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"If I may so impertinent to say so, you're mentioning points which I've been banging on about for months ! But no problem, and they remain worth repeating."
adoubleuk - I think we are both batting for the same side here, anyway points are points and as you / we say, something doesn't feel right here.
If I were to be totally benevolent to our BOD, I could make a case for BOD nativity and being steered by the 'AD HOC' group to make a series of totally bizarre decisions maybe. But I'm not and they have to go.
ADBUK “We see Lincoln producing under test at around 8000 bopd, yet OGA is saying it must be abandoned, even though the equipment to tie it back to the FPSO has already been purchased.”
The problem with Lincoln is, I understood, that it does not form part of a current field development plan and as a singleton “wildcat” producing well it does not fit in with the neat and tidy minds of the OGA. Spirit’s involvement would have resolved this but their attention is currently diverted elsewhere.
So, new Board leading and motivating the management properly, development of a new work plan to incorporate Lincoln and increased production from Lancaster, signing up of new players in a JV. There’s a lot for a new team to play for in the future!
Good summary adoubleuk , too many contradictions and throw in the CPR's we have a well thought through strategy to take out Shareholders .
Unfortunately the Oil price took off 6 months to soon to seal the Deal .
However we are dealing with a smart bunch here and must not underestimate the lengths regarding voting in AGM and EGM that could be manipulated .
How will Kerogen be told to Vote ?
Albie,
If I may so impertinent to say so, you're mentioning points which I've been banging on about for months ! But no problem, and they remain worth repeating.
On the one hand, we have people like BP and Shell proclaiming Hurricane's acreage to be worthless and some sort of pipedream, but on the other, we see them leasing all surrounding acreage.
We see Lincoln producing under test at around 8000 bopd, yet OGA is saying it must be abandoned, even though the equipment to tie it back to the FPSO has already been purchased.
We see all the acreage up to and including Halifax being relinquished without any reason for that being given whatsoever.
We also see (maybe most importantly) on the one hand the BoD saying that the company will become insolvent due to low production, but at the same time saying that production could continue (thereby avoiding insolvency) providing that their 'refinancincing' scheme is approved, essentially cutting shareholders out of the picture.
It's all a very, very wrong state of affairs. I'm not a lawyer, but to me it all sounds close to criminal fraud. There are just too many contradictions, turnarounds, and inconsitencies.
Technically, either 'Fractured Basement Reservoir' West of Shetland works, and can produce in commercial quantities, or it doesn't. And it is proved that it does work, otherwise how come the Aoka Mizu is filling its tanks at about 10,500 barrels of oil, right now ?
Plus that boat won't be going anywhere else, ultimately, other than the scrapyard or some really cheap kind of storage-harbour. Bluewater might have re-advertised her, but whoever takes up such a new charter, it'll be in the same place as she is, producing from the same field.
It all stinks of a calculated conspiracy.
Just why did BP et al license blocks joining our WoS acreage especially given that HUR according to our own BOD is virtually dead and buried?
Also we've had this 'Doom Laden' scenario painted by our own BOD about the future of the Lancaster production rate, which hasn't yet materialised. I could quite easily imagine production carrying on for several years albeit (maybe) with an increasing water cut and much higher PoO, how would existing share holders feel if that came to pass and our Company was given away for peanuts - Nah, this lot has got to go, I still smell a stinking rat here somewhere.