GL Limited (formerly: Guoco Leisure)

[chinafarmer]

Will GL benefit from this development?

Bass Strait Oil seeks third parties for Gippsland Basin permits

• THE AUSTRALIAN
  
• NOVEMBER 02, 2015 12:00AM
  

Matt Chambers
[Image: matthew_chambers.png]
Resources Reporter
Melbourne

[Image: 102936-13411152-806d-11e5-970a-9231c6de7a20.jpg]
Bass Strait Oil has identified targets with the potential to yield 1.75 trillion cubic feet of gas and 8 million barrels of oil. Source: Getty Images
[b]Gippsland Basin minnow Bass Strait Oil has identified targets with prospective resources of 1.75 trillion cubic feet of gas and 8 million barrels of oil after a technical review of seismic studies on its two permits off Victoria.[/b]
After securing extensions to lease requirements of further seismic studies and drilling to minimise cash requirements, new management of the company now wants to farm out interests in the permits, VIC/P68 and VIC/P41.
“We believe the size of the targets identified results in the permits having the potential to host economic oil and gas discoveries,” said executive director Tino Guglielmo, a former managing director of now taken-over Cooper Basin players Stuart Petroleum and Ambassador Oil & Gas.
“The company’s view of the assets has materially changed ... and we will immediately commence discussions with third parties who are able to invest in the assets via farm-in.”
Bass, whose market value is just $3 million, has its unrisked 1.75 tcf of gas across five leads in what is known as the Emperor Formation, which the company says has similar characteristics to and is on trend with the nearby Longtom gas field. The gas targets came from analysis of two relatively ­recent 3D seismic studies.
The company also announced an 8-million-barrel contingent resource at the Leatherjacket oil discovery following a review of 2D seismic data, but this will need further 3D seismic tests before drilling.
There has been growing activity among Bass Strait juniors, who are operating in a cash-constrained and low-oil-price environment but where interest in their gas potential is growing as Gladstone’s LNG plants are set to cause east coast market tightness.
Last week, Noel Newell’s 3D Oil started drilling the Seal Lion-1 exploration well, funded by Malaysia’s Hibiscus Petroleum and targeting 11 million barrels.
Its shares are up 50 per cent in the past couple of weeks, giving it a market value of $18m, partly on the potential of its Flanagan prospect, where seismic studies showed a prospective resource of 1.38 tcf, and five other leads that bring the total prospective resource to 6.82 tcf.

GL royalties are mainly obtained from the oil production in Bass Straits from EXXON and BHP.

The USD 4 bn Kipper Tuna Turrum project which will come on stream next year will boost gas revenues for the operators and GL is entitled to royalties from this additional production. Currently gas produced in the Kipper Tuna Turrum fields are pumped back into  the ground as the mercury levels are too high and has to be removed at the mercury removal plant which will be completed next year.

Whatever happens in Bass Straits requires zero management oversight, zero capex, near-zero costs and zero risk from GL. They just collect a royalty on all present and future hydrocarbon production in perpetuity till the fields run out dry. 

Ironically even in this depressed oil gas environment the oil royalties are the highest ROE asset in GL, even better than its hotels, given that its net book value is c. 90m USD, expenses less than 200k USD per annum, and cashflows at c. 12 - 16 m USD with oil at USD 40 per barrel. The oil royalties is a sterling asset in good and bad times and will always deliver solid cashflow for the group.

Therefore, focus on GL should be on the hotels, its transformation and expansion plans moving forward. Non core assets like the island and casino will be disposed of especially after the company has signaled a new direction with its change of name. The potential disposal of its Thistle Kensington Gardens Hotel further underscores the fact that there are no sacred cows to be spared, what more non-core assets.

Can the Moderator please rename the thread to GL Limited instead of Guocoleisure?

[ngcheeki]

Not selling hotels in london

In November 2015, the Board of Directors of the Company (“Board”) announced that the Company’s subsidiary, GLH Hotels Group (“GLH”), was exploring the sale of GLH’s shares in GLH KG Limited and Kensington Gardens Hotel (London) Limited, which respectively own and operate the Thistle Kensington Gardens Hotel, and that GLH was in discussions with potential buyers.
The Board wishes to announce that, after careful consideration, GLH has decided not to continue with the above sale process.

http://infopub.sgx.com/Apps?A=COW_CorpAn...2%2016.pdf

[bardsmanship]

Did anyone attend GL's AGM in October?

Wondering what's going on with all the changes to the Board and the Board Committees, like the Audit and Risk Management Committees. More importantly, the CEO, Michael DeDoma, resigned in July 2016 and was replaced by Mr Tang Hong Cheong. Quek Leng Chan himself stepped down as Non-Executive Chairman of the Board in September 2016, and has been replaced by his brother, Mr. Kwek Leng Hai.

Is this part of Quek's succession plans, and did management explain whether there would be any changes to their business strategies?

