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Actually there was another difference in the two rns
The cvn state output well below mid estimates etc, and tge Adv hint no change at all. I’d say the Adv do desperately need a pr guy as there is nine at the present - if he does already exist then he’s a lazy pastard
The good thing is that even with the revision, we’re still hopeful of lots and lots and lots of black gold
@Jezza
You’re a very naughty boy for that comment :-D.
@thechinaman
Excellent post - I think we can all take that as very reassuring that things will happen once the rig moves.
I think the update given by the partners has been supplied not by Jadestone but by Valaris. Logically, for me at least, they will have given a pretty precise time for release of the rig. Any problems would likely have been known by now and from the RNS's the workovers are certainly all but done.
It will be lovely to see the Valour/Sirius/Atlantic all pointing the same way grouped at 2 o'clock to the Valaris.
It seems that these approvals are of the type that you contact the authorities to say its on and they stamp the paper. If that wasn't the case and we had received the rig on time from Jadestone we would have been sat with a useless but very expensive rig for the last six weeks.
Remember the maritime Treaty enacted between Timor-Leste and Australia that moved Buffalo-10 into Timor-Leste (T-L) waters came with the agreement that the security of title and legal rights currently held by Carnarvon will be preserved through conditions equivalent to those already in place under Australian domestic law. Holding back an approval unnecessarily would no doubt cost T-L. Very unlikely to be any issues in my view given that and that the officials from T-L have always made it clear they want to achieve first oil as soon as possible.
@ 18:41 - Yes, more than one of us.
Rig was late arriving from previous job.
Then possibly had hassles at Skua.
And maybe two RNSs before mid-December.
...well the partners had to be seen to be singing from the same sheet!. It is pretty much a joint rns, even neither mentioning who the 'previous operator' is - no Sh*t sherlock!....to avoid a blame game. No mention of an overrun to the existing rig contract!
Anyone in JSE?....expecting an rns?. Just curious.
Maybe Oiler can get a job there and learn all about the oil business :-)
Latest news on CVN website re new recruitment. Think CVN has admin covered pretty well….
With the Buffalo-10 well drilling campaign about to start, activity in Carnarvon’s Timor Leste office is ramping up – and so is recruitment.
Housed in the Timor Plaza building in the Dili District of Comoro, Timor Leste Country Manager Angelo Lay has spent a fast-paced six months preparing for the campaign and is ready for things to get busier.
The Timorese local, who lives in nearby Culuhun with his wife and two children, said his 14 years working in the Timor Government’s Autoridade Nacional do Petróleo e Minerais (National Petroleum and Minerals Authority) had been an ideal training ground for transitioning and preparing the Buffalo project.
“I started with the Carnarvon team in September 2019 after the production sharing contract (PSC) took effect with Timor-Leste,” he said.
“My previous experience working for the ANPM and an onshore exploration company has given me good understanding of regulatory environments and compliance requirements in maritime operations.
“Although I don’t have a huge amount of technical knowledge, my strength lies in understanding exploration strategy from exploration, operations right through to decommissioning.”
Since joining Carnarvon, Mr Lay’s day-to-day responsibilities have been weighted towards liaising with Company headquarters in Perth and advising on regulatory compliance, contractual obligations, taxation and on-ground government relations.
But his role is set to ramp up to include recruiting locally and stepping up as a Company ambassador in Timor Leste.
“At this stage of drilling there is a lot of activity to attend to. Once drilling starts, I’ll be supervising accounting, overseeing expenditure and looking towards the future,” he said.
“When the project becomes operational we need to hire a local content officer, the team here will be growing.
“As a Company we also want to show that drilling brings an opportunity for employment to the Timorese.”
Mr Lay said plans to visit Carnarvon’s headquarters in Perth were thwarted by COVID-19 but he’s looking forward to a trip when borders re-open.
“Carnarvon has a great working environment, very professional and all the staff have a strong work ethic,” he said.
“Hopefully I can get there soon to meet my colleagues and review our drilling program’s success.”
Noticed that too, but both ADV and CVN have included a very clear statement in their RNSs and I'm convinced that they would have not included it if they had any doubts ie 'with the last remaining regulatory approvals expected prior to receipt of the rig', so I'm relaxed about it, but clearly see it as a negative if you like. In all honesty I could find further negatives with ADV or other shares I hold, it's all part of the risk reward aspect of investing . East Timor are desperate about revenues from oil firms so can't see that as an issue.
Yes
This company and project has so so many positives that sometimes the negatives get brushed aside.
Good question and something that is brushed aside by most. I have emailed the company to seek clarification.
I think it was Oiler that brought it up yesterday and asked why this had not been received last month or even before, seeing we were aiming for end Nov spud? Is this the real hold up? If the rig had been mobilised a fortnight ago, does this permit (lack of) prevents us from spudding?
Quite last RNS :-
“ The Operator, Carnarvon Petroleum Timor, Lda., has been advised that the Valaris JU-107 jack-up rig is in the final stages of its current operations with another operator, with rig handover expected within the next two weeks.
The operations team is waiting and ready to receive the Valaris JU-107 jack-up rig to commence drilling operations at the Buffalo-10 well-site. Logistics teams are in place, and all appropriate support services and equipment have been contracted, with the last remaining regulatory approvals expected prior to receipt of the rig.”
Does anyone know what the “ last regulatory approvals” means ? Is it something straightforward / complicated / time consuming ?