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Drilling of subsea production wells is expected to begin in the second half of 2022, with the first oil from the Shenandoah field anticipated in the fourth quarter of 2024.
I think it was sanctioned last year. So maybe 3/4 years ?
I think we will be fine without a raise....Does anyone know when first oil at Shennadoah for Navitas is?
Evening Mogger - all agreed.
I think ERC Equipose carried out the original CPR on OM back in 2013 for MOG. I have a vague recollection that I had a copy of the report once - now lost in the mists of time. Don't recall ever seeing the Rebuttal Export Report.
Strongly suspect that this has been a 'done deal' since the Paris meeting in Feb 2019, which was the last time 'Quantum' appears in the ICSID Procedural Details. The past three years has mostly been RoI exploiting every possible delaying tactic allowed in the Rule Book.
In many respects the timing may be fortuitous. If RKH had received £100m net payout in 2019 or 2020 but was unable to proceed with SL due to PMO shenanigans - they would have been a sitting duck for every blood sucking asset stripper in the Western hemisphere.
As it is, the timing could not be better. A modest OM win should obviate the need for a 'working capital' placing. A mid size win should cover the £46m net cost to RKH for that part of the Phase 1 costs not covered by the NAV Pre & Post FID Loans. A large win may mean that we can avoid needing to draw down any loan monies at all and revenues from First Oil and onwards, will be ours.
My only Caveat regarding the above is that I would personally be very comfortable if Navitas was interested in participating in a RKH placing. Having NAV as a Cornerstone investor with say 25% would provide a degree of stability and long term commitment which we currently lack. At some point NAV would probably want to T/O the company - but provided it was agreed that this could not happen until after First Oil - it could be a Win-Win for all parties.
ECO(Atlantic) has a similar symbiotic relationship with the Canadian company Africa Oil Corp - having a friendly big brother watching your back has advantages and in no way impedes ECO's ability to grow as a company. AOC have a seat on the ECO BOD and I guess that in a similar situation, Navitas would also want to be able to nominate a Director. Probably no bad thing.
https://www.ecooilandgas.com/projects/key-partnerships/
DEM
DEM,
Quantum was discussed very early in the proceedings. David Wilson( of Equipoise) prepared a Rebuttal Export Report for the arbitrators. The Italians had access to the data room to determine reserves as well.
Mogger
Ovets you are an arrogant bully and always have been and yes you are one of the rampers who now keeps a lower profile because you were caught out
I know I should ignore you Ralph, but just pointing out that I've put my own money into this, so it's NOT a ramp/ramping, or whatever you carelessly wish to call it.
I actually believe this is going to happen.
You also appear to overlook the reality that it's perfectly feasible to trade these shares on the ups/downs, which follow a reasonably predictable pattern. From what you post, you seem to believe that once shares have been bought, one has to sit on them for ever and ever.
You appear to enjoy being destructive and rude, without contributing anything worthwhile.
Read what the grown ups are posting and you might learn something.
LOL this is an epic arrogant Ovets super ramp, all a load of garbage of course and now proven :
31 Mar 2019 14:18
All the PMO job ads that the likes of Mogger has found are for appointments relating to an FI project and nothing so far regarding Zama, Mexico, etc.
Also, that team of 60 - maybe it's only a rumour, but there does seem to be a team, regularly topped-up according to the job ads, with very skilled professionals relevant to the SL project.
Then there's that stuff Mogger found about FIG approving a new port project, which as someone else pointed out, is far too big and the wrong sort of design for squid fishing boats and/or tourists.
Then there are the people (some working in the FI) that I spoke to, who confirm that sites are being identified and earmarked for rig construction and other oil-related activities.
Then there are the other people I spoke to who confirmed that PMO would prefer to monetise Zama-1 to be able to
pursue its preferred option: SL and then the other FI region fields, using much the same technology as they're already successfully using for Catcher.
Do I need to continue, or is the picture clear enough?
Ovets - dont try and get out of it, you seem to have fixation with alcohol when people dont agree with you. Maybe its you that is on something ? Some meds ?
