Eterna oil

[newton]

Originally Posted by knightofdelta

Eterna Oil and Gas has 575.81 million shares in issue post bonus.

Per their signed financial statements -

Eterna has 650m shares (500m plus 150m rights issue during the period)

U can factor is the recent bonus to get the current outsanding;

1 for 5 => additional 130m hence a total of 780m shares post bonus

[billions]

Originally Posted by hispy99

Please, post it once you have it...thanks. Someone needs to double check his numbers, na wah for NSE o. Imagine jumping into LASACO on the basis of 8.4B shares, not knowing it is 14.2B...dat one na die

I made d same mistake too.i am a long term investor but LASACO turned me to a very very long term investor.

It is bizarre that we are still contending with issues like this in d NSE.

[knightofdelta]

Originally Posted by newton

Per their signed financial statements -

Eterna has 650m shares (500m plus 150m rights issue during the period)

U can factor is the recent bonus to get the current outsanding;

1 for 5 => additional 130m hence a total of 780m shares post bonus

Eterna oil listed about 121 million units on the floor, which they said was the the additional shares for the 1 for 5 bonus issues. Not 130 million. Please cross check.

[tonidol]

Has the CSCS account of anyone been credited with the eterna 1 for 5 bonus?

[hispy99]

Originally Posted by knightofdelta

Eterna oil listed about 121 million units on the floor, which they said was the the additional shares for the 1 for 5 bonus issues. Not 130 million. Please cross check.

If they listed 121m shares, that means they had about 605m shares before? I had 500m shares..need to update my numbers. I have 726m shares now.

[ebonycee]

Eterna Oil & Gas Plc was today placed on Technical Suspension upon receipt of its application to engage in a hybrid offer of RIGHTS for N26.90 kobo and A PUBLIC OFFER for N28.90 kobo.

The price was frozen at N31.16 kobo (proshare 2008)

Hello Guys, this is my first post and not so sure how this works but pls what do you tjhink about this?

[kenebobo]

Originally Posted by ebonycee

Hello Guys, this is my first post and not so sure how this works but pls what do you tjhink about this?

welcome, you are doing fine.

[superuser]

Eternal oil recently declared a loss for last yr's FYE and that really did not go down well with those who bought the last offer (i think it was rights issue)they did last yr.
Whichever way, i believe the stock will do fine over time.
Remember this is a subsector where the average price is well over N200.i still fancy the chances of this stock improving over time. So, on the short term, might not be a good pick, on the long term, will definitely yield the right dividends.

[kenebobo]

Sorry, It seems you have created another thread for this stock. There is already an existing thread for this stock. We can continue discussion there.

[hispy99]

ETERNA OIL PLC
UNAUDITED RESULT FOR HALF YEAR ENDED 30-06-2008
2008 2007
TURNOVER N3.665b N3.272b
PROFIT BEFORE TAXATION N82.149m N44.178m
TAXATION (N24.645m) (N13.253m)
PROFIT AFTER TAXATION N57.504m N30.925m

[tonidol]

Originally Posted by hispy99

ETERNA OIL PLC
UNAUDITED RESULT FOR HALF YEAR ENDED 30-06-2008
2008 2007
TURNOVER N3.665b N3.272b
PROFIT BEFORE TAXATION N82.149m N44.178m
TAXATION (N24.645m) (N13.253m)
PROFIT AFTER TAXATION N57.504m N30.925m

Seems things are picking up gradually or what do the forumites think???

The differential in taxation seems wide compared to 2007. what could be responsible???

Variance in turnover not wide but it seems something drastically reduced expenditure to arrive at the far better PBT compared to 2007. is there something l am not seeing???

[hispy99]

Originally Posted by tonidol

Seems things are picking up gradually or what do the forumites think???

The differential in taxation seems wide compared to 2007. what could be responsible???

Variance in turnover not wide but it seems something drastically reduced expenditure to arrive at the far better PBT compared to 2007. is there something l am not seeing???