[cyclone]

Molokai Ranch is up for sale
Isle’s largest private landowner seeks a buyer for nearly 56,000 acres, but strong opposition has undone previous development plans

Jobs, not multimillion-dollar homes — that’s what state Rep. Lynn DeCoite of Molokai wants to see from whomever plans to buy the 55,575 acres up for sale on her home island.

The Molokai Ranch land, which was listed last week with a price tag of $260 million, encompasses a third of the island and includes 20 miles of coastline, 4,000 acres of forest, a cattle-ranching operation and a shuttered golf course and hotel that serve as a cautionary tale for buyers.

“I would hope that the new buyer is somebody that is willing to sit down and talk to the community,” DeCoite said Friday. “It all depends on what really is their vision for that side of the island. We were hit with huge development (plans) many years ago. . . . It didn’t stand well. People are looking for jobs and not mega-mansions on the west side.”

Whoever purchases the land will be among the top five landowners in the state, according to the property’s listing on Carvill Sotheby’s International Realty. Singapore-based GL Ltd. currently owns the land.

More details in http://www.mauinews.com/news/local-news/...-for-sale/

[cyclone]

Cessation of The Clermont Club Operations

GL Limited announced that The Clermont Club (“TCC”), a casino in London owned by the GL Limited group of companies, ceased its operations today.

The Group had owned and operated TCC since 2007. Due to a prolonged competitive business environment, the club had experienced operating losses for several years. TCC was the Group’s only casino in the gaming segment.

With the closure of TCC, the Group’s gaming segment will be discontinued. This segment is expected to report a net loss for the financial year ending 30 June 2018 ("FY2018"). Based on the preliminary assessment, the closure of TCC is expected to result in non-recurring expenses of GBP5 million (approximately US$6.9 million), including a one-off redundancy cost, an impairment loss on plant and equipment as well as the Clermont brand name, which are expected to have material impact on the Group’s financial results for FY2018.

In the past, the Group had received non-binding offers for the casino license. Management will look for an interested buyer to acquire the casino license.

More details in http://infopub.sgx.com/FileOpen/GL_Annc_...eID=495172

[¯|_(ツ)_/¯]

FY2020 Result as at 30 Jun 2020
Rev USD258m (vs 349m)
GP  USD 98m (vs 127m)
Net Loss USD 26m (vs +50m)
Div NIL (vs S$0.022)

The Group’s revenues were significantly impacted by the COVID-19 pandemic and the decline in oil prices in the 4 th quarter of the financial year as well as the weakened GBP and AUD against USD. Both hotel revenue and oil and gas royalty income were lower compared to previous financial year. Set out below are factors which affected the Group’s segmental revenue and earnings.

The hotel segment recorded lower revenue as a result of the temporary closure of our hotels in United Kingdom in 4 th quarter of the financial year due to the COVID-19 pandemic. In addition, impairment losses on hotel properties and provisions for restructuring measures have further lowered the earnings during the financial year. Apart from the above, the adoption of new IFRS16 has resulted in higher expenses due to timing differences on the depreciation charge for ROU assets and interest expenses on lease liabilities compared to the operating lease expenses used previously.

The oil and gas segment reported lower year-on-year earnings due to lower crude oil prices, lower production volumes as well as the weakening of AUD against USD.
Property development reported lower earnings mainly due to write down of the value of development properties during the year.
https://links.sgx.com/FileOpen/SGX-FS-FY...eID=629326

Stay home and stay safe, everyone

[¯|_(ツ)_/¯]

GL
GLH Hotels Limited has received a net amount of GBP14.5 million (equivalent to approximately US$19.2 million) being an interim payment in relation to an insurance claim for business interruption due to COVID-19 restrictions.
https://links.sgx.com/FileOpen/SGX_Annoc...eID=644429

This news caught my attention.
Very interesting.
Stay home and stay safe, everyone.

[¯|_(ツ)_/¯]

GL 1H Result as at 31 Dec 2020

https://links.sgx.com/FileOpen/SGX_Annoc...eID=645001
Rev USD 19.5m (vs 193.3m)
Gross Loss USD 30.1m (vs +93.6m)
Net Loss  USD 19.8m (vs +26.9m)

The COVID-19 pandemic continues to significantly curtail business activity in London and depress demand for London hotel rooms. Starting January 2021, the UK government imposed another lockdown with tiered restrictions as a new COVID-19 variant caused a record number of cases. This led to our Group’s hotels being closed again. We expect our UK hotels to continue to face a difficult operating environment into year 2021.

Stay home and stay healthy, everyone.

[¯|_(ツ)_/¯]

GL
Halted
offer@70cents
https://links.sgx.com/FileOpen/Offer%20A...eID=645181

Stay home and stay healthy, everyone.

[noon]

Low ball offer , doubt the funds will accept