Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
The deal with TGS will benefit Orcadian by i) the provision of highquality 3D seismic data and ii) making TGS an economically interested partner in the development of Orcadian Energy’s assets. We believe that in respect of both points the deal announced today will be favourable to secure a farmout. Based on our assessment of the economics of the deal (inclusive of a host of assumptions that were not disclosed by Orcadian Energy), we believe that TGS is acquiring an interest in the Pilot field at a price that significantly exceeds our 260p fair value estimate – providing a strong endorsement of Orcadian Energy’s assets and the conservatism of our fair value estimate. We believe the development is positive for Orcadian Energy and we are comfortable retaining our 260p fair value estimate, given that that valuation is premised on a $100/b Brent oil price in a context where the Brent spot price is trading above $120/b. As a reminder, our valuation is premised exclusively on the 78.8 million barrels of proven and probable reserves ascribed to the Pilot field and we have included only 20% of our full success-case value in our fair value estimate. We believe that the recently announced submission of a draft field development plan to the North Sea Transition Authority and the initiation of a structured farmout process represent significant and positive milestones for Orcadian Energy.
Resource and Licence Update Orcadian Energy announced that i) pursuant to the interpretation of the recently acquired and reprocessed TGS 3D seismic data over its core assets the company believes that the oil in place estimate for the reserves area of the Pilot field is 10-15% greater than previously determined, ii) the company now estimates that the chance of geological success for the Bowhead prospect is 65%, previously 49%, based on the interpretation of the newly acquired 3D seismic and iii) the Phase A of Licence 2320, containing the Bowhead prospect and the Blakeney and Feugh discoveries inter alia, has been extended by the North Sea Transition Authority (formerly the OGA) to 14 May 2023. The changes are material and positive in our opinion.
Thank you EG for this analysis which is very helpful to us lay oil investors.
For ADV I presume these Australian code requirements will not be needed as the well site is in East Timor waters.
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