Member Info for acchi

Hi londoner
just to add one thing opex does not look correct ,projected opex is 600m as Co did not give any per barrel cost this year.I believe opex is high which is causing the lower FCF.

tx

Hi londoner
just to add one thing opex does not look correct ,projected opex is 600m as Co did not give any per barrel cost this year.I believe opex is high which is causing the lower FCF.

tx

Jan-
May God bless and comfort you and your family during this time of grief. Please accept my sincere condolences.

GL

Helloo January,

its good sign, however below is my understanding re AB

He does not spend money unnecessarily it is very positive,but he has lot of money and takes the risk!

thx

An other impairment of $280m( earlier 119) by BAB so total is 400m , a couple of years back PFC also recognized the huge impairment re its FPF1 vessel leased by PFC to Ithaca Energy but now they are doing well.
PFC had to do significant work on design change but ultimately its resolved.
Hopefully this will also resolved sooner or later.

Chilting- thanks for updation, so that means we are back on track ( 32 to 35k)?

This is old disclosure and market already know it and there is no point to discuss this unless there is some recent update re this as ppl wana know specific issue which caused sp dead at the moment!

It was expected, I live in Dubai and economic situation in Gulf ( mainly in SA & Dubai ) is bad and they desperately need higher oil for their economy, specifically Dubai as they are going to host EXPO 2020 next year so they are taking a lot of measures and trying their best for their economy and oil is their main source of revenue.

whether we like it or not but Barclay rating matters, its good they raised and who know after 2 or 3 loads with 15 days interval and moderate rise in POO Barclay raise this from 17 to above 40p like they have done last year from 25p to 58p.
As it's Kraken which is keeping sp down otherwise rest of things ( FCF etc) look fine.

Fernan-
couple of suggestions
Tax - paid during 2017 is 13m and H1 2018 2m , why 29m for 2019 as its may be provision and not actual outflow.

interest cost paid- if oil is below 65 so no actual interest payment will arise for bonds.

Lease payment - as per cash flow 2018 H1 is 77m so full year is 144m, and same could be for 2019 , ignore current liab and lease finance charge as finance charges decrease over the lease period.

E121-
Nice analysis for FCF, pls refer to cash flow ( financing activities section) as well in 30/6/18 interim reports as this may help for more accurate numbers.There leasing payments are 77m for 6 months also review interest payments.

Fernan- you review E121's working and advise the corrections( if any) as per your understanding.

thx

L3,
FCF numbers mentioned by Pelle make sense i-e 300m where as required debt payments for 2019 are 225m so they dont have issue re debt payments at current POO during the 2019.

regards

L3-
opex for magnus is low 30 not 25 which caused the higher operating exp 600m for 2019.
pls share the numbers based on 65k and oil price $63 rather simply saying like Ferman that FCF is not enough.
do u know revenue based on above ?

Helloo ferman,

Re FCFI am fairly sure that some thing wrong with yr numbers so ,can you pls share the following numbers which u have in yr calculation,
- revenue and any other inflow
- out flow like leasing payment,interest & others above 5m.(ignore capex 275m,operating 600m)

thanks

Hi January,

Not only POO but also Kraken should be back 30 to 35k as in last 3 month production was average is below 25k which is not good.

regards

couple of weeks before some one share one article relating to impairment ( $119m)booked by BAB for AK.
daily rate reduction was 36k over the life of asset accordingly NPV of amount of impairment was $119m.
this is covering the repair /maintenance.

Very nice update after long time but let see how market response that matter ultimately!!
hopefully impact on sp should be significant!

L3,
In Sep earning call Enq management indirectly conveyed the message that 50k is out of reach so its old news so not a new one and already factored in sp.
I understand results re Kraken are not ideal but it does not make sense to call it fail project ( you said sunk cost) as some ppl mainly Squif etc are posting here .

they have achieved 35k which is not ideal but its above the average and slightly below good ........

Hi January,
hope you r doing well!
since MO has done great job for this board and we are used to it and we need it as well .....i think MO should continue to post at least on key issues for the sake of others and should not leave this board at the mercy of ppl like Squit ,L3 traders etc.....

thx

Hi ,
59 hedge made sense as they had to ensure the min capex requirements for 2018...... now was expecting hedge at least 50% entitlement (circa 10m ) and even thought of between 60 to 80% and dont why ppl are saying they have done well hedging.

they have done very well in last 4 years re hedging but still not able digest current hedging strategy ( only 3Mn /17%)......it was clear that Trump is putting pressure for last 3 or 4 months and current situation was expected to some extent.

thx