Member Info for Biffadog

IJWT

Suggest you actually read my posts again and stop putting words in my mouth.

I didn't say that HUR couldn't decide to make further changed to the AM due to the Spirit deal. I'm sure it would have been fine.

What I said was that according to my communication with them which I shared with you at the time, they didn't do any extra work on the AM and would instead conduct such work at a later date and in the field (i.e at Lancaster).

Why you then suggest the AM needs to go back to Dubai in 2021 is a mystery.

I'm not blaming anybody for timing. I was very happy to see the AM sail away when it did and can't understand why you and others think because it was a month or so out there was any issue.

Personally, I'm 100% happy with how things have progressed. You are obviously not happy with things but that's your prerogative.

GLA.

Hi Genghis,

Not the case. Suggest you have another look !!

IJWT,

Any additional work to the AM that will be required as a result of the Spirit deal will be carried out on field.

THE AM's departure from Dubai was not delayed by the Spirit deal.

That's from a direct communication with HUR in September.

GLA.

Two points to make.

Nobody knows what the costs or the timescales would have been from a European yard, nor if they would have got the work done any quicker than DDD.

There is no point arguing about it, as none of you are privy to, or ever likely to be privy to, such information.

Secondly and much more importantly, this decision was made by Bluewater and not HUR.

Hope that helps.....

GLA.

Fair enough JS. Apologies.

I just hope the 200 SMA (44.5p) holds up again tomorrow as it's likely to get tested again.

GLA.

PS: Just read your post wellwell and my last comment wasn't directed at you.

Joe (Soap or pi),

I never ever post my buys or sells on a BB. Not sure why it would be of any interest to anybody.

In my experience, it's mostly the narcissists and fantasists that post this sort of info.

GLA.

I thought it was very odd when it was highlighted that Polygon increased their short position by a massive 0.67% last Friday from 1.21% to 1.88%.

This was a reporting error.

In actual fact, they reduced their position from 1.21% to 1.18%

This is as you would expect from a CBH that is long the CBs and short the stock, with the aim of maintaining a delta neutral position (CB Arbitrage). The SP has dropped back and so the short position is reduced.

Just thought it was worth highlighting.

GLA.

Bounced off it like a scalded cat and then everyone piled in. Very strong support at 44p and would appear to be the bottom to me. All IMHO of course.

Fundamentals remain, as ever, rather tasty. Funnily enough, been in complete agreement with wellwell over last few days. Unusual but not unwelcome.

GLA.

Boyzee,

Surprised you don't point out the 200 day SMA at 44.4p as being a significant level of support.

Way oversold but fundamentals haven't changed.

GLA.

Link to article....

http://www.offshoreenergytoday.com/transocean-cheers-new-rig-deals/

http://www.cityam.com/266338/bp-and-shell-get-green-light-north-sea-joint-venture

GLA.

Give it a rest guys. You'll all be back where you were a few weeks ago and nobody wins.

Guys,

Am I talking to a brick wall today. The article is dated the 26 July 2018. It is old news. No longer relevant. Not worthy of any comment.

I don't know why DRUSS chose to even mention it in the first place, unless he didn't bother to read the actual date attached to the article itself. He also chose to exagerate and say two tankers are sunk. God knows why but maybe his post didn't feel interesting enough without resorting to a bit of artistic licence.

As to stands today, there is no issue with traffic (Saudi tankers or otherwise) going through The Red Sea.

GLA.

So who do I think has the more informed opinion on the Ombrina Mare legal case ?

King & Spalding, who excel in this sort of litigation and are working on a "no win no fee" basis or markap from the LSE board ?

Nice try markap. Please post your finings in full so we can all have a bit of a laugh.

Good to hear that you can read although your written presentation isn't that great.

GLA.

Hi DRUSS,

If you're going to post stuff like this, can I politely suggest you refer to recent news. The article you speak of is dated 26 July 2018. It was a temporary halt to oil shipments by KSA and two tankers received minimal damage. No tankers were sunk so that's just you exaggerating. Well done.

I've posted a line or two for those that don't want to read the whole article and also posted the link for those that do.

"Saudi Energy Minister Khalid al-Falih said the Houthis attacked two Saudi oil tankers in the Red Sea on Wednesday, one of which sustained minimal damage.

"Saudi Arabia is temporarily halting all oil shipments through Bab al-Mandeb strait immediately until the situation becomes clearer and the maritime transit through Bab al-Mandeb is safe," he said.

http://www.marinelink.com/news/saudi-arabia-halts-red-sea-oil-exports-439997

GLA.

When this case initially came to light, a figure of €120M was mentioned as being a reasonable amount should RKH win the case. It's worth mentioning that King & Spalding LLP have handled a huge number of these cases and do not take them on unless they feel the chance of winning is extremely high.

GLA.

Hi Boyzee,

You may well have a point in the shorter term regarding HUR fundamentals vs the recent decline in Brent and global issues. The AM is making slow but steady progress and until she arrives WOS to hook up the buoy there is no near term catalyst and even then it will probably take FOIL to give the SP a real boost.

However, 2019 is action packed and barring any major failures there is plenty to support and grow the SP.

A high impact drilling campaign on GWA, starting at the end of march, should support the SP while we are waiting for the Lancaster EPS results to come through (both the final analysis and increases in production along the way).

But for now, we are in limbo and the SP drifts downwards. Good for trading and it will at least give people an opportunity to buy at prices most had thought gone forever. If you are a LTH now is probably not the time to start trading in and out but just to hold tight. The fundamentals here are very strong indeed and will rise above the other factors that you rightly mention. The only caveat as always being the PoO holding at a reasonable level. IMHO.

I do follow rudimentary TA myself and can see very strong support provided by the 200 SMA, which currently sits at 44.3p (and is rising). If we don't get a bounce off the 100 SMA (still possible), I agree that a drift down to the 45p/46p level is quite possible. Again IMHO.

GLA.

Not necessarily true....

200 SMA at 32.4p.

In answer to Pumstock1, not sure what bank finance you mean, as none is required at this stage for FID.

It's just the $800M ECA loan that needs agreeing. Supplier deasl for $400M are in place and remaining $300M will be sorted from cashflow, existing financial arrangements, rights issue etc etc nearer the time.

GLA.

Nice find rpoodle.

Spoke to PMO yesterday and it's all progressing nicely towards FID. Just waiting on the ECA funding but everything that can be done in the meantime is being done. PMO have a team of 60 on Sea Lion at the moment, so anybody that thinks FID is not going to happen in the near future is misguided.

Forget the Italian litigation. It's a side show and is not priced into anything. If it comes in then great but not spending too much time on now.

GLA.