Brooge Energy Ltd Stock Price, News & Analysis

Brooge Energy Limited (NASDAQ: BROG) has announced that its subsidiary, Brooge Petroleum and Gas Investment Company (BPGIC), has signed new oil storage offtake contracts with three regional trading companies. These contracts cover a total capacity of 129,000 cubic meters at a 50% premium compared to previous deals. The contracts will last for one year, commencing in November 2020, with options for renewal. CEO Nicolaas L. Paardenkooper noted increased demand for BPGIC's facilities due to technological advancements and a scarcity of available global storage capacity.

Brooge Energy Limited (NASDAQ: BROG) reported its financial results for the first half of 2020, highlighting a revenue increase to $23 million, up from $22 million in H1 2019. Gross profit declined to $16.7 million from $17.1 million, resulting in a gross margin of 73%. EBITDA also fell to $17 million from $18.8 million. Net profit rose to $16.2 million, compared to $12 million the previous year. The company issued a $200 million bond to repay debt and fund future expansions. Brooge's Phase I facility is fully operational, and plans for Phase II are underway.

Brooge Energy Limited (NASDAQ: BROG) has filed its financial results for the six months ending June 30, 2020, with the SEC on November 27, 2020. A conference call to discuss these results will be held on November 30, 2020, at 8 a.m. ET. Brooge Energy operates as a midstream oil storage provider in the UAE, focusing on efficient service and minimizing oil losses. The company’s growth plans hinge on successful financing and development agreements for its Phase III project. Investors are cautioned about uncertainties, including the impact of COVID-19 and operational risks.

Brooge Energy Ltd. (NASDAQ: BROG) has initiated preconstruction work for its Phase III oil storage terminals and refinery near the Port of Fujairah, UAE, focusing on soil investigation and an Environmental Impact Assessment (EIA). This marks a significant step towards Brooge Energy's goal of becoming the largest oil storage provider in Fujairah, with operations expected to start by late 2022. The company plans to leverage advanced technology to enhance efficiency and return on investment, continuing the success of its previous phases.

Brooge Energy Ltd. (NASDAQ: BROG) has announced a successful issuance of a USD$200 million 5-year senior secured bond in the Nordic bond market, with an option for an additional USD$50 million, totaling USD$250 million. The bonds, maturing in September 2025 with an 8.50% fixed coupon, will help consolidate existing debt and fund capital expenditures for the Company's Phase II oil storage facility. This facility is projected to increase capacity to approximately 1 million m³ and strengthen Brooge Energy's operational position.

Brooge Energy Limited (NASDAQ: BROG) announced plans to issue a new 5-year senior secured bond of up to $200 million, potentially increasing to $325 million, through its subsidiary Brooge Petroleum and Gas Investment Company FZE. The funds will be utilized to repay existing debt and support ongoing capital expenditures for Phase II of its operations, aiming for a consolidated debt facility that reflects the company's asset valuation and growth. The bond offering is targeted at qualified institutional buyers, with no assurances on its completion.

Brooge Energy (NASDAQ: BROG) announced the appointment of Abu Bakar Chowdhury as Chairman of the Audit Committee, replacing Saeb El-Zein who resigned due to personal reasons. The Committee now includes independent directors Chowdhury, Yousef Al Assaf, and Simon Madgwick, all of whom meet NASDAQ’s independence and financial literacy standards. Chowdhury is recognized as an audit committee financial expert. CEO Nicolaas L. Paardenkooper thanked El-Zein for his contributions to the company.

Brooge Energy (NASDAQ: BROG) announced the completion of the final basic design for its Phase III oil storage terminals and refinery by MUC Oil & Gas Engineering Consultancy. This phase aims to boost storage capacity to 3.5 million m³ (22 million barrels), with plans for operational readiness by late 2022. Brooge seeks to contract the facility before construction to ensure revenue stability. Located near the strategically vital Strait of Hormuz, Brooge aims to lead the oil storage sector in Fujairah, UAE, enhancing its service capabilities.

Brooge Energy, located near the Strait of Hormuz, reported a record revenue of $44 million for 2019, a 23% increase year-over-year, alongside a gross profit of $34 million, marking a 29% growth. Phase I operations, fully contracted, continued to drive revenue. Phase II, expected operational by Q4 2020, is projected to increase capacity to 6.3 million barrels. Despite a $76 million loss attributed to one-off listing expenses, cash reserves stood at $20 million as of December 31, 2019. Management remains cautious about COVID-19 impacts but noted limited operational disruptions.