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All only relative to recent share prices but yes, with PoO where it is I'm surprised.

All only relative to recent share price but yes, with PoO where it is I'm surprised ...

not sure who or what is ridiculous Fuddy but the agreement was all part of removing rkh's pre sanction development cash outflow. Don't think we'd want that back!

At this PoO, PMO may be heading for the exit door. Chrysaor can have it of they want it.

Was wondering what is happening at PMO. Only slight relief at this morning's announcement.
Pmo is pretty much am option on higher oil prices. Cash generation is circa zero at $45 per barrel for them, which means around half their production is higher cost than that. And even that's effectively ignores all the historic sunk costs of their fields as they're not part of going forwards cash generation.
Sea Lion phase 1 is $40, or possibly less, including all capital costs! And phase 2 will be lower cost than that.
Seems to me that SL is one of the more attractive PMO assets to any creditor (or acquirer) looking to get cash out of PMO longer term.
I'd close down anything at PMO with cash break even going forwards of $55 or higher, and there has to be some.
Trouble is PMO are depleting their reserves without paying back any loans at this PoO. Are they able to run off their reserves and complete pay back of debt at $55? May need the N Sea acquisitions to do that. SL could be a swing factor in the various outcomes, infusing for Chrysaor if it goes that way.

Yeah but you always say sh*te like that godawful so it doesn't count

Yeah but you always say sh*te like that godawful so it doesn't count.

I'm increasingly concluding that Sea /lion phase 1 would go live at $45-50, which I'd be relaxed about. The hurdle, and I think for lenders as well, is that PMO still doesn't look like a reliable enough operator until nearer $55. I fear that once they've done their N Sea acquis, they'll need to do another one or two to get their own cash break even price down, maybe to nearer to that of Sea Lion phase 1.
Phase 2 (and 3) would have even lower break even prices as add-on infrastructure.

Any thoughts (except for godawful's bot-like sh*te)?

pap, wondered if he had anything to say about the actual progress of the OM arbitration?

Darkest before the dawn men (and women).
Unfortunately PMO have already said it will be H2 September till their refinancing can be put to shareholders and towards end Sept till tied up.
No-one's going anywhere until (or unless) that is done.

Maybe (well, vol actually very average for this)
but you always say shi*te like that so it doesn't count

Re Ombrina Mare
Starting from the costs supplied by PaulDrayton and after allowing for the capex being up front whilst the revenue is later and using the discount rates that go into assessing fair market values, which also allow for loads of risk on the way, I reckon Rkh's indicated $300mln is really no surprise!! Pre-fees of course.

Who knows what's happenng but the natural progression at some stage, probably before now, would be a low-ball feeler ($100mln?) settlement offer, hopefully rejected. Is that where we are?

What was OM's breakeven oil price? Anyone got a clue?

PD's comment is making a lot of sense on this. My experience is that what makes sense is usually right.

PMO share price looking more than a bit sick. Hopefully equity raise ok. That's the hurdle.

Assuming it all gets do e today!

Absolutely, in a nutshell

I take it you've noticed they're raising $530 Mln in in new equity as we speak/write!
Am I the only person here who's read the docs?
Transforms the credit outlook for PMO. As long as equity raise is completed its all going to be quite different.
Means dilution/hit to PMO share price but a solid operator then moves forward.

Relevant to rkh, 'suspended' has become 'temporarily suspended' and a few other references in same vein.
No relevance and makes no difference for godawful spinnning madly around on the sidelines anyway.
Expect completion of funding for the N Sea acquis should be a watershed period for all.

Keep going