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Massive offshore fields going begging for whoever has the one vessel in the area, with an empty shipyard order book, so no competition available, and when the price of drill rigs was falling Mr I can see into the future struck and convinced them to sell it to him... and your competition has to use two other more expensive methods of side drilling from land or building reef islands.
Research the next licensing rounds
Got to applaud his foresight and will to do whatever it takes to a. take as much of CASP as he legitimately can whilst still keeping the London listing b. Consistently make the right choices in selling weak fields at the top of the market to pay to develop and amalgamate the stronger fields into a 99% shareholding, handing over his over assets to make the whole unit even more viable.
Look at the location of 3AB - he owned this 100% until 2017 when he split it between himself Kairat and Raushan, look where it and the Total refinery is based, the refinery they are currently upgrading to 20000 bopd by 2022 ..
https://www.total.com/en/media/news/press-releases/kazakhstan-total-launches-phase-3-dunga-field
I bet its shallow there ........
Kashagan is a carbonate platform of Late Devonian to middle Carboniferous age. The "reef" is about 75 kilometres (47 mi) long and 35 kilometres (22 mi) across with a narrow neck joining two broader platforms (Kashagan East and Kashagan West). The top of the reservoir is about 4,500 metres (14,800 ft) below sea level and the oil column extends for over 1,000 metres (3,300 ft). The field is in very shallow water, 3 to 9 metres (9.8 to 29.5 ft) deep. The seal is middle Permian shale and late Permian salt. The reservoir consists of limestones with low porosities and permeabilities. The oil is a light oil with 45 API gravity with a high gas-oil ratio and hydrogen sulphide (H2S) content of 19%.[33] The field is heavily overpressurized, which presents a significant drilling challenge. The figures for oil in place range between 30 and 50 billion barrels (4.8 and 7.9 billion cubic metres) with a common publicly quoted figure of 38 billion barrels (6.0×109 m3). The recovery factor is relatively low (15-25%) due to reservoir complexity, with between 4 and 13 billion barrels (640 and 2,070 million cubic metres) being the estimated ultimate recoverable resource.[34] Three of the other fields in the contract area, Kashagan SW, Kairan, and Aktote, are also Carboniferous carbonate platforms. Kalamkas offshore has a Jurassic sandstone reservoir.
Re: BoatyMcDrillFace ....
This is why Kuat is taking as much share holding as he can and putting them in offshore family trusts ...
We all want our mythical 50 pence - he is looking past that, the shallow drill rig is a valuable asset, he could have sold it and kept that money offshore, that he chose to put it in CASP for a reasonable figure ( excluding the rerate that we will get if A5 is on test ) he has a plan and it isn't to take 100m and go to Dubai - look at the circle of people he moves with, and how the power structure in Kazak works, he will be King maker if he pulls this off and can oversee his son and daughters political futures and safety.
Look at the rig sellers career after his Father passed away, from what I have read he lost his position of power within the inner circle and his control over his Bank job.
As the RNS lays it out it is a spratt to catch a mackerel - the Kazak authorities can now see CASP as a serious entity that has the bait to land itself a major for a farm out on a good split that means he doesn't risk everything and will have some additional foreign clout to deal with the Government in the tax negotiations.
It has proven itself to be geologically adept at hitting the sweet spot on land time after time.
Kashagan - A stake in the field was acquired by the Chinese government in September 2013 after Xi Jinping struck a deal with Kazakhstan for around $5 billion.
Kashagan Field is an offshore oil field in Kazakhstan's zone of the Caspian Sea. The field ... The field is in very shallow water, 3 to 9 metres (9.8 to 29.5 ft) deep. The seal is middle Permian shale and late Permian salt.
The Kashagan contract area covers an area of over 5,500 square kilometres (2,100 sq mi) and consists of five separate fields, producing formations from the Precaspian Basin. These fields are Kashgan, Kalamkas A, Kashagan Southwest, Aktote and the Kairan.[10]
Surely it's Drilly McDrillingvesselface?
Big Tony, I have also overlooked the generosity of our ceo, I mean he sold us the 3A best acreage also for $24m [ coincidentally for 148m shares] in Jan 2018 and look what a great investment that was for the company. It is pleasing that he declared it had found a source of water - just need to bottle it and name it Peckham spring or something and one day we will be rich Rodnay.
We are an exploration company and need a boat to explore. We are also a services company and need equipment to rent out. Simple, boaty mc boat face is a good deal at 12p
You're assuming that such a specialised vessel won't be used. What about if Casp want to use it. You also haven't recognised the fact that if the share price reduces the sale price reduces.
So if casp hire this vessel out for say a year is this worth 20m+ Income ?that would pay for a few years mooring maybe this could prove to be very profitable?
GLA
Big tony - essentially more shares came into issue which means your return is lesser ultimately if that asset does not deliver the same yield as the onshore oil plays. I just can’t imagine Caspian being a strong offshore driller. It will need to be a strong JV partner
Big Tony, how about the company buys my vw tiguan for £25m and issues me shares at 12p? That will have use at some point in the future- it has not done any drilling over the last year but on the other hand has cost a lot less than £1.2m to maintain.
I am failing to see how we have been robbed as some are saying. They have valued the asset at 25 million and issued shares at 12 pence. If we are buying scrap and the ship/boat didn't look like scrap to me and it has a useful purpose at some point in the future for somebody it is an assett. However if the board are just conning us PIs and issuing shares for rubbish with no value surely the share price reduces. If the share price reduced to 8 pence then that vessel becomes worth 16 million so the BOD and the seller must be confident that the share price is going to increase. If the share price increased to 24 pence and the seller off loaded his shares he gets 50 million for his vessel. Great who gives a **** if the share price has increased to 24pence. The only way the seller wins is if he can either sell his shares for 12 pence or greater. I don't see the problem or perhaps I am looking at it wrong but I don't think so.