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London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England


Nu-oil & Gas Share Chat (NUOG)



Share Price: 0.225Bid: 0.21Ask: 0.24Change: -0.01 (-4.26%)Faller - Nu-oil & Gas
Spread: 0.03Spread as %: 14.29%Open: 0.235High: 0.235Low: 0.225Yesterday’s Close: 0.235


Share Discussion for Nu-oil & Gas




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pCloud
Posts: 28
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
22 Apr '19
lol fyi that line

"Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal"

was my sarcastic spin on the deal.....
 
Kenirogas
Posts: 1,240
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
22 Apr '19
Option 3 please!

Dont disagree that the MFD tie up is one of sevaral option, but I did disagree with your definitive..

"Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal"

As yet, there is no actual evidence to support this statement either....
pCloud
Posts: 28
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
22 Apr '19
Hi Kenirogas

Where is the evidence that MFDelivery Co are in scope for being the GTW kings? I don't see it.

The reality is that the GTW concept is public knowledge ... even youtube have vidoes of it. More info can be found on the internet. There are those ex-shell staff who created a company and have been holding seminars on GTW opportunities in the UK sector for a few years . Their solution TIGRE is drafted up and a planning motion in place with the relevant authorities to activate their vision of GTW in 2020. They are backed by baker hughes. Budget 200-300 mn.

So now we have our version of GTW... where MFDeliveryCo are the master of the GTW universe as we know it.

The suggested economics of these GTW deals according to our insiders is that the owner of rig faces a huge decomm costs... so offloads the rig and decomm obligation to new kid on the block and actually PAYS substantial amounts up front to do so ( FYI this 'scheme' was highlighted several times by LTH) . I quote :-

"All the discussion about the lead times for GTW implementations ignores a possible deal structure where the current company that owns the declining gas field has a large de-commissioning bill to pay. Under such circumstances the owning company may be prepared to give a substantial payment to NUOG/MfDEVCO to avoid the liability. This would then mean NUOG gets cash upfront before the GTW project is completed."

So lets review DNO's realistic options as new owners of Faroe oil assets and probable outcome for Schooner field infrastructure. No nudge nudge wink wink stuff...

1) DNO continue with decomm as submitted. They get tax relief 42% and earn some cash out of recycling the structures minimizing after tax cash flow impact.

2) DNO know what the have bought and directly approach Dong (Orsted) to throw a cable 25km to Hornsea install uprated gas turbine on Schooner and continue using the rig to supplement electricity to national grid....

3) MfDeliveryCo take over the field with a large sum of cash from DNO and deliver a world class GTW project. NUOG Shareholders all become millionaires.
Kenirogas
Posts: 1,240
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
22 Apr '19
DNO not DHN
Kenirogas
Posts: 1,240
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
22 Apr '19
I read Mms post the other way...

as in there remains a strong likelihood of tie in between MFD and DHN over S&K

"A G2W option using the Schooner platform would IMO be very appealing to DNO as they would have a saleable asset instead of a big liability. "

No?
pCloud
Posts: 28
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
22 Apr '19
Hi MM absolutely agree with your view on Schooner... 25 clicks away from the brand new Hornsea 1 Windfarm
Congratulations then to DNO for taking over Faroe OIl....

Therefore the K&S fields cannot be the 2 GTW projects MFDevCo mentioned just as TM and OSX3 were never the Brazil deal

I look forward to an RNS tomorrow from our board to give us an update on the targets in support of the OO.. I will try and buy all 83mn
Royscot
Posts: 698
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
21 Apr '19
If that’s the case, MajorMinor then there’s work to be done at pace to convince them otherwise and secure a deal, we must be in that territory now where decisions are to be made. Time for once for this company to be transparent not everything has NDA’s.
MajorMiner
Posts: 412
Premium Chat Member
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
21 Apr '19
I think the Schooner/Ketch situation is slightly more complex. Both fields along with a lot of other South North Sea gas fields (Conoco) became non viable when the Theddlethorpe Gas Terminal closed and tie backs to other facilities and new gas pipelines were not economic. Last year Faroe was obliged to file decomm plans with OGA however this was prior to DNO acquiring Faroe in January. A G2W option using the Schooner platform would IMO be very appealing to DNO as they would have a saleable asset instead of a big liability. From the bits of reports I've seen the OGA are fully supportive of these schemes which were not really a viable option even late last year.
Royscot
Posts: 698
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
21 Apr '19
pCloud, defeat from the jaws of victory, with Chrysaor sowing up the rest of the fields yet again. Could this be why LT was relieved of his insider status earlier than he thought?
pCloud
Posts: 28
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
21 Apr '19
SBP. Greetings . If we are imagining talking about GTW and believe its the 2 'projects' to convert K&S Fields owned by Faroe ( DNO) They provided gas to Conoco system. So lets get excited (not) ..

Project Summary
The Schooner SNS gas field is due to be decommissioned along with it's sister field, Ketch starting in September 2018. The project will take approximately 4 years to complete. The fields each have a normally unmanned platform on them, and an export pipeline taking produced gas to the nearby Murdoch platform, which is operated by ConocoPhillips. The Schooner platform has 11 wells drilled from it, and the Ketch has 9 wells. Ketch is in slightly shallower water at 54 metres, but the platforms are of identical design.
The abandonment effort will consist of plugging and abandoning all the platform wells plus one subsea completion (NW Schooner), cleaning and burying pipelines and the removal and disposal of both platform topsides (approx. 1,250 tonnes each) and jackets (approx. 2,000 tonnes each).
The Decommissioning Programmes for both platforms are with BEIS for review and the draft SCAP has been submitted to OGA and a follow up meeting held.
Gate review of well abandonment held in mid September and endorsement gained to advance into concept define.
Decision made to restrict size of Company PMT and to immediately tender for Well Management Company to support PMT and manage large areas of the work. SCAP to be updated accordingly.
Decision made to execute offshore scope sequentially utilising a single jack-up rig. Latest plan shows offshore start at Ketch in early Q4 2019, followed immediately by Schooner.
Discussions ongoing regarding potential reuse of redundant platforms after well abandonment as accommodation support to local wind farm developments.
*****

DNO have already filed the decomm planning . They mentioned they did look at many alternative usage but non were economical.

"The owners of the Schooner field have considered several technical and commercial solutions in
order to prolong field life as described in the Cessation of Production (COP) document; either as a
standalone field or in conjunction with other fields in the area; however, none of them have been
economic. The Schooner field partnership is now seeking consent for the Cessation of Production
in line with the Theddlethorpe Gas Terminal cessation of operations in 2018"

so what now indeed... 'Hotel Schooner NUOG' anyone?
SecretBlueprint
Posts: 897
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
19 Apr '19
Sir Jim is suddenly out of the game. Chrysaor have acquired all the Conoco Philips assets for £ 2 billion signed and sealed..

They include the East Irish Sea and Southern North sea gas assets.of which the Chairman spoke.

Where does that leave GTW?
MajorMiner
Posts: 412
Premium Chat Member
Opinion:No Opinion
Price:0.285
RE: Chrysaor?
19 Apr '19
Or Sir Jim's Ineos.
Game on
SecretBlueprint
Posts: 897
Opinion:No Opinion
Price:0.285
Chrysaor?
19 Apr '19
Has some one just eaten Minty's Easter egg?




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