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Strike off action being suspended is usually brought about by someone who is owed money from the company not wanting them to disappear until they have paid there debts to them. I have done this myself to company that owed me money via a solicitor. It didn't get me my cash but it just enough to fk them off because they can't just disappear. It is likely HM Rev & Customs doing this to recover unpaid tax bills before AC returns to the sewer he came from.
So Is that a no or yes Antofelli - are you a believer in Mr C or not ?
The way the world is going we might not have another 5 years.
antofelli, your obviously in a very defensive mode today - I was just trying to establish if you believe that the current events that you see happening with shooner (I take it under the leadership of MR C) are going to ultimately benefit (financially) HNL PIs ?
Can I ask one thing - do you actually believe that Mr C is currently acting in the best interests of HNL PIs and is going to going to complete some amazing business deal that will benefit the PIs over the coming months ? i.e. bring the Company back to trading or give us some sort of windfall payment.
Hi Antofelli, great to see you at top of the board again.
It is extremely rare to see a PI so positive about a CEO's business/commercial abilities/activities that has just put a Company into administration in the way in which he did and then disappeared off into the night or should I say America.
I can only surmise that you must either know more than we do about the current situation or are delusional about it.
Can I ask one thing - do you actually believe that Mr C is currently acting in the best interests of HNL PIs and is going to going to complete some amazing business deal that will benefit the PIs over the coming months ? i.e. bring the Company back to trading or give us some sort of windfall payment.
Cheers
First time I have visited the board in a while - very unusual not to see antofelli at the top of the board with the last comments. Maybe on holiday. So are we waiting for the 22nd to see why the Compulsory strike-off action has been suspended ?
https://youtu.be/MSZgoFyuHC8
made me larf
Watching the likes of KIST and Serica just makes me feel sick.
What outcome are we hoping for now? I have lost interest TBH but is there any chance we get our investment back?
-- Still hold zero hope of a successful outcome here
For us maybe !!!
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Has anyone explored the new Fraud Act 2020 ? Not had a chance to look into this or any legal stance we may have but I saw this mentioned on another board relating to a company going into administration. Just wondered if anyone has had any proper legal advice ?
anto
I think all the sites need to work, the ACORN CCS potentially has better sites to put more CO2 away once pipelines start to be freed up. The Tertiary aquifer of the NNS is bigger than all the SNS saline ones, and much better quality.
Not sure about direct air capture, sure it'll get some CO2 out at massive energy cost
But why site it in the Aberdeenshire countryside, our fields need the CO2 to grow Rye and grass for our biodigesters.
https://www.scottishconstructionnow.com/articles/europe-s-first-large-scale-direct-air-capture-facility-of-its-kind-to-be-created-in-north-east-scotland
I would combine DAC with other benefits.
e.g.
Remove particulate pollution from the air at the same time. Siting DAC at Port Talbot, Bristol M4/M5 junction/ Heathrow would be better ?
The most polluted place in London ? The Underground. Why not site a DAC at the downstream of the ventilation fans ?
rant over.
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Anto, you say you are actively on this board. But doing what, exactly, to help extract any semblance of residual value in HNL via Schooner? Seems to me it's just more **** and wind from someone who doesn't still get it about the administration metrics here. There ain't any money left. Cochrane has done a runner. Get it?
foolish ?
anto dug out a very useful reference .....
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anto
CCS is bloody simple. The amount of CO2 you can get in is equal to (in reservoir conditions)
Aquifer water volume x pressure increase x (compressibility rock+ compressibility of water)
Pressure increase usually limited to fracture gradient. However, the rock will experience thermally induced fractures (CO2 is cold) at lower than formation fracture gradient. Throw in a bit of mineralization and dissolution to make in immobile, job done. Don't know what all the fuss is about myself
thx anto.
it is worth noting that CS007 purposefully includes the Boulton field. Operated by Harbour, like us, not mentioned in Endurance spiel. Boulton was doing double what Schooner was when closed (20 MMSCFD vs 10 MMSCFD).
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anto
not for the first time, I assure you
humour me - how will you, me, and ghost get the value from Schooner ? Why can't we know the value now ?
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anto
Cochran has lost us all money. You are inferring he's made us money.
As the Schooner is out with control of the administrators, why can't he update us all now ? I am obviously missing something.
