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On the 14th September, crude oil tanker Karvounis departed from Yombo oil terminal heading south. The destination is given as CPT, with eta on 20th September 2019 ... there is no port with this identifier. As an educated guess I would offer Cape Town, South Africa as the most likely. With an average speed of 12 knots, she would currently be off the coast of Angola heading south. The recent cases of sabotage of tankers at sea has meant that shipping information companies are reluctant to identify the exact position of a vessel for fear of attack. If it is Cape Town, on past records she has refuelled and sailed on to Melbourne, Australia. Therefore, the likelihood of returning to Front Puffin must be late October at the earliest.
Cowboy, I am and never had been a Kenyan .... The Hudson Lady Roseline is a converted passenger ship now occupied by Special Forces of the Nigerian Government to protect the waters of The Gulf of Guinea from pirates and insurgents. It has acted in this manner close to the Front Puffin on numerous occasions in the past. At present, there are no crude oil tankers with orders to visit FP to offtake a cargo.
In the past, the price determined for our sales was based on the average price, based on 5 days before the lift. Thoughts that crude oil tanker Karvournis was on its way to Front Puffin have now been revised. After meeting its destination at Yombo Terminal, off the Republic of Congo (Pointe Noire), it increased its draught from 8.9m to 14.2m on 14th September. It now has a full cargo and is heading south again ... to an unspecified port (on Marine Traffic 14/09/2019).
off memory - i think it is spot price at a premium of Crude Price due to quality of oil but we should have just delivered a month or 2 ago (albeit no lift update) and next one not likely until late October / November The Oil Price (while might fall) when Saudis are back up to full operation, i can't see it going back into the 60's until they get their reserves back up
Does anyone here know how we have sold the oil that we have. Is that based on contract pricing or spot? As spot prices have risen over night by 20%, that does not necessarily mean that the price at which we sell (and hence our profit) also goes up. Also, it depends on when we are selling the next cargo. Is the price of oil then still as high as the expectation is that the stricken refineries will be back up to full speed in 3 to 4 weeks I heard on the news this morning.
MakeTea - certainly looks to be a massive buy at this price. I may top up another 100k this week if it stays round this price. Looks like oil prices may react this week to the attack on the weekend..... Tweet Platts Oil @PlattsOil #Saudi attacks, supply risk could cause prices to test $80/b: S&P Global Platts Analytics | #crudeoil #OOTT *Saudi likely to maintain exports, use reserves *Spare capacity may be at risk by direct, serious offensive
Financial Times Middle Eastern politics & society Saudi Arabia faces weeks without full oil production after attack Kingdom in talks to assess whether it should ask fellow Opec countries to help calm markets.
Analysts warned that the size of the loss could trigger a sharp rise in oil prices when markets reopen after the weekend, potentially spreading fears to the wider economy.
I totally agree with you Mcadder, I'll be increasing my stake here due to this latest news and also because of the interview the other day. I think it's at a great price to buy at andor top up. Just hope the likes of peel etc feel the same to at least past the 1st qtr of next year. GL to us all.
Ok so the bod are looking to increase authority to allot up to 300% more shares further down the line as and when they may require it as each asset transaction takes place. Can't see a problem with that as they are simply setting out their stall on the road to delivering real increases in value for the company. We know it ain't for working capital purposes they are being clear what it's for and that they need the flexibility to be able to move on a deal quickly. Much better to have more assets to our name producing even more revenue at once reaching an mcap of £50M and somewhere between 100-150M shares (35-50p a share) than an mcap of about £10M with the current 50M shares (18-20p a share) which is the most we could realistically hope for presently if we were to acquire no further assets. The fact that they have mentioned the desire to do this gives confidence in the ability that the bod will pull this off. The interview the other day confirmed that the deals are already there - they just need structuring and concluding.
Agreed, Dan. We don't know what premium or discount any placings will come at. We do know that Zark only put their remaining investment in (which is a slight premium) if this is all approved, which means they must be convinced their investment is worth doing.
As you say, either you're convinced by the vision the CEO has set out, or you're not, but if you are you have to trust them with the authority they need to execute that vision.
They're up front that this will represent a further 300% of the shares in issue. They're asking for authority to issue a huge number of shares. Should we trust them to use this well? I believe we should. Remember OO's interview. He said that they're looking at 3 deals at the moment. They'll buy the option to keep the deal open for them, then go to the market for the funds to buy the asset. These are big plans, but the way they'll work is that they'll need to raise cash for each asset they want to buy, and relatively quickly so the deal doesn't slip away. The only way OO's vision can actually work is if we give them this kind of authority in advance.
I really wish they would sell the aje investment now, "to allot securities up to an aggregate nominal amount of £1,849,476, to enable the Company to allot up to approximately three hundred per cent. of the Company's so enlarged issued ordinary share capital", sorry but no, just no