Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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"OK, this will get a bit 'techie' but I hope the 'non-techies' will understand my drift, which I'll try to keep simple.
Coincidentally, simultaneously, in parallel with all the guff the BoD has recently published, there's a small bit about 'requesting permission from the OGA to produce at 300 psi below bubble point'.
What this essentially means (if accepted) they could 'open the taps wide' to the possible detriment of the reservoir, and if it meant pushing the FPSO to operational limits, maybe the FPSO itself. But well 6 is quite capable of producing 20,000 bopd, and even if there's 30% water-cut, the FPSO can handle that."
No. No. No. No.
The reason HUR required permission from OGA is due to potential gas cap formations and also to get approval for a less efficient production from Lancaster. Afterall, a lot of gas will now be flared for smaller production of oil.
Also, the BOD clearly project the reservoir pressure to drop 300 psi between now and until economic limit of the well.
No taps are going to be "opened wide".
Sometimes, I do question your technical knowledge lol.
Well 6 is currently running on ESP due to declining BHP pressure and to support lift. With production at below bubble point, there are risks to the ESP with gas production - including gas locks and erosion.
You seriously don't understand the situation HUR are in lol.
It's Game Over. 5% or 0%.
Re Solan Premier Oil drilled another well that came onstream in October producing 10,000 barrels a day.
"BUT. That sort of 'take the money and run' approach is not the one advocated and accepted by original shareholders."
Nor is it or would it be allowed by the OGA, because the simple fact is that the oil is technically owned by the state ( well the crown actually) and extracted under licence by the companies. They get to keep the oil in return paying high taxes and in the old days PRT and Royalties...
Mcbladder,
"adoubleuk - they have $230M debt they haven't a hope in hell paying it back with those production figures"
Oh yes they have, and that's where the plot of the scam deepens, or the muddy waters thicken.
OK, this will get a bit 'techie' but I hope the 'non-techies' will understand my drift, which I'll try to keep simple.
Coincidentally, simultaneously, in parallel with all the guff the BoD has recently published, there's a small bit about 'requesting permission from the OGA to produce at 300 psi below bubble point'.
What this essentially means (if accepted) they could 'open the taps wide' to the possible detriment of the reservoir, and if it meant pushing the FPSO to operational limits, maybe the FPSO itself. But well 6 is quite capable of producing 20,000 bopd, and even if there's 30% water-cut, the FPSO can handle that.
BUT. That sort of 'take the money and run' approach is not the one advocated and accepted by original shareholders.
'Open the taps wide' and produce like stink, sure it can be done. Making enough money to pay off the bondholders on time, and also releasing BP from their offload / selling to market contract quicker.
But then what? Call it a day? Or instead, have it already handed on a plate to some so-called anonymous 'ad-hoc committee of bondholders', who'll have made their money back bigtime and can now do what they want to do with the WoS oilfields ?
Beware.
At least I'm trying to inject a sense of proportion...
I thought they were funny, but then I'm the type that laughs at their own jokes, and folks who don't read RNS's and act surprised when it turns out they were correct......
obv. should have been "one trick pony" in my previous post..
I humbly apologise for my grave error of judgement...
"Which is about three times more than Premier's Solan field. And essentially from just one well. At a fraction of the Opex."
The difference being that Premier had lots of other fields to cover this disastrous field development. They paid $2bn to develop plus or minus 25mm bbls...
One shot pony companies have inherent single point risk...
It all seemed doom and gloom on Friday, April 30. Hopefully Friday, May 21 will be a bright and sunny day for all shareholders here
adoubleuk - they have $230M debt they haven't a hope in hell paying it back with those production figures
Had a similar reply from Mr Bernstein :) Unlike the board of Hurricane, if the facts change, we would update shareholders!
Mcbladder,
" Production is going to average only between 8,500 - 10,500 for 2021 too"
Which is about three times more than Premier's Solan field. And essentially from just one well. At a fraction of the Opex.
Alavib,
Thanks for posting that reply from CA, which had escaped my attention in late April. I note that they mention the phrase 'potentially strategic UK asset'. And inter alea, that applies not only to Hurricane's acreage (what remains of it), but all of the WoS oilfields.
Don't get me wrong. I'm no great admirer of CA or that company's modus operandum in general. They themselves would do things to PI's just to their own benefit without batting an eyelid. Though of course, that's their priviledge, and the advantage of being a 'chip-leader' in the game.
But I do get the feeling that their quietness of late is significant, and they're waiting before showing their hand. Which will of course be in the hope that it's beneficial to themselves, but might have a slight positive spin-off effect for PI's.
I don't know. But it's all very interesting.
It's been 8 days since that operational update which to be fair was not great. Production is going to average only between 8,500 - 10,500 for 2021 too
“As soon as Hurricane provides overdue operational and technical information, the Fund intends to assess this
and provide its comments accordingly, in order to protect shareholders’ interests, restore investor confidence and fully
capitalise on the opportunities from this potentially significant UK strategic asset.”
Well HUR need to get their finger out given the time frame for a considered CA response, jeez.
Thanks Alavib. Hopeful!
Alavib - that reply indicates CA will act and are waiting for the right moment (which will by now have been chosen) to do so
I guess for now we can keep writing to all avenues.
Reply from CA
Dear Bruce,
As we are a listed business, I am not able to give you any information that is not in the public domain.
I would however point out what we said on 22 April:
“As soon as Hurricane provides overdue operational and technical information, the Fund intends to assess this
and provide its comments accordingly, in order to protect shareholders’ interests, restore investor confidence and fully
capitalise on the opportunities from this potentially significant UK strategic asset.”
Kind regards,
Great Jake....
Pkease copy to other addresses too and the chancery as per my postings...
I've emailed the FCA this morning. The share price is telling me that all is not lost yet. I think that CA will make their case on Friday at the hearing. Why wouldn't they ?