6,300 barrels of oil per day (“bopd”) hedged at an average of $102/bbl from 1 January 2015 to 30 June 2016 The executed hedges through to mid-2016 result in the Company having a Brent breakeven price from the existing producing asset base of under $20/bbl
Trust me I was there !!!
Ostrich . . Were you there 6 months ago or recently?? Were the 1,000 daily workers on this project just standing around?? Do you think PETROFAC will happily pay workers to not perform. I agree, IAE needs to have someone full time ON SITE, unless they already do. FPF is 75% complete. In retrospect, I should have seen that the last 25% was NOT gonna be done on time. Missed that one. I read BEANUP's post and thought I should dig deeper. So it goes. Best GG
The FPF1 is a complete shambles as I noted on here 6 months ago, if ithaca don't throw Petrofac out and manage it themselves it will never get finished in any state fit for acquiring a licence to operate. Trust me I was there !!! This is another Ocean Alliance !!
Third day running that
The buys outweigh the sells, albeit on a lot lower margin. Wonder what, if anything, that means.
We can only go by the facts and as it stands, oil is hedged at $102 for 6000 barrels. The other 6,000 they are getting $61 for. That's and average of $81.5 per barrel with a break even of $20. They have a PE of 1.5 and capex spend is reducing as new field giving 16,000 bopd will be coming on-line next year. Looks very, very cheap at this price and I am happy to hold my £10k in here for a big return.
picked up some more
at 45.9p. Seems more stable today. Buys showing as sells here. The company are very attractive at this price. I now have my full £10k in. Good Luck all!
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.