Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Small volumes today, but still more buys than sells (145k to 93k); so we should still have another positive day for the share price which is heading north!
Having put a date on first gas and a % of work to be accomplished in this time, I reckon it is just the last items to be ticked off the long list that we had to get there. They have been pretty good on dates so far, once they have committed to them. So just over 3 weeks left to uncork the champagne!
We can disect and debate the reasons for the delay, when they eventually come out and then decide the fate of the management team.
Hi Wolster69,
I don’t read it as a problem needing resolved and more about the slow progress completing the processes etc.
Otherwise I do not think AH would have been so specific about starting back gassing mid February and first gas within a week later.
Aligator,
I agree there is a lot about Perenco we are not party too and a few subtle hints from AH in the past that they have been less than cooperative through this process and again in the most recent RNS.
We may never find out, but with first gas potentially 3 weeks away are we finally almost at the end of this extremely long tunnel
Good luck to all
GG
GGIS: it was the line, "Although it is very frustrating that it has been slower than planned, we are making every effort with the terminal operator Perenco to facilitate the fastest possible resolution." that filled me with dread, as I wondered what the issue was that needs "resolution"? I'm hoping it's just badly worded and referring to the slow progress of completing procedures and process, rather than letting slip that there is a problem that needs to be resolved !!?
Have to own up mole - fraid I have! Nice post of yours with all the detailed observations as usual. Had a bit of luck to need cash when it was 35/36, oversold so had cash to get re-involved after Monday's carnage at 30.5/31 - then along came the RNS which I anticipated at the opening on Tuesday, so topped up further with some nice tranches - and you know the rest! Still on the prowl. GLA!
Mole,
You have touched on something that has been niggling me since reading the RNS.
I have studied it several times and feel that Perenco may be causing some of this delay.
In the RNS Andrew Hockey stated.
“ Although it is very frustrating that it has been slower than planned, we are making every effort with the terminal operator Perenco to facilitate the fastest possible resolution.”
“SBRF construction and pre-commissioning works, which are controlled by Bacton Gas Terminal operator Perenco UK Limited (PUK) on behalf of IOG……..senior management is in continuous dialogue with their PUK counterparts to expedite onshore completion as fast as possible”
“……..albeit total personnel numbers are limited by the terminal operator's safety limits and have also been affected by Covid-19 related absences”
I have worked on several projects in the past where the Operator does not have the same sense of urgency as the company carrying out the upgrades or installation such as ours and can be quite obstructive and harm progress.
I wonder if this has been part of our problem. I am not saying its all of the problem but may be a contributing factor.
Regarding the production flow rates from Blythe and Elgood, that may take a few weeks of production to get to the optimum rates settled down and established but I would imagine they will want to open the well up as much as possible to achieve the best returns. The well test rates were combined at over 100 mmscf/d however that will be cut back for prolonged production, even a conservative 60mmscf/d will be huge revenue.
Baston Gas prices still in the 225p / Therm region and forward estimates for 2022 look to be staying high, that is five times the planned price deck of 45p / Therm.
GG
Dell I tend to look at the impact of the delay and how it's been communicated and whilst I'm peeved it went back it is I think just one of those things. The cost over run equally I'm not pleased to see but at least they finally put it out and quantified what to me was highly likely given first gas has gone back by 5 months since the plans of a year ago accompanied by a catalogue of expensive issues offshore.
The unexplained bit for me is why it was not there for October the original date or shortly after that but I suspect we may never know that maybe it was simply a knock on from the delays caused by Elgood. With alot of the work on the Perenco side it's not 100% in the gift of IOG to deliver so alot of the irritation is in us trying to guess dates without the full facts. The last RNS has (I hope) drawn a line in the sand for Feb which they feel is achievable else they would not have been so specific. I read the Angus update today out of interest and there commissioning work has also slipped over this same period at their facility.
I really hope they get the offshore work going again quickly as the delays/issues there really do have to not occur again and we are due a bit of luck. It's really not good having a rig on hire and idle for 3 months. So we await the revised plans for that.
Bacton delays is losing revenue but Southwark is burning cash. We should have full viability of both as we exit Feb. In the meantime we have a realistic deadline which we can now look forward to. The one missing piece of news is the review of Elgood volumes. They will release that one suspects having flowed it a bit.
Peak where have you found a pot of gold! Not been trading this have you!
I don’t need to filter anybody, no point, very childish action.
Easy truce ,filtered.
Let's call it a truce their gents ; )
If you keep posting constant rants on one subject I will keep responding.
I will not lower myself to your impoliteness so I will block you if I can .
Simple solution though for all of your problems, sell up and move on
No one asks you to read so don't. It's not about Christmas anyway but the first two weeks of January. Why does the rns say they are only now working around the clock suggesting they weren't in December. What do they mean about health and safety limited the numbers on site but now they have increased the workforce. There's a whole lot more to these delays that we have not been told. How can you lose nearly two months in two months on a program. I gather you can block my messages so go ahead . I will maintain my right to free writing on here.
Absolutely right. It's not so much spellcheck as the pad typing what it wants to. I am trying to find out how to turn it off. For example it put in spellchecker when I typed spellcheck 3 times. My apologies to all
Delfrog .... Bit of advice mate if your gonna get ****ed at least put your spell check on or read what you’ve written before hitting that post button.
You’re like a stuck needle with what works were being carried out over the Xmas period, what’s done is done,give us a break.
So at last someone has said that work was continoys though early weeks of Jan. However note the rns said number of workers was limited due to health and safety and also says now working night and day. Then on suggests they were not before....WHY NOT if they are now. Ni explanations have been given for the complete failure to execute work at Bacton as programmed ! LO SING CONFIDENCE IN ANY PROGRAM THEY GIVE, Sorry but they have failed m iserably at Bacton and itseemsSothwark too . These have cost usa fortune! So we should not be happy about what has happened when reasons given!