Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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https://oilnow.gy/featured/tullow-looking-to-bring-in-partners-reduce-capital-exposure-in-guyana/
I think the TLW CEO's wording there is quite telling. 'The overall strategy is to allocate more capital to our core production assets, so what we are looking to do in Guyana for instance is to bring in partners and reduce our capital exposures.'
Note he said 'exposures' in the plural. TLW only has interests in two licences in Guyana namely Kanuku and Orinduik, so I reckon they must be looking to farm down both. They have a 37.5% interest in Kanauku and are the operator of Orinduik with 60% so their capital exposure on Orinduik is likely more onerous and is probably the main focus of their farm down aims. The fact they increased their Kanuku stake in 2018 from 30% adds credence to this hypothesis although the CEO's wording suggests that corporate re-organization has resulted in a change of heart there too.
Given the clear statement made, which would likely have market impact, I can’t see why that would not now happen. There can’t be any shortage of potential partners for such an opportunity. It’s something that could be announced anytime in the next few months. Meanwhile the current sp is odd given the good future exploration news stacking up.
I think Tullow will hold on to Orinduik en Kanuku... without farming down.
Sounds promising. Hopefully Total or Qatar are also interested. Otherwise a new company with a will to get on with it.
"Tullow is just taking a step back. The overall strategy is to allocate more capital to our core production assets, so what we are looking to do in Guyana for instance is to bring in partners and reduce our capital exposures," Dhir said.
https://www.reuters.com/business/energy/tullow-oil-swings-profit-first-half-2021-09-15/
I don't get it, it is mentioned what Tullow will farm down...?
"Offshore Mauritania, Tullow is preparing for a decommissioning program on the Banda and Tiof fields, due to start early next year, subject to government approval. Full abandonment of the Petronas-operated Chinguetti field wells finished in August. The focus is now on clearing subsea infrastructure from the seabed in 2022.
Offshore South America, Tullow is looking to mitigate capital exposure from historical work commitments of around $50 million next year through farm-downs. These include the planned Beebei-Potaro exploration well on the Kanuku block off Guyana, targeting the prolific Cretaceous light oil play in the Guyana-Suriname basin, and seismic acquisition over block MLO 122 off Argentina.
Tullow has notified the government of Suriname of its decision to relinquish block 62, and will exit the license in October."
https://www.offshore-mag.com/regional-reports/africa/article/14210389/espoir-fpso-taken-offline-for-more-remediation
Right?
Great spot Muppet. Seems quite clear they are looking to reduce their holding in Orinduik. Praise the Lord.
Great spot Muppet. Seems quite clear they are looking to reduce their holding in Orinduik. Praise the Lord.
Interesting Reuters insight on Guyana: https://www.reuters.com/business/energy/tullow-oil-swings-profit-first-half-2021-09-15/
They are commited to drill the next well in orinduik no later then november 2022, so its just a metter of time for an official drilling update.
If tlw is to farm out then they wouldnt want to do it with their back against the wall, so i guess it wont be long now..
I agree RWD that the Tullow RNS doesn’t necessarily read as though they are working on an Orinduik farm down! You’d hope so though and at least they are taking that route with another Guyana block. Gil is definitely guilty of over promising, nearly a year since he said there would be a lot of activity on our Namibia blocks.
He did say only a week ago on Twitter there would be activity on our Guyana block next year, let’s hope it’s not more hot air. “ Look forward to a year full of action offshore Guyana in both our blocks”.
https://twitter.com/gil_holzman/status/1435202964533170185?s=21
Pressed the send button too early, sorry.
Actually I was making a different point regarding the CEO of a plc ramping, I don't disagree if there is a farm down that news would indeed be positive. If TLW are in the process of negotiating it is anyones guess as to how long that could take.
Where in the RNS does it mention farm down in Orinduik? We are speculating.
RWD Do you think they negotiate such farm down deals post RNS? Opinion could suggest this is a done deal (who knows).
Gil has promised news on drilling in 2021 from last November when he said early in the new year. Then April, then only a few days ago, before the end of Q3, which is 2 weeks away. If TLW are looking for a farm down we could be writing the same stuff in 1 year from now. I hope I am wrong.
I get that ECO are not in control of the situation but what I don't understand is his constant need to ramp when he clearly does not have deliverable actions to justify it. It's not his job to ramp the SP or lead the punters on. Just tell us something certain when you have something certain to say, rather than guff which is what we have heard all year.
Not professional and shreds trust (certainly my trust). AIM disease though....
dont rule out Africa oil farming in, but some of the majors that don't have exposure or CNOOC may want a slice of the pie. Question is does XON want other majors to invade their patch
Yes all looking good. I increased my holding yesterday so fingers crossed.
Often thought how it would look if EOM or Hess were involved in Orinduik.
Also noticed Guyana power strategy includes Natural gas and "bunker fuel" (duel fuel) Heavier hydrocarbon to power their turbines.
surprised not moving north off the back of that!
Personally I hope Exxon or Hess come aboard as they will bring a wealth of experience and data from their tremendous success on Stabroek to bear in analyzing Orinduik . Given their Hammerhead discovery overlaps into our block and appears to be stacked and adjacent to other targets it would make a lot of sense if they did.
I guess the next announcement we should look for then is TLW farmout news followed by a drilling update, although perhaps they will be announced together as is often the case. If farm down is to occur then the chances of drilling more than one well in 2022 have just increased IMO.
Personally I hope Exxon or Hess come aboard as they will bring a wealth of experience and data from their tremendous success on Stabroek to bear in analyzing Orinduik . Given their Hammerhead discovery overlaps into our block and appears to be stacked and adjacent to other targets it would make a lot of sense if they did.
I guess the next announcement we should look for then is TLW farmout news followed by a drilling update, although perhaps they will be announced together as is often the case. If farm down is to occur then the chances of drilling more than one well in 2022 have just increased IMO.
'Tullow also continues to focus on unlocking value from the substantial prospective resource base in the emerging basins of Guyana and Argentina, while seeking to mitigate capital exposure from historical work commitments of c.$50 million in 2022, through farm-downs.'
Hooray! Music to my ears. Form and orderly queue for a slice of Orinduik. Should be a lot of companies chomping at the bit including Hess, Exxon and other majors. Will we add a few extra percent? With TLW at a more appropriate level and another major onboard it should finally be full steam ahead for Orinduik a la Canje. Can't wait. GLA
https://www.londonstockexchange.com/news-article/TLW/half-year-report/15135230