Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Calling someones bluff ? how does that converstaion go ?
I suppose it's possible..they're actually calling someones bluff....
Difficult to even get a quote for buy or sell...panic panic panic
Money to be made - yes, but will possibly drop like a stone due to panic. Even if we have a one trick pony, still worth more than the sp of yesterday. There is no doubt also a political message here, just like when Shell is talking about moving to US.
Conservatives are just as much to blame. At least Labour are open it whilst the Conservatives pretend to favour energy independence. The EPL has been a disaster for British industry and energy security. They should be ashamed of themselves.
We look forward to the start of drilling operations on the high impact Selene exploration well, in which Deltic is fully carried for the estimated cost of the success case well, which remains due to spud in July 2024. In the meantime, we will continue to pursue all avenues to progress Pensacola and will update the market in due course."
Still money to be made.
To be honest, both Labour and the Tories have not been helpful. What a sh*tshow.
I did say I found it funny that there was no mention of the farm out in the corp presentation, however the usual cheer leading squad try and drown out any reasonable line of enquiry that doesn't tow the party line...
I detest labour.
All: AGM PRESENTATION 15 JUNE 2022, slide 11, gave a very good summary of the EPL and in fact highlighted the opportunity for Deltic. Most people chose the panic, rather than the opportunity route. Probably widely misunderstood. Labour could well erode this, but ultimately they also need to look after the people who will vote for them and not least national energy supply security.
Djm,
I agree. The energy profits levy is misunderstood and a clever illusion to rake in Billions.
The winners remain winners.
https://neweconomics.org/2023/11/the-windfall-tax-was-supposed-to-rein-in-fossil-fuel-profits-instead-it-has-saved-corporations-billions
Jack
Interesting find
BLOG
THE WINDFALL TAX WAS SUPPOSED TO REIN IN FOSSIL FUEL PROFITS. INSTEAD IT HAS SAVED CORPORATIONS BILLIONS
Loophole in energy profits levy will hand oil and gas companies up to £18bn over next three years
BY ALEX CHAPMAN
28 NOVEMBER 2023
Last week the Office for Budget Responsibility (OBR) released new data which highlights how little this government’s ‘windfall tax’ has actually done to rein in the profits of fossil fuel companies.
Back in May 2022, the UK government announced the energy profits levy, as a response to the growing pressure for a ‘windfall tax’ on the massive profits being generated by companies pumping oil and gas in the North Sea. These profits were fuelled by skyrocketing fossil fuel prices in the wake of the Russian invasion of Ukraine. The levy raised the effective rate of corporation tax paid on oil and gas profits from 40% to 65%, and again to 75% in November 2022.
But, it came with a caveat. Despite the UK’s urgent need to kick its addiction to expensive fossil fuels, this government didn’t want to discourage investment in more oil and gas extraction. So they included a tax loophole to ensure that companies investing in new projects to pump fossil fuels out from under the North Sea would see their tax relief (already generous by most standards) rise to 91%. In other words, fossil fuel companies could deduct 91% of their capital investment costs from their corporation tax bill. The ‘windfall tax’ may have, on the surface, attempted to tackle the grotesque profits being raked in by massive companies in the midst of the cost of living crisis – but it also made it cheaper for these companies to extract the fossil fuels contributing to the sky-high cost of living in the first place.
Getafgrip, you are right. In the RNS early April it was stated the these negotiations are underway: "Our attention is now firmly focussed on drawing the Pensacola farm-out process to a successful conclusion and we look forward to updating the market in due course."
Until then, there is little more to say.
We just need news on the deal and I agree with GGG, it should come quite soon.
Generally the negotiations will always be shrouded in secrecy, very sensitive, commercial in confidence, intensely competitive, and keeping various competitors separately in the dark until there is a decision and announcement. Some companies will ensure there are robust non-disclosure arrangements in place before they will even enter negotiations in the first place. So its a bit like the progress with negotiations is the Elephant in the Room - everyone knows its there but nothing can be said about it for the time being.
Interesting that there is no refrence to farmout/ down with regard to Pensacola in the crop presentation...
Worth a look if you have missed this superb corporate presentation from Deltic's website:
https://delticenergy.com/wp-content/uploads/2024/04/Corporate-Presentation_Apr2024.pdf