the H1 financial performance and likely to provide a significant benefit in H2 however is the news that grid access for the Mahanadi plant into Uttar Pradesh and Tamil Nadu has been implemented allowing PLF on the 1,200MW of available capacity to rise from 40%
KSK has released its results to March. These have reported revenues at US$382m coming in ahead of our US$344m. Operating profit was below our number however at US$40.6m versus our US$60.1m due in part to a US$24.6m impairment of compensation due on previous coal sales to the Wardha plant which are now to be settled by revised future prices as opposed to upfront cash. This had a knock on effect causing PBT to be behind our (US$136m) at (US$160m). EPS was ahead however coming in at (32.2c) versus
KSK's preliminary results to 31 March show sales at $335.9m, down 14% but well ahead of our forecast $279.4m. EBTIDA at $101.9m was down 36% but well above our $72.1m. Net interest rose 57% to $130.2m against our $99.7m leaving PBT nearly in line at -$72.1m versus
our -$69.9m. Much of the gap was due to our cautious exchange rate assumption but there was also better operational performance and
development fees were ahead although we still to see these dropping away going forward. At the inter
KSK has provided an update on its operations and the ongoing coal block auctions in India. Operationally the expected uptick in activity on
both Wardha and Mahanadi has not come through in the second half (despite the second 600MW unit on Mahanadi being commissioned)
meaning revenues in FY 2015 are expected to be flat on FY 2014. Based on lower PLFs and some pricing and margin pressure for these projects versus our assumptions we are cutting forecasts for FY 2015 and we roll this effect over
KSK remains beset by short-term issues that dominate these interim results and cause us to cut our full-year forecasts. However the potential for improvement remains. The resolution of the Wardha issues and the operation of the second unit at Mahanadi could turn the second half into a stronger story and move forecasts up again. Coal supplies for at least half of Mahanadi are secured and further supplies
are possible with the up-coming auction of coal blocks. Until this is resolved, uncertainty
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Companies: Sylvania Platinum Ltd.
Forecast and valuation update
Companies: IOG PLC
Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct
Companies: Jubilee Metals Group PLC
Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th
Companies: Tharisa Plc
Pantheon Resources announced that it has contracted a rig (the Nabors 105AC) to the Alkaid #2 well, which the company indicated is scheduled to spud in July 2022. The company indicated that if the well is successful, Pantheon Resources will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.
Companies: Pantheon Resources plc
RCE-2 well flow test result
Companies: Arrow Exploration Corp.
Chariot has conditionally raised gross proceeds of US$25.5m (before costs), providing the Company with sufficient funds to advance the Anchois Gas Development towards a Final Investment Decision (FID) and to progress its renewable power pipeline. The placing was significantly oversubscribed, highlighting the market's confidence in Chariot's business model and its management team. We maintain our price target at 51p, with the recent rise in the European gas price forward curve offsetting the dilu
Companies: Chariot Limited
ARC has announced it has signed a JV agreement with Anglo American (LSE:AAL, Market Cap $45bn) over its Zambian licences. This has long been in the offing and we view the terms as advantageous to Arc and a validation of the prospectivity that it (and we) see in its licences. The headline JV payments are staged but could ultimately lead to Anglo owning 70% of the licences, by investing $74m in exploration and paying Arc $14.5m. The licences will be held under a JV which will have an initial ow
Companies: ARC Minerals Limited
Diversified has announced the acquisition of a portfolio of East Texas upstream assets and related facilities from a private seller for US$50m – an attractive 1.4x multiple based on the NTM adjusted EBITDA of US$35m and before any potential synergies. At US$50m, the net purchase price approximates a >PV40 valuation at the effective date and represents an attractive discount of c51% to the estimated PV10 using the NYMEX strip as of the 19 April 2022. The assets include PDP reserves of 18mmboe (11
Companies: Diversified Energy Company PLC
Companies: Thungela Resources Limited
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
Companies: YCA 7DIG BOOM DMTR EYE KIBO NFC RST SPSY
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EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more
Companies: XTR XLM VRS SUP ROCK SLE SEMP OHG HDD FIH
Caledonia Mining Corporation delivers high yield exposure to the gold sector with increasing production from the 64% owned Blanket Gold Mine in Zimbabwe. With an improving political situation, Caledonia offers the in-country experience to capitalise on production backed exploration in a significant under-explored African greenstone belt. We value Caledonia on a base case in the region of $233m or £14.85/share, based on a long-term $1,750/oz gold price and assuming a 12% discount rate. With a foc
Companies: Caledonia Mining Corporation PLC
Cenkos:Oil & Gas Sector - 23 May 2022
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