REMINDER: Our user survey closes on Friday, please submit your responses here.
Yanbu-arabia after reading your post I had another look at Moggers article. I am sure it is not as negative as you think, there are a lot of positive statements regarding Sealion sanction and although Spink says there is a lot of work to do no timescales are mentioned. Once a decision is made regarding UKEF support those other issues may well be sorted very quickly?
I don't think the article has done anything other than state what we already knew, the project needs support from HMG.
Godders99
I am sure I understood that UKEF support was the preferred route to support financing the project last year, roughly summertime I think. It was a mix of statements made by PMO last year and the location, size of the project and the Geopolitics of the area which brought me to that conclusion.
I don't mean this in any sort of derogatory way, but I was more surprised by the surprise of others at the news that UKEF support was being sort.
Come on chaps, apart from Carrots slightly inane posts about meeting times regrading FIG delegation, (Carrot we were not supposed to have Euro elections and those meeting would have been pencilled in ages ago), this board had become much more civilised recently. Can we not all appreciate that we all want the same thing and biting at each other does not help anyone.
Yep carrot bottled it on the day,and came up with a lame excuses why he did. How can someone who professes to know so much about share dealing and the chances for oil development in the FI not know you need proof of share ownership to attend, speak and vote at an AGM....its laughable!!!!
Hi Ovets
I tend to agree with cyan. I don't think Sam Moody could say anymore in and Interview with Malcy than was said at the AGM. As I said before I got the strong message both during the formal part of the AGM and then again afterwards in a one to one chat with SM that the RKH board are fully aware of the frustration felt by the shareholders and are keen to see this project through successfully.
It was strongly stated that we are in hands of UKEF at the moment who do not like either publicity or pressure. I am not sure why so many are surprised by the need for their support , I am sure that I knew or believed that HM support for the project was needed last year because of the location and geopolitics of the area.
Anyway I am still in till the end because I still think this could happen successfully. Shame you could not make it to the AGM, it would have been good to meet you
Carrot you are making it abundantly clear that you would like any negotiation that is or will be happening regarding support for the project in the Falklands to fail. You need to take some lessons in subtlety old chap , you are as transparent as a pain of glass.
Hi Dezza...good to see you here after all this time. I think quite a few of us remember the days of Bluehorse, Garbled, Borgo22 and the others. I like to think we may have all learned a bit more since those days but I would not like to depend on it :-) Good luck with any decisions you make regarding this share if you are still invested ! As I have said before this is a 'Hold' for me because I still like the odds.
Carrot....I think investors on this bulletin board are beginning to realise that your interests in this share are not aligned with the majority of them. I think you may have an entirely different agenda.
This was posted by TR61 on the PMO Board re-posted from the ADFVN Board
Few interesting bits from yesterdays PMO AGM.
Thought this may be of interest....posted from Deans on ADFVN
They can do 2 years hedging, which would be good...... other positive, this states that they will try and do refinance agreement a year before, which makes good sense to me, then we wont have delays like last time..and a smoother transaction.
EXTRACT BELOW
Attended the AGM yesterday and have following notes observations and in no particular order of importance:- About 70 - 80 people were in attendance. Catcher giving healthy financial performance. 97% up time was stated as being remarkable with industry usually targeting 90%. Better than guidance given. Today producing at 70k per day made up of 65k oil and 5k gas. Vietnam and Indonesia assets gave approximately $300m in FCF 2018. Huntington continuing to produce which is longer than forecasted. Construction progressing well for Big P and Tolmount projects. Sea Lion funding discussions expected to be happening in next few weeks. Relationships are improving with the Argentina government. Recent fisheries deal and additional flights are examples of this. But exploration still not allowed by Argentina for companies also working in Falkland waters. Company looking at a Special Purpose Vehicle to fund Sea Lion which would keep debt off the balance sheet. Similar to Tolmount where the only Capex required to be funded by PMO was/is for drilling. Looking to decide on project go ahead at this year end. The company currently is restricted on buy backs and paying dividends by its lenders and this is in place until 2021. However the company wants to put new finance in place a year or so before the current arrangements end. On hedging the max they can do is for 2 years and they aim to hedge approx. 40 - 50% for the first of those two years. On the share price TD said the update appeared to be well received and that II that had/are been historical holders were being much more interested in holding the shares and this should reduce volatility. All for now I will check my notes and add later if I have missed anything of importance. Happy to answer any questions. DYOR etc.