Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Absolutely, MDP, and that's exactly what eventually could happen if SL isn't developed by RKH/Navitas, more islanders begin to drift away as the economy falters and the islands become a remote and undefended outpost, inviting the Argies to have another go.
Jeremy Cresswell omits to mention that exploration is continuing in the Argentine sector. They obviously feel further drilling can be justified. And l am sure Argentina would love to develop Sealion for their own benefit.
Apparently, FIG are in the process of burning through about half their reserves on their new port facility (already running late and over-budget), which the FI optimists believed would be their economic salvation. Then along came COVID and reminded them that they can't just rely on cruise liners and tourists as an economic model.
Fish and squid revenue is OK, but not guaranteed, especially as some species are starting to move to more agreeable waters.
The FI standard of living is OK for those (mainly older islanders) who prefer to live in a nostalgic time warp, but most of those will be gone before long. In the mean time, they complain about their frozen state pensions, because the FIG can't afford to pay them any more. Many younger islanders leave for a variety of reasons, not to return.
But even for those who enjoy FI life, the exisiting infrastructure still needs to be maintained and there just isn't enough money for that, let alone for 21st century improvements, especially once the new port has been paid for.
Most Islanders know that without a serious injection of cash, they're going the same way as some of the more remote Scottish islands. They refuse to borrow and HM Treasury won't help. If SL doesn't happen, even more will leave, as the only reason they've been hanging on will have been switched-off, so they'd better try and make a more secure life somewhere else, with a future.
To put it bluntly, Jeremy Cresswell's comments are un-informed rubbish.
I remember in my good socialist school days in 1982, why should we go and save the FI ?. How many young voters in the UK even know where the FI is let alone care about it. Without oil l cannot see an independent existence for the FI. Better to cozy up to Argentina instead and stop China.
I was under the impression that eventually the Falklands were going to contribute to the huge cost of their own defense. They will never be able to do that just selling fish ... they need Sea Lion.
And Jeremy Cresswell's most recent OpEd is a net zero focused piece titled "Five Minutes to .idnight for Energy Sector" blah blah
I'd add: What alternative revenue stream has the FIG got in mind to pay for everything they need to survive?
Thanks for the link SpaceHoppa.
Good find Fecm, but you are right to read little in it.
Written by Jeremy Cresswell, who also honoured with special recognition from AREG,
for ''for his contribution to the renewable energy sector in Aberdeen.''
https://www.energyvoice.com/renewables-energy-transition/460789/areg-jeremy-cresswell/
Not read too many negative pieces on Sea Lion recently but just came accross this one in Energy Voice which was dated a week ago. Not too sure what to make of it however I recall being a little surprised by the language used by FIG following the Navitas/RKH Falklands visit. Are FIG playing it cool or are there some people now not too keen to see Sea Lion develop? Where has the author picked up on the 'distaste' mentioned?
https://www.energyvoice.com/oilandgas/493054/atlantic-oil-and-gas/
"In April 2022, Israeli company Navitas farmed in for 50% plus the operatorship and, last month, visited the Falklands to meet with the government (Legislative Assembly) to discuss development options.
Despite the winds of change buffeting oil and gas worldwide, the Assembly still has hydrocarbons written into the Islands Plan, the latest of which covers 2022-26.
Whether Sea Lion or any other development get off the drawing board looks increasingly fragile by the day and there is now “distaste” within the Assembly for this to happen; possibly within the wider community too."
Only negative piece I've come accross in a long time so not reading too much into it considering the positive 'official' releases made by the companies involved.
Try telling CitizenTS that …
FPSO stands for Floating Production Storage & Offloading.
Note, it doesn’t say anything about drilling.
If you want to make a hole, to get the oil out, then you need a rig.
Have emailed RKH re RNS of 23/3/23 ( as posted by buzzthomas ) & asked whether they expect a decision shortly .
You’d be looking at something like 60 days per well, so much more to do than exploration or appraisal drilling. That’s if everything runs like clockwork, which happens seldomly.
