We would love to hear your thoughts about our site and services, please take our survey 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.
I doubt you doing thing useful with any of your time. Good riddance
Hey Ralph... I’ve never put anyone on ignore as I like to think that everyone has some value and something to add t the debate, however in your case I simply can’t afford to waste any more of my precious time on your drivel so you’re going on ignore.
Can I suggest everyone else does the same so that we can all focus on value adding and informative discussion as we move into pre fid and this really starts to get exciting?
just put me on ignore. Those stocks are junk and they havent done well
Ralph2010,
Nigoils holdings aren't doing too badly today though are they..Do you ever take a day off or will we have to listen to your constant repetitive negativity everyday ?
Dont half hold some junk eh Nigoil? No wonder you are such a ramper.
"TD also stated that increased capex on Sealion is to increase production with more wells"
Also With increased production, maybe they are going to need a bigger boat!
I have always felt that Zama sale money would provide a backstop for any shortfall to Sealion funding.
They have only sunk $60m in Zama so far , which is a serious return on expenditure , with 200mbo share of the field.
A material reduction in their debt would bring them very close to their peer group regards debt leves and covanent ratios and open up lending avenues. They are already talking to their current lenders about the debt, well ahead of their renogotiation in 2021.
Sealion doubles their production profile from first oil. ( see slides in presentation)
The webcast is worth listening to and leaves no doubt that it is now a material event for Premier .
TD also stated that increased capex on Sealion is to increase production with more wells.
He also stated that they are formalising the farmout process, which started a month ago.
Expects Sealion funding outcome and Zama sale subject to offers,to be completed in the next 6 months.
This is the most they have talked about Sealion progress in a long time.
Must say, the Premier management team is quite impressive and much can be learnt by the RKH board from them.
Really worth listening to , webcast available later on in full.
According to TD on PMO Webcast the extra wells brings forward the break-even date for the field and improves the overall economics of Sea Lion phase 1, which together with the increased reserve figure of 250 mmbl will be much more attractive to lenders.
Apologies...... I meant to state that Sealion anticipated recovery has gone from 220m to 250m.
I’m listening to the conference call and TD stated that the additional wells to get out the additional 30m barrels are the reasons for the increase in the CAPEX
One well can't cost $300 million more.
Nor does increasing reserve estimates - without doing any more work by the way - involve spending more money. So where does the extra capex need come from?
I remember that when RKH and PMO reduced the estimated capex from $1.8bn to $1.5bn - this was a few years ago - they made a big hue and cry about it. Only crying now unfortunately..
Sealion has been increased from 250m to 280m with additional wells.
In other words Sealion is getting bigger and they are going to invest even more.....
The good news for today isn't RKH news but PMO have confirmed they are selling their field Zuma which means that PMO finances are sorted and that they are more likely to be able to go ahead with developing Sealion.
Amongst other small but significant moves this year another positive event.
Can someone point out what happened to make the capex estimate to first oil go back to $1.8bn from $1.5bn? I remember that in the AGM, Moody spoke about the capex being $1.6bn - I had filed that away as a rounding difference. Seems it was a lot more than that. Capex to first oil estimate up by 20%. That's no minor.
I wonder why the RKH Sea Lion update is so self congratulatory in spite of there being no good news out - unless you count the increase in capex estimate to be good. I guess management need to justify their salaries and nil cost options! Progress being made as it has been since the oil was foundin 2010.