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Shareholders returns are beckoning and let’s climb over 15p in the next few days.
The downside isn't zero:
"US natural gas futures jumped more than 10% toward $1.75/MMBtu on Wednesday, after Chesapeake Energy slashed its 2024 gas production projections by about 20% by scaling back capital expenses, reducing rig counts, and delaying well completions. This move is expected to lower gas output to around 2.7 billion cubic feet per day. Other major gas producers like Antero Resources, Comstock Resources, and EQT have also revealed plans to curtail drilling activities this year. US natural gas prices hit their lowest since June 2020 at $1.522/MMBtu, driven by near-record production, abundant fuel storage, and above-average temperatures. Additionally, technical issues at Freeport LNG's export facility have limited gas flow to LNG export terminals, and record levels are not expected until the plant returns to full power."
Only renewables can deliver zero because they use taxpayer's money. It's when you require a profit without subsidies that the problems arise. Gas and oil are fungible to an extent. They both need profits to invest. Message to politicians - "you reap what you sow"
"Nvidia Surges After AI Sales Boom Shows No Signs of Letting Up", the energy sector is less likely to get a decent bid. Trees never will grow to the sky, though....
Frac, the bigger problem is duplicating the electrocty network that took 100 years to build in the first place - we cant afford it, the materials are not available and neither is the workforce. It is all going to run into the buffers - even Professor Dieter Helm thinks that!
Interesting that they ‘Expect’ rather than project Mmmmm what’s going on then? https://www.offshore-technology.com/data-insights/oil-gas-field-profile-bressay-heavy-oil-field-uk/?cf-view
As svt becoming an important part of a rapidly growing renewable energy centre and likely to boost M&A appeal https://www.shetnews.co.uk/2024/02/21/offshore-wind-farm-team-targeting/
History tells a story … renewable increase just covering the solid fuel demise and increase in demand … how is labour going to get the uk from 44% on windy days to 100% on calm dull winter days by 2030 then ?? Answers needed from Sir KS me thinks : https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Energy_statistics_-_an_overview
Isn’t Gummer the guy who had his kids publicly eat burgers at the height of Mad Cow Disease?
I don't believe it. I just looked up Lord Deben (John Gummer) on Wikipedia -
"He converted to the Catholic Church in 1992, having previously been a practising Anglican and a member of the General Synod of the Church of England. He has supported the creation of the Personal Ordinariate of Our Lady of Walsingham for former Anglicans who have, like him, joined the Catholic Church, including serving as an Honorary Vice-President of the Friends of the Personal Ordinariate of Our Lady of Walsingham. In July 2018 he was awarded the Honorary degree of Doctor of Science (D.Sc) from the University of East Anglia."
If you've got religion you can ignore science.
"The government was similarly accused last autumn of failing to consult the CCC ahead of Prime Minister Rishi Sunak's decision to axe or dilute a series of decarbonisation policies."
If you stand back for a moment it does make you wonder who the f*ck the CCC think they are. It is like being dictated to by the General Synod of The Church of England.
*bad laws can be repealed or why not go the whole hog and burn fossil fuel heretics at the stake
Veri is a wholly owned subsidiary and has an exclusivity agreement with SIC. They basically have access to a site that has pipelines shooting offshore, and a nice jetty for construction and offloading . It is also a COMAH site so wouldn’t imagine there will be any issues with planning consents.
If the existing infrastructure is used then the JV partners will get some income, or ownership percentages will be renegotiated I would guess. But anything Veri choose to build would be 100% Veri and they would just pay rates to SIC.
The only way is up baaaaaaby 👌🏼
Another point I forgot is what a hot potato SVT is politically - but in a good way. We saw what happened at Port Talbot but the NS O&G is still a large part of the island's economy and energy. More importantly it is a romaticised island of plucky crofters where much political capital would be made if they were treated as poorly as we did the steel workers in Wales by a considerable multiple imo. Then there is the National Security aspect from both energy and bad actors from the East. There is a lot to play for here and I'm not sure how it'll pan out but Labour, Tory and SNP know they'll get more favourable media treatment by being nice to the Shetland Isles.
That's a good point Stevo as BP ducked out of SVT in 2017 and passed it onto EnQuest (part of Magnus deal). Bear in mind we are more of an operator than an owner and we are just one of the shareholders.
"Sullom Voe Terminal is operated by EnQuest on behalf of the nineteen different companies which have an ownership interest in the terminal. The terminal receives production from more than thirty fields from the Brent, Ninian, SGP and Clair pipeline systems, from both the East Shetland Basin and the West of Shetland."
I can't remember who the other shareholders are but remember being surprised at the large holding of TAQA who are definitely not short of money and always looking for investment opportunity or virtue signalling.
In my wildest dreams SVT is a goldmine that BP sold too early (Ineos and Grangemouth?) and we know it would have fitted in with their [BP's] reducing production from the UKCS. I'm dealing backwards now but negotiations would have been in 2016 so we've part owned/run this gaff for a long time.
I also think it interesting that a young ambitious guy like Salman Malik seems to have leapt at the chance to run Veri. I imagine that the IR guy at Veri is Craig Baxter? I'm guessing that EnQuest are paying the wages; or part of the wages if the SVT partners are unchanged or with us on this project. I don't know how you unscramble it. Clearly there are more announcements to come.
Good old Stevo he’s gone back to being negative again lol
Share buybacks would be fantastic. They should start right away. Especially after the last amazing update
It’s a long term project…the work being done now keeps the existing infrastructure viable and prepares the site for some of these longer term businesses.
I wouldn’t get too excited about it but AB is doing the right thing and setting the company up for the transition…and the decades ahead
Just took another 20,000 shares. Boy am I maxed out now.
I hold 11 times the number if shares when I put on the first trade before the slide in October 22 🤣
3p to break even but even with the capital gains 6k allowance I’m holding out for at least 22p before I start trading again.
The excitement and sentiment is finally back for us enquesters
14.21 for 75k!
While I admire the ambition and intent of Enquest/Veri to turn Sullom Voe and the Shetlands into a green energy super hub with CCS and Hydrogen production powered by windfarms, this scale of project would be a challenge for the likes of Shell or BP to fund and deliver. We are seeing BP partnering up with Harbour on the Viking CCS project and both BP and Shell involved in other Tier 1 and 2 CCS initiatives but not SV.
SV has not been selected as a Tier 1 or 2 projects (I don’t think it even applied) and accordingly it will not be prioritised for public sector funding and without public funding, it will be difficult to get private sector funding. This initiative is beyond the financial means of Enquest as we fight a UK tax regime intent on destroying NS O&G.
I just hope they have a partner lined up with billions to spend on a green dream.
At the last Annual meeting held on 5 June 2023 the shareholders gave Enquest authority to purchase its own shares in the market up to a limit of 10% of its issued ordinary share capital. I think it is a good opportunity and has been a good opportunity for Enquest to start before it becomes too late/expensive. Just imagine what could happen to the shareprice if this happened. You buy 10% for coffee money!!
I think it has, just about. 14.9-15.5 now looks likely. If we get there it would be the 4th challenge of that region (Aug 10th/Oct 20th/Dec 22nd so far). A close above it would have 17.25 area as likely. Each challenge of that area has however started from a lower base (lower low) in a down-trend).
Is 14p gonna give way?