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MCAP is a joke, no doubt PE firms will be circling.
Real chance of a takeover offer at this price imo. GLA
Feels like something is cooking....
Can sell to third parties, game on
BOD issue RNS - Nothing to see here.....
I think the SP is doing the talking :-)
GLA
Positive news and this is instantly back at 10p plus levels
Leaky
This and poly, any news out?
Great news!
PETROFAC AWARDED MAJOR AUSTRALIAN
DECOMMISSIONING CONTRACT
Petrofac, a leading provider of services to the global energy industry, has been awarded a major decommissioning contract by the Australian Government, heralding the start of an era of decommissioning in the nation's offshore oil and gas sector.
Petrofac's Australia team based in Perth, WA, has been contracted to complete Phase 1 of the decommissioning of the Northern Endeavour FPSO (Floating Production, Storage and Offtake) facility.
The contract, awarded by the Federal Department of Industry, Science, Energy and Resources, follows a stringent selection and due diligence process by the Government of Australia. The value to Petrofac of Phase 1 has the potential to be up to AUD$325 million (US$236 million).
The contract sees Petrofac as Outsourced Operator responsible for decommissioning and disconnection of the FPSO from its subsea equipment, and temporarily suspending the wells. Disconnection of the FPSO is expected to occur over approximately 18 months. Petrofac's scope includes the provision of its unique integrated services, working with both local and global suppliers.
The Northern Endeavour is a 274-metre long FPSO facility, currently not producing oil, moored between the Laminaria and Corallina oil fields about 550 kilometres northwest of Darwin in the Timor Sea.
Josie Philips, Petrofac's Regional Director, Australia, said:
"This contract builds on 15 years of working in Australia and is further proof of our growing and long-term ambitions in the country. A critical element will be upskilling the local workforce to meet the challenges of billions of dollars of decommissioning work in Australia now and in the future. It is Petrofac's aim to be a local company, growing local jobs, local skills and the local supply chain. I'm delighted that we have Monadelphous and Linch-pin already on board."
Nick Shorten, Chief Operating Officer for Petrofac's Asset Solutions business, said:
"This contract recognises our unrivalled decommissioning credentials, as the only tier one contractor with the in-house capability to manage all well and asset decommissioning phases. The contract builds on our existing track record for delivering well operator and project management services for clients globally, having successfully delivered numerous multi-well decommissioning campaigns."
Together Petrofac and its supply chain partners, including Monadelphous and Linch-pin, will ensure the safe and cost-effective removal of the FPSO from the field in accordance with good industry practice. All activities will be done in close consultation with the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) to make sure strict safety and environmental protections are in place.
ENDS
POGR is flying, any idea what's spurred the 34% rise? Leaking news maybe?
In light of the above and the scheduled maturity in November 2022 of the US$500 million 8.125% guaranteed notes due 2022 issued by Petropavlovsk 2016 Limited (of which US$304 million remains outstanding), the Company is in the early stages of discussions with its advisers and GPB relating to a potential restructuring of the Group's debt within the limitations imposed by the Regulations.
Potential restructuring….. that’ll do!
Gla
Huge disconnect from UK listing to MOEX Listing.
Currently :- Petropavlovsk POGR 9.86
and up 5%.
Lots of catching up to do.
Holding strong.
GLA
So if they cant sell it, they stockpile it, until they can??? MCAP is £50m for a Billion £ company. Considering some gold companies on AIM have MCAPS multiples of POG without any gold to show, I'm happy to risk a punt here for when/if a resolution is found.
GLA
I'm pretty certain the BOD saw this coming, and no doubt have been making preparations in the event of this occurance. I'm sure there will be an alternative solution. All IMO and high risk. But for me worth a punt at these extreme low levels.
GLA
Days high paid, 3p will soon be being paid imo
I think it depends on the broker, I couldnt get a quote for at least 30 minutes yesterday. That was H&L
Starting to bounce
Shocking price action, this is heading back to 70s at this rate. Really thought the Chair news would be a turning point. More pain
If POGR opens up 20% of its last closing price, this has a lot of catching up to do - It closed at 9.40.
So hard to get a quote with H&L, even small trades of £250 I cannot get anything. Anyone having same issue?