Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Proverloop, JoeSoap,
This time it seems like three of us were writing at the same time!
I would, however, like to posit an answer to JoeSoap's question, which admittedly was aimed at Cebo. To whit:
" Please share just one explanation so that your fellow investors might enjoy a sound sleep in a dry bed for at least one night."
OK, let's assume your house hasn't been flooded. so here's one heartening thought. The stockmarkets in general (and the oil sector as one particular) have been hit hard by this coronavirus panic, but HUR has ridden it out so far better than many. So don't wet your bed.
Cebo,
" anyone thinking about this weather causing riser damage or causing the AM to lose couple of chains are really letting there imagination run wild. "
I tend to agree with you. The mooring system / catenary riser system will have been risk-assessed to the hilt during the design phase, if full knowledge of WoS weather-conditions, including the '100-year wave'. Even if the chains were made in China! (Though I don't think they were')
Plus also, as someone else pointed out, that greenwater protection wasn't added in Dubai for nothing. The ship's dynamic sea-handling characteristics in bad weather during her five years over Ettrick were no doubt carefully studied, so she was beefed-up to be sure of things when on Lancaster.
Nevertheless, it must be remembered that this is the FPSO's first winter out there, and EVERYTHING's being put to the test. If the weather was a bit 'bumpy' a few miles to the west in deep water, it was probably quite 'lumpy' over the shallow Rona Ridge area. And it can just take one slightly out-of spec ( and maybe not properly waterproofed) sensor relay being bounced around to slow down production.
I retain an open mind about 'causes' for the light load. But am skeptical that it has anything to do with the reservoir itself.
@slipanchor 10:54
We do not know why the BOD felt it better that AS should leave, but we do know from their previous guidance that following the Spirit farm-in the planning timescales were nothing short of ambitious and a rig was required to drill the 2nd three production horizontals.
The FID for Phase 2 was originally set at end of September and they would have needed to know the cost of the project in order to agree to proceed to the Company timeline set out.
If only Dr T's prognosis had been more dependable...
Weren't the BoD on for c£10M from the VCP?
@ Cebo 12:25
there could be many reasonable explanations for this, that shouldn't cause concern to investors.
Please share just one explanation so that your fellow investors might enjoy a sound sleep in a dry bed for at least one night.
I've been reading some concerns about separators tripping due to bad weather etc, this may happen if the weather gets lumpy but generally you'd get things reset & back up within an hour or two.
The separators have level controllers (instrumentation) to protect the whole system, in bad weather you can override the high level trips as you get spikes caused by bad weather.(although you're not meant to run with overrrides on for any length of time)
I read some grumblings about the risers, in the bad weather, the flexi risers are attached to the bouy, the clue is in the name flexi, there's a fair bit of play in them, all of that would have been thought of by the boffins long before the AM was in Dubai.
All the rumblings about light load etc; this may be just to tie in with another load just before CMD? Roll on CMD .
Cebo, no need for that buddy.
Speculation? - yes, of course, that half the point of these BBs isn't it?! And there was plenty of other less probable speculation going on so I thought I would add my thoughts.
Weather? - pretty big, even for the time of year. Swell and wave size. And not just one storm but one after the other for a sustained period. I have seen anchor chains bust on newer FPSOs in less weather. Enough said.
You will also note that my point was that the AM had rode out the storms quite nicely, showing how resilient the AM is proving to be.
You then contradict yourself by saying that the AM has been producing steadily, but you don't know why the tanker was light. This was the reason for my 'speculation'.
Slip - good post. After a lot of rambling yesterday my preferred theory is that the spirit issues have left hur with a bill which should have been risk assessed properly. I also suspect that he wasn't the best person to deal with certain parties.
More nonsense and pure speculation by the clueless here. For a start, the weather WoS over the last few weeks has been "bumpy" but certainly nowhere bad enough to stop producing- anyone thinking about this weather causing riser damage or causing the AM to lose couple of chains are really letting there imagination run wild.
I am confident that the AM has been producing pretty much constantly for the last few weeks. I am also confident that she needed a tanker as any delay would have meant a slow down due to lack if capacity.
I dont know why the offload was light (if indeed it was) but if this was indeed the case then there could be many reasonable explanations for this, that shouldn't cause concern to investors.
I'm afraid I have no sympathy with AS.
We have a rig sitting in Cromarty being used as a floating hotel for rig workers and costing the company and shareholders in the region of £10 million as quoted by Dr t.
