Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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ghost
not so sure about the cloak and dagger stuff...
We are 100% Schooner so we would have been (or still are) looking for a partner to develop. AC would have been on a roadshow to promote the field which would have given ample opportunity to discuss options for the field.
Neptune’s director of New Energy Pierre Girard said the project had evolved from “a high-level concept into a much more detailed technical proposal within a short period of time” and that the company and its partners have committed “significant resource and expertise to bring the proposal to this level of maturity”.
Jim has surrounded himself with ex-Apaches who are used to getting things done very quickly. I personally think Neptune submitted a late application because they had nothing to lose in doing so.
Agree, boom or bust .....
WS
ghost
me and my balance sheet are no fan of AC.....
However, by hook or by crook we are still in the game. The delayed AGM tallies with the latest time we should hear whether we have the CCS licence or not.
TTFN
W$
Great work guys. I have no interest in this company what so ever, I would just like to get my initial investment back. We live in hope...;o))
Spirit are in the mix as well
ghost
"thing isn't as magically and strategically planned as you theorise but more of an afterthought"
You might be right, but every journey starts with the first step....
A couple of things worth noting;
When AC reversed into WSX he boasted it was a very cheap IPO....
HNL did not lock horns with Jim over Pegasus, the OGA did it off their own bat...
https://www.ogauthority.co.uk/news-publications/news/2019/oga-investigation-dispute-over-access-to-cygnus-for-transportationprocessing-of-pegasus-gas/
On 25 June 2019, the OGA opened an own initiative non-binding dispute resolution investigation into the prioritisation of access to Cygnus capacity in relation to transportation and processing services for gas from the Pegasus field, taking into account in particular:
If, as we all hope, there is a deal going down with Neptune, then discussions have been ongoing for a very long time and plans would have evolved. I personally think AC was "told" to get rid of all ABEX liability. I hope we shall get some cash from the sales.
Nep IPO ing into a company with no debt, no liabilities, no staff he did not select, as well as CCS/H2 assets.... contrast that with the Harbour story - debt, ABEX, staff by default,............etc.
Rose tinted glasses perhaps,
W$
anto
IPO etc on the back of a flagship CCS/H2 project would be Jim's style.......
All dot joining, could all be nonsense though .......
W£
I do not believe that it is a coincidence that we hold the production licence (PL2578) in a area where potentially there are two plus applications for a CCS licence. Presumably the one submitted in March is ours.
Either Cochran has been very lucky or very canny.........
Neptune will not take on assets with large ABEX liabilities. They are also looking at options now to IPO
https://www.energyvoice.com/markets/323953/neptune-energy-working-with-rothschild-as-it-studies-ipo/
Google suggests the cost of an IPO is 1 to 3% for a company the size of Neptune ($5bill?)
Draw your own conclusions
W$
12 July 2021 0:44 GMT UPDATED 12 July 2021 9:53 GMT
https://www.upstreamonline.com/energy-transition/neptune-energy-signs-agreements-to-maintain-momentum-on-uk-blue-hydrogen-scheme/2-1-1038480
Neptune previously said it has engaged with CO2 emitters and hydrogen offtakers in the South Humber industrial area and “these discussions have provided confidence that there is demand for both the transport and storage service and the supply of blue hydrogen”.
Its application to the OGA is for the same area for which the regulator said in March it received an application, suggesting Neptune is in competition with at least one other operator for the area, although this remains unconfirmed.
It is understood the OGA could take up to six months to make a determination on which company to award the storage licence to.
In documents seen by Upstream in May, Neptune said it believes DelpHYnus would be fully aligned with UK government targets to reach net-zero carbon emissions by the middle of the decade.(Copyright)
--------------------------------------------------------------------------------
I presume this is the March application being referred to:-
https://www.ogauthority.co.uk/media/7163/ccs-notice-march-2021.pdf
WS
easy
for now tend to agree. It is clear the future is all about Schooner. A fellow holder of HNL stock explained to me that Schooner is in quite a unique position as far as the energy transition is concerned. As well as having proven stranded gas and is close to planned CCS infrastructure, it is also close to very big windfarm - in fact I read the original platform is to be used by windfarm workers as an ops base.
https://ogauthority.maps.arcgis.com/apps/webappviewer/index.html?id=cb3474a78df24139b1651908ff8c8975
As well as stranded known gas, there is potential for high pressure gas in untapped compartments.
Given all of this there are a number of potentially attractive investment scenarios:
1/ Field redeveloped for gas. Some of gas can generate the power required to make grey hydrogen which can be exported with the rest of gas.
2/ The redeveloped gas isn't exported but burnt to generate power that can be exported via windfarm grid (some electronics needed) to enhance power availability during periods of maintenance or no wind.
3/ Due to compartmentalized nature of field either of above can be done whilst CO2 is being disposed of in depleted compartments. Essentially making the above grey hydrogen blue.