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A couple of years old, but good info. If we follow anto logic then Schooner gas with be converted to hydrogen
https://expronews.com/ccs/triassic-reservoirs-back-on-the-carbon-storage-stage/
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It's easy if you aren't accountable to shareholders !!!!!
Quite clear AC read P20 & 21 of report and said I'm having some of that
https://s3-eu-west-1.amazonaws.com/assets.eti.co.uk/legacyUploads/2016/04/D16-10113ETIS-WP6-Report-Publishable-Summary.pdf
BC36
Development Cost
The development of the offshore transportation and
injection infrastructure is estimated to require a capital
investment (including Pre-FID costs) of £669m (Real, 2015
or £209m PV10, Real, 2015). Full lifecycle costs including
OPEX, decommissioning and site monitoring are estimated
to be £1609m (Real, 2015 or £269m PV10 - 2015). Levelised
unit costs are estimated at £12.33/T.
gh
I'm no fan of AC, his ethics fall short of what I would have expected.
I have written off my not insignificant investment.
TE was a bad move, the abandonment liabilities that came with it are way too big for a small co like HNL.
However, AC was not to know where the gas price was going. His business plan was to offload the "chronic" gas business (and abandonment liabilities) and move into renewables using his HALO offshore vehicle with Schooner.
All the big boys are moving into renewables (Total/BP/Shell/Equinor/Repsol).
Gas is now back in favour - I'm sure the REPSOL board are kicking themselves over Anchois/Rissanna .
Given the first gazette for HALO offshore is out we should know pretty soon - then we all celebrate or mull over a class action
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an
the wells were designed and drilled without high pressure CCS in mind. Same as all legacy wells throughout the UKCS.
Abandonment design needs to take CCS in mind now. Not a show stopper, just a risk to be mitigated.
The wells to watch out for are the 60's early 70's exploration wells.......
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anto
who is liable if legacy wells leak CO2 - Endurance or DNO ?
The development wells probably have very little cement across the bunter. They will probably have to punch a few holes in the 9 5/8 casing and perform a cement squeeze up behind 9 5/8 to the next casing shoe so that the bunter formation is completely covered by cement (usual abandonment is set a few plugs above reservoir interval and put a 1000 ft or so cement plug inside casing). This will add significant cost and operational complexity. Even after this an isolation is not guaranteed for low viscosity CO2. This is one of the major hurdles for saline aquifer CO2 where formations are being pressurized up.
Other isolation technologies are evolving. e.g.
https://www.aubingroup.com/products/well-technology/xclude/
May help but wouldn't rely on it.
Now the good thing is these wells are not owned by HALO
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ant
DNO bought Faroe who acquired Schooner in 2014
https://www.offshore-energy.biz/faroe-acquires-operated-interests-in-ketch-and-schooner-fields/
This is pure speculation. Schooner is unusual in that it is a carboniferous gas field with low recovery. It is plausible that since CoP there has been some repressurization of the production drainage volumes from the poorly connected areas. The current well abandonment ops shall provide updated reservoir pressures.
https://mem.lyellcollection.org/content/52/1/226
The low net-to-gross reservoir consists of discrete, low sinuosity fluvio-deltaic channels evolving upwards into an aggradational, distal fluvial fan setting, dominated by braided channels. Fault compartmentalization and variable sandbody extent mean that reservoir connectivity was a key subsurface uncertainty. The Ketch and Schooner fields gas-in-place estimates at development approval of 956 and 1021 bcf are now modelled as 581 and 654 bcf respectively. This reduction is due mainly to remapping (Schooner) and revised reservoir modelling reflecting production experience. Generally poor reservoir connectivity is demonstrated by the lower connected gas-in-place volumes, estimated at 351 and 481 bcf respectively, based on production data. Field recovery to cessation of production in 2018 was 263 (Ketch) and 310 bcf (Schooner) or 75 and 64% of the in-place volume connected to production wells. Topaz has 139 bcf gas in place, with recovery of 10.4 bcf from a connected volume of 14 bcf, equating to 74% recovery of connected volumes or 7.5% full field recovery.
I see nothing to suggest DNO have changed their minds on anything. Agree HALO are a thorn in whole Endurance plan that needs to be pulled
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anto
when a licence holder goes bust the licence, and all liabilities, reverts to the previous holder. DNO were the previous operator of block, so presumably has reverted to them. That said HALO is still P2578 equity holder according to these data
https://itportal.nstauthority.co.uk/information/licence_reports/databycompanyandblock.html
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