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yes gas seems to be his main speciality: "Activity in both international and domestic energy markets, with Atlantic Basin LNG and Mexico pipeline / utility experience." Who else then has US > MX gas featured on his CV.....that'll be Eddie : )
The dots have been joined up, but ppl still don't get it ;-) IMO Eddie will be taking the helm very soon, then there's other name strongly connected, Stephen Brock and now Jeff Welch, 'Mr Gas'! Who else?? Nevertheless, it all comes down to the biz.. Northcote (For now) is going news driven, therefor we need clarification and on many fronts,. The BOD, LM14, SC, the RP and strong rumour of Mexico JV aka 'The Prize' ;-)) (yup, that's a wink!)..
Getting impatient? It has been a bit of wait. I hope they come out with a proper update that does answer questions. If the management team is being changed one issue will be the NOMAD. Unless they are happy with it there will be a problem. So it could that any announcement is delayed by the NOMAD doing its due diligence. DYOR
I have seen the dots (they have been repeated enough times) and not really that impressed tbh. Not exactly industry heavyweights and as SCDI has demonstrated they do not appear to be any better than RC at hitting deadlines, lm21 over two months past the announced timetable. Probably going to result in a hefty severance package for RC and bloated salaries for the incoming directors followed by a fund raise to implement the new direction.
Impatient? Yup.. We've had months in the wilderness, just want the ref to blow the whistle and enjoy.. at least a few months whilst we rerate, or as I would like to call it, a price correction :-)
Well I hope we are both right: this is worth a lot money to me if it they come out with the right news and it is well received.
and you call that a ramp??? (back to ramping school for you there buddy!) A rerate would be very well received by all I think. Sooner the better!
what about a serious re-rate then if they come out with the "right" news, whatever that might be...like others, I can think of a few news items which would put a rocket under the share price from here.... tick tock.....
For starters I would like to confirm they now have a contract for sale of gas or have a way of selling it in the absence of their own contract; then that they either have or are about complete to the hook up of LM20, LM14, RC#1 and RC#2 for gas sales; then that they have reviewed the portfolio and have six immediate targets for workovers that will be worked over and hooked up for the gas sales by the end of August. That would indicate a sense of urgency and indicate progress. Get that done and they do LM21/LM22 whenever they like. With the oil price softening again, the workovers and gas sales become more important than new drills. IMHO DYOR
Helpful entirely agree, LM21/22 I do not believe are now the immediate priority, not least the cost of a new drill - circa $800K; based on results todate and as stated in the SC update RNS, gas is clearly the focus and other low cost workovers (costing around 10% of the cost of a new drill i.e. $80K). No brainer in this climate. Not sure where that leaves GCW/RRR on the new drills, a few sweetners I guess. but can understand why plans change. Still waiting to hear on LM19 production figures. Sounded like a nice workover result (but oil rather than gas).
Still committed to drilling lm21 and lm22 clearly stated in the last RNS.
RRR said they were looking to negotiate a position on the workover potential. Same probably applies to Gulf.
yes still committed to the drills but no firm timescales yey......LM21 very overdue suggests (understandably and probably rightly) there has been a medium term change in the original plan.....
Reading between the lines....RRR RNS couple weeks ago.....cheaper recompletions way forward in short/medium term; on gas, note the partnership reference.... "We continue field expansion with the low-cost LM19 recompletion now nearly ready for fulltime production. The operator continues to work to firm the spud date for the LM21 and several additional recompletions have been identified for further development along with a plan to add natural gas production via a local partnership in the area. While development over the year has ended up being focussed more on cheaper recompletions than on new wells we expect production levels to continue to increase and meet out ultimate targets for the year. Shoats Creek continues to offer a variety of cost-effective development pathways to increased onshore US oil and gas production."
That might be Indigo but it could be someone else. If they can get on with gas sales now that would make a difference. The issue with gas sales is that it takes about six months to get paid; probably what NCT would need to do is use invoice discounting. 90 cents in the dollar plus 2.5% financing would do okay. They could probably drop the invoice discounting after a year. http://www.1stcommercialcredit.co.uk/invoice-discounting-factoring-for-oil-and-gas-industry-in-the-uk/