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ghtrader - not a whole lot in the public domain about Kuwait Energy. Formerly they were unlisted and registered in Jersey (I think). Got bought for c.$650m by United Energy Group (Hong Kong Listed) 18months ago who have a pretty decent balance sheet.
Signs of life..
https://www.rathlin-energy.co.uk/latest-update/
Harry/Chris - In terms of the cashpot the elephant in the room currently is the development cost associated with Parta. Still a few hurdles to cross - test IM-1, run the 2D seismic to see if they can then up the reserve count and gauge the size/width of the reservoir formations better, ... if the 2D findings aren't conclusive then probably looking at a 'gas to power' generator and connection to the grid for IM-1 (and eventually IM-2) with relatively small capex possibly funded from cash reserves by RBD/ADX or, if the 2D findings are as good as they hope, then probably looking at a much larger field development, infrastructure and cost, funded by a reserve based loan within Danube after converting their increased C reserves to P reserves.
Personally think they will keep most of their powder dry for this until they've completed the FID work and chosen the development route.
I don't read anything into SW's EOG NED'ship to concern me.
WN EA approval soon? - yes please
persimmon - I get the email alerts from Co House so got a shock when that one appeared on my phone on Friday. I'm guessing someone at the accountant's got told to 'do Reabold's dormant accounts'. Added the wrong company details to their standard template and submitted it to Co House
persimmon - noticed on Friday and emailed Camarco. Looks like someone's c*cked up and mixed up Reabold PLC and the unused dormant subsidiary Reabold Resourcing Ltd. The latter's accounts were filed yesterday. Why the PLC filing hasn't been removed yet, god knows
for anyone who missed it or wants to re-listen
https://soundcloud.com/info-291888419/united-oil-gas-investor-call-february-2020
Alexios - c.$3m-$4m per well gross, so no more than $3.5m to UOG in 2020. There's currently also a gas pipeline being constructed in the Al Jahraa field (which will add >200boepd to UOG) so I assume UOG are funding their share of capex. Haven't seen a $ figure for this yet - its on my list of Q's to email in.
Net production rates - UOG understandably cautious and no expectations set.
gkb47 - the Contractor group is liable for 'profit oil' deductions under the PSC which are 70% x 82.1% = c.57%.
Not sure if you've seen this but the Dec'19 Optiva paper gives a handy guide to the calc on pages 6-7
https://www.uogplc.com/wp-content/uploads/2019/12/United-Oil-Gas-Acquisition-of-Rockhopper-Egypt-10-Dec-2019.pdf
We don't suffer any deductions under the 'cost oil' calc due to a large cost pool carried forward
gkb47 - Net revenue is after PSC deductions which are payable to EGPC. These are 57% of gross revenue.
Check my posts on the 'Revenue to UOG' thread yesterday. Net revenue for Egypt c. $13m to UOG on current oil prices
levistubbs - that was a good call, lasted twice as long as the summer one with all the Q's. I've got a few questions on the financials/NPV calcs which I'll email in and hopefully DQ will clarify
duster - FYI, my quick calc below
Current production 1,760boepd of which approx. 200boepd is gas
1. Oil
Production 1,560bopd = 569,400 barrels pa of which 79,200 barrels (6,600pm) is hedged at $60pb
Gross revenue (using todays Brent price) = (79,200 x £60) + (490,200 x £49) (formula is roughly Brent - $2) = c.$28.8m pa
2. Gas
200boepd = c. 1,200mcf/d x $3.29/mcf = c$1.4m pa
3. Gross revenue $28.8m + $1.4m = $30.2m pa
4. Net revenue (after 57% PSC) = c.$13m pa
Hope that helps
.. now on website
https://www.uogplc.com/wp-content/uploads/2020/02/Rockhopper-Egypt-Completion-Presentation.pdf
levistubbs - good to see the deal finally get over the line but, sadly most would be investors are happy to sit and watch from the bar as opposed to getting on the dancefloor given the market nonsense. Sea of red again on my watchlist, UOG being a rare exception as I type. Lots to like in the RNS just need the tide to change.
Sachin's on Vox..
https://audioboom.com/posts/7515203-reabold-resources-predator-oil-gas-plus-chris-bailey-on-the-markets-and-4-stocks
Chris - tab down to the bottom, you can see the figs for VG3 and VG4 and Reabold's grand total (as per your post below). The first table has a misleading heading as the figure is for all the Reabold US wells not just Contra Costa county. If you do a search under Monteray it gives the same figs in table 1
http://www.drillingedge.com/california/contra-costa-county. I presume Persimmon is using this site or a similar one
Alexios - Nope. We've only received periodic (usually quarterly) updates from RKH since the sales process began so we've tended to get a lag on news. The operators are drilling 4 wells this year, 1 per quarter and generally take c.60 days spud-TD, so fwiw i'm assuming its started. Hopefully will get clarified via RNS when the deals completed this week
Mike/Uggy - FYI, they've been asked multiple times previously about this US website vs the 150bopd (net) figure published and not responded. Its a puzzle.
Nov's figures are v similar to September's for VG from the same website - Oil 19,376 vs 19,538 bopd ; Gas 12,563 vs 12,765 mcf. Of this, VG4 produced 17,257bopd and 12,351mcf in Nov. (All figures gross)