Member Info for callit

Thanks HH,
Good to see the gas price also increasing..at least for Zen (not for the consumers.)

Thanks for clarifying MG. I thought that was what you meant but just wanted to check as I hadn't seen a figure for the value of the gas sold, other than aggregated with other things.

Totally agree a 10x increase in gas at a time when the price has been high while Europe has been filling up the storage bodes well for Zen in the coming winter period IMHO.

GLA DYOR

@MG I think you mean revenue on the electricity from the sour gas?

Not sure what they got for the gas alone, but the annual report showed a massive increase in volume being produced over the previous year:

"· Produced and sold 131,556 Mcf of natural gas from its Italian assets (as compared to 12,713 Mcf for the corresponding period for the financial year ended March 31, 2021)."

https://uk.yahoo.com/finance/news/europe-gas-shortages-last-several-115449898.html

"Rachel Millard
Mon, 29 August 2022, 12:54 pm
Ben van Beurden Shell
Ben van Beurden Shell
Europe’s energy crisis will last for several winters, the boss of Shell has said, as he warned it is "fantasy" to think shortages caused by Russia cutting supplies can be resolved quickly.

Ben van Beurden told a conference in Norway that power rationing will be needed for a number of years as electricity prices hit fresh record highs.

He said: “I do not think this crisis is going to be limited to just one winter.

“It may well be that we have a number of winters where we have to somehow find solutions through efficiency savings, through rationing, and through a very quick build out of alternatives that you may have [such as] alternative gas imports [and] hopefully alternative energy sources.”

His warning came as Elon Musk, the founder of electric car maker Tesla, said the world needed to continue extracting oil and gas while it builds out renewable energy."

P.S not because of all the neo-fascist stuff, just her home grown gas policies.

https://abcnews.go.com/International/wireStory/italys-meloni-slams-energy-policy-campaign-heats-88756664

"Meloni, who has been buoyed for weeks by opinion polls showing her leading in her quest to become Italy's first female premier and its first far-right government leader, used the evening pep rally in Ancona, an Adriatic port city, to hammer away at long-running themes for her Brothers of Italy party, whose symbol borrows an icon from a neo-fascist party."

"While Salvini and Berlusconi in their campaigns have called for reactivating Italy's long-shuttered nuclear power plants, Meloni at the rally said Italy should exploit gas resources in the Adriatic Sea and not just look to buy gas from countries like Algeria, as Draghi has done, to wean Italians from supplies from Russia, given that country's war against Ukraine."

I like her :)

Just my luck; Might be too late to get another top-up in before the report. Drat!
If it goes ballistic I won't be too upset though. :)

GLA DYOR

Virosynth are based at Volz factory in Manchester.

https://virosynth.com/contact/

Virosynth
Unit 1 Agecroft Commerce Park
Canary way
Swinton
Manchester
M27 8AW
United Kingdom

50-99 employees.
https://gb.kompass.com/c/volz-filters/gb25075783/

I think they will plan to get something released and the marketing machine moving for winter when the flu season kicks off and probably Covid-19 again too if we are unlucky.

https://msgbcoilgasandpower.com/opec-president-and-congo-oil-minister-bruno-itoua-to-lead-investment-discussions-at-msgbc-oil-gas-power-2022-in-senegal/

"All up, H.E. Minister Itoua’s presence at MSGBC’s ministerial forum could be a gamechanger, contributing unparalleled strategic insights towards forging robust public private partnerships and ties with a new slate of multinationals to join a rapidly diversifying suite of international oil companies (IOC) and investors flocking to the region from across Africa, Europe, Asia, America, Australia and the Middle East. "

https://www.offshore-technology.com/uncategorized/stick-or-twist-the-future-of-african-oil-and-gas/

Ah, Thanks. That makes sense I don't remember having seen any sales RNS'd. I guess it's all in the semantics.

It's encouraging that in 2020 the amount of gas went up to 17,666 mcf from 10,868 mcf.

It then fell back to 12,713 mcf in 2021.

So if we have all the same gas concessions, and fingers crossed they could maybe increase production back up with a bit of stimulus to take advantage of if higher prices arrive over winter.

Thanks @Hedgehog100. It seems it might have been a better question than I had anticipated.

