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Whilst the acquisition of the boat is not something I was expecting and I don’t like the dilution I think understanding what is really happening is beyond all of us due to the local politics required to operate there.
KO is in the middle of a three dimensional chess game and we here thousands of miles away are trying to understand what is happening by applying the draughty rules!
So an additional cup of “Hope and Faith” is required here for the next couple of months. I am guessing the game will be much clearer come the AGM?
Mr C - he cannot control when the offshore blocks become available for tender, what he can control is putting the pieces on the board in preparation.
He has seen the opportunity of the majors opting for deep water offshore blocks , hitting expensive problems and high sulphur, then packing up and leaving - NOTE deep water.
What he had foreseen is that buying Boaty McDrill Face wouldn't do him any harm and would leave him ready to strike whenever the opportunity arose, or to sit and study the process further if it did not arise,.
Given the opportunity he has chosen to strike in the shallow waters, the waters that are close to his current assets - WHY ? Why has he chosen this location.
Why at the AGM did Clive impart two pieces of knowledge about the offshore blocks ?
1. We will be looking to get one.
2.They are very shallow in that area - the oil is barged across to the refinery as it is more like a lake than a sea ?
No mention of BMCDF at that time, but it had been noticed previously whilst people looked at Kuats other assets.
MJF is now working, okay still a work in progress but one that is self funding and will have 24 wells at some stage in the near future.
Airshagyl A series wells are by all accounts now flowing - work in progress - cash flow unknown at this stage but assuming they get 2 x wells flowing at 1000 bopd each that is self funding.
The time to buy into an offshore block and strike the best deal possible with a major must be now ? If they do not get a block and the majors return in force the opportunity may be lost, he has to move now.
CC I'm with smasher on this one, why cant CASP get the work in progress stuff proven and get a bit of credibility before they spend a lot of cash going off at another tangent..Its never good in life or business to keep starting new projects before you have completed any of the others...Ans as for the value of the barge they bought, things are only worth what a buyer is willing to pay and we cant assume we got this at a great price...
If you went to the AGM you would have heard Clive say, the next round of offshore licensing blocks are coming up soon and we are going to be applying ... a few investors then started researching the CE, no great surprise when it turned up on our books.
Kuat had a 60% share in the premier shallow drilling rig on the Caspian Sea so it was obvious he had been taking a keen interest in these off shore blocks, he managed to buy the CE, greatly reduced from its original build cost of $200m and rent it for at least 67% of his tenure, that gave him further exposure to what is good and bad, the correct R & M schedules etc.
So now we have a concert party with a good level of onshore drilling experience and in these later years success.
You can see the plan here, they have communicated some of it verbally and in RNS, as always the Elicence and Bico Tender fill in some of the gaps that they don't RNS.
I think a sale of this company may well come in 2020 given what we have discussed this morning, in this way the Orazimans get not only good cash for ROXI but also for assets they wanted to offload onto CASP - if someone would have asked most shareholders do we want to buy an expensive oil drilling ship in an Arthur Dailey style way I think they would have said why should we..
Yes, it's part of a bigger plan - seems to be called pollute and screw over the non-insider shareholders. Because of confirmation bias, you've probably all been thinking that he's been brought in to sell the company to Chevron or someone, whereas they probably wanted to get him on board so that he could handle all of the buyouts of the pointless assets which the insiders wanted to dump onto the company! Remember the 3AB land deal, yeah that's been a real money maker for Poxi hasn't it?! Precisely 0 flowing barrels of oil and 0 proved up reserves. Stonkingly good value for the company that trade was. Ditto this salvage boat which he's offloaded onto Poxi for a mere $25m, which he's very graciously going to allow to be paid in 12p shares! (I've a couple of acres of agricultural land out in Somerset they can buy for only $20m, and they can even pay me in 20p shares!!!)
Yes always just when you think it's about to take off they seem to deliberately put some think in the news to stop the rise . The last update was that they are going to analyse the acid treatment when BH will have taken that into account when they first analysed the data. If not a pretty poor show by a world leading company. Yes I except this is oil exploration and time frames go out the door but there always seem to be a an excuse on hand to slow everything down. I'd rather raise the money and pay for more deeps than buy the boat as at least the wells will be paying ( if successful) tens of millions of pounds into the bank. Clive is not fit for purpose and that has become very obvious.