Golar, Perenco and SNH have for the past two years been developing a floating liquefied natural gas export project located near shore off the coast of Cameroon situated in an area of benign sea states and utilizing Golar's floating liquefaction technology (GoFLNG). The project is based on the allocation of 500 Bcf of natural gas reserves from offshore Kribi fields, which will be exported to global markets via the GoFLNG facility Hilli, now under construction at the Keppel Shipyard in Singapore. Golar will provide the liquefaction facilities and services under a tolling agreement to SNH and Perenco as parties of the upstream joint venture. It is anticipated that the allocated reserves will be produced at a rate of 1.2 million tonnes of LNG per annum, representing approximately 50% of the vessel's nameplate production capacity, over an approximate eight year period. It is expected that production will commence in Q2, 2017.
The main markets around the world have moved up today, FTSE 1.2% up, but AIM tends to suffer the falls and then some but regains losses at a much slower rate.
Nevertheless, I think the likes of Bowleven will also gain some ground, possibly as I just read a headline in the Telegraph that the Greeks are prepared to accept all bailout terms, if true expect a very nice rally. I'll believe it when it happens though.
"Greece crisis live: Tsipras capitulates to creditors saying he is prepared to accept all bailout conditions"
Following on from mole's comments I have been able to take my oil and gas portfolio from negative at the beginning of the year to a small positive by averaging down and taking positions in unloved stocks. It's also helped that some of those stocks have had good gains which has helped support those that are still in the doldrums. Selling BLVN was big help as it turned out because I was able to put dead money to good use. I plan on holding these stocks long term so day to day variations are common and not too much cause for concern When the poo rebounds, which it will, I think my strategy will pay off.
Article dated yesterday about the reducing cost and availability of Rigs for smaller companies, includes a KH quote.
"Premier Oil Plc said in May it struck crude off the Falkland Islands, while U.K. competitor BowLeven Plc is preparing to drill at Cameroon’s offshore Etinde Permit and has begun an onshore well at its Bomono license in the country.
“Now is time to invest in exploration while we are at the lower curve of the cycle to reap the benefit when the prices rebound,” BowLeven CEO Kevin Hart said in an interview."
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.