RE: RAMPERS7 Nov 2025 15:43
I think some have maybe forgotten that we basically got all of Block XIB (the HUGE carbon capture project and a massive portion of the project 3 gas resources) for free. Not bad going really. We didn't get any dilution from the Schlumberger deal so we get some now. Did anyone read this part of the RNS after all the excitement??
Project III:
Negotiations are advancing with a major international energy and petrochemical company on a potential farm-in to Project III.
In parallel, Block has signed a non-exclusive Memorandum of Understanding with a leading international trading company establishing a framework for potential future gas offtake and marketing cooperation. Efforts on the gas marketing side are in support of ongoing discussions around the farm-out of Project III, which would see initial production of 20 MMCF/d (c. 3,300 boepd) following completion of the appraisal programme, with planned ramp up (in the 2C case) to 200 MMCF/d (c. 33,000 boepd)
In my humble opinion the fireworks with this share will be the conclusion of project 3 farmout on favourable terms and the CCS scale up. Both are massive. Projects 1, 2 and 4 are just there for a bit on the side.
The CCS and delivery of project 3 is what PH will be judged on.
Have a good weekend all! Even the non shareholders.