The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
As far as I’m aware, Ownership of the cargo changes once it is loaded on the export tanker in the case of Flotta. For shuttle tankers from a FPSO it may be at the discharge port or on trans-shipment. As to who owns the cargo from a field with a number of partners, I think they basically take turns . Ie. If ENq own 30% of GE they would get 3 exports out of 10 as a share.
10:49, Is L2 a worthwhile investment?
Being a typical Scot I don’t like being extravagant but I noticed last week when I was top slicing some of my shares during the price hike that LSE price on the standard version was still rising when it had peaked and was already falling on H/L and google. I’m not a day trader and this is the first time I’ve been drawn into buying and selling on daily price movement, just wondering if I’m missing a trick?
Perhaps FRR are hedging their bets?
With Zaza being a tad outspoken about the government, it may be difficult for them to sit down with him.......so he stepped back!
Should the opposition win the election he could suddenly reappear.
If the Georgian govt have spent $6M on arbitration then it follows that FRR will also have spent considerable sums...... I can't see them throwing good money after bad if there's no chance of a successfull outcome!
If the oil is being sold on loading it will have to be within spec... i.e. Less than 0.5 of one percent water if memory serves me, above that there would be notes of protest issued and the possibility of claims.
If the water content is substantially above this I would imagine there would need to be a commercial contract with a nominated terminal to receive and dewater the crude down to a specified level which would come at a cost.
I joined Sharesoc a few days ago, just paid my£45. I'm holding till the vote because I can't see any need to sell before then.
If this was an oil exploration company with a similar value resource, undeveloped it could change hands for more than £5 billion.... a bargain at £400 million it certainly is!
I listened to the boss of Anglo American's 12 minute interview on local radio and he gave a very polished performance extolling the virtues of preserving jobs, saving the project and giving a nice little sweetener to the charity fund. The only point he sounded uncomfortable was when the reporter asked him about the 85,000 shareholders loosing personally large investment.
I don't think it should be too much of a stretch for such a community minded company (his words) to find a way to compensate these small time investors in some way. The daily mail has an article this morning which makes a few suggestions.
Rgds
DA
For the sake of comparison, oil exploration companies have been known to sell discovered and undeveloped oil fields with billions of barrels of oil for between 2 & 5% of their value.
A rough comparison with SXX using 2.69 billion tonnes gives a figure north of £5 billion.
And AA are paying £400M......doesn't seen right to me!
If those persentages are recent... it adds up to just over 29% of the company!
If this government wants to really be seen to be make a change they need to back the 85,000 Private investors many of whom have ploughed their life savings into this company... otherwise it's simply the same old Tories looking after their mates in big companies!.... come on prove me wrong?
Is it possible that the offer price of 5.5 was set after the market closed.... were they forced to rush out the offer by a rising price due to leaks?
If so it implies that the offer was made in some haste!
Time for the board to give some explanation I think!
If the government provides some sort of financial security it would be the financial equivalent of 'Shopping Local'
85,000 pi shareholders are likely to recycle a fair proportion back into the economy..... can't see that happening if a multi national picks up SXX for a song!
Rgds
DA
I bought a modest amount of shares at just under 4p so I don't really feel the need to be bailed out. I often hear shareholders say that if it comes good,mthey will buy a new car, build an extension or give their kids a deposit for a house etc. I just think the government are missing a trick if they don't take that into account... in this case!
Presumably the government are reluctant to back Sirius because of the risk to public funds?
I get it that from their point of view they will still earn the tax receipts and the benefit of the well paid jobs will still go to the local economy.
However should a large chunk of the company be sold overseas then that is exactly where any dividends and profit will go!
If, however the army of small and presumably mainly local Private Investors manage to retain their share of the company then much in the same way as the 'well paid jobs' will boost the local economy.... the small PI's would also spend some of that within the UK economy. Can the UK really afford to give that away on a cut price deal?
Transocean Leader was a couple of months late arriving at Enquest due to the overrun of the previous job. Would that not transpire to a similar delay to the start of her next contract?
Rgds.
DA
The other consideration is the affect of current on the operation. There could be up to 3 or 4 knots of current running which acts on the submerged buoy and adds tension to the cables leading up current. The act of raising the buoy in this current will add further additional tension to the anchor cables and also the the recovery line. It is possible that current or a slightly ' out of position' start to the operation lead to an overstressing of the recovery line as the buoy was raised.
When you anchor a 'normal' ship, she will generally lie head to wind or current with the cable appearing slack (except in a storm!) any movement of the ship is taken up in lifting the weight of chain off the seabed and not so much direct weight on the anchor. Once the correct ammount of cable is out the brake isu applie and the cable will be stretched until the ship is 'Brought up'. This is the point when most strain will be on the cable.
Whilst the AM is sat on DP, theoretically it shouldn't move, but it's possible that the bouy wasn't exactly in the middle of the anchor pattern, or AM moved? and one of the anchor cables became stretched which in turn overstressed and broke the pull in rope.
If I remember correctly the Maersk hook up in Brazil had concerns about the amount of force required to house the buoy.
All IMO!