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OSLO/LONDON Oct 17 (Reuters) - Norway's Equinor (EQNR.OL) is considering buying oilfields in the British North Sea from China's CNOOC (0883.HK), including a big stake in the huge Buzzard oilfield, two industry sources told Reuters on Monday. The deal is valued at between 20 billion and 30 billion Norwegian crowns ($1.9 billion-$2.8 billion), and might close as swiftly as the end of this year, Norwegian newspaper DN reported earlier on Monday, citing unnamed sources.
The assets come with so-called tax losses, meaning the owner of the fields can offset past losses against future tax bills, one source said.
"As a matter of principle, we never comment on rumours and speculation," an Equinor spokesperson told Reuters when asked about the DN report. CNOOC also declined to comment.
In March Reuters, citing four sources, reported CNOOC had hired Bank of America to start preparing a formal sale of its North Sea assets, potentially raising more than $3 billion.
Reuters reported in April that the Chinese offshore oil and gas major was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions.
CNOOC acquired the North Sea assets as part of its $15 billion purchase of Canadian producer Nexen in 2013.
Non-Exec Chairman... Not the CEO, but regardless, still representing the same team. Yet to hear from Mr. Oddie and I expect we'll get something nice from him next few days.
Well done! Keep stickin it to em!
https://www.businesspost.ie/news/gas-field-owner-accuses-ryan-of-inaccurate-statements/
Thats 1.75 million shares that seller will never see at that price again. Oops…..
It’s not nice to say, but it is great for lowering my average price holding. It took some doing from my first purchase years back around 28p.
Well seller must be mad,? selling at near all time low... Considering Wressle is doing very well. Rns soon with our share of the pie.
Not the mention gas pipeline etc...
3.5p...should be the new low.....
GLA
Catalysts that could send price back above 2p IMO this month:
Wressle production uplift;
trading update confirming strong positive cash position;
TR1 showing seller BGF are out
Chart looks primed to break out.
DYOR
This rise will continue, or may even accelerate when we finally receive a TR-1 showing BGF are out.
Cheap as chips even at this price!
Worth hell of alot more.
3.5p...should be the new base.
Did say wait a few days as chart shows weaning from seller, and I still reckon give it another day before we see a better climb up. We'll just have to contend with day/week traders...but once they've dried up, it's just higher lows and higher highs! Damage was done by BGF imo, f**kers
The last of the sellers seem to have been flushed IMO.
1.25 on the ask now, come on 1.50p.
Looks like the bottom has been spanked
Yes, a lot of buying this morning. Nice to see.
This is a bargain under 1.20p, will not take a lot of buying to see it above 1.50p soon IMO.
DYOR
Twitter causing doubt..
Since there has been no update suggesting any amount has been borrowed, It just means the loan facility has been agreed and signed....
"An executed contract refers to a written legal agreement that has been agreed upon and signed by all parties to the contract."
VHB, that's been taken from the original RNS but presented out of context minus the 'facility' aspect of the loan, suggesting it has already been called on. As we all previously understood it's available should EOG wish to call on it, but it hasn't been called on as yet. I think David Bramhill needs to kick whoever operates the UJOplc twitter page up the arse, and tell them not to deceive UJO shareholders by stating interest is already accruing. It's not.
Very interesting Selfish, I didn't know that, thanks! Hopefully we'll hear from Simon this week. The results can only be a few days away.
Thanks Dan. Yes, that's a bollix account I believe. I would suggest if you have UJO shares that you email David Bramhill and ask him if he authorises the accuracy of the tweets on that account.
The account is active and as far as I know, genuine with 3k tweets. I've been following it for some time. @unionjackoilplc
What I posted was the exact tweet however it was posted on 14/10 @ 16.01 if you want to find it.
Thanks Dan. I suspect you are referring to the 'fake' UJO twitter page, where anything goes as long as it is pro-UJO. Perhaps you can post the tweet - I can't find it on either of the accounts I am familiar with.
Selfish, there were a couple of tweets last week debating whether the loan had been executed. The UJO twitter account tweeted this
Union Jack Oil "is pleased to announce that a loan facility and charge agreements have been executed between Union Jack and Europa"
Hope this helps.
Dan, I can't find anything from UJO that states that EOG have taken on the loan and are already paying interest. Can you point me to this please?
That loan needs handing back to UJO as are now paying 10k per month in interest (confirmed by UJO). I'm hoping that Oddie is pushing Egdon for an update on Wressle so he can at least give the market so fat to chew over. There's not a great deal he can say other than reiterate the cash position and speak briefly on Serenity but it's better than nothing.
From Jul 2019 RNS
"Welcoming the decision, Mandy Johnston CEO of the IOOA added "Government has recognised that using our own natural resources is not only good for energy security but also good for the environment and jobs. The facts speak for themselves: Russian Gas imported to Ireland creates 34-38% more greenhouse gas emissions than using Irish gas, while Liquified Natural Gas (LNG) imported from Qatar creates 22-30% more."
How in the f**k can they not see these facts.. It simply make sense as a climate plan play to produce from Ireland's own off shore resources.
Excellent find DonalB, made good reading, and I believe we have a good case and would be interesting to see the route EOG take with this.