SA and his advisors should have made sure that all the necessary regulations and consent had been agreed by the OGA before the rig was contracted out, it would appear that they put the cart before the horse.
The rig has now been under contract for 9 days and we still haven't been informed
of any programme and at what cost this will be to the company.
For ten million we could probably employ the best CFO in the country for 15 years inclusive of bonuses.
Question in my head is, 'What are the limits of wave power that the AM can withstand ?, I would imagine that those calcs have already been well thought out and calculated before her HUR assignment?
That info would be in the metocean data given to the design team. It was obviously looked at hence the addition of the extra green water protection when the AM was in Dubai
"Fred_Bloggs,
". I'd put my money on a pump fault and if so, then quite possible a shaft seal failure. "
That sounds remarkably detailed for a 'guess'. Or is it in fact really a 'guess' ?"
Truly a guess. But based on decades of experience with oil and gas industry machinery. It's a fact that shaft seal issues are the single most common cause of pump outage. HTH.
Question in my head is, 'What are the limits of wave power that the AM can withstand ?, I would imagine that those calcs have already been well thought out and calculated before her HUR assignment?
Yes WOS, from what I have read, can be a very challenging environment indeed, but at the end of the Day, I think the AM will cope admirably. :O)
Cocopops,
" The fact that we are still producing and offloading is a great relief and shows that the AM is a tough old bird."
This (below) still remains one of my favorites showing what it can be like out there...
https://www.youtube.com/watch?v=gPy2DHHnlqQ
I must admit that due to the huge storms rolling through I was also thinking that a damaged riser or couple of broken anchor chains was on the cards. The fact that we are still producing and offloading is a great relief and shows that the AM is a tough old bird.
DC,
"FT headline:
Saudi Arabia seeks bigger oil cut as coronavirus slashes demand.
and in the article:
"The kingdom is asking producers including Russia to sign up to a collective production cut of an additional 1m barrels a day, according to five people familiar with the talks"
Thereby in just a few phrases negating any discussions about 'finite resources', and so on...
Cocopops,
Thanks for your 'weather' post.
I've already hypothesised that the 'light load' may have been due to a technical glitch. Others have put in further ideas. But of course, with the exceptional number of serious storms over the last few weeks, it's in no way inconceivable that production may have had to be shut down for a while due to weather and extreme vessel-movement. 'Production-train' equipment has its limitations: things like skimmer-tanks don't work if rolling around too much, and nor do separators.
It could quite easily all due to something that simple. And a bad weather shutdown wouldn't be worth an RNS. The FPSO's WoS, after all, not in the Red Sea.
All I know is that there was some very big...actually Massive...sea states rolling through in the weeks proceeding uplift. I remember thinking more than once that they would be doing well to keep producing through that, and that I wouldnt be surprised if offload was delayed a while. Weather was bad even for winter.
hilarious fred
FT headline:
Saudi Arabia seeks bigger oil cut as coronavirus slashes demand.
and in the article:
"The kingdom is asking producers including Russia to sign up to a collective production cut of an additional 1m barrels a day, according to five people familiar with the talks"
You could be right, S-A, but if so, why wait until now?
Maybe they have just increased it from 0.49 percent, which doesn't need to be declared, to 0.59 percent.
One thing is for shaw whatever it might be, AS has taken the can.
LONGWAIT
The short position taken out by Blackrock could be a hedge against a long position they have running.
There have been all sorts of shenanigans going on over the last week including the removal of AS so it is difficult to keep abreast of events.
"Blackrock has taken out a 0.59% short on the 27th Feb making the total 1 28%."
Are Blackrock Hurricane bondholders, by any chance? I feel that with current global market positions, bondholders hedging their bets should be expected.
I noticed MW's reduction to 0.69 percent a few days ago, but didn't report it as it was an insignificant reduction.
I'm not sure I'll ever invest again in a Blackrock fund after seeing this.
It isn't just that it hurts me personally but that they would consider HUR a candidate for shorting when it's so obviously vastly undervalued.
I do recall Blackrock's World Mining investment trust making a disastrous investment in London Mining bonds a few years ago.
London Mining went bust.
Blackrock took a big long position on NMC Health so I take their short increase here as a positive
I think they ran out of lasagne and hadn't got enough to feed the crew of both boats,, So the Petroatlantic had to go and get their tea elsewhere. My friend told me