If the valuation is to be done on the same DCF method it is very easy to justify a full payout on Ombrina Mare...even using really low POO assumptions and high maintenance capex, and allowances for incidents, drags on working capital, tax....Ombrina mare was an oil field of potentially 166mn barrels of oil at 14-20k barrels per day.....I mean 50mn quid exploration reimbursement and 1.50EUR per barrell profit reimbursement is 300mn...1.50 per barrel of oil profit is surely conservative
Thanks again p777 for some outstanding OM links. An invaluable insight into the methodology used in assessing Quantum. In any case - certainly some light relief from processing reams of Navitas docs through Google Translate.
After a very quick skim read :
I particularly liked the 'Happy Ending' in (Para 635C) the Ecuador case.
$379.8m + interest would be very acceptable!
Did not expect to find much humour in the text but on page 1 of the Kazakhstan doc. we have the following !
"Alright. Mr Romanosov, welcome. As you, I think,
have experienced yesterday, we ask every witness to read
out a declaration to us. You have it in front of you in
English, but the interpreters are in a position to
translate it to you, so that you can do it in any
language you like, as long as it is English or Russian".
Surely a contender for the 'Arbiters Joke of the Year' award at the annual ICSID dinner.
DEM
If you read some of king and spaldings submissions for previous cases and the ICSID case materials you can see how they work out the quantam...It involves bringing in experts in certain areas (all whom take a fee which is also disclosed) but really doesnt seem as complicated as you would think nor as accurate I would imagine...Boring long reading but worth it...
Republic of Ecuador example
https://www.italaw.com/sites/default/files/case-documents/italaw8208_0.pdf
King spalding documents page
https://www.italaw.com/counsel/king-spalding
Hearing on Quantam Colombia
https://www.italaw.com/sites/default/files/case-documents/italaw10285.pdf
https://www.italaw.com/sites/default/files/case-documents/italaw10285.pdf
https://www.bluewater.com/floating-production/fpso-fleet/
as LTT has pointed out, some info on there
Munin Owned by Bluewater is ready for deployment, can do 60k a day.
LTT
Any suezmax tanker will do. There are hundreds of them.
Secret, I think Sam said they were looking at converting as there was no point commissioning an FPSO as all the ship yards were booked up years in advance. I wonder where they could get something that could cope with 50k barrels a day?
LTT
And every dart missing the point is documented.
I wonder what production rate they are targeting, must be north of 55k per day. Either way, it seems they have been busy going over the PMO/Harbour/RKH plans and have come up with a $500m saving.
Interesting times are ahead, Navitas not even signed off by FIG and they are talking about the project and have published an updated CPR.
Now all we need is OM to come in with $100m+ clear and we are truly game on! Actually on the matter of OM, how do they work out the quantum (if that is the correct term)? What I trying to get my head around is the working out of lost revenues/profits, when do they start from and when do they calculate the end point to? It’s it the end of life of the field had it gone ahead of until they closed the case, as the oil price have been pretty high for some time now, do they take that into account?
LTT
Back when Britain was Great, a tanker could be converted to a FPSO in a year in the Tyne yards, thinking of the Uisge Gorm. Now its all new builds in the Far East, probably a lot cheaper, but get in the queue.
More importantly, when is first oil?!
FPSO availability might determine that.
I dont understand Hebrew, but I got 8 drilling locations, 20 wells and a capex of $1.3 billion
Where's the '2 bottles of wine and 4 beers in the last month' - that's what I was asking for.
Just try and stick to the point and to the truth Ralph.
Fakey. Again you miss the main points. Yes you did tell anyone who listened to buy more shares from £3.30 all the way down to now. And…. When it was £5.00 ++ you said it would go to £20.00 a share. So yet more lies and forgetful memories. IMHO. DYOR. Just another gut feeling Matey.
Very well:
06 May 2022 15:08
Must be that time of day when Ralph tops-up the alcohol levels.
What was it today Ralph? Looks like something quite strong.