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Held up pretty well in my opinion .. still 21p old money... this will start looking attractive when it reaches 1-2 p
that shoould say ADVFN not LSE!
Posted by fraserdean on LSE...
New Age has finally come out for expressions of interest (EoI) for its shallow water Etinde project off Cameroon.
The on-off project took a hit last year following a disappointing two well appraisal campaign, but the private firm has since been working on a series of pre-FEEDs and will now make a final concept selection this quarter.
New Age is inviting the EoI for five different contracts which form part of the three different shortlisted concepts. First production is now expected in 2022, whichever scenario is chosen, with reserves seen as 100m bbl of condensate and 1 Tcf of gas.
The first concept involves a pair of wellhead platforms over the IM and IE fields with gas being piped to shore to a new processing plant at Limbe. A second phase would involve nearshore FLNG infrastructure for gas export. The platforms would be in around 175ft (53m) of water with jackets of around 900 tons and topsides at 500 tons.
The second concept sees production head from a wellhead platform at IE to a central processing platform over IM. The gas would be reinjected at IM while the liquids would be exported to a 550,000 bbl FSO. A second phase would then see the gas piped to another central processing facility to be separated from where it would head to a new medium sized FLNG facility.
The first central processing facility would have production capacity of 25,000 b/d of liquids and 150 MMcf/d of gas and topsides weight of around 5,000 tons
The final possible concept again involves two phases. In the first one there would be a wellhead platform over IE with liquids heading to a central processing platform over IM. Gas would be reinjected and liquids head to the FSO.
The second phase would involve a larger FLNG vessel with an integrated processing plant that would be able to separate LPG.
New Age has separated the work into five contracts: central production facilities, FSO, wellhead platforms, leased FSO and onshore gas processing plant. The latter would have capacity of 150 MMcf/d although it too may be developed in two phases.
New Age is now able to go ahead with the project after Lukoil, which is also a partner in Etinde, paid US $800m for its stake in the Marine XII acreage off Congo Brazzaville.
The SBM/COOEC/JGC/CSSC consortium had previously been earmarked for the vessel both at Etinde and off Congo.
New Age is backed by Chinese based investment fund Noru and has seen rapid management changes in recent years with potential further moves rumoured to be in the offing.
The FLNG option was initially put on hold last year following a disappointing two well appraisal campaign which failed to adequately lift gas reserves. New Age has 1.0 Tcf of gas reserves and wanted at least 2.0 Tcf to forge ahead.
Previous operator, and now minority partner, Bowleven had originally set a final investment date of 2013 for a platform development of the two fields.
Sorry to hear that. I met KH a few times and also spoke to the ex PR girl who was tight lipped when I quizzed her about Sapele after the drills so should have trusted my instincts and sold after Sapele. I did not lose anything but had high hopes for BLVN.
i agree on the hart part......he was incompetent and IMO skated close to line in terms of acting illegally in some cases, i.e withholding price sensitive information on bomono, there are more than 15 items i could list off how hart destroyed shareholder value, but that is history
i must be in the very small minority but i cant see why everyone is so despondent (apart from the price action obviously) with the news as nothing has fundamentally changed except that we are going to have to wait longer for FID, but this is BLVN and Cameroon, so more delays should come as no surprise
perversely the fact we know the license expires in a little over 1 year i see as a positive in the fact it should sharpen the minds of NA and Luk Oil, so they get a move on a stop fannying around!
Today, has finally drawn a line under Bowleven for me, even though I sold the lot just before the new management had taken over at a life changing loss after having held since 2010, In my opinion it was all down to Kevin Hart and not keeping the market updated regarding Sapele (got the Tiger by the tail and all that) and the sands(not gas injection able) and having wrote to him personally, and his reply of all is well, I hope I don't ever bump into him. I really do feel for the current holders, as this has been a compete disaster, the only thing I hope for is that Hart still holds all his shares. Rot
Think yourself lucky, I've been holding some since 2010!!!
like everyone, I have been holding this share since 2014. Bloody 5 years!
HSBC is still on board. I take it as, things are still good.
But If one day FID does happen give Scarlett a call.
unfortunately this is going to drift down to nothing where it will stay for the next 8-9 months until FID, then it either goes to zero or 30p+. What is even more gutting is I had planned to exit at (the old) 40p leading into the drill results in 2018 (for a reasonable loss) but news leaked of bad results a month or 2 early before I could get out. Basically a bunch a drunk contractors screwed me by leaking the news.
Believe me (as a former BLVN veteran), the company has been waiting for FID for years. FID is unlikely to happen and the company will be eventually be toast. I have a better chance of a dinner date with Scarlett Johansen than BLVN has in getting FID. I see Etinde's valuation has also been decreased. Too many imponderables going forward. COC badly misjudged their call on BLVN and must be rueing the day they set foot in Doula.
Can't you read? FID in 2020 or risk losing etinde license in 2021. If you weren't already aware of this, why did you invest here?
So we have waited all this time just to be told we now have to wait another 1-2-3 years to see what happens with NO G/Tee on anything. So why were the results delayed, I thought we would have had at least some confirmation or progress.
Complete joke.
I am confident we have an exceptional team in place to meet the upcoming challenge in 2020 that will finally see us restoring shareholder value through our Etinde investment, while we continue to follow embedded performance and cost management culture.
So it’s worth $11m until FID when it’s worth towards $36m. FID no longer seems very likely!
We enter 2020 determined to obtain FID and its attendant financial payment of $25 million. This would bring Etinde and our Company into its long-awaited next stage whilst also delivering considerable value to all of our stakeholders.
It will be bad news or being told to sit and hold tight for more months if not years , only then to be probably given bad news. Never get involved here , sell if you need the money. Has to be worse trade I ever made .
Yep it aint gonna be good news judging by the 25% fall in last week or so. The problem with tiny oil stocks like this is information leaks are rife as contractors get ****ed up and spill the beans. Never ever invest in these crappy little unregulated companies is the lesson we have all learnt. I have already written off half the investment value, was hoping to cop out at 25p but that wont happen. Luckily it is not alot of money.
So why the delay in results, in an rns the other week they said there would be an rns for results and a statement . Well the results must be complete as there has been no trading so easy to do, so the delay must be just about the statement for the FID.
Does that mean they are just waiting to confirm what's about to happen to FID good or bad.???
This is a sinking ship. I wouldn't even bother topping up if it sinks to 3p.
There is some positives here.. 8p is the same as 23p old money... we did trade at 18p old money so we are still ahead of the game..3p would be the number I'm chasing to top up..
123
That was an interesting first trade of the day
No you’re right. The news is FID whenever that happens.
We have all held these for years with nothing to show for it apart from the special divi , but what extra do they have to say in any up-date / results. We all know they are not doing any business so how can they show any sales or profit, it's now just a shell company until any farm out happens etc. Or am I wrong.??????