Nigerian Operational Update The Company is taking an active role as a partner in the OML 18 asset – an asset I know very well from my time at Shell. Eroton, as Operator, continues to progress redevelopment of the fields, and a summary of the main areas of operational focus over the coming months is provided below.
Considerable on-the-ground resources have been, and continue to be, deployed to carry out the activities described in the Competent Persons Report prepared by PetroVision Energy Services Limited, and to realise the early and sustainable production increases described therein. A contract for two electric line crews has been signed, and the crews are being mobilised. This will enable water saturation logs to be obtained, allowing selection, perforation and production of new intervals in existing wells. A slickline spread is operating at each of the Alakiri and Cawthorne Channel fields, conducting producibility tests and gathering pressure data, and a wellhead maintenance crew is assigned to each such spread. Coiled tubing work is being performed on selected maintenance and production kick-off well candidates, while a well fishing crew will be mobilized imminently to rehabilitate wells requiring their services.
Additional fields, and parts of fields, are also a priority to bring onstream. Light workover activity on wells in the Krakama field is nearing completion, with the aim of bringing the Krakama field into production by early November 2016. The Orubiri field is now being produced through bulk lines tied back to the Alakiri flow station, and scoping work for an Early Production Facility (“EPF”) is being carried out for the Buguma field to bring it online.
What a perfect choice to captain the ship! "Mr Sunmonu is a former managing director of Shell Petroleum Development Company of Nigeria and country chairman of Shell Companies in Nigeria from 2008 to 2015. Under his leadership, he oversaw Shell’s multi-billion dollar operations in Nigeria, employing over 4,000 direct members of staff" Tons of country specific knowledge, experience, connections and a hat full of sweet ideas and initiatives that were incubated during his time at Shell. Getting this guy on board was inspired.
Seems to me, us private investors are going to get any leftovers after Tosca? and others have their slice.
Reserve based lending (RBL) refers to an asset based financing technique that is unique to the oil and gas sector. It is secured lending where the collateral is the revenue stream that the borrower has from oil exploitation contracts.
So does anyone know how much needs to be paid back before we get a sniff?
Just expressing an opinion as to why there may be no factual figures on production from the company I am invested in.
It may be in Escrow I understand. If so Its there for a reason, until terms and conditions are met, so any money will not be released until they are. Therefore, as yet there is no income. QED
"An escrow agreement defines the arrangement by which one party deposits an asset with a third person (called an escrow agent), who, in turn, makes delivery to another party if and when the specified conditions of the contract are met."
But there are facts from the CPR with revenues from oml 18 Brandon and angel have stated also, just because it's early days ie 10 since the agreement has concluded does not mean that no revenues are due to sle.
Instead of jumping the gun and complaining again about something that has just been finalised, wait and see, tosca has not helped this deal to materialise for nothing to materialise and the also haven't spent £97 million in a placing plus added even more recently for nothing, they know what this deal is worth hence they backed it.
If you are true holder surely you would give it time instead of turning the screws on a deal just completed.
"Need regular operational updates here I think. One sniff of some solid figures and we're off..." Sloppyjoe.
Why do you think there are no updates? Could it be because there is nothing to update, ie no production income in SLE's bank. No point in saying production continues from OML18 but SLE have not benefited from it so far. That is there has been no money into the SLE bank account...just a guess. Why are there no financial FACTS printed on production benefit directly to SLE?
Could it be that this could be " the first time Fanning has ever delivered anything, ever." (sloppyjoe), but it has not been delivered yet so there still may not be the first time?
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