Remember PO is coming up, so they have to show good numbers by force. Last year, they also declared profit for half year before declaring a loss for the full year.

[tonidol]

Originally Posted by hispy99

Remember PO is coming up, so they have to show good numbers by force. Last year, they also declared profit for half year before declaring a loss for the full year.

Okay now. Is it worth buying into this PO at all?

[kenebobo]

Originally Posted by tonidol

Okay now. Is it worth buying into this PO at all?

If I am to advice I would say that you shouldnt use money you cant afford to lose to buy this PO. To those that take loan to buy PO's, this is not for you.

[hispy99]

Eterna to launch new tank farm
By Sulaimon Salau

PLANS are at advanced stage by Eterna Oil Plc to kick off production activities from its acquired 30 million liters tank farm at Ibafon area of Lagos State.

The company is also in a swift move to increase its share capital by carrying out a recapitalisation process to achieve its business expansion drive.

The Chairman of the company, Mr. Fola Adeola, in a statement made available to The Guardian said the launching of the tank farm will go a long way to reposition the company to substantially improve its competitive advantage in the bulk and retail fuels business.

According to him, the company has also implemented its improvement strategy for creative business growth in retail, industrial and lubricants. Added to this, the company is also pushing the development of its new business areas in aviation, LPG and natural gas.

Concerning the proposed recapitalisation, this is necessary to draw from the success of the last rights issue carried out by the company, which helped to increase its share capital. While the last rights offer was an important step by the company towards actualising its strategic initiatives, especially its business expansion drive that would ensure and assure the company's relevance within the oil and gas marketing sector, it subsequently became clear that the company would require significantly more capital to achieve its business expansion drive, hence the need for recapitalisation.

Recapitalisation will further help to improve working capital, reduce financial charges attendant upon borrowing from banks and financial institutions, thereby improving the company's bottom line and shareholder value.

Adeola further noted that the company would soon re-launch some of its products, the move aimed at strengthening the company's internal capacity and provide an expanded bouquet of products to its increasing clientele.

[hispy99]

Eterna Plc to expand network with 15 sales outlets
By Yetunde Ebosele

TO be at par with its contemporaries in the downstream sector of the nation's oil and gas industry, Eterna Plc has concluded plans to expand its retail outlet networks to at least 15 across the country by the end of this year.

Speaking during the recent commissioning of the company's flagship station in Wuse, Abuja, Managing Director, Eterna Plc, Alhaji Ibrahim Boyi explained that the company has progressed steadily from the brinks of bankruptcy to a profitable organisation with a whopping turnover of N5 billion in 2007 against its less than N200 million in 2004.

According to him, the company's strategy for retail network business is to launch its stations in carefully selected locations and ensure that they offer not only fuel but others. "We have also seen successive growth in terms of people, profits and prospects. Eterna was one of the appointed NNPC LPG off takers and holds the sole franchise for marketing and blending of BP-Castrol subsea control fluids, marine and SPD lubricants in West Africa and Gulf of Guinea", Boyi said

Responding to Boyi's appeal that the government through the Pipeline and Products Marketing Company (PPMC) should support the company's initiative of expansion and growth through the opening of more mega stations as regards investment, Managing Director, PPMC, Mr. Reginald Stanley commended this worthy initiative and promised that the government through would give its full support to the organisation in the area of investment.

"I am impressed by what I'm seeing here today and I feel greatly honoured to be the one who will declare this station opened as a pioneer member of this initiative. I assure you that from today, Eterna will be getting full and regular supplies from the government. Also credit facilities will be made available to the company to further support this worthy initiative and encourage the organisation", Stanley said.

Eterna Plc, is a quoted public limited integrated energy company which engages in the manufacturing and sales of lubricating oils, importation and bulk/retail sale of petroleum products including PMS, AGO, LPFO, base oils, bitumen and export of lubricants/fuels, bunkering, gas distribution and marketing (LPG and NG), offshore and onshore oil services, gas processing, equipment supply services and other engineering and technical services for the energy industry.