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Did you mean the bored Gozzie?
Good evening redon. You wrote; "Interestingly, It mentions, as most of us know, that oil is now being produced in the North Sea for around $15 per barrel as opposed to the $25+ allowed in SL estimates."
IC have the numbers wrong; SEALION per barrel cost is $23 per barrel
I repost my comment on the ADVFN;
I have just found the IC article; talk about rot.
If people are going to publish a critical story GET THE NUMBERS RIGHT.
IC quote OPEX and Lease costs totalling $25 per barrel. That number is from page 6 of the March 2018 Premier Oil data book;
$15/bbl (field opex)
$10/bbl (lease rate)
If they troubled to look at the latest data book from September 2019 they would have read the up to date numbers;
$13/bbl (field opex)
$10/bbl (lease rate)
Its now $23 per barrel
For comparison PMO's latest data book gives the numbers for their two other major North Sea FPSO operations;
PMO's CATCHER North Sea OPEX is shown as $6.1 per barrel and FPSO lease $8.9 per barrel
PMO's North Sea HUNTINGTON OPEX $17.7 per barrel and FPSO lease $21.3 per barrel
Hi. The IC article, and its $15 and $25 figures are misleading. It really depends on the project. If you look at the databook below from Premier it is quite revealing:
https://www.premier-oil.com/sites/default/files/presentation/premier-oil-2019-half-year-results-data-book-v1.pdf
Sea Lion- opex $23/barrel (incl FPSO lease)
Catcher- opex $15/b (incl FPSO)
Tolmount - opex $18/b (incl tariff)
Solan - opex $31/b
Huntington (admittedly almost end of life) - $39/b (incl lease)
Sea Lion compares perfectly well with lots of North Sea fields. It’s not stonkingly cheap, but if you factor in Sea Lion’s significant size and, importantly, the low taxes in the Falklands, it‘s entirely commercial and competitive.
I bet you will not find one person on this board at all who doesn’t wish they had of sold out at £5.50. It’s quite an obvious statement even for a fool like you. I’m far from mr grumpy as you attempt to make me out to be. I just don’t like bell ends like you clogging up the board with poor me poor me. Same crap everyday. This is going to fail. This is rubbish. This is worthless. And let’s not forget to throw in my poor old dad.
Tomorrow I’m going to watch the mighty reds Liverpool beat the scum and make another step to winning the league. Life couldn’t be better. As previously stated this owes me nothing. Yes I wish I’d of bailed out at £5.50 but I don’t like to cry and moan about it everyday though. My few shares in here will either be a 4-5-6-7 etc to 1 bet. I either win or lose. That’s it. On the other hand your losing your marbles. Apparently on anti depressants? Making yourself much better crying on here everyday?? Your dad must be really proud. Enjoy your lonely night on the keyboard.
Lol, I feel his pain. Was once sat on a 6 figure paper profit from DES. Watched it all get diluted away as we morphed into FOGL and then RKH. Held a little RKH at the time too but never got the hang of using the sell button. Hard to explain the euphoria that surrounded these stocks on iii and here at the time. Just been working out what sp I need to make it all back with interest, reckon I'm going to have to stick around for phase 3 as I just don't have the stomach for throwing more cash at this.
-The sell note in this weeks IC says nothing that we do not already know ie that RKH will not produce any oil in the near term, if ever.
- Interestingly, It mentions, as most of us know, that oil is now being produced in the North Sea for around $15 per barrel as opposed to the $25+ allowed in SL estimates.
-That does make me think that the theoretic OM cost of producing oil in the Adriatic in the case of OM should be even less than 15$ bbl. At $15 costs one has a gross value net of production costs with an op of 60$ of say $900 million!
-OM compensation could surprise very much to the upside although I would have expected that to have leaked into RKH sp by now! Clearly that would have meant someone using insider information and breaking the law but how tightly held is the info?