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Sorry ADUK my page only updated after I sent the message - see you have already addressed it
Could it be a condition of the agreement with BP that they do not mention the amount ?
My understanding is that once it is on the tanker it belongs to BP - have I got that bit right?
DC,
" all I’m suggesting is that if HUR cannot control the release of information by Vopac "
Hurricane's got nothing to do with it. Once offloaded from the FPSO the oil belongs to BP.
I think you're all now barking up the wrong tree, even though I can somewhat understand the thing from a Hurricane PI's point of view. Sure, (and I agree), maybe HUR could 'advertise' things a bit more to boost the SP a bit. But we know that's not the company's style. And also, while it's sort of fun to try and work out an offload volume, while we've got a friend who can phone the agent in Rotterdam to find out, a day later, why bother?
One way or another, it's public knowledge, and frankly I couldn't give a monkey's if this offload is 300,000 bbl, 350,000 bbl, or 400,000 bbl. In either case it means the EPS is progressing OK and money is coming in. As expected.
What I'd like to see is news filtering out about a flare being seen on the TOL in about a month's time.
Much as I'd like to emulate Longwait's freezer strategy, I've got lots of things to do in the upcoming weeks which will require me to be out in the sun beside a racetrack, or alternatively in the timeless environment of assorted casino card-rooms. But they add up to roughly the same thing.
The whole story now hinges on the success of Lincoln, in my opinion.
HUR issued an RNS on the first offload without declaring the amount. Why? Possibly because they wanted to announce it at the CMD. In the event the information got out before and despite AS making the clever chap remark he was probably rather miffed. During the CMD he talking about the possibility of hiring a rig next year and he made a point of saying that they will release the news BEFORE it appears in the fleet status report.
I’m not making an argument on the question of whether the information is or is not worthy of an RNS. The point is that HUR know the information will get out via a non verifiable source if they cannot silence Vopac. Are they content to allow this to happen? I think not and all I’m suggesting is that if HUR cannot control the release of information by Vopac they may prefer to announce the volume themselves rather than allow the information to reach the market via this BB.
Has anyone emailed HUR and suggested they publish an offloads RNS.... The arguments /points many have made do seem reasonable.... It's likely to fall on deaf ears, but I'll work up an email and tweet something .... no harm in asking.
Agree 100% with Cebo. Not worthy of an RNS. Probably get a tweet and that's just fine and dandy.
EPS is over delivering at this stage and that is as much as anybody could hope for.
GLA.
There may be an argument that they need, or may want to issue an RNS if they are now producing substantially more than the guided 9k per day, and if they do, it will keep the impatient happy for a day or so and maybe give the traders something to work with. FWIW, I will be surprised if we get an RNS on the second offload as we were told that we would get production figures quarterly in arrears, and that good enough for me. Although if our Dutch Colleague does make the phone call, I am all ears. :-).
From Fleetmon website
Petroatlantic
Capacities
Liquid @ 98% 103,887; Segregated Ballast 37,397; Slops 2,281
Aoka Mizu
Storage capacities
Exportable crude 98,000 m3 (618,000 bbls)
Slop tanks 7,758 m3(48,796 bbls)
The offload will be a little over 500,000 bbls from poster hoofhearted2.
jhaylock
From a PR perspective it is a no brainer not to issue a RNS . Although AIM rules are vague, any information that could have a material impact on the share price should be announced. If loading goes well $25M. landing in your bank account on completion of loading sounds material to me as the data still needs time to catch up with the promise.
GLA
It just seems daft to me that the Company should not want to RNS at least the first several lifts, they know that we find out anyway, and why would they not want to let the market know, even if it was through @hurricomms and not an RNS, just tell the Market. The SP needs all the help it can get. It's not like we are in the middle of Subsea installation and will find out at the end. This is ongoing production from a new Play that by all accounts is looking extremely promising, so if it is going well tell us. If it's not, Dr Trice said he would tell us.
