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Bit disappointing imo. Looks like AN was a discovery and technical success, but not enough to suspend as a future producer, nor connected to PW . And no further corporate update as to IPO/re-listing, so is this result a tick in the box for that or not. This announcement needs more detail.
I just hope that this less than perfect result at Andromeda West doesn't kick the re-listing date further into the 2021 long grass than it has been already.
Shallow water too, so de-com liabilities are less.
Looks like the focus for 2020 will be on the F5 block exploration work, and their other interests in the DNS area.
Cheers fella, keep it in simple terms for me on a monday morning.... 3 points will do me.
I think it's a win mate. 1-0 home win against Watford....;o)) The closer we stick to Neptune the better I reckon.
Morning all,
MT so are we calling this a draw rather than a loss.
F5 is located near infrastructure and its shallow objective would make it very cost-effect to explore. Formal exploration work shall begin next year and the partnership may further expand but Neptune will act as operator for the Block.
...partnering with Neptune too on new exploration work next year. Cochran is adding value, bit by bit. Re-list next year (hopefully) or potentially bought out. There is hope at least..;o))
Pressure data demonstrates recoverable gas and there remains an, as yet, unquantified volume updip of the Andromeda North well. Consequently, the well met the minimum targets and was plugged and abandoned while the data is being studied for future activity.
No but the drilled downdip from the peak. We await volume data and a potential further drill into the crest area. Still adds more gas to the bank vaults ! F5 too partnering with Neptune.
Andromeda Westphalian has mean Bcf of about 267. This may prove to still be larger than PW.
"The gas water contact was shallower than in Pegasus West indicating that Andromeda North is not in
communication with Pegasus West. The well was drilled down-dip from the crest of the structure."
But not quite the result that HNL was hoping for.
What a fantastic XMAS present Mr Cochran !! Really excited for 2020 now...;o)))
https://haloil.co.uk/wp-content/uploads/2019/12/2019-12-02-HALO-Ops-Update.pdf
The Well found a significant gas column and reservoir section within the Westphalian A target section on the north side of Pegasus West bounding fault. The well encountered gas in good quality, porous and permeable, sandstone, as was found in a similar reservoir section in Pegasus West.
Award of F5 Block, Offshore Netherlands
Hague and London Oil Plc (HALO or the Company) is pleased to announce the Company has been awarded an exploration permit for block F5 (F5 or the Block) in the Dutch sector of the North Sea by the country’s Ministry of Economic Affairs & Climate Policy.
The Block, awarded in partnership with Neptune Energy (Neptune), is located 200 kilometres north of Den Helder (HALO 8.88%) and 25 kilometres southwest of the Neptune-operated F3-B platform (a, separate, unmanned oil offloading tower is located nearby).
We need to get a tech spiv to route all Google searches for oil and gas companies for sale to HALO website. We may need to force the issue...;o))
North Sea oil producer Siccar Point attracts bids of up to $2 billion: sources
Shadia Nasralla, Ron Bousso
LONDON (Reuters) - Bids for North Sea oil and gas firm Siccar Point, backed by private equity groups Blackstone and Blue Water Energy, came in at between $1.2 billion and just under $2 billion, according to three industry sources.
Bidders in the first round, which ended on Nov. 7, include EIG-backed Chrysaor, private equity fund HitecVision, North Sea-focused oil and gas group RockRose and Norwegian oil major Equinor, the sources said.
Chrysaor is seen as the front-runner in the process, with the highest bid for the company of just below $2 billion. Rockrose’s bid came in at around $1.2 billion, according to the sources.
Siccar Point’s owners have offered the entire company for sale as well as five separate asset packages. HitecVision bid for particular assets, the sources said.
Equinor placed a bid for the whole or part of the business, possibly in partnership with Canadian oil and gas producer Suncor Energy, they added.
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Siccar Point became a major North Sea player after acquiring OMV’s portfolio for $870 million in January 2017. Its owners have not disclosed how much they have since invested in the company.
Consultancy WoodMackenzie has valued the portfolio at about $2 billion.
In a presentation at an industry conference in London last month, Blue Water said private equity firms typically aim for two to three times return on capital invested in around five years.
Siccar Point is wooing potential buyers with just under 600 million barrels of oil equivalent (boe) in resources and reserves, including more oil than gas, a sale document showed.
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Such yet-to-be-exploited barrels can be attractive to some of the private-equity backed firms that have bought aging North Sea assets from oil majors in recent years and are looking for future growth ahead of a potential stock market listing or sale.
Siccar Point sees its output reaching about 80,000 barrels of oil equivalent per day (boed) by about 2027 from just over 10,000 boed currently. Beyond this, output will mainly be boosted by the Cambo development north-west of Shetland.
Among other smaller stakes, Siccar Point holds 70% in the Cambo field alongside Shell, 11.8% in the BP-operated Schiehallion field and 20% and 9% respectively in the Equinor-operated Rosebank and Mariner fields.
Anyone rang Halos HQ lately to find out when we should find out ?
From CNA's trading statement today:
In Exploration and Production, Spirit Energy remains on track to produce full year total volumes in line with last year. On 12 September, it was announced that drilling at the Lincoln Crestal well in the Greater Warwick Area, in which Spirit Energy owns a 50% interest, had confirmed the presence of Iight oil which can be produced at commercial rates. Further testing on the well is ongoing. On 19 November, drill stem testing commenced at the Warwick West well, the third and final well of the 2019 Greater Warwick Area drilling programme.
Carpetright customers are like Labour voters and Remainers. Deluded!
Fingers crossed lads and hope for good news very soon.
I am guessing they are appraising the outer edge to better estimate volume.
Morning RB. 40BCF did puzzle me TBH. I couldn’t understand why they had targeted such a small reservoir. That report suggests the estimate is on the low side may explain some way. Hopefully the results of testing and seismic will surprise to the upside ...;0)
Still waiting maybe get some more good news this week ?
https://www.energyvoice.com/oilandgas/north-sea/211182/monthly-update-four-wells-active-across-uk-north-sea/
https://www.ogauthority.co.uk/data-centre/data-downloads-and-publications/well-data/
use well data search tool
https://itportal.ogauthority.co.uk/edufox5live/fox/edu
doesn’t look like it has been plain sailing
I'm sure that's right ghost.
I was tempted to think and suggest that because the disassembly process seems to have started, we can infer ops have been completed. And that had it been a complete duster, we'd have heard by now, on the basis there's no reason to sit on this news. And that if it's a discovery, news might come a bit later, as initial analysis and suspending the well might reasonably take a bit longer. But in truth, we simply don't know, cannot infer any of this, and must wait. At least we can be confident we won't have to wait for as long as we've been waiting to re-list! Got everything crossed.