My understanding is that Navitas intend to utilise an FPSO but I’d like to clarify where a separate drilling rig would still be needed ?
My memory of the last campaign was the drilling seemed to go on for ages, then abandoned. Hope Navitas plan them better than PMO did.
I seem to remember certain early wells were 30-45 days but the latter ones were more like 12 to 18 days. I’m getting old so maybe I’ve remembered that wrong.
Thanks Buzz - that was pretty unambiguous.
Defo awaiting an imminent decision. From RKH's last update RNS:
Following Italy's request to seek annulment of the Award, an ad hoc Committee was constituted to hear relevant arguments and make a ruling on Italy's application for a continuation of the provisional Stay of Enforcement pending the determination of Italy's request to annul the Award. A hearing on whether the ad hoc Committee will continue or lift the provisional Stay of Enforcement was held on 6 March 2023, with a decision expected in the next few weeks. The decision on whether to continue or lift the provisional Stay of Enforcement is unrelated to the merits of Italy's annulment request.
TotalEnergies eyes bid for E&P player Neptune Energy
Independent with strong North Sea presence could be worth $5 billion
13 April 2023 14:54 GMT UPDATED 13 April 2023 15:19 GMT
By Gareth Chetwynd in London
TotalEnergies is weighing up a bid for private equity-backed oil and gas company Neptune Energy, according to a report by Bloomberg news agency, citing people with knowledge of the matter.
TotalEnergies boss Patrick Pouyanne says risky $27 billion Iraq investments are jeopardised by Baghdad stance
Read more
Neptune, which is backed by Carlyle Group and CVC Capital Partners, could be valued at more than $5 billion in a sale, according to an earlier Bloomberg News report.
Neptune, which has exploration and production assets in the UK and Norwegian sectors of North Sea, as well as Algeria and Egypt and several other locations, reportedly attracted interest from Italian energy group Eni last year, but no deal was forthcoming.
French supermajor TotalEnergies is described the latest suitor in early-stage talks with Neptune about a possible takeover, according to sources who asked not to be identified discussing confidential information.
Neptune was formed in 2015 by Sam Laidlaw, former chief executive of UK gas supplier Centrica. Its owners have been working with advisers including Rothschild & Co. and Goldman Sachs Group to explore options for the business, Bloomberg reported.
Neptune in numbers
Daily average Kboepd production
135
Gas share of production
76%
2P reserves mmboe
552
I’ve heard this Buys vs Sells argument over and over and over. For the life of me I cannot understand it. If some some geezer have sold 10 shares, that must mean some other geezer have bought his/her/its 10 shares… some gets executed closer to the bid and other closer to the ask price and that’s what determines if a trade is seen as a “sell” or a “buy” (sigh), but can someone please explain to me why this is supposed to carry any significance? I find it utterly trivial..
Highest volumes in a month & "sales" Vs "buys" looking about 4 to 1, but if you add in the more probable "unknown" sells, its nearer 8 to 1. Hope its not a nasty Friday RNS on the stay of payment decision ! GLA, DB
Regarding additional funding requirements that Rock ''may need'' in 2024,
I should be understand it could vary from $0, to in theory $151m.
I use a hypothetical, realistic scenario of $1.3b capex, $1b of finance,
meaning Rock need to find around $35m of funding for post FID, pre first oil expenditure.
This funding could be achieved, if required, in a number of ways as has been discussed.
It seems reasonable to hope that funding and much more, can be achieved by the unanimous OM award,
that slippery Italy are trying in vane I feel, to avoid.
"So what I'm getting at is, despite not expecting news on the OM award until Jan 2024 and FID not due until first half of 2024 as far as we are aware, it would be wrong to assume that it's a case of nothing to see here until mid 2024 at the earliest."
You've convinced me LTT :)
I seem to remember that prior to DES drilling their hole, someone posted a link showing (worldwide?) rig availability. It certainly took time to get one and get it to the Falklands, though I don't remember where it came from. Perhaps things have changed now and rigs are 10-a-penny, but as you said its unlikely.