4/ Any investments can also allow for generation of green hydrogen - e.g. the power from the windfarm can be used to generate green hydrogen and exported.
There is a myriad of possible combinations when you have methane, power grid, wind at the same location........
W$
Yep...monies all gone hoped for best but new truth deep down as for halo purchase of tullow assets been transforming and delist one big lie.yep done and dusted only person profiting from this is AC and co
Yep it doesn't bode well, I just have a bad feeling that our investment is down the drain. AC's reputation & integrity going with it !!
I suspect the accounting period has been extended as Cochran knows exactly what the status of the accounts is, and the fact he is not communicating to Shareholders suggests they are in terrible shape and he wants to continue to extract his salary/expenses for a little while longer before he is forced into bankruptcy and he has to repay debtors etc. The Donald Trump of the oil & gas world.
ghost
will email you later. I personally think it will be radio silence from AC until we know whether we have CCUS licence or not
WS
Ghost, will give it to end of week and if nothing on web-site by then will e-mail again.
Hi Ghost, have you received communication from the Company/PR that the AGM has been moved to end of year ? surely we are still due an update from the company regards the sale of our assets and future plans ?
https://find-and-update.company-information.service.gov.uk/company/03793723/filing-history
there’s geological time, and there’s Cochran time !!!!!!
Obviously he didn’t expect his hand to be forced and he hasn’t closed the deal that justified (in his mind) selling ..
W$
Lol
On EVERYONE as exacerbated as me it’s seems or just enjoying the sun. Keep safe
Week passes by no news.......when there is news and thing going on what a joke
Yes, the TE / Barclays silence is disappointing. But I perhaps they are treated differently, and on a one-to-one basis, due to their terms of the deal which bought them in, especially if they provided cash / debt. In other words, the old adage of treating all shareholders equally (in terms of getting payments as well as basic information sharing / influence) may not apply due to the terms of the deal they did, elevating their position over us minority shareholders. For example, if HALO went bust, I suspect, but not sure, that TE/Barclays would get some of the liquidated funds before we did. Interested if others have any view on this and any insight or ideas as to why they are so silent.
As surprised we are at Camarco's silence, I am more mystified by the ex-Barclays individuals who brought in the Pegasus field assets in exchange for 20% of HNL. Why aren't they more vocal and stirring things up for Cochrane, rather than a rag bag group of small PIs, however well intentioned they are? Surely if we can see the writing on the wall with this deal, and how it sets up Cochrane until his retirement possibly, why can't they, or is money of no consequence to them?
It won't be the last time that PIs on AIM have been royally shafted, and certainly isn't the first (Sirius Mining comes to mind recently), but it hurts every time, nevertheless.
I wouldn't be surprised if the Viaro sale up-front cash is quite small and the consideration is significantly weighted towards future milestone payments. This fits with what seems to be Cochran's personal objective, ie keep the company ticking along, not dead/sold, so he can drain it over a long period, ie continue to extract salary, expenses, perks for himself.
One could come to the conclusion that Cochran wants a vehicle to give him a disproportionate share of the benefits. He should be entitled to only c. 10% of the company (his shareholding), but he wants nearer 100%, and will happily take the time required to maximise his take. Cochran appears to be running HALO as his own fiefdom / cash cow.
I am actually more surprised by Camarco, HALO's Investor Relations people. Camarco has previously enjoyed a good reputation. However, on their watch, HALO has had a negligent lack of "investor relations" with the average shareholder. Surely Camarco must take some responsibility for this? Camarco may claim they have tried to provide some guidance to investors, but have been castrated by Cochran. If that is the case, they should resign. They can't continue as HALO's Investor Relations people with no communications with shareholders, unless they are happy to see their reputation get trashed. I wonder how many of us, with the experience we've had with HALO over the last year, would recommend any entity who is associated with HALO, especially on the communications side?
We should perhaps start thinking about what we want from the forthcoming AGM. To sit back and let Cochran continue to run HALO and continue to ignore shareholders seems the definition of insanity, repeating the same mistake again and again... We should perhaps consider demanding Cochran's departure from the Board. He seems to be not just out of his depth, but contemptuous towards (minority) shareholders.
From the press release did anyone else get the feeling that we didn't get a kings ransom for our the sale of our assets to Viaro ? -
quotes from Cochran like 'Mr Cochran said the divestment was motivated by a desire to free the firm of hefty decommissioning liabilities'. “This is largely due to the greatly increased abandonment liabilities associated with these and their relative under performance.
When you make statements like that after the completion of a negotiated sale, doesn't sound like he was negotiating from a position of strength - almost is if he was just happy to just get rid of the assets
Maybe I am reading it wrong.
Go away for a day and it all kicks off - looks like your letter and a interest from a journo has forced AC's hand.....trouble is, we are absolutely none the bloomin wiser. All the abandonment came with third energy.......
ghost - what's the investor group email
W$