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The RT stuff is no more than gossip, and tittle tattle ....besides...the king is longtime dead....
Guys, those rumours about RT upsetting the OGA and the OGA making a decision based on an individual are complete nonsense - the organisation does not work like that.
Anyway, Ghengis, it may be worth having a look at Crystal Amber's update this morning, and yes, like some on here, Crystal Amber are invested so they see may not see your "elephants. :-) Nothing that we do not already know but good to see it laid out again in an official RNS. The interesting part was the urgency to buy bonds on the open market - (shame when they first recommended this, the BoD decided bot to do it because it would **** off the bond holders). I would hope that this is already happening and any available is getting hoovered up, and discount is a bonus as it saves on interest payments.
And good to see confirmation as stated yesterday and of course during the hearing that BW are very keen to get the BW contract extention over the line.
Personally, expecting the Bluewater extension news here circa next week, otherwise certainly during current month along with few other updates from the new BoD.
or indeed felless
otb3
Oh, I see, of course. Doh, Idiot that I am
cheers fella
Forgive my ignorance but what exactly is the 'BW extension'?
NT to sell now, unfortunately
I think we may get an RNS soon on the BW extension which should give the market confidence, as this was a much talked about issue at the hearing.
DR2
Thanks for that. Interesting insight. A pity that the OGA should take things so personally. arssehole bureaucraps
As an aside. Been looking at the 4 April-2017 FPSO contract with Bluewater and noticed this:
''The full form documents will be concluded and signed by 14 April, in line with the key points below:
• Term: Firm 3yr FPSO lease + 2 option periods for in total 7 years''
-
In effect the contract could conceivably extend another 6-7 years if extended as per the above.
More interesting is that the bond owed by Bluewater is around $400m and their finances (excluding debt) are nowhere near as robust as Hurricane's. They need this FPSO extension as much as we do.
https://www.stamdata.com/documents/NO0010697485_SB_20170404.PDF
There was rumour Trice seriously upset the OGA and they dug their heels in regarding a Full Field Development Plan.
I am very encouraged that it flowed and a FFD has to start with 1 well, at the hearing a figure of $700 mil was mentioned for a FFD but that would be spread over many years.
We know there is oil there and at some stage I would imagine it will be revisited with OGA approval. The Spirit JV definitely needs to be resolved if Lincoln is going to be exploited.
'is'
I reckon Centrica are so desperate to sell Spirit that they'll cleanse the company of its JVs by buying them off and that includes Hurricane.
I wonder if the amended HUR-Spirit JV agreement now favours Hurricane more than Spirit?
I'm still struggling with the P & A of Lincoln considering if flowed at commercial rates. I don't get that. I'm not an oiler just a private investor with a small brain but common sense dictates that a commercial flow would encourage development of the asset. It's all so illogical
Cebo
The RNS of March 2020 confirms that a contract exists between Hurricane and Spirit where certain obligations and costs have been agreed . All the terms of said contract have not been fulfilled and the contract to my knowledge is still in play .
Hurricane therefore on receipt of a positive CPR on Lincoln or GW , could ask that it be tied back to the AM as part of the contract , 50% paid for by Spirit .
This contract clouds the waters for any Spirit sale, so i would think Centrica would wish to clean up this Outstanding issue .
Purely Speculative apart from the Existing contract ? Value ?
Happy to be corrected by our resident Legal Brain .
......and HUR SP will commence on a major positive catch up rally;
...... surely you mean major positive ketchup rally .... for the fast burger- n-chips ...
Golden Badger - Are you speculating that Centrica would pay Hurricane X million $ to offload Greater Warwick Area licence - what financial liabilities or commitments do they have in relation to the GWA now that Lincoln has been P&A'd. Surely we can't on one hand say that there is value in the GWA licence (I personally think there is) and on the other hand say that Centrica will pay to offload.
Apologies if I am reading your post wrong.
Are you sure you're not just repeating yourself, FatSam82.... I'd have a word with your Doctor about that.....
How about considering this :
Centrica have been trying to unload their O&G production arm Spirit and have recently stated they would like a clean sale .
With this in mind i would believe the contract with Hurricane is one of the issues on the Agenda for cleaning up and Hurricane know this .
A Settlement to tear up the existing contract should be very Beneficial for both parties and thereafter Spirit can possibly be sold to Harbour . $30m for Hurricane would be very timely .