Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
So on the 8th of Jan Braemer ACM listed another 4 supply and tug ships being ordered by Equinor to the West Phoenix. Curious what for...its about time they get going. The rig has been up at Kristiansund and Ragnfrid since September. Really hope we get some action soon.
Agree with Dick. The estimate Equinor gives for the 3 UKCS drills (pip, bigfoot, verbier) is approx 120 days. That's from the contract they tendered for supply ships. So as soon as they move the West Phoenix and end of April we will get news the one or the other way. Staying positive and patient!
Thx Dick. Yeah just waiting for the 3 Skandi Tugs to arrive really...not sure what the hold up is...commencement date was the 2nd. Equinor as always very short with sharing their knowledge...not much changed in 2019 yet;)
Cheers Dick. Found a further website confirming the 3 Skandi Tug ships being booked as mentioned in my earlier post. Westshore got them listed commencing the job on the West Phoenix 2nd Jan...now we are literally moving ;) http://westshore.no Good luck!
I found the commercial presentation the best and easiest way to understand the value of the company or better $/£ value per barrel of oil for JOG. In the latest presentation on the website you can see the diagrams and graphs with the info it is based on and the NPV estimates. At the end of the day analysts like Malcy will be looking at the same thing and of course their experience. In an interview of Andrew Benitz he mentions that 130million barrels at Verbier would be worth upwards of £200 to JOG based and that was is based on roughly $70 per barrel of oil and breaks dow to a share price of roughly £9 plus cash plus cortina and the rest of the license and company.
Good morning all. Found this on Braemar ACM, looks like Equinor chartered three tugs to move the West Phoenix. Here the link to Braemars website: http://offshore.braemaracm.com/fixtures/ Furthermore I found a Norwegian article dated 21st Dec in which Equinor announces the usage of the West Phoenix again in April 19 for another drill in the Norwegian Sea...so they must still assume that Verbier will be done by April: https://petro.no/nyheter/west-phoenix-borer-ny-equinor-bronn Looks like the Equinor UK campaign is just round the corner. Good luck all holders!
Looks like we got some movement going on...the West Phoenix status has changed from anchored to underway 4 mins ago on marine traffic: https://www.marinetraffic.com/en/ais/home/shipid:458810/zoom:13
The status has actually not been updated since the 30th of Nov. Seadrill states in the fleet report Dec18-Mar19 for UK Equinor campaign. Braemer states 2 supply ships for the campaign being hired by Equinor from mid Dec onwards. As I said before these are probably just guidelines and we will have to be patient and see when they start moving the rig. Hopefully soon!
So oil up this morning at $62.50 not a bad start for the week and I hope opec and non opec can find a good balance for the future. Seadrill and Braemer are now both listing the start for Equinors UK campaign (Pip, Bigfoot and Verbier) from mid December onwards, that's from their websites. I guess its more a guideline they got given from Equinor for their equipment - we will see what the actual start date will be. But at least a bit of movement. Wonder if and when we will find out about the PGS fast track data for Verbier and Cortina overlay...they wrote December... Good luck all holders!
So Brent now at $59 ... what a drop within 6-7 weeks...no surprise though considering the politics around Trump/Saudi Arabia/Iran...its endless really. I just wonder what and how much Opec and non Opec members will do - and if they work together or against each other. Surely even the Yanks around shale production must prefer a well balanced oil price than crushing prices to god know how little. The Saudis need around $70 a barrel to be profitable...the Russians $50-60 and apparently the US shale producers can be profitable between $30-40...big difference! But I hope that the investors and decision makers in the US also want decent margins and lower output to bring the oil price back up again. Thankfully for JOG it doesn't matter so much for a while...and hopefully prices will stabilize when it becomes interesting for our license block including Verbier/Cortina/Merribel and a bit more;) Good luck all holders!
Hard to tell what they have been up to exactly...but on marine traffic she has now been updated as being anchored again and the supply ship sitting next to it. Ragnfrid must be a bit special from the beginning, since they did that digital twin simulation drill back in June as a first for Equinor to prepare for the real drill with the West Phoenix. Here the article http://edrilling.no/2018/05/08/ragnfrid-north-crew-practicing-using-a-digital-twin-in-preparation-for-drilling-well-6406-2-9-s-on-the-norwegian-continental-shelf/
Looks like she is underway...at least according to Marine Traffic and Vesselfinder, slowly with 0.6knotts but not anchored anymore. Haven't read anything about Ragnfrid being finished though...anyone any other sources? Do they move the rig during a campaign for some reason?
As Malcy stated already 2019 will be a very interesting year for JOG and its investors. If things will go to plan then we get the Verbier results, 3D seismic for the rest of the block/licence and a possible new exploration well (assuming Cortina) all within that year. That thought makes waiting a bit more baerable and certainly very exciting...just keeping fingers crossed! good luck all holders.
Pretty much what most of us expected, right? It says during Q1 - so its pretty much a flowing process and just depends how fast they get on at Ragnfrid, Pip and Bigfoot. With the additional info we get in December from PGS via their fast track program for Verbier&Cortina a logical step. Of course they had already all necessary info together for the appraisal program but if you can get some extra brand new data on top why not use it?!
This was the most detailed report I could find, nothing mentioned on the Seadrill homepage either nor on Equinor although they usually report things like that when it interrupts production / exploration like this week during NATO exercise accident where a tanker collided with a warship and they had to shut down a facility. Hopefully no major disruption on board! https://mobile.offshoreenergytoday.com/offshore-safety-watchdog-launches-investigation-into-west-phoenix-rig-fire/
I too 'would' be disappointed 'if' we have to find out about the timeline in such way and of course a possible further delay. I don't know more than anyone else here and can only go by the information provided by the company and other sources like operator or suppliers of tug/supply ships etc. One thing however I would also like to share and consider is the fact that seafish is not an accurate page either when it comes to 'forecasts' when an oil drilling campaign will exactly happen and how long the individual wells take. As a reminder - end of August someone shared the below information from Seafish on this board trying to explain the delay of the West Phoenix. According to Seafish the WP was suppose to drill a 3 month campaign for Chevron at the Captains Field in summer 18 - something that was of course completely wrong and misleading because she did (as planned and announced) the Guillimot sidetrack successfully and then went on to Ragnfrid. So wherever seafish takes their information from I would take it with a pinch of salt and not panic based on information from a unreliable source...just saying there is no Oracle out there. Stick to the facts and they are simple - its freaking Oil business and drills are extremely hard to predict so a timeline for 4-5 wells over roughly 4-5 months is difficult to forecast. What we know is Ragnfrid started early October and runs right now. When done they move to the UKCS for the rest of it...they might still not even be sure which one is first who knows right? I hope for a smooth campaign but most of all a successfull Verbier Appraisal Program as that's the only important part for us as shareholders. Good luck all! The post was from the 21st of August and said the following: Just found this dated 28/06/2018. Captain Field – Drilling Operations Chevron North Sea Ltd is planning to drill at the Captain B34 well location in UK Licence Block 13/22, located in the outer Moray Firth. Drilling Rig/Ship Installation / Well No West Phoenix 3ETB9 Skandi Foula Position Start / Finish Duration 90 Days Captain B34 58°18.070'N 01°42.380'W 21/06/2018 http://www.seafish.org/media/1796336/issue_16_oil_gas.pdf Page 7/24 May explain the 'delay
So at around 10:23 someone or some institution buys two batches of 50000 shares each totalling well over GBP200000 at a price of 208p and the result is an almost 5% drop in the share price?! Hmmmm let me think who's at it ;) things must really getting interesting now or are they?! Good luck all holders...cannot wait for the Verbier appraisal well program...December/January/February....don't care...:)