We would love to hear your thoughts about our site and services, please take our survey here.
https://www.telegraph.co.uk/politics/2022/02/07/six-north-sea-oil-gas-fields-fired-amid-cabinet-row-net-zero/
All the right North Sea noises being made suddenly!
Sorry, briefly off topic, but as we wait for the coming RNS(s), did you see the one issued by OYL yesterday, Tony? Looks like Doc has picked another winner with a big offshore strike in Guyana. Got to hand it to him! I had a small punt (which is what it was, but Doc seems to get the odds rights more often than not), which I will now rotate back into i3 :-)
Nice. I get the sense that they are intentionally leaving powder dry for either serenity and/or another Canadian acquisition, using some debt. My suspicion is that some substantial irons are in the fire, just not quite ready to pull out yet. Hard to see how we lose from this one over the next year at this price (though of course I said this 6 months ago and had barely broken even!).
Tony many (like myself) who bought in bulk during the second half of this year, during a generally great oil/gas price environment, have basically broken even or are underwater at this point. So there is some justifiable frustration there for many
Nice, thanks Tony. Interesting that he said that “nearly all management teams have committed to returning at least 50 per cent of 2022 free cashflow back to shareholders”. That’s a fair bit higher than we have committed to (20-30%, right?). Maybe one reason that we are trading on the lower end of (low) multiples? Perhaps energy investors want returns now rather than future growth?
I wonder what is going on, feels like there must be a reason for the delay in the capital programme, which was meant to cover the rest of 2021 as well as 2022! I really hope there is something big brewing to explain the delay, either the farm-out or a new (predominantly debt-funded) acquisition or a farm-in and/or hefty debt programme to fuel a really aggressive drilling campaign. Something!
Sefton how about you address any of the points actually made in Carj's post, which seemed pretty wide-eyed, technically adept (though I don't really have the knowledge base to assess this) and balanced to me, rather than accusing him of being part of a conspiracy. Did you notice that his post got a lot of likes? Stop trying to bully people away from having informed debate.