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I think people read this like Schlumberger have backed out of the whole thing. It doesn't specify what terms couldn't be agreed upon, or who was unwilling to agree. Seeing as Ophir appear to have kept their options open with other parties, and have already narrowed it down, it could be that they thought they could get a better deal elsewhere. If that's the case it should surely make up for the short-term delay.
Yeah, SP has to recover.
Reduction in the sp from this rns in a few days come on :-) capex reduced by 150 million I think they have scrapped it for an improved deal Ophir Energy Plc 29 April 2016 29 April 2016 Ophir Energy plc ("Ophir") Fortuna FLNG Update Ophir provides an update on the project workstreams leading to Final Investment Decision ("FID") on the Fortuna FLNG Project: 1) Since the 26 January 2016 announcement of a non-binding Heads of Terms Agreement with Schlumberger for upstream participation, Schlumberger has satisfactorily completed its technical due diligence. However, Ophir and Schlumberger have been unable to complete the transaction on the terms agreed in the Heads of Terms. As such, discussions between the parties have terminated. 2) Notwithstanding this the project still represents a technically and financially attractive project for Ophir and its shareholders. The Schlumberger agreement was one of several options being reviewed as a basis for development of the project and delivery of value to shareholders. 3) Ophir continues to progress the project. After completion of the upstream FEED studies, and EPCIC bids having been received as planned earlier this month, the forward upstream capex requirement from FID to first gas has been further reduced from $600mm (gross) to between $450-500mm (gross). 4) Ophir has remained in active discussions with a number of other parties with regards to participation in and funding of the Fortuna FLNG Project. These discussions include upstream equity participation, vendor financing and pre-sales of gas. 5) Offtake selection has progressed to a decision between three alternative solutions. Fully-termed LNG sales agreements are nearing completion. 6) Negotiation of the mid-stream chartering agreement with Golar is near complete. 7) The Development and Production plan was submitted to MMIE on schedule and in accordance with the PSC in March 2016 In light of the additional time required to fully develop these options to reach binding agreements, we now expect to make FID during 4Q 2016 with first gas now forecast for early 2020. Nick Cooper, Chief Executive Officer of Ophir, commented: "The Fortuna project workstreams are progressing towards FID. We have been reviewing a number of options and our discussions continue with other quality counterparties that can offer an attractive source of funding. In addition, the reduction in the capex to first gas has lowered the project breakeven oil price to approximately $40 per bbl. "We continue to work closely with Golar, the prospective offtakers and the other potential partners and remain confident that we will take the FID in 2016." The Company will host a conference call for analysts and investors today at 0800 BST. The dial-in details are below: Dial-in number:
Agreed Tommy just be patient and wait for them to stop corrupting it and off it will go into the 80's. Like the Canary Islands mainly in the 80's &90's occasionally in the 70's and very rarely in the 60's :-)
You must be getting me mixed up with someone else mate cos I wasn't even trading in January when LMI did 35p ... I did, however, buy at 55p on the 18th December and rode it up to 80s with GaryN et al ;)
This was at a peak when the RNS hit. I think it would have turned down for a few days anyway, but on that news the MMs killed it. Then sentiment and panic killed it. Right now the oil and natural gas prices are also killing it. When you look at what the RNS says (and if you believe what it says), the only bad thing was the 3-6 month delay on FID. So no, it wasn't great news, but I don't think it was that bad that it warrants this share doing a PMO-style nose dive.
from the high today looking at l2 it is laughable how it has been walked down
Ha ha bonks remember you staying the same with Lonmin at 35p it then went to £1.90 in two weeks. This is bribing played with and at the bottom imo. 32% drop from that rns is not justified at all
Don't think you're going to get that today! Possibly looking like we might get an inverted hammer which could be a positive sign (IMO).
Well 46/47p is exactly half the price of that 92p mate ........................................ Though tbh, taking that 92p "top" had me pencilling in 35p as mentioned earlier ...
don't you think a drop from 92p to 47p is a little overkill?? on the upside there will be a gap to close from low 70s to 90p 65p being tested.
financially I believe the company will remain in the red over the next two financial years,sentiment is well down now on this share
I feel a bullish harami forming, but that could be me looking on the bright side.
Some numbers are off Fibs and other stuff but others are off trend lines mate - it's a 4-year drop in a straight line, I ain't apologising for being somewhat unsure of myself here ;) 47p looks the worst case *immediate* trend line touch and also Fibs back to £6 superbly I have to say so who knows - I will certainly buy there *if seen* in the next week or so but as I say, if she goes back to my old shout of c70p for tomorrow's close then who knows, it could be all over ...
PS: Yes it broke a line at c70p hence looking lower but let's bear in mind that it ain't closed the week out yet - if it bounces from mid 60s to close tom at c70p then wtf knows eh?
I can put a pretty good channel on from around Oct last year. Down-trending obviously but aside from where it popped the top last week it's still in play with a possible bottom around 64/65. So you had 47, then 62/65, now back to 59/51/47?? Did you put your old eyes back in?!
Yeah, trouble is mate, I've just drawn another two of dem "ultimate" trendlines pmsl OK, I've got 59/51/47p as belting trendline touches for the next week - I gotta though say that the best Fibs back to the top of the chart look to be from 47p, back to c190p specifically ...
15:48:26 65.3602 28,649 NT 65.2500 65.6000 Sell hopefully now we rise last 1/2 hour.
Where is your "ultimate" trend line taken from?
Y' know what? I just took another look and tried to work something off the big gap-down from c170p and I get a 62-65p bottom pmsl Funny old game this - new eyes today obviously :) Who knows eh - catching this fooka right will yield some phat profits alright ...
I had a 70p target yes but with respect mate, I don't do "last chance to ......." stuff lol 47p cos the "ultimate" trend line is there right now and this just gapped down horrifically the other day which often implies a sizeable drop to follow - just my shout but I won't touch it unless it hits that in the next week or two ... I gotta say though folks, that I also have indications of it seeing the 25-35p range too so even at 47p, I'm treating it as a trade (back to 62p??) rather than the defo bottom ... I've no idea of course what is causing this almighty drop, other than one of Blackrock's legendary sell-offs, but you've only gotta glance at the chart to see how well the cork may bounce once it's finally hit the bottom ...
I think it is being manipulated very heavily big buy followed you small sell saw it in Genel for a number of weeks day after day. Someone is buying those shares that blackrock sold look at the top buys every day
Why 47? three weeks ago you said last chance to buy in the 70s, has this broken a trend line or something, wouldn't have thought it would go that low, but what do I know.
Yes, why 55p? FWIW, I won't buy these at more than 47p ...
Something dosent feel right here? Just can't get going, Why did I ever buy Smdr shares, one bad experience.