So, come on, Hurricane, inform the market once the cargo has been sold please. That would be within 24 hours of the lift, going by what AS told us at the CMD.
Will HUR RNS the offload volume this time? Alistair Stobie is well aware of the previous occasion. Can he keep a lid on it and if not does he just let it happen?
PS Oh, I see you already know that! I was just picking up conversational dogends again...
JK,
1 m3 = 6.289 bbl.
(For what it's worth.)
JayKay1, thanks, the data sheet has proven to be very useful in my calculations.
Spedders, I'm an investor in HUR but I'm also a new investor in ENQ, where Kraken offloads are a big topic of conversation. As an engineer and out of interest I wanted to understand the conversions. After some study I came up with the same conversion as you, gross tonnage, API, etc. I agued my case on the ENQ board and was politely told by several members that I was wrong without any clear alternative calculation being presented. I stuck to my conversions, but my numbers all came up short against the fact that ENQ and EOG numbers all pointed towards 500K offloads. A poster on this board sent me this link to the Amundsen type shuttle tanker
https://www.slideshare.net/teekaycorp/the-amundsen-class-shuttles
I constructed a spreadsheet around the cargo and ballast capacities and the numbers worked. Most of the FSPOs in the North Sea are 600K capacity with nominal 500K offloads, and in almost every case I follow the offloads register in my sheet as very close to 500K. BP' Glen Lyon is a 1M capacity FSPO and I've seen up to 600K offloads for the same class tanker with a gross tonnage of 66563. Applying your maths that equates to 485K bbl capacity, and this is a relatively large shuttle tanker.
If anyone is still reading this ;-) and interested, I assume full ballast on arrival and empty ballast on departure (for c500K offloads). A big assumption but it seems to work.
Sorry for the 'simples' jibe. I'd just got back from the pub and was in good spirits! I appreciate your query.
L7, Petroatlantic has a gross tonnage of 54865 tons. At 7.33 barrels per ton that gives approximately 400k bbl, simples. The capacity has nothing to do with the dead weight. There may be additional factors such as the lightness of the crude, and difference between metric tonnes and imperial tons, but that’s near enough for me. The Petroatlantic is one of the smallest ships in the shuttle fleet. I of course stand to be corrected, DYOR.
Spedders, I could bore you with the detail but by my estimate the Petrolatlantic has a capacity of at least 618K bbls. The standard parcel size for an FSPO in the North Sea is 500K bbls. The PA would have slim pickings is she couldn't handle 500K. How do you get 400K bbls - show me yours and I'll show you mine.
I think comparing this tanker's capacity to the last is pointless. Both exceed 500k bbls. There may be a good reason why 350 K bbls was offloaded last time and something similar will be offloaded this time. But the fact is that the Lancaster FSPO is capable of an offload of 500K and the PA is capable of handling it. All I'm saying is that 500K is the normal parcel size.
Probably, before the end of the weekend the PA will detach and report a draught. If it is 13.5m she has 500K. If the draught is less she doesn't. Simples!
You lot make me laugh. You argue and debate everything. Mind you its more interesting than what's on the telly
Reverandy
Another sweepstake?
Yep, lower tanker capacity, looks to me like another 350k offtake imho
Londoner7 the Petroatlantic only has a capacity of 400kbbl. So the parcel can’t be 500k.
He may have done - he referenced "some bright spark2, or similar, phoning Vopak.
But let's hope not.
In the absence of good PR from HUR, it seems its up to us to ferret out the good news stories!
How many times do you people need telling? It's 9000bpd
So this trip should be 9,000×38 days=
342,000b
This is BIG signal but has been met with little response to the SP..yet. Flow rates are all but confirmed otherwise the PetroAtlantc would not be on her way to Lancaster. Wakes wakey people! Atb Rich
adoubleuk
"Hopefully we still have our friendly 'spy' in Rotterdam (assuming that's where the tanker heads for) so we should know the offload volume fairly soon."
Yes it will be quite informative if Amaja can elicit that info again, as long as AS hasn't put the screws on Vopac.