Member Info for buzzthomas

Never said brillant management. Pray tell what happened to PMO? What happened to Excite energy? What happened to Afren. What happened to the Tullow share price. Get real FFS.

Simple question. Is it the boards fault oil hasn't been trading at a level for the last 5yrs that would of enabled FID. If you remember the first Feed came in at a cost of $2.5BN.

Ovets, I've read everyone's posts. What you don't understand is the next 12 months are critical. Sam is the best suited to seeing the negotiations out IMO.

Ovets , I'm not missing the point at all. You might be right about pigs with snouts in the trough but I don't think poor management is fair. Is it RKH fault Solan was a disaster? Was it RKH fault fracking technology arrived in 2014? Was it RKH fault the Italian people revolted against the OM project? Was it RKH fault Covid struck? Was it RKH fault the arbitration panel have taken 3 years to make a verdict?

I will be voting for all the company resolutions at the AGM. The next 12 months will be the defining moment for Sealion and I want the the persons in the know negotiating for the FID. Sam & Co have a good working relationship with the FIG and know the workings since oil discovery 10 yrs ago. I think RKH have been very unlucky at every step since the farm out , the last being the covid kick in the balls. Even if you don't agree with that fact the horse has already bolted and saving a few £100,000 at this late stage of the game isn't going to help. Sam & co are the best suited to negotiate any deal with Harbour and Navitas.

Mogger what is your opinion on removing Sam?

Cyan, firstly do you know when they have to decom. Secondly , RKH can/will either have proceeds of the arbitration or incorporate a cash element to any Sealion deal. Failing that a small cah raise might possibly be needed for decom.

RKH will incorporate any funding needed to first oil in any deal with H.E and Navitas. They only need working capital unitl the Sealion FID is signed.

Steve012 , the north sea is only attractive because of tax losses and possible tie backs. Why spend $1bn in the north sea on depleting assets and future decom liabilities when you could spend similar amounts on Sealion and get ~ 30- 40k bbls. for 25 years production.

H.E field depletion ~ 10% per annum. H.E have stated they want to increase production. Where are they going to replace ~ 20k bbl a year from. Zama woul only replace 1 years of decline. Sealion got to be a runner IMO. Huge upside production potential with Isobel.

Old news chaps. Read todays RNS carefully again and you will see things are moving to conclusion.

My 50k buy trades showing as sells today and yesterday. Interesting.

Obvioulsy if RKH win a large arbitration award the Sealion game changes in RKH's favour and H.E would have to make a larger offer.

H.E are no fools. RKH will be bought out cheaply. ~25p intial offer ~30p final offfer. IMO

Sealion producing 80k bbl would achieve free cash flow 0f $900m @ brent $75 (Paying off the project in just 2 yrs)

Sealion producing 80k bbl would achieve free cash flow 0f $600m @ brent $65 (Paying off the project in just 3 yrs)

Huge depletion too. Could me almost decline of 20% per annum !!!!!!!!!

§ Production in 2020 of 173 kboepd (2019: 137 kboepd), in line with guidance, and underpinned by a full year's contribution from the assets acquired from ConocoPhillips and exceptionally high uptime; 2021 production forecast of 140-155 kboepd unchanged

Remember 50% of H. E production is oil

H. E OIL HEDGES ARE POOR. MAYBE ONLY $10 bbl profit. Pmo fairly valued imo

Baker Hughes rig count down even@65 WTI. Looks bloody good for Sealion.