The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Interesting article published in the IC today following a meeting in congress. It involves Diversified Energy and their performance on preventing methane leaks on some of their old and abandoned wells. Hopefully, our sales team are all over this.
Members of the US Congress have called for Diversified Energy (DEC) to outline how it is stopping methane leaks from its tens of thousands of mature gas wells.
Four Democratic members of the House Committee on Energy and Commerce wrote to Diversified boss Rusty Hutson Jr on Monday.
“As the largest owner and purchaser of oil and gas wells in the United States, Diversified Energy is responsible for remediating a substantial share of the country’s ageing oil and gas wells, but we are concerned that your company may be vastly underestimating well cleanup costs,” wrote the members.
The company was built on buying up older wells for cheap and running them until dry. Various reports have alleged a lax approach to plugging leaking wells given the sheer scale of Diversified’s portfolio, including a Bloomberg investigation in 2021 that the House committee quotes from extensively.
Interesting ref to Chevron there...
WoodMac's snap Key Takeaways from COP 28..
.."Methane
The Oil and Gas Decarbonisation Charter (OGDC) is a voluntary commitment to net-zero oil and gas operations by 2050. It was signed initially by fifty leading companies:27 NOCs, 17 Independents, and six out of seven Majors. Chevron, the only Major without a comprehensive corporate net-zero target, opted out. The signatories pledged to eliminate routine flaring and deliver near-zero methane emissions by the end of the decade..."
Maybe, baby. Can't hurt POS's prospects.
ATB
HTTps://www.offshore-energy.biz/baker-hughes-and-chevron-enter-20-year-framework-agreement/
Interesting development. Hopefully our sales team are upping their game too!
Very interesting TOTEX was part of the reason Baker Hughs won this huge OFS contract.
More 50000 trades....and they were definitely buys at 22.4 (highest recent sell price 21.75).
.....and we are actually up, not down, if judged on real trades - the reason we are showing down is because of a spuriously high UT at the end of Friday.
Our 50000 buyer is back..........
Starting to look lively again……..a Company in the right place at the right time……
Methane hits the mainstream again
The Economist
The importance of reducing methane
Our podcast on science and technology. This week, we take a closer look at an agreement made at COP28 to reduce a powerful, but overlooked, greenhouse gas
'Every little helps'
GLA
Https://x.com/rckhlld/status/1732105511909093824?s=61&t=NLG8GlLfvfmvXPP4BlgPCg
"...world’s largest private and state-sector oil companies, led a pledge by 50 oil and gas producers at the COP28 climate summit to cut Methane emissions from their own operations...."
My prediction for 2024, more contracts, small ones at first but frequent enough to repair the finances and maintain an upward sp momentum.
Thanks to Paul Hill for the following:
#POS - Possible game changer for Plexus? Extracts below from a WSJ article published today.
"On Saturday, the Biden administration announced a final methane rule for U.S. oil and gas producers, requiring them to plug methane leaks and stop burning excess gas with flares. The regulations also mandate regular inspections of facilities to make sure the planet-warming compound isn’t escaping into the atmosphere.
Administration officials say the methane rule—which will be phased in over the next two years after two years of contentious debate—will cool the planet and improve public health. Industry groups say it will put some well owners out of business.
European Union officials used the same playbook, announcing proposed rules in November that would clamp down on methane emissions from production facilities, as well as requiring imports and exports to track and report methane beginning in 2027.
The EPA rule will require new wells to cap flares at production facilities that burn gas waste that the industry says isn’t economical to sell.”
“The EPA estimates the new methane rule will prevent 58 million tons of methane emissions from 2024 to 2038.” Methane is an odorless, colorless byproduct of oil and gas drilling operations. Once it reaches the atmosphere, methane is 86 times more potent than carbon dioxide at trapping the sun’s energy.
In addition to curbing climate-warming methane, the rule will also eliminate 6 million tons of unhealthful volatile organic compounds by 2038, along with 590,000 tons of toxic air pollutants like benzene and toluene.
BP America Chairman and President Orlando Alvarez said he welcomed the new methane rule and its application to existing oil and gas facilities. “A well-designed rule will help drive material methane emission reductions this decade and beyond,” Alvarez said.
Lots of news coming out on cop28 and the methane pledge from oil majors and countries. This can only be good news for plexus https://www.nbcnews.com/news/amp/rcna127496
Company report today....as usual the Chair gives a good sum-up of o&g around the world and points to pos's potential as a provider of leak-free well heads and shut down equipment. Joe Biden's govt bringing penalties in for leaky methane equipment control. The N. Sea closing down numbers estimated at 200 per year. All factors favouring Plexus equipment, but, do you, need patience. It could all start coming soon but there is always the unknown unknowns. They have a tie up with Shlumberger,(Slb) a big operator and forecasts predict oil output in 2028 higher than now.Gla.
RSI(relative strength index), is above 50, in both weekly and daily charts, confirming trending status . Price pivot break and also break above last price peak of 22.5, on increased volume is bullish. RSI, failure swing coincides with the RSI, peak of 17/11/23, which is also price peak of 22.5.
Bollinger bands , upper and lower , are separating, which indicates a fast sp, movement .The last weekly Japanese candlestick is a small body doji, so for those of a cautious temperament, consider, a buy above the high of 23.
Obsolete North Sea oil wells offer up a £20bn opportunity
https://www.thetimes.co.uk/article/084bf9a8-87bf-11ee-947e-24524bf233d8?shareToken=49ee3ec54e96202ac9a9c4385a1d9106
According to an article in the Business section of today's Times, the market for decommissioning in UK waters is worth £20billion over the next decade.
Today's drop an opportunity to add shares imo. I am not a technical investor but there appears to be a support level just under 20p. News of another contract will push the sp up 20% in one morning so happy to add, DYOR.
Indeed they do and several multi well fields now being decomm and more to follow in next 10 yrs
Further contracts will keep coming here, results next week
BUY
Sorry I didn't make a note, I've checked Proactive investors..not them. Might have been a trade magazine article about sealing off end of life wells using Plexus kits. Somewhere between 150 to 250k contract but the article pointed to numerous N. Sea wells needing closing off safely and I believe pos has the technology.
I am optimistic about POS winning a fresh contract before year end as their tech is in demand.
Where is the news on this? can you share link?