Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Hi TW...
Sorry, haven't encountered that one yet...
Is just observations from today's IEA Monthly Oil Report and snippets from yesterday's OPEC report.
https://www.iea.org/oilmarketreport/omrpublic/
https://www.opec.org/opec_web/en/publications/338.htm
Good luck
MO
MO, do you happen to know (or can provide a link) the current supply/demand ratio for global oil? I think I remember it being 2.3:1 around 2 year or so years ago, which prompted the POO fall to $30.
Thanks
LOL TWalbyoff
MO was calculating 1000-1500 barrels per day for fuel, so if is 1860 per week, is much more efficient than MO was modelling...
Also, re glut... Is now below 5 year inventory average.
"OECD commercial oil inventories stood at 2.830 billion barrels as of July, 43 million barrels below the five-year average but 194 million barrels lower than the July 2018 level."
Have good-un
MO
Auson - at least ENQ are doing their bit bringing that supply glut down!! As Tesco's say "every little helps"
Good morning Auson / MO
You've got to admire this board. It must be unique within LSE for the extent to which people go to analyse - I just thought it was a lot LOL
For context my friend works extensively in the offshore O&G sector - worldwide
he has spent 1000's of days on FPSO's etc over a twenty year period. He said none would touch AK and that the four engines he saw are each the size of a bus.
Keep up the analysis - Its great
Good morning riskingit and fellow ENQers...
Average API gravity for diesel is 36...
"The API gravity at 60°F (15.6°C) for No. 2 diesel fuel is between 30 and 42. The specific gravity, at 60/60°F, and the density, at 15.6°C, are between 0.88 and 0.82."
So 1 metric tonne of diesel is 7.44 barrels x say 250 = 1,860 barrels per week
One barrel is about 159 litres or 35 imperial gallons (is 42 US gallons), MO will work in metric.
So is 295k litres per week, or 42k'ish per day.
AK is producing approx 5MMscfd which is approx 25% of capacity required to run power etc, has capability for 15MMscfd import.
Think 42k litres would power a few cars for a day...
Cheers
MO
riskingit,
Flippin eck thats a lot of diesel, Red diesel is approx 60p a litre so I make that around $200,000 per month !
It was a mere snippet MO - I get a lot more from this board then I contribute LOL
Another snippet my friend told me was the AK engineer he spoke with said they had been using 250t a week of diesel. I have no way of knowing the cost of this but I'm just glad I'm not putting it in my car
Cheers riskingit
Thanks for fuel info, if can get OPEX down a bit, every little helps, please also pass on thanks to friend for helping get AK signed-off, sure all ENQers appreciate...
Did read AK OPEX at plateau was forecast around $5 per barrel, is very good even at twice the cost.
"Equates to c.$20 per bbl over the life of the field, c.$5 per bbl at plateau production"
Best wishes
MO
Hi MO,
I have to say I appreciate the time and effort you put to post here. It helps us amateur investors greatly.
One thing, my friend has worked on Kraken twice in the last few weeks (doing testing and certification prior to sign off).
He told me that the 4th engine (out of 4) was almost converted and they expected to be fully oil/gas ready by the end of August latest.
Hey GD...
MO is in camp that ex-rights date 2/10 is when matters (need to be holding when market opens).
Not sure how others think, but is certainly better to be early than late, lol
Should see Speedway getting"tugged" in to SVT this evening, think HK will probably get there tomorrow am...
Good luck all
MO
26th September is record date, so need to buy before 4.30 on that day
Is ok marshall2810, it can be confusing first time...
If you're holding end of play Mon 1st Oct, you should be notified within a couple of days from then, maybe even on the 2nd, if you have good broker... need to have cleared payment approx 2 weeks after if taking up rights etc.
Good luck
MO
Thanks MO. I’m not a holder currently but considering this as have been watching a while. So I have until 2nd Oct to buy shares and be entitled to take up this offer? I assume my broker/account manager will contact me to confirm if I wish to take it up? Apologies not been involved in a rights issue beforehand.
Ex-Rights 2/10 @ 8am
Is in RNS, full timetable about halfway down...
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=ENQ&ArticleCode=lb0pyju2&ArticleHeadline=Magnus_Acquisition_and_Rights_Issue
MO
When is the cut off date to be entitled to these options? The RNS doesn’t say
In Q&A, analyst Stefan asks about water injection, voidage etc...
CNE said voidage was/is major issue, was due to lack of water injection (was due to beast from east), is now fixed.
MO's interpretation, so AK was sucking all oil from around each production well, but because no injection, new oil was not being pushed towards wells, i.e. not replacing voidage, was reason for lower production in Q2, some 1 million barrels needed to be pushed back, is ongoing and improving.
Also mentioned water injection is currently being tested to further optimise where the water is sent, presently is uniformly injected across all Kraken areas, area looking to fine tune and maybe send more to some areas versus others, or something like that.
Good luck all
MO
One point of interest, re Armada Kraken
Stated has predominately been powered by diesel fuel, will be switching to use more of own crude in H2, which will reduce OPEX.
MO