Pieridae Energy Ltd T.PEA

strong Q2 in-spite of lower production....

[downwithdotcom1]

and it was their in the money hedges that really helped out. Kind of concerned about the prices being received on their hedges so far out ( ie their nat gas hedges are at less than stellar prices in the years to come). Still, it does provide clarity, their debt is lower again and this should carry them thru when their basically free give away for most of their sulpher finishes at year end 2025. This alone could be an extra $90 mill  at recent spot prices See below..dwdc

Q2 2023 HIGHLIGHTS

• Refinanced the Company’s long-term debt resulting in new credit facilities of USD $150 million, materially reducing the cost of capital while providing additional liquidity through the provision of a revolving credit facility and a delayed draw term loan.
• Generated Funds Flow from Operations1 of $35.4 million ($0.22 per basic and fully diluted share) vs $43.5 million ($0.28 per basic and $0.27 per fully diluted share) in Q2 2022.
• Generated quarterly NOI1 of $43.8 million ($0.28 per basic and $0.27 per fully diluted share) vs $56.0 million ($0.36 per basic and $0.35 per fully diluted share) in Q2 2022.
• Generated Net Income of $4.2 million ($0.03 per basic and fully diluted share) vs $23.0 million ($0.15 per basic and $0.14 per fully diluted share) in Q2 2022.
• Produced 31,087 boe/d (85% natural gas) vs 36,378 boe/d in Q2 2022.
• Net debt1 was $181.7 million at June 30, 2023 compared to $214.5 million at December 31, 2022.

[Maxmoe]

I've been frozen in the headlights of an LNG plant for years. Somebody turned the truck off finally. So now I'm looking for an upside catalyst. The refi was crucial but REALLY one sided. 18 million warrants seems pretty steep. Sounds just like my ATH and how it had to take loanshark terms from ray "bones" barboni and chili Palmer from the movie get shorty. Or maybe it's not

[noname99]

here https://www.pieridaeenergy.com/news-release/pieridae-announces-successful-refinancing-lower-cost-debt-addition-commodity-hedges STRUCTURE OF THE FINANCING  USD $120 million, 45-month Senior Facility: Borrower: PAPL Noteholders: Prudential and Voya USD $25 million revolving loan (USD $12 million drawn at close) USD $85 million amortizing term loan (fully drawn at close)

[Maxmoe]

Thanks

[Maxmoe]

So I assume PEL is the listed corporate entity and papl the wholly owned operating company with all the production,storage,transport etc assets.  If I find anything else about those 18.6 million warrants like cashless exercise feature or earlier than 7 year trigger, I'll post it.  at first blush the % rate isn't usurious. 12 or 13% seems like getting off easy on the usd120