What happened to the other Italian gas 4 concessions?

Your figure of 9 is what is shown on the website, 6 operated and 3 non-operated, but;

From the company reports there were 13:

2020:

"Production activities

During the financial year ended March 31, 2020, the Group:

a) Produced 74,290 bbls of oil from its assets in Azerbaijan, as compared to 85,524 bbls of oil
produced in the 2019 similar period.

b) Sold 70,005 bbls of oil from its assets in Azerbaijan, as compared to 75,913 bbls of oil sold in the
2019 similar period. As of March 31, 2020, inventory consists of CAD $14k (2019 – CAD $nil) of
crude oil that has been produced but not yet sold, and CAD $785k of materials (2019 – CAD $156k).

c) Sold 17,666 mcf of natural gas from its Italian assets, as compared to 10,868 mcf of natural gas in
the 2019 similar period.

d) Sold 10,500 MWh of electricity from its Italian electricity production assets, as compared to 9,433
MWh for the corresponding period of 2019.

e) Sold 214 bbls of condensate from its Italian assets, as compared 628 bbls of condensate in the
2019 similar period.
"

"Canoel Italia S.r.l. (in which
the Company has a 98.64% shareholding), which holds various working interests in 13 onshore exploration and
production properties in Italy."

2021:

"The company sold 12,713 mcf of natural gas from it's Italian assets, as compared to 17,666 mcf of natural gas in the 2020 similar period."

"Canoel Italia S.r.l. (in which
the Company has a 98.64% shareholding), which holds various working interests in 13 onshore exploration and
production properties in Italy."

So do we still have the other 4 but they are deactivated? Have they run out of gas? Have we sold them? Have the licences expired?

GLA DYOR

How much do they make from the gas and condensate sales in Italy?
Assume prices of those commodities are also on the up?

Nice find @cuvio.

lol @DrM I hate those taxi rides where the driver insists on telling you how he would run the world differently if only he was in charge.

I assume you have those internal electric windows to quickly curb an over talkative chauffeur on your roller? Worth their weight in gold nano particles. :)

@UG, No problem, Dr Cave knows everyone:

"Dr Gareth Cave, Executive Director of Nanosynth Group plc is a Nottingham Trent University Associate Professor, dedicating his academic career to researching the many applications of nanotechnology, research that has taken in everything from food security and nano medicine, to green chemistry and sustainability.

Beyond academia, as an active consultant, Gareth shares his knowledge and know-how across a plethora of industries including pharmaceutical, healthcare, materials, agricultural, food and drink industries. In 2015 he formed Pharm2Farm Ltd, as a university spin-off, to help realise the full commercial potential of his nanotechnology research.

His world leading academic research and international network, from celebrity chefs to Nobel Laureates, continues to supply a strong pipeline of innovation, collaborative opportunity and science leadership to Pharm2Farm.

Gareth holds B.Sc., M.Sc., and Ph.D. chemistry degrees from the University of Warwick, is an active member of the Royal Society of Chemistry and has worked as an academic in UK, US and Australian universities over the course of his career.

"

@UG did you miss the Strategy update in June?

https://www.lse.co.uk/rns/NNN/strategy-update-nw2hmtvyaijpxb0.html

"The 37 Research & Development projects in the identified vertical markets have all been packaged into individual business cases. The Company's lawyers are currently ensuring that the appropriate patents are applied for in each of the seven vertical markets and business development initiatives with clients that have expressed significant interest are being pursued. The Company is planning to offer an opportunity to partner on the individual projects, while retaining its core patented technology, enabling the clients to enhance their IP through the partnership. The Company plans to cover the commercial cost through the development phase through a model whereby the partnering client is charged for development work packages. The Company's commercial strategy will be to take either a royalty on the product sold by the partnering client or the Company will supply relevant nano material to the client for the project on an exclusive basis."

Kwantang, what a *ickhead.
He should look in at some of the other Govt departments and see whats happening with energy this winter. Security of supply when the Russian gas taps go off to Europe should be out priority.

lol @Cuvio. It does rather seem like the universe has been conspiring against humanity recently. I hope soon there will be some good news somewhere. We live in complex times, but for many the Caveman is the last shining beacon of hope in the darkness.

GLA