Member Info for cyan2

Good morning tomkinson. Yes, there maybe a mid range oil company out there who would invest. Would be a bigger risk , proportionally to such a company so they would have to be really confident of POO's robustness. I am glad you mentioned Noble who hooked up with FOGL sharing the risks of their SFB exploration campaign. The bad news is that NOBLE & EDISON have now simply abandoned all their SFB interests . I do not see any drilling in the SFB in any foreseeable future. It used to cost $110 million per drill down there as opposed to $50 million per drill in the NFB. NOBLE are still committed to the NFB though.

Good morning Phil64. I am invested in RKH because they hooked a partner, despite the politics, and have made significant progress towards field development. I have conceded elsewhere and will repeat here now that, I think RKH would have some difficulty if they were NOW trying to farmout SEALION. RKH did well to attract PMO during those heady positive days in 2012. I have read that BOR did also receive at least one offer which was declined. No idea who from. The oil market has since turned for the worst but is showing some signs of recovery. Will POO recover sufficiently to give any new potential farmee the confidence to invest in BOR's field?. I am not convinced. There is a world glut of oil and US shale has recently surged again knocking several dollars off POO. Maybe if POO could robustly stabilize above $80 someone might show renewed interest in BOR's acreage. The evidence , at he moment is, that POO is not as robust as we would all like. Argentina is auctioning off blocks offshore soon. It will be interesting to see who bids for those exploration licenses. BOR's discovery is good , but, imo, its not SO big that any major would want to invest in causing possible negative consequences from South America. As stated before, PMO and RKH have , themselves, been unable to attract a third partner to their larger much more advance project. For me, that is evidence that BOR will also find it very difficult to secure a partner. The share price says it all. If there was a considered view in the O & G sector that BOR was likely to go ahead soon one would have seen institutional interest and large buys., The last really large trade was last years SELL of over 20 million shares at a low price. I do not see any 'straws in the wind' that suggests BOR is likely to attract a farmin any time soon. Time will tell.

Last Thursday, knowingly full well that I was not a shareholder you wrote; "I have no problem with your viewpoint. We need a more balanced set of views. Not everyone who is deciding where to invest will be reading the LSE board. " Today you pen; "It's Perverse writing firstly on someone else's board" What!???. Discussion boards are that; reasoned discussions I thought. Whose board is this?

"Any major company investing in Falklands oil would incur the wrath of Argentina and they are supported by the rest of the continent." The rest of the continent is South America. Nothing misleading there at all.

" Why research in order to de ramp-bored" So its all right to post unsubstantiated statements that there will be a farmin RNS soon. Looks like mindless ramping to me. Posters like you need to be challenged. "it's a free world-why not?"

"FARMIN RNS ANYTIME SOON." That line made me ask the question; has anyone actually gone through the list of the majors who might be up for this development? One should consider this; the Argentinians black list Falkland oil companies and have used the courts. Any major company investing in Falklands oil would incur the wrath of Argentina and they are supported by the rest of the continent. Any major could jeopardise their business interests . So, I worked through the top 15 oil companies in the world (couldn't be bothered to research more); GAZPROM, ROSNEFT, EXXONMOBIL,PETROCHINA, BP, SHELL, CHEVRON, PETROBRAS, LUKOIL, TOTAL S.A., , STATOIL, ENI SPA, CONOCO PHILLIPS,SURGUTNEFTGAS, and CNOOC. All have significant South American interests. Some are involved in some really big offshore projects. I do not see ANY of these companies risking all for a relatively modest condensate field BOR holds. I see no reason to believe there is any imminent farmin

An interesting read. Forget about $200 any time soon though, imo. "Oil Price Forecast 2018 - 2050 How Oil Prices Could Rise Above $200 a Barrel" hTTps://www.thebalance.com/oil-price-forecast-3306219 We start the week with Brent at $62.86 I added to my RKH holdings last week.

The UK government has set 2040 to end production of petrol driven cars. Only electric after that. This article somewhat surprised me as how much we are now producing from renewable's NOW hTTp://www.independent.co.uk/environment/uk-renewable-energy-third-electricity-generated-wind-solar-panel-any-other-forms-mentioned-coal-a8122921.html Extract; "The third quarter of 2017 saw the share of electricity generated from renewable sources increase by nearly 5 per cent from the same period last year, reaching 30 per cent."

A reasoned argument Northy. All I would say is that the present POO is being supported on the back of cuts in output by OPEC and Russia. If demand increases, GREAT!. I think that any extra demand will be relatively easily covered. Let us not forget Venezuela ; what a basket case it is now. Their production has collapsed through economic mismanagement yet they have GIGANTIC reserves. If they were producing as they SHOULD be then pressure on POO would be greater. Would be nice to see one last Hurrah from oil before we move to the gas age. Will just have to see, fingers crossed.

Electricity generated by gas will increase. Renewable are just part of the equation. Forty years ago we , in the UK, were dependant on coal and the miners could bring down a government. Coal industry is now effectively dead in the UK. Oil has a long way to travel but it appears to me that the majors have seen the writing on the wall. Will take decades, as with coals demise, but a gradual decline looks inevitable. in the 1970's (I can remember that far back) there were worries that oil would run out. Those worries are LONG gone. We have a glut of oil and decent finds continue to be made. PMO, for example , with their BILLION barrel Zama just 30 odd miles off shore. You can see that even the Saudi's see the very long term decline as they are selling half their giant oil interests and cashing in whilst the going is still good. Will be a place for oil in the future, just not quite as big.

Fingers crossed for RKH FID this year Phil. RKH did the right thing by buying into other assets with the proceeds from PMO. The biggest risk there is , imo, the finance. I am hopeful. PMO farmed into SEALION in 2012 ; its been a long time coming. Am not convinced that time and POO are sufficiently on BOR's side.

How long have you been investing gus? If I posted that you are going to make an absolute fortune with BOR ; you wouldn't be complaining. Is BOR a too good to be true bargain? BOR's share is priced very low and you ought to be asking the difficult question ; why? Yes; if PMO and RKH can not arrange finances they , and me, are stuffed.

gus, I have never invested in BOR. I have invested in RKH. RKH has larger fields in much shallower waters. Importantly they secured PMO as a partner. A clue to how difficult it will be for BOR to obtain a partner can be evidenced by PMO's unsuccessful attempts to attract another partner for RKH's SEALION project. No-one else has come on board so RKH and PMO are having to arrange novel financing. PMO as you know has had debt issues. If they were unable to attract another major for their bigger assets ; what does it say about BOR's chances? Any major will have to consider the politics. If they have South American interests these could be jeopardised if they invest in the Falklands. There is a limited pool of potential partners with the necessary funds. Hi phil You are right to a point about 3 years of depressed POO, What about the years when we had $100 oil and still BOR did not farmout? I think BOR management did have a chance but greed got the better of them. Look at what's happening in the world of O & G . All the majors have seen the writing on the wall and are moving heavily into gas assets. BP is mainly a gas now. The boom days for oil are gone and a very slow gradual decline is foreseen. In the UK we have set a deadline for complete electrification of auto-mobiles. It will take decades but I am not convinced we will see $100 POO again. Global warming is a critical issue and some say that %80 of the oil in the world will have to stay in the ground. One might consider BOR's asset as stranded. Interest in the deep water SFB has waned and the likes of NOBLE and EDISON have abandoned their interest down there. Time will tell.

Hi gus, BOR and its assets have been understood for several years now. Every so often I have seen excitement that has not proven justified. On another board in March 2014 someone posted with this line; "Bought another 25k shares at 12.5. An absolute zero brainer." So many dreams have been crushed here. I think its 50/50 BOR will EVER find a partner. Its a shame , but their field is just in the wrong place. Only a major has the cash necessary for this sort of project and deep water drilling is not popular these days.

On 22nd July 2017 BMD claimed that the accounts were being prepared. On 4th October 2017 BMD tweeted the line; "We await accounts then we call AGM etc Update after AGM ⦁ #SER" On 2nd February 2018 BMD tweeted the line;⦁ "We're sorting the accounts. Things going slowly but all cash is preserved for the big push. ⦁ #SER AGM soon." So who is responsible for the delay? Can't wait to hear again about those 4 billion barrels potential in the Bahamas that people were duped into believing he was negotiating.

The Shell development has a positive read across for Verbier, imo. It appears they are targeting 80 million barrels from a field with poor reservoir characteristics . With a bit of luck Statoil could prove similar volumes in our asset. hTTps://www.energyvoice.com/oilandgas/north-sea/161028/shells-penguin-unlock-80million-barrels-create-hundreds-jobs/

The problem is that PMO have been trying to farmout SEALION for a long time without success. That is the reason they are in negotiations over export finance and advanced discussions with contractors . SEALION is much closer to a 'go' than zama 1. I think PMO would have more difficulty raising finance for zama 1 as they have to consider their current lenders views. The proposed novel SEALION financing will sit better with their creditors , imo.

Zama1 raises interesting questions for PMO. They have a 25% share which equates to about 200 million recoverable barrels to them. SEALION is a further advanced project; it could go ahead likely quicker than zama 1. Does PMO advance two projects? The money is the BIG issue. I think a critical factor , and much overlooked, is the TAX take by the governments. Mexico takes FAR more than the FIG. Might it not be a financially attractive option for PMO to sell zama 1. and develop SEALION which will yield more income?. I think selling zama1 would be FAR easier than trying to sell SEALION; can not see anyone else up for SEALION..

This article from 28th August 2017 explores the Sealion finance issues and negotiations with the UK government; hTTps://www.ft.com/content/8e3cd760-89a3-11e7-bf50-e1c239b45787

On 23rd sept 2017 on ADVFN RKH thread I posted a text which included this line; "To be frank; if RKH had not gotten PMO on the hook in 2012 and were today looking for a partner, I suspect they would be struggling. The rumours were that BOR had an offer but turned their noses up with disastrous consequences for their equity. I seriously doubt they will ever develop their assets now." Time will tell IF BOR attracts a farm-in. One should consider the present RKH/PMO position and its read across for BOR; No-one has been found to partner RKH and PMO to date. They are now looking at other funding mechanisms which I won't bore you with. If RKH and PMO can not get another partner for their larger assets in shallower waters; what chance BOR? BOR has had these cycles of being the bargain 'discovered' by investors only to fall back later; look at the history. "FARM IN INEVITABLE VERY SOON". A farmin is NOT nailed